Truck Shortage??

Does anyone actually end up with the truck at completion of a lease purchase. Probably would have 500k on it, be worth almost nothing, need full DPF system replacement.

 

I own my truck. Had 400k when I started paying, nearing 700k now.

 

The main issue for me would be making a payment on something that doesn’t have my name on the title. A typical lease purchase puts you in a position where your banker also controls your income.

 

That's only if you lease purchase from your carrier. Yes that's probably most lease purchases, but it's not all of them.

 

If you lease from Lone Mountain it has you listed as the owner and LM simply listed as a lien holder? Meaning you’re free to do with it what you wish and modify the truck any way you want and you can sell it any time you wish as long as the lien is paid?

 

No what I mean is they don't control your income, like so many lease purchase trucking companies are known to do, get you near the end of your lease, tell you there's no more freight, run you out of business, take your nearly-paid-off truck, and sell it to someone else.

 

I have, Leased a 2011 Pete from HEC leasing in TN. Paid it off in 3 years rather than 4. Had a title in my name with them as a lien holder. And then a title with just my name on it when they were paid off.

Yep had to do DPF and SCR services -- but that is just money that needs to be set aside when running a modern truck. Bigger expenses were the front and rear block to support structure seals.. each end was about $5k. And the cab Controller computer was about $4k. SCR/DPF replace with "rebuilt" was about $2500, Last one was free because was part of a recall of bad rebuild catalysts from Cummins.

As @slow.rider said a thing to look for is a lease from a company that is not dispatching the truck. Lease needs to be a separate business arrangement from usage of DOT number.

 

What if you'll be making tons of money at Schneider? Those drop and hooks are appealing