Lease Purchase through (insert company here) is bad!

Joseph, I haven't been to other companies, but I'm going to guess that you are right, but with a small caveat. Companies that advertise lease purchase programs are probably looking to get rid of a truck before they have to overhaul it, or make some short term cash like you said. I'd like to let you know how we do it at Morehouse Truck Line. We do not advertise our lease purchase program at all. Usually, a driver will come in after working here for a few months and say "wow! I really like it here. Do you guys do a lease purchase deal?" at which point we say yes, but you need to wait until you've been here at least 6 months until we talk about it. you see, we don't want the truck back. Even when the driver was a complete idiot that spent all his money on chrome gauges instead of oil changes, they will come on this site and others, and get on the cb, and tell anyone that will listen how bad of a company we are. Just last Friday we had to let a lease purchaser guy go because he continually had HOS violations and the last straw was an overwieght ticket (1000 lbs over gross) He had not paid off his truck, and according to the contract we legally could have taken the truck. Instead, we placed a mechanic's lein on the title, told him that he needs to maintain the payment schedule he's been on since he leased the truck, and sent him on his way. Do I think we'll get paid? No. Do I think we'll have to find this truck and repo it? Yes. But rather than kill this guy's dreams and give him ANY opportunity to bad mouth us, we did what we thought was RIGHT and wished him luck. If you see a Randy in a Morehouse Truck without Morehouse on the door, ask him how we handled it.

 

I have read my contract and frankly my lease deal through my company is about as good as I could have gotten anywhere. My only complaint is that I can't take the truck to another company until I have the title.

I do agree that the biggest downside to most of the company lease deals is that it allows people to get into business that have no business being in business. If you have to have 2500 miles a week just to break even you will fail. If you enter a five year lease on a truck with 750k miles on it, you will fail. If you don't know why a full maintenance plan is a bad idea, you will fail. If you don't know how to squeeze a nickel till the buffalo squeals, you will fail.

By the way I'm the guy that could afford to buy your CB, but I'm too cheap. I won't even go to a shop to get mine worked on so that it reaches farther than a half mile. I may be able to help you with a gallon of oil if you're that broke, but if that's the case you've got bigger issues than you realize.

 

I cant say much about CREngland or some of the other L/O but as for Prime I did very well at making money I have put in the bank 1500-3500 a week and that is after I have paid fix coast and fuel. You do need to look into all companies before you jump into being a O/O, and you need to keep your left door closed. It is posible to make it but it is hard work, it will not be hannd to you

 

Heh heh.. I like your sig about Tebow.

Funny how he beat the Steelers,I was screaming like a madman!!

God I hate the Steelers.

 

Joseph, you seem to know allot about a lease purchase for a company man. I agree that guys/gals should read their contract, but your post is pure garbage. I'm not defending lease purchase, I personally wouldn't do one, because I like my freedom. If your going to come on here and rant and pretend to be so smart at least know what your talking about. A lease purchase operator can fail for factors beyond their control. They may lease a truck that has nothing but mechanical issues which means downtime, late picks & drops, & non warranty repairs. "These companies don't see you as a potential long term employee." You should worry about your job security more than that lease purchase operator. Lets see, would I rather pay Joseph's workman's comp, payroll tax, health insurance, vacation, & whatever other costs associated with a company man, or pay a guy per mile and not have to worry about the rest. Lets see, would I rather pay for Joseph's truck, insurance, tags, repairs, maintenance, IFTA, tolls, & fuel, or would I rather pay by the mile. The only slow learner I see is you, because you haven't figured out buy now that all the major companies are going this route. So when your mileage drops along with your rate per, fuel bonus gone, health co pay increases, you can sell those cb's back, or maybe that lease operator will share his hot dog with you, or better yet offer it to you once it has been processed.

 

I am in a lease purchase program and I do very well in it. I have probably already made more so far this year than you will for the entire year Joseph. Do I think everybody is cut out for it? Absolutely not. Do I do things to succeed that most drivers would never even do? Of course I do.

 

That begs the question of what is it that you do that most drivers would not do? Seriously, I am looking into this area for myself and will take good advice from anyone.