Buyer Beware of the "Lease Purchase" Companies

Thank you Rollover for your response. If you have the time and/or interest please read this link:http://leasepurchasejournal.blogspot.com/2008_03_01_archive.html

This fellow, "Jim" has a "businessman first, truck driver last" mentality and thus far according to his posted financial results he's successful. Granted, he's in the minority of drivers. It seems to me that if a prospective lease/purchase operator has the necessary skills, ask many, many pertinent questions before agreeing to enter into a contract, keeps detailed records with the help of a trucking industry CPA and moniters his costs and revenue on a daily basis that the lease/purchase mode can be profitably navigated. In any event I heed your warnings and take to heart the old addage "YMMV" your mileage may vary.

 

Just my take on these LP programs ...

I have no reason to disbelieve that success stories posted here aren't true, as there are plenty of happy successful lease ops' out there. If by the grace of god (and their company) they have received the miles required to make a living in this business.

But no matter how good a business person, however perfect the logs, sound the engine, or perfect a driver - one fact still remains ...

The company - and not you will control your revenue. They may give you 5k or 1k but either way they decide. Someone else is literally "running" your business, and that's the problem with all of these programs. And these companies will never sign any contract guaranteeing you miles -ever.



It's a "#### shoot", and the "casino" metaphor was closer to the truth and reality of lease purchase programs.

Even "Sharecroppers" had more control over their income.

 

lease to own
don'ts:
shortest route vs practical
first 50 deadhead free
no warrenty on truck.
do's
buy truck somewhere else and get own authority.
fire the middle man

 

like your thinking

 

My boyfriend and I just made it back home yesterday after breaking our lease with JB Hunt. Boy, was it a MISTAKE to even attempt the lease. Please, do NOT do L/P! People warned us, and we did not listen. I only hope that my post might deter someone else from going in the hole like we did. I can't complain about our truck payments, they were pretty low. The fact is the lease is designed to benefit JB and JB ONLY! Basically, if you want to go broke for 3 years and lose everything you have at home they'll give you the truck--by that time it'll be a million-miler, though.

We spent the majority of our time waiting on loads and being suckered into taking crap loads because "this is the only load coming out of here." Trust me, there are plenty of loads... they sure manage to pull them out of their #$$ if you're stupid enough to do them a favor! They're pushing pretty much all of their freight going west on the rail, also. One more oh, so lovely thing we found out AFTER having to be pull-started on a very cold morning that our truck wouldn't start--the maintence plan is WORTHLESS! We paid $350 out of OUR pocket because it had to be my boyfriend's fault... mind you, the inverter and lights were turned out when we went to bed the night before. So, unless we could prove something was mechanically wrong with the truck we were out that money... and also keep in mind that they wouldn't approve any outside place to look at it or route us into a terminal.

Needless to say, we deadheaded home yesterday/last night over 500 miles to a terminal and headed home. We had no other choice, really, after not making any money SEVERAL weeks. No Christmas for his son or our family this year until he can get a better job and get on his feet!

JUST DON'T MAKE THE SAME MISTAKE HE(WE) DID... JUST DON'T DO IT!

 

Sorry to here about your experience,I sure Being home for the holidays with your family will still make for a great holiday. It's not how you fall but how you pick yourself up and brush yourself off. Enjoy the holidays.

 

We keep telling you not to do it, SO "I TOLD YOU SO".

 

i dont think you know what your talkin about

'driver bears the brunt of expense' ITS YOUR TRUCK who the hell pays for you car or house?!!!!!!!

and its not what they made its what your making if you take home 1200-1500 home after expenses thats great but if you used to making 6000/wk then you surely in the worng business

next time you post something know what your talking about!

 

but thats what the lease is for if you cant do it yourself go through the company

i know for a fact you didnt pay cash for you home or car like most ppl you probably have a morgage or car payment so what you saying is if you house cost 60,000 and you cant pay cashe for it then you dont need a house

and that BULL know what your talkin about before posting

 

DUDE YOUR MATH IS RIGHT AND WRONG AT THE SAME TIME you seperated mait, escrow and tires, thats grouped in one under escrow and its now more that .10 a mile unless you went over and if you do that cpm goes and YOU DONT EVEN HAVE TO PAY INTREST!!!

and yes the first 2,000 miles pays for the truck yes andthing after that is in your pocket

and if you only run 2,000 miles a/wk something is wrong

DONT POST UNLESS you know what your talkin about

and you own the truck at the end if the lease so if you pay off a $110,000 in 5 years imagine what that looks like on you credit and most ppl cant pay thier house off that quick