Lease Purchase

How does this look to anybody? This is my latest Lease-Purchase plan. I've been turned down with traditional financing, and would not even think about leasing, but this is an attempt to own my own truck!! Any and all responses would help!!

*36-48 month contract
*$1200-1600 monthly payments depending on the length of the contract
*$300 monthly for plates & 2290
*$499 monthly for insurance- no down payment
*$299 trailer rent
*$1 cent per mile for IFTA Miles
*$1500 escrow per year of contract
* 6 cent per mile for maintenance account

 

Big question: How much are you getting paid? Is it percentage or cpm?

Looks worse than a lot of company plans I've seen so far. Can't really form a complete opinion until I see what it pays and whether this is through a company or a private entity.

 

1200-1600 monthy truck payments plus the rest listed.? still seem high to me what is truck,miles year

 

Pretty high plates. I hope it's a 140K truck for that high of insurance.

 

better be really good and consistent rev to make that work .....and that would be a 50k maybe 60k truck with really high insurance and plates

 

if you lived closer to me I could get you hooked up with a leave that all your fixed exp. will be roughly 600 a week. no that's not adding maint. your also getting to use the trailers for free and getting 64% of the rev. and its 70% drop and hook. they only have about 100 company trucks. the rest are all o/o total trucks with the company is about 537. most of the leases are 2 years with a 6000 buy out mines 1.5 years with a $1.00 buy out. now the company does not own the truck you are getting it threw a dealer. so the only way the company makes $ off the truck is if they move you and trust me you don't stop moving. if I was you I would look for something like that before I dove in buying a trailer and all. if your going lease.

 

The insurance at a high 5% value would be a 120K truck.

 

fuffly compared to my buddies lease your paying 75bucks more a week for a much longer week you don't need a super truck just one that gets the job done for your 1st truck

 

sounds like a total rip off. in fact I don't think I've seen a lease purchase that is not a complete rip off. if your financial situation is keeping you from buying a truck what makes you think it will improve by signing a lease purchase? owning a truck is owning a business, it takes hard work, education, and an ungodly amount of perseverance and self control to be successful

now understand I'm not trying to bash you, or discourage you. I'm pointing out the reality that there is a reason you haven't qualified for a traditional loan, it could be a poor credit history, could be high debt to earning ratio, could be a thousand different things. the most common is poor money management, poor saving habits, and bad spending habits. these are things you need to fix before starting a business. I once read that only 3 percent of lease purchase operators complete the lease. Those are not very good odds, and it leads me to believe that 97 % simply wee not ready to become a business owner.

best advice could offer is get your finances in order and save up a down payment. the skills you will learn doing so will greatly aid you in becoming a successful business owner. it takes time diligence and hard work, there ain't no easy button

 

You are a 4 year experience driver. You did not have good credit, i guess thats why you could not get financing. That in my opinion is a big rip off! OMG. If i were you, i would've saved my own money until i had $30,000. $20,000 Truck and $10,000 for emergency maintenance. Thats what i would do. I dont know your financing situation but four years of Company Driver, that amount would've been achievable. Man, these lease purchase are asking for too much money and they control how much money you make. They are not going to invest lots of money in a tractor for you?