Decided to go with a lease purchase

Discussion in 'Lease Purchase Trucking Forum' started by Shadow_11Bravo, Sep 4, 2020.

  1. Doealex

    Doealex Medium Load Member

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    Lease purchase is good for certain people at certain times just like borrowing from the bank. One person is glad that someone loaned him/her the money and the other one starts worrying about paying back the interest and wants to renegotiate/refinance the contract calling the lender “predator”.
     
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  3. Pepper24

    Pepper24 Road Train Member

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    First buying a new truck isn’t any easier,same qualifications still apply credit history,have you ever bought a commercial truck b4 if not 20 to 25% down with higher interest rate.Your second point is very ignorant because demand is high now you have no idea how long it will last .So you can shut down doing good times for 2.5 weeks as you said because you made enough for this month is just that ignorant what successful business does that we made enough money this month let’s close up. IMO this mantailty is why so many can’t make it they think you can make so much money you can’t fail.If yor rates are so good now you better make it while you can and if you’re making an extra $10,000 a month invest it in something that is going to make more money for the future.Trucking is a service business it’s rates go on a supply and demand formula if less supply of trucks and a high demand of freight rates are goods if supply of trucks are high and demand of freight low rates go down.Good times don’t last for ever the economy goes up and down.If you’re looking for something where you can just stop working and take 2.5 weeks off when ever you felt like it I wouldn’t go $150,000 in debt
     
    Last edited: Jul 16, 2021
  4. Short Fuse EOD

    Short Fuse EOD Road Train Member

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    :(
    I speak from experience and yes I have bought a brand new truck. Interest rate was 6% with 20% down. I was pretty much financed immediately. It took longer to get a fuel card and a brand new Peterbilt. Just working three days pays off the monthly payment on the truck. ( Not counting fuel, if you’d, just add a day to each example) A half a day pays the insurance. Everything else is nothing but profit. I have no other loans to my name. I am 41 years old and have never failed at any endeavor in my entire life other than marriages:(. At 29 years old my take-home pay was 180 k a year. If you think I’m ignorant thinking people will stop eating and demand will go down, I guess I am guilty. I do understand that you do not want to give people false hope and to be careful. If someone can’t afford a brand new Peterbilt payment and insurance and just Park it the backyard they obviously don’t have the right job or work hard enough. We are talking on the high end about $3000 a month. Company drivers are making about 1700- 2 grand a week. Price of a brand new truck is not much money and 150k is pretty low these days. Can’t get a decent tricked out hood for 150 . Many have two new vehicles at the house and if you priced out two new vehicles and a Harley, could equal a brand new Peterbilt. When you look at it in that aspect, commercial vehicles are ridiculously cheap. -Given that they can be used as a tool and bring money where is a lot of times running a Harley and two new vehicles may not bring you much at all. My experience, those that have a solid work ethic and drive rarely fail. Trucking and being an owner operator is the easiest job I’ve ever done in my entire adult life. I wouldn’t have earned the title EOD by pussyfooting. I put on my boots just like anybody else. If I can do it pretty much any other man can. Carry on.
     
    Last edited: Jul 17, 2021
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  5. CAPTransport

    CAPTransport Light Load Member

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    My $0.02 is that the people who failed at a lease purchase would have failed as an owner operator as well. And vice versa. A lot of people want their own truck or business out of desperation for more money. They have never been successful in their personal life's no matter how much they've made and think more money is their solution. They get out here and get to making that more money and continue making bad decisions with their money. Next thing you know they're shutting down shop blaming everything and everybody but themselves because they couldn't set aside money to maintain their equipment, pay for a breakdown, pay taxes, etc.

    Don't care how much you end up making, a large majority of people will always be broke. If you aren't already happy with your life and feel successful, then doing this is not even close to the answer. It's not going to be buying a farm in Colorado and a brand new King Ranch within 3 months like you thought it would be. It's not going to be getting away from that "bad" dispatcher you always had as a company driver even though it was your own fault that you never felt successful at any company you worked for. It's not going to be working a couple weeks and taking 2 months off and still bringing in six figures. People have the wrong expectations and motivations to want to try a lease purchase or buy their own truck even.
     
  6. Short Fuse EOD

    Short Fuse EOD Road Train Member

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    Definitely agree.
     
  7. CAPTransport

    CAPTransport Light