I have good credit just not enough in the bank right now. I’m seeing buying my own truck and leasing into a company seems like a good move for new OO. I do see some good things about LPs too though... how can they not give you the title once you pay off the truck? And yes, you pay a lot more for the truck over time but for people that can’t afford their own truck, it might be a viable option...
Freight Volume during COVID19
Discussion in 'Ask An Owner Operator' started by ajp201, May 2, 2020.
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I have good credit but don’t want to take out another loan.
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I am clearing over $1000 a week as a company driver (after taxes) and I seriously doubt a newbie to leasing would be able to do better on average. And it's possible you could drive as many miles as me and make far less because of factors outside of your control. My company tractor is going in the shop on Monday and none of it comes out of my pocket. I miss out on some miles but I run hard so I don't mind a day or two off. And they have loaners if need be.
bryan21384 Thanks this. -
You can $5k+ a week with a LP. I’m company right now too and clearing the same as you
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$5000 a week is $250,000 a year.
I am only interested in what goes into my pocket after all expenses. Nobody is putting $250k a year in their pocket doing a lease. Nobody.bryan21384, 86scotty and roshea Thank this. -
I understand that. I think buying my own truck seems to be the best way
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If you understand that, why did you say that people are making $5000 a week on a lease when this is clearly untrue?
What you do is none of my concern. I am more interested in facts, truth, and ideas. Not one single person puts $5000 a week in their pocket doing a lease because of expenses and taxes. This is a fact. I have been with my company for 3 months and I am averaging $1076 per week in my pocket. Cash money. Over three months, you may or may not have that much left over after expenses (you might have more). You might run the same or more miles and end up with less money. This is reality. Accept it or not, that's up to you.bryan21384 Thanks this. -
Finding the right truck is much easier than finding the right company to lease your truck on to. I'd research companies and talk to owner operators. If you find the right company you can afford to make mistakes on the choice of truck. If you find what you think is the right truck, the wrong company will make a great deal on a truck an awful deal.
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Why aren’t you an OO?
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Do it bud. They will give you that fancy $1.05 a mile plus FSC. Then they will dispatch you with every heavy load they have but the company hands will get the light ones. If you want to work a 100 hours a week and make at best $1500 take home then heck go for it. Then wait for that pretty little company Cascadia to break down. Pray you don’t have to tow it. Then that best week looks like $-5,000. But like they all said go for it. It’s the worse market ever and whoever at JB says they can keep you running right now is a joke. You will lose your wallet so fast I will beat my wife on it.
Brettj3876 Thanks this. -
Starting to rethink a LP the more comments/research I do.
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