So whos business is it to say "swift is going under"? the point i was making was that as much as most drivers hate swift (mostly just cause its fun to jump on the bandwagon, and nobody has their own original opinions) they say "they wont last a year"....but the fact is they're still around. I'd be worried if i rolled into a terminal, and there were twice as many trucks in the yard as i've ever seen before.
Leasing a truck
Discussion in 'Experienced Truckers' Advice' started by BoDarville01, Nov 18, 2009.
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Once again I go back to Swift's very own website...
$107100.00 in lease payments
$49,400.00 Baloon Payment
$159,000 for a $90,000 truck!
That's not counting the additional 9 cents per mile your going to be charged if you drive more then 11,000 mile a month.
Did you look to see that Swift is only going to pay you 92 cpm? I posted that info right off their website!
LEASE PURCHASE
Cost of truck
Insurance
2290
fuel
maintenance
quialcomm
trip pak
prepass
ezpass
other tolls that don't accept ezpass
Preventive Maintenance
lumpers
And your talking about getting health insurance?
And in the end you say you will still gross $700 a week.... You know that is pre-tax dollars right? You still have to pay quarterly income taxes. And your taxed on your gross amount.... Not the amount that you took home. All those tax right off don't mean a #### thing until April 15th!
Oh yeah, SS tax & unemployment tax & workers comp...
But since you think I'm a azzhole... I'm gonna be one! I've been there done that & was trying to assist you in not making the same mistakes that I made. But I also know that some people just need to fail before they can succeed. And here I was going to send you a PM & tell you options that you can take to secure a third party lender to make you a true bonafide O/O... But azzholes don't assist others in their time of need.
So in the end... You have already made your decision. I don't even know why this discussion is still going on. You go enjoy your new white Swift company truck that you are so proud to pay for.... And then when you fail like the rest of us who have walked that path.... You will do one of two things.
Smarten up & realize that people were trying to guide you properly....
Or
Go running to mommy!The Challenger and outerspacehillbilly Thank this. -
Hey REDD,
tell us how you really feel ! -
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I am an O/O leased to Swift. I run in a dedicated fleet, I make good money, and I am happy about what I do.
When I started driving I talked with dozens of O/O's (reguardless of who they were leased to) at drop yards and DC's about becoming an O/O. I got variations of the same two statements:
1. Wish I had become an O/O sooner.
2. Don't do a company lease.
The problem with doing a lease on a new truck is that it doesn't pencil out very well. At the end of that four year lease, you will have nothing to show for it. The balloon payment will be approximately the value of the truck, you will have zero equity.
You may feel trapped into doing a company lease because of a lack of credit. That's actual not where the problem is. I know because when I went to finance my POS truck my credit was excellent. The problem is the lack of experience. Trucking is a tough business and drivers burn out quickly. The lenders want to see someone with three or more years of experience. It took me over three months to line up a leasing company to handle the finance.
Swift does have used trucks for lease and sale. You should look into these because the weekly payment will be less.
.91 paid per mile
-.24 for fuel
-.10 for maint
=.57 net per mile
.57 *2500 = $1425 per week
$1425 - $900 (weekly costs) = $525
That $525 a week is what you will get for the next four years if you lease a new truck.
I did well from having bought a four year old, 640k mile truck. My weekly costs were about $400 for the first 8 months, a little less after that. I was getting a little over $1000 a week net.
Good luck. -
1.) 525.00 for 206 weeks = $ 108,150.00
2.) buy-out at lease end = $ 49,762.00
3.) total w/o tax = $ 157,912.00
And now you own a truck with how many miles on it, with a trade value of 35-40k ?
Somehow the math does not compute..since Swift does not get many "bells and whistles" on their L/O trucks I checked the Int Pro trucks, at the dealer are only 128k...so in essence you are putting almost 30k "vig" (casino term meaning vigorish, or paying a fee to book a bet), and you are paying 30k for the right to feel good?
