Log in or Sign up

Lone Mountain Truck....financing ????

Discussion in 'Trucker Taxes and Truck Financing' started by MNdriver, Apr 1, 2012.

Page 12 of 13

Deeshot Bobtail Member

Joined:

May 15, 2017

Messages:

7

Thanks Received:

2

0

Sphillips38 said: ↑

My buddy has leased to own 2 trucks from there.Everthing i read is poijtive for the most part.I've been approved and will be bjying my first truck within the month.
BTW,Every payment is a tax write off because it is a lease.
Click to expand...

Hey did you ever get you a truck from LM?

Deeshot, May 15, 2017

#111
Deeshot Bobtail Member

Joined:

May 15, 2017

Messages:

7

Thanks Received:

2

0

I got approved at LM and looking to get a 2016 Cascadia 163,000 miles. Alert: First time O/O with 9 years experience over the road. What is a good amount of money to have in the bank before getting into it? I have no creadit debt and $18,000 worth of credit on cards to use. Is it a good idea to have half money and credit when going in or better all just one or the other?

Deeshot, May 15, 2017

#112
flood Road Train Member

Joined:

Dec 25, 2010

Messages:

4,168

Thanks Received:

4,045

0

Both are a good idea..

Some dealers will charge a extra percentage if you use a credit card. And some will give a discount for cash

flood, May 16, 2017

#113

Deeshot Thanks this.
flood Road Train Member

Joined:

Dec 25, 2010

Messages:

4,168

Thanks Received:

4,045

0

Are going full o/o or are you leaseing on with a company

flood, May 16, 2017

#114
Deeshot Bobtail Member

Joined:

May 15, 2017

Messages:

7

Thanks Received:

2

0

flood said: ↑

Are going full o/o or are you leaseing on with a company
Click to expand...

Leasing on with a company.

Deeshot, May 17, 2017

#115
flood Road Train Member

Joined:

Dec 25, 2010

Messages:

4,168

Thanks Received:

4,045

0

Most of the companies that you lease on with will requier/offer you a maintenance account they take .XX cpm out per mile. It goes into a account you can use to pay for repairs. The money is yours so you can use it when and how you want... when I was home for Christmas I took some extra time off and just took $5,000 out of my account

The real upside is you get the company price for the repairs.

My last repair was $2,700 on plastic, $2,300 cash. Using the company discount paid out of my maintenance Reserve was $2 110

flood, May 17, 2017

#116

Soltaker and Deeshot Thank this.
Tomcat 1 Bobtail Member

Joined:

Jun 14, 2017

Messages:

1

Thanks Received:

2

0

p70816h said: ↑

I have to laugh at all of these "so called wanna be o/o"....

I bought an 08 Volvo 780 from LM (Tifton GA) a little over a year ago and have had no problems that were out of the ordinary. In fact, while I was there, another gentleman was purchasing a truck identical to mine. The trucks were Raven Transport trucks. As we were talking I could tell that this guy was unsure of what he was doing and was new to trucking all together. My first question to him was "Are you leasing your truck on to a company or do you have your own authority?" He said he was leasing on to the company that he was currently a company driver for. My second question to him was " Do you know what your cost per mile to operate the truck is or will be?" He looked at me like I was speaking a foreign language!!! I laughed a little to myself and walked away saying "Good Luck"
Now, the reason I went to Lone Mountain was because I could not get "traditional financing" elsewhere. I've been in the trucking industry for 22 years with 20 of that as an owner operator. I fell on some hard times about 4 years ago which caused my credit to drop below what traditional financing could offer me. Lone Mountain, in my opinion, offers great trucks for first time owner operators as well as seasoned vets. They buy trucks from large fleets and re-market them, just like most of all the used truck dealers across the nation do.
Just like other posters have posted here....If you go into this endeavor blind, inexperienced, no business and/or mechanical knowledge...you are setting yourself up for failure!!! If you think you can just buy a truck and expect to not have any maintenance plan and/or expect the truck to never breakdown....you're in for a big surprise!
The truck I purchased had the d13 485 hp Volvo engine in it....pre def but has the regen system on it. I took the truck to have the dyno done, took to local volvo dealer for DOT as well as have a mechanic to look over the truck before I bought it. Every thing checked out ok so I completed the sale. The truck had 480K on it when I purchased it. At 540k I put a new clutch, resurfaced the flywheel, new seal and had the DPF filter cleaned.....all of which is normal maintenance at that mileage. I have replaced a few air fittings over the past year as well as regular oil, filter and grease jobs. The most recent repairs were an exhaust manifold, egr valve, solenoid sensor, diff pressure sensor and a coolant reservoir all of which I did myself at 640k. ALL THINGS MECHANICAL WILL BREAK AND/OR WEAR OUT OVERTIME! These things should be expected and planned for! By planning I mean, have some sort of money set aside for repairs and not use credit cards or borrow money from your company to pay for the repairs. I personally set aside 10% from each load and put into a savings account which is dedicated for truck maintenance and repairs. Your situation may be more or less but 10% seems to work for me.
So, if you think being an owner operator is just buying a truck and driving it to the wheels fall off....good luck to you and I'm sorry you wasted your time and money...LOL! I see guys all of the time that cannot even afford a $400 tire to be put on their truck. In this day and age though, I won't complain or judge you. It's just a matter of time before your money runs out or your CSA/PSP score gets so bad that you won't be out here much longer anyway. Which.....leaves more work for me..
So, have a business plan and be a business man or woman, which ever the case may be. Do your homework, get that truck to the dyno and shop. Ask questions if you don't know, don't skimp on maintenance issues (you get what you pay for), keep track of your profit and loss for EVERY load (Trucking Pro works good for me), use an accounting program and an accountant if you cannot do taxes yourself and most importantly....KEEP ALL OF YOUR RECEIPTS AND KEEP METICULOUS RECORDS!!

Keep it between the ditches and the shiny side up!
Click to expand...

So let's get this straight. You're looking down on somebody else for wanting to be somewhat independent and after 20 + years in trucking you can't finance a truck. You sound like the laugh.

Tomcat 1, Jun 14, 2017

#118

T-BoneX and flood Thank this.
Soltaker Bobtail Member

Joined:

Sep 4, 2016

Messages:

46

Thanks Received:

75

Location:

Deer Park, WI

0

lots of info here about Lone Mountain, good and bad.

Has anyone here purchased a new, 0 miles unit from them? And if so, how was your experience?

Soltaker, Jul 16, 2017

#118
Drake.r Light Load Member

Joined:

May 15, 2015

Messages:

131

Thanks Received:

125

0

Soltaker said: ↑

lots of info here about Lone Mountain, good and bad.

Has anyone here purchased a new, 0 miles unit from them? And if so, how was your experience?
Click to expand...

I got a new W900 from them 6 months ago and so far everything has been exactly as described nothing hidden and I don't hear from them except for my 6 month mileage report

Drake.r, Jul 16, 2017

#119

Deeshot and Soltaker Thank this.
Deeshot Bobtail Member

Joined:

May 15, 2017

Messages:

7

Thanks Received:

2

0

Drake.r said: ↑

I got a new W900 from them 6 months ago and so far everything has been exactly as described nothing hidden and I don't hear from them except for my 6 month mileage report
Click to expand...

How many mile did it have and the year? So far have you had any mechanical problems with it?

Deeshot, Jul 17, 2017

#120

(You must log in or sign up to reply here.)

Page 12 of 13

Search