Should I give up my lease purchase and buy a relative's truck?

F ing yeah

 

Its a good deal. Better than the mega carriers deal that will never work in you favor anyway. I have a t680 with the same engine. I love it. No issues, good milage.

If he's willing you finance you on it I can't see how you're any worse off that you are now.

 

He wants to go from owning his own (paid for) truck to renting "because it makes more for his business" and "he wants to eliminate the risk of losing work due to breakdowns" RED FLAG 1

He's willing to "sell it" to you for, rough math, 15% under market. RED FLAG 2

He wants you to continue making the same payments you are currently making on a newer vehicle. RED FLAG 3

How much is it going to cost you to get out of your current lease (including downtime switching trucks)? There is at most a year and a half left on the warranty, odds are that you'll be looking for a new truck inside two years either way, but by that point the KW is going to be worthless. Long term where do you see yourself?

If this wasn't a 'relative' (Grandpa's nephew isn't exactly a blood relative), but just a random guy would you be considering this 'deal' at all?

I'm not saying it's a dumb idea, but make sure you do your due diligence and understand all the risks and the rewards.

 

That's a good price.

If you have some money saved, and are good at saving / managing your money, you still have a year or so of warranty to continue building a substantial war chest for repairs.

I'd do it.

 

Might be a good deal. By the way, don’t expect much from the extended warranty. There are very few reviews of extended warranty that sound like it’s worth anything. I was going to get it for my truck, but after reading tons of bad reviews about extended warranty I didn’t waste my time.

 

Mfg extended warranties are fine. It's the 3rd party extended warranties that are a waste of money. That's if the mfg warranty is transferable to the new owner anyway.

 

He’s deducted and depreciated all he can,
Plus he can deduct 100% of lease Payment to Ryder.

It’d probably be a good deal

 

Look there are a few red flags to all of this, one is his pm regiment, sounds like he just does it Willynilly but if he is going to take on financing, offer $45k after you do the due diligence (never buy a truck blind) and lease it from him, let him have a share of responsibility if it craps out on you.

 

Doesn't sound like a bad deal. I think the next question you should plan on is what are you going to do with the truck once you have it?