My 16 Week Experience with TRANSAM

Hello Old Guy,
I came across an article on the OOIDA's Website, or maybe it was another website (googled and searched CR England Class Action Lawsuit, came up with half a dozen different pages, most current is on OOIDA's website). The jist of the article was that CR England, had been involved in unfair and potentially illegal practices involving the management of Lease Agreements with individual drivers.

The way this thread originally read to me, came across as a pyramid, in which a company offers a service, sets outrageous or inflated costs to offset the companies obligation of purchase, above the retail cost of the service, while placing undue burden on the purchaser or in that case, the leaser (purchasing a truck at factory or wholesale price from the manufacturer, and then offering the truck for ReSale at the Retail or Wholesale price, is legal, what is not legal is to double or quadruple the payment costs, or add hidden costs, or unnecessary fees, that would not be a part of any arrangement or agreement contract with the manufacturer or subcontractor (leasor or owner operator) contract)). (makes sense from a business stand point of manufacturer, to wholesaler, to retailer point of view)umm, buy at below cost, for resale at cost....))

So did the article pertaining to the suit brought against CR England by the OOIDA. Such business practices were outlawed in the early 1980's and late 1970's by the federal government. Such practices are called "robbing peter to pay paul" (my words, not the actual litigation statute words) are like obtaining a new credit card with a higher amount to pay off another credit card, without making any payments on the "now current" balance of the "new credit card", and applying yet for a third, ect. Sorry I don't have the necessary words to express this, am trying. Please bare with me. Umm, I'd say look to Enron as example, but that wouldn't help.

Anyway, this probably confounded the original confusion, and for that I do apologize. If you want, just completely disreguard this rather pathetic attempt to explain an explanation, in which I do not have the necessary vocabulary to express in terms relating to trucking, the explaination, which I had posted my original statement on.

Good luck with the coffee guys, I need more than caffeine to get the cobwebs out ^.^

Little Princess out.

 

ps. Let me try it this way.

Say company B bought a unit of product from company A. Company B then placed that unit up for lease. It is legal for company B to lease to Individual C at the retail cost. All payment arrangements tho, must be based on Company A's retail payment costs. This would not be a Pyramid.

Umm, what is not legal would be for Company B to double or triple the total monthly or weekly amounts based on retail price. Company B could not lease to Individual C a unit whose retail price with Company A, is $100,000 total, with a total monthly payment of $1500 per month at a total weekly rate of $450, to Individual C at a monthly price of $3,000-$6,000 with a weekly payment of $1500-$3,000. This would be a pyramid.

It is a Pyramid, when Company B uses Individual C to pay not only for that unit, but any new units of equal or lessor value that Company B might purchase in the future from Company A.

It is illegal for Company B to lease to Individual C a product or service for the sole purpose of having the burden of cost for Company B paid for by Individual C, on top of C's contracted expense, through the deliberate means of denying Individual C the means to pay under contract. IE. B could not deny C the contracted mileage necessary to cover C's contract expenses. Nor could B use multiple C's to cover B's contracted costs of item or future items purchased new or used from A, when B can use the item purchased itself to cover contracted costs to A.

The only exemption to that Law, is when the United States Defense Department purchases a product such as a Vehicle, from a private manufacturer, in which the Government itself is the creator and sole mass purchasor of the vehicle, or service. Then it is legal for the Government to enter into contract with Company A, for the manufacture of said product, at a 4 time lower manufacturing retail cost, than what Company A can contract to sell to the general public at retail.

 

There is a line at their front door, newbies wanting in, see the country and make big bucks !!!!! AND LEASE YOUR VERY OWN BIG RIG !!!

 

Read the lease agreement...it's NOT a lease but a RENTAL! Check with OOIDA and then you can laugh!

 

Wow this thread still kicking lol
Been hauling cars and havent had time to read.
THe lease is like anything else some will make it some wont depends on the driver.
My buddy who is still there is still banking he making the same I was when I was there.
Be strict with them far as the loads you take dont take #### you know that will put you into a bad area.
And if its a 1000 mile load that dev's next week turn it down they will say thats all they got and you might have to sit aday but they will offer you something else.

 

Hey thumper im looking into transam and I see alot of bad things about leas and some good things.. Any chance I would be able to talk to you or your friend about trans am and how good you did..Would appreciate any info please

 

SO let's see...BUNCHES of posts telling you to stay away from these FLEECE deals and STILL they manage to suck people in ?? God, P.T. Barnum was right....