Who has completed a lease purchase and fully owns truck with title?

Because the "majority" are not business minded enough to know better.

 

Oh good Jesus! $1.60 a mile? I would lose everything I own at at $1.60 a mile. That is supposed to be good?

 

Think I did OK as a trucker... Retired in 1997, when I was 55.. Were I to consider going into trucking today, I would consider a L/P to get started, but only after a couple years of trucking experience and doing my homework and planning..

It took plenty of hard times savings to be able to purchase my first truck, and it was no cake walk either back in the 70's with fuel shortages, the 55MPH speed limit, and De-regulation a bit later.. Saw a lot of failures back then too..

I find that starting any business, most will fail within a couple years, but a few just keep trying until they get it right.. I consider myself lucky in that never happened to me..

There are some L/P companies with a walk-away lease where you don't stand to lose everything if you fail, no matter whom you want to blame for that failure... That is not going to happen with a bank loan where you stop paying on your truck... They will repo it and come after you for the balance.. Had it happen to a friend of mine..

Trucking can be rough, but so can other fields of work.. Many fail/quit within the first year without ever buying or leasing a truck... Heck, most small business fail within the first couple years..

 

Back to the original topic. I completed the lease on my truck back in March and today made the last payment on the promissory note for the buyout. In fact I will get a small credit on next week's settlement. The company now has 30 days to get the title in my hands.

 

Paid my truck off a few weeks ago.It was a tough 3 years without much time off,but it was worth it to get where I am now.
I'm doing 3 weeks on,1 week off while I ponder my next move.

 

Right now I average $1.38 for all dispatched miles. Doing that I managed to handle a truck payment of $480 a week for four years. For me $1.60 a mile for all miles I would feel like the richest man in the world. I am also only averaging a bit over 1800 miles a week. So 2000 miles a week at $1.60 a mile I would be rolling in dough and my wife would quit her job as a daycare teacher spending 4 days a week, 10 hours a day with an average of 12 two year olds a day.

 

amazing!!!!!!!

 

Have you figured that out to hub miles yet?

 

Haven't figured actual hub miles which works out to about 5-10% more per load than dispatched. The figure does include the miles from last load to home and home to first load after time at home. That I am leaving my current carrier is just a matter of time. This is a business decision and not one to be rushed, or done lightly. Since eventually I would like to have a small fleet of about 5 trucks, Landstar is probably my best option unless I want to get my own authority.

I put together a business plan before I went down the lease/purchase road. I am still following that plan. It has been a long hard road so far, but now that the truck is paid off things should get a bit easier. My plan was never to stay with my current carrier indefinitely. What has changed is the decision to add trucks when it is time to implement the next 5 year plan. The first one still has a year to go and the goal is to take myself and my truck to a better situation. I have followed the old saw, "Plan the work and then work the plan."

 

Wow! $1.38 per mile X 1800 miles a week = $2484 a week! You take away $480 a week for a truck payment and your left with $2004. I hope that is after expensesand fuel, cause if its not thats crazy. Im curious what truck you bought for $480 a week and what you haul. Like I have said before its all about an individuals wants and needs. I guess when you dont want much you dont need much