Why would anyone get into a lease purchase????

Here is my 1srt run I did it was like 249 miles

 

Here some numbers total gross revenue to my leased truck was 29474 @67 19747 here's what I spent on fuel

 

Look iam not perfect at best 6th grade education if you can figure my pay after that let me know all I know is I made 17k to the house its crazy when I was a company driver doing a run from university park to Brownstown it paid about 150 when I did it in my lease truck I got 3200 to the truck lol

 

If your just starting and planning to stay with it for 20 years maybe its a nice idea, but even then probably terrible!

 

I do know several drivers who have completed lease purchase for a smaller carrier and took the trucks. They even got to order the trucks within reason after first lease completion. Not all are scams but a majority are.

 

I think the lease thing also gets a bad rap because it’s probably about as easy to get in to as it is Amway

I have personally known Amyway sales people who made millions and many others who lost hundreds

Not everyone can run a business
Not everyone should

I don’t know anyone who is in a lease purchase situation but I imagine it’s a lot like that teenager buying their first car

It’s an awesome day until they realize they need to go to work 5 days in a row to make $$ to pay for the car

 

I have 2 payments left on this truck that includes a complete inframe and a carrier apu ...been thru it stem to stern and still looks great and will carry me into retirement with the same name on the door until I quit driving.
Not every LP is bad ...but hate to say most are .

 

I imagine interest rate or price are good indicators of the intentions of the lessor. A company more interested in having a good driver seems they would offer leases at competitive price and interest rate. One that charges significantly higher prices or rates than the open market are likely just lease mills to rob you and could care less if you are worn out and dirt poor at the end. At least that is what I have found with equipment rentals in other industries. Those easy loans at 12% rate and 20% over market price are not your buddies to success. They are literally trying to ruin you and get as much of your blood as they can before you expire.

A good business will lease at competitive rates and not try to chisel you for fine print extras and fees. They want happy, repeat customers. A LOT of business world operate on leased equipment: vehicles, copiers, buildings, etc. So leases can make good business sense for tax write offs and operating simplicity. But it should be based on competitive rates, rock solid income to cover the expense, and no hidden surprises. If you have to work like a dog and pray you never get sick to scrape by on the lease then it is a trap, not a ticket to success.

 

What did you say

 

I made good money with a lease purchase.
Nothing down, two year term, they had plenty of their own freight.
this was in 1990, and after truck payment and insurance and fuel I had $1200-1600 a week profit .
At the job I quit to be a o/o with the LP I was earning $200 a week.
So I had no problem at all saving up a ton of money.