Check on one thing I can think of...when Swift "defers" payment..when the payments start are they going to hit you with payment plus 100$ until the defer is paid, or will these 8 weeks of deferment go to the back of the contract..if my question is confusing return the response with a question, I will try to reword it. -
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and once again, you show just how blind you are because of your hatered for swift. lets start off with....
My mistake has already been posted on this site many months ago. But I'll put it in stupid terms for you. Me, just like you wanted to be a O/O but didn't have the resources available. I only had a year driving experience, just like you... But at that time my truck payment was only $1600.00 a month with my L/O contract & I was being paid 92 cpm & fuel was $1.15 a gallon. I had all the miles I wanted & ran them.... But still couldn't keep my head in the game at 92 cpm....
Did you look to see that Swift is only going to pay you 92 cpm? I posted that info right off their website!
Gotta love it when a person or group of people try to warn a know it all newbie of the dangers involved.... I wonder if he has ever asked himself if these people may be speaking from experience? But he is still determined to set himself up to fail!
Now read through all the posts I made to this thread! Not one place did I call you stupid. Do you want me to point out your error? I sure the hell will![/quote] actually when you say, "...Since you seem you can't do simple math..."....that is pretty much calling me stupid.
LEASE PURCHASE
Cost of truck
Insurance
2290
fuel
maintenance
quialcomm (actually its qualcomm...)
trip pak (swift dont use trip pak)
prepass
ezpass
other tolls that don't accept ezpass (all tolls are paid for by swift in the end, not to mention the pre-pass/ez pass txponder is $2.30/wk already figured)
Preventive Maintenance (coming out of the maintenance account)
lumpers (paid for by swift)
And your talking about getting health insurance?
And in the end you say you will still gross $700 a week.. you mean net?.. You know that is pre-tax dollars right? You still have to pay quarterly income taxes. And your taxed on your gross amount.... Not the amount that you took home. yeah...no ####
All those tax right off don't mean a #### thing until April 15th!
Oh yeah, SS tax & unemployment tax & workers comp...
But since you think I'm a azzhole... I'm gonna be one! I've been there done that & was trying to assist you in not making the same mistakes that I made. But I also know that some people just need to fail before they can succeed. And here I was going to send you a PM yeah i bet you were, just like i was going to buy you a new truck & tell you options that you can take to secure a third party lender to make you a true bonafide O/O... But azzholes don't assist others in their time of need. never NEEDED advise from azzholes. what i wanted was opinion based on presented fact. someone telling me "you will fail because i failed" really dont tell me a whole lot, other than you sound like some bad fathers who would rather dash the hopes of their child than help support them and hope they succeed
So in the end... You have already made your decision. I don't even know why this discussion is still going on. You go enjoy your new white Swift company truck that you are so proud to pay for.... And then when you fail like the rest of us who have walked that path.... You will do one of two things. -
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I am assuming Centrals trucks are similar to the Swift ones so here it is:
- Conventional Hi-Raise and Sky-Raise Sleeper Cab;73 in. Seat to Inside Back of Cab, with 42 in. Wide Bunk
- Cummins IS 435ST 435 HP # 1800 RPM
- Fuller RTOC-16909A 9-Speed Manual, Convertible to 13-Speed After Resale
- Wheelbase 226.00 CA: 90.60 Axle to Frame 55.00
- Tractor Protection Valve
- Parking Brake Valve and Combination Valve for Tractor and Trailer
- Brake Pressure Indicator Low Air Pressure Warning Lights and Audible Alarm
- Air Brake ABS with Electronic Stability Program, Automatic Traction Control
- Steering Column Tilting and Telescoping
- Exhaust System - Single, Horizontal, After Treatment Device Frame Mounted Right Side Under Sleeper, Includes Vertical Tail Pipe with Guard Mounted Right Side Back of Cab
- Radio (International) AM/FM Premium Stereo, with CD Player, Weatherband, Clock with Alarm, Satellite Radio Compatible, with Multiple Coaxial Speakers
- CB Radio Accomodations Package
- CB Antenna (2) Pana Pacific Full Wave 4.0 ft. Length
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