Why my life sux...Ho Dee Hum...

I have put enough facts here and your own statement about "call it what the company calls it" makes any argument moot since Werner calls it a purchase and my original statement to the poster was questioning them calling it a lease when Werner calls it a purchase.

 

I've got a few buddies that are LO with werner, and they are doing ok. Well thats not true, one didn't do very good, but he was also not running good at all, he wouldn't have done good company driving either the way he was putting off avaliable all the time to sight see.

I'm not sure how they do it though, the only good part about leasing the truck to me is the fact its not governed at 65 but with fuel as high at is it is it might as well be... >.>

 

You call it an "argument" --- I call it a discussion.
Which would you prefer?

 

I think you should call it a war, and call in Roland the Thompson Gunner....

 

Ah-OOOO-Ga
Ah-OOOO-Ga
Now hear this .......
Man your battle stations.
Lock-N-Load and remember the Alamo.

Dad-Burned the torpedos -- full speed ahead.
Walk softly and carry a big stick.
But do not fire 'tll y'all see the whites of their eyes.

One if by land
two if by sea
I have not yet begun to fight. :smt068:smt072:smt075

Now, where did I hang my purple cape (slightly faded)?

 

If you get it in your head that you want to be an O/O,then go out and buy a truck, and finance itn thru a reliable financing institution. To me the lease purchase programs are for wanna bes, that have no other means of buying a truck. If you finance one right you will then be able to lease on with whoever you choose. Back in 1994, I bought my first one, which was an old 1987 Pete cabover, actually it had been a Transport America truck.Price from the dealer was $18,000. I had them overhaul the Cat engine which raised the price to $24,000. Financed it thru a major truck financing institution fo a perriod of 18 months. Leased it to an outfit hauling railroad freight in and out of Chicago. Later leased it on with MS Carriers, in Menphis,TN. Paid it off in 11 months, and started looking for a new truck. I looked and priced them all, then started looking for financing. Ended up going to my own bank and applied for a small business loan,.which was approved for $95,000. I then decided on a new White,GMC,Volvo bodied mid roof truck. It had the 430 Detoit series 60 engine with a super 10, speed trans. and 3:70 gears. Traded the old Pete in and took out a bank loan for $75,000 for 7 years. I kept this truck leased to the old MS carriers til I retired the first time, and oh yeah I paid the loan off in 4 years. I have talked with drivers who are doing the lease purchase program,and believe me, they will never own that truck,and if they do it will be an antique. Just my 2 cts.

 

I agree with you, Road Dog. I was looking at the lease-purchase idea, primarily because of the no-down concept. I even got approved for the Werner purchase program with zero down but would have to work there at least 7 months (one to get company experience and 6 by contractual agreement) before refinancing to drop the "must lease truck to Werner" clause in the loan which would enable me to take it anywhere. Found out that refinancing at that point could be difficult in today's market. Even looked at other lease-purchase programs like Prime. The other side is that Freightliner has me approved for a 10% down loan which, like you say, would allow me to sign that truck on anywhere. So my plan is to go drive company for awhile (until I can get the down saved up), run the company truck as if it were my own (calculating all "cost to operate" expenses), then buy a truck. If the company I am driving for has been treating me well (good miles, respect) then I will probably lease it to them. If not, well it will be back to the shopping and research mode.

 

You will need to be leased on to get the loan
And I assume that being part of your agreement with the financial institute, they can call your loan due if you jump companies

 

No, the way the approval is written with Freightliner, I can get the truck and drive totally independent if I want to. Don't want to do that right now because there are some good protections leasing on with a company.

 

Yeah, but if you are buying a car and the bank holds the note, the bank doesn't make you drive their cashers to and from work.

Weird how you pay all the payments, buy the fuel, pay for the insurance but you are at their mercy to haul their loads.