BEST LEASE PURCHASE??? (to head me towards ownership)

No one here is trying to insult you or embarrass you , you asked for some ideas , these people know , they're in business for themselves and have been around. I've been a company driver for 24 yrs and am sick of it myself , as you are . I'd love to own my own truck but do not have the financial resources to do it now. Everything people are telling you here is true , they're trying to help you not go into ruins by making the same mistake so many others have. If you're offended by this then by all means fall victim to the scams that are out there and learn the hard way. I'm not gonna get my own truck til I can put down 10 to 12 K and finance 22k to 28k. My credit is good , but my wife just recvd a 44k loan and we're building a garage , an extravagant one. Now I may never get my own truck , fr we'll be paying on that 12 yrs and I'm 51. These peopleare not full of it at all , and as for the fellow trucker thing , with remarks like that , people will take note of the profile and in the future not help you if they can. Don't burn your bridges with your fellow drivers , they're not the ones out to take advantage of ya , the L P programs are. And so ya know , with little to no money down , you better be prepared to spend like 5 weeks out to 3 days home and 5 weeks out regularly , or you'll likely lose that truck after paying 30 to 40% of it off. This is money you will not recoup it'll be your loss , and not a darn thing you'll be able to do about it. This is an attempt to wake you up , there's a saying that you need to accept as legit cause it is , "IF IT SOUNDS TOO GOOD TO BE TRUE , IT PROBABLY IS" ! This is not just an old wives tail , it fact.

 

You didn't mention details , very important details that weigh heavily on your success. 1st where you live , is it a far away land or is it near a populated big city ? 2nd did you contract into a dedicated with consistent wkly miles or did you take on as an otr , living in a secluded area that hard to get there. 3rd how much are you out vs your home time. And last did you put any money down on this truck ? Be more specific if you want that statement to be a valid one. There are a very few lucky individuals out there that make it , only cause every thing involved is custom fit to succeed. There are also many more that do not have all that working in there favor that lose out big unless they're willing to be gone from home for long periods of time then have to go back out as long just a few days later. And do this for 2 or 3 yrs to make it work. This is okay "if" your single and maybe done have a home to be kept up. I can see you being okay this be the case , not a home with a wife and kids that need you from time to time.

 

Seems like your intent is to discredit the driver because he has the balls to post that he is successfully running a lease truck. How unfair most of you are. Gorilla syndrome, if one does not tow the forum line, you all attack & attempt to discredit. Grow up!

 

No, he was asking good questions of Bigkid2 and the numbers to back up his claims. Not saying he was able to make $100,000 but he needs to explain HOW he made that $100k, such as miles he ran, accounts and so-on.

And just wondering, are you a Prime L/P driver??? If so, how about some of your numbers and how things are going for you. Help out and contribute instead of just bashing people asking questions

 

If you aren't getting the answers you want, then perhaps you should just jump in and find out for yourself. You don't need to take anyone's word for how well they are doing with any of these lease programs. Most are pretty much the same. I have looked at most of them over the years. OOIDA has a spreadsheet that you can use to plug in the figures from any carrier that you are looking at. www.ooida.com. There are two spreadsheets, one for owner operators and one for lease operators. I would use 2,500 miles per week as an average. You have only been in this business for 1 year. As someone else mentioned, you could use the miles you ran this last year to get a basis for calculating your total miles. Most carriers don't pay on deadhead miles to lease operators or owner operators. Not all carriers pay on hub miles, either. That is a question you should ask whomever you are looking at. I would seriously doubt that any lease operator will net $80-100,000 after everything has been paid. I won't say that it is impossible, but highly unlikely. Lease payments are much too high as are other mandatory deductions, such as maintenance, etc. There is a poster on this forum who has been doing a lease purchase through Swift called INJUN. You can pm her and ask about her experience. I can tell you one thing based upon those to whom I have spoken who have done leases. Some have told me that they haven't had any income some weeks. One lease operator told me that he would do good to clear $300/week after everything has been paid. Another told me that he has cleared about $900/week, some weeks. But, he has also had weeks that he has had very little income. You can take it for what it is worth. It is good that you are doing some research, but not so good that you choose to ignore and chastise people who are trying to help you. Most of us who have been around for a number of years have looked at these programs. There is a good reason why most of us who have owned trucks have not done a lease purchase.

I have paid for a number of trucks over the years. All of my equipment is paid for from income that I have earned in this business. It won't affect me one way or another no matter what you choose to do.

 

You can try anyway, she's been banned since like February.

 

I didn't realize that she had been banned. I wondered why I have not seen any of her post in a while.

 

Hey silenteagle , my reason for the reply to his statement was in good intention , to help out Wolfen666 in the decision and what really needs to be taken into consideration before making it. Not to accuse anyone of Gorilla syndrome or discrediting anyone. My intention here was to be part of a solution in general , to all drivers goin this route , or considering it. There are scams out there , "go ahead and prove to everyone" , your net worth on this subject , and say there isn't. Take it how ever you want but I'm not here for what you're here for .

 

Thank you SHC , you read it for what it was , I was trying to encourage BigKid2 to be more specific in detail of how he did it and what he gave up to make it happen. The LP programs without a healthy down payment and a pre-established maintenance acct are ingredients for high failure rates. The war stories are endless , the BBB and ripoff reports , and claims are endless , yet the programs are still allowed to be up and running and profitable , for the companies.

 

G/MAN ... I also thought she had gotten a bit on the defensive. A few comments were a bit sarcastic , those always come off as less than helpful, especially when sent your direction. However as I read I could see the real point was to try to get her to not fall into the "ongoing Live horror story in trucking" .
I as a Grane transportation driver in 99 left to hire in with Jevic. 20k a yr more. The VP offered to take me out and purchase any truck I wanted and become lease. I said respectfully , I know nothing about lease purchase. To that point , had always had been a local hrly. driver in Chicago. I had no intention of getting into something I knew nothing about , so thanks , but no thanks. He then offered me a job in management for a buck and hr. more than I was making as a union driver. Safety rep. was the offer it still had no bearing on 20k a yr more.

I've heard the war stories , since 1995 about Lease purchases , and very few success stories. I know this , I have a Conversion van Quality Coach pkg with the entertainment system. I pay it off in Apr.2013 , at that point the odom. should only be 65k , a 2005 pretty excellent shape with oil changes every 3 to 4 k. It hasn't been subjected to the road salts , i live AA hwy Kentucky where they spread sand or nothing. I'm original owner and my wife and I , neither smoke , i looked the other night I may still be able to get close to 20k for it after I pay it off , and am considering selling it privately for a nice down payment on a truck. I still need that 15k in the bank savings for my maintenance , acct starting out , then and only then I go to my bank that financed my van and get a low interest , fixed rate loan any thing less won't fly. When I do it I'll succeed cause I'm determined as hell to get it right. All in all , when I'm ready then and only then will I be trying to find out what the best 100% O/O companies are that still allow ya to run the old fashioned way , loose leaf with out sat. tracking. And as for governors , 80mph is fine if they insist. As far as I'm concerned any thing more just get me in trouble hanging with the big dogs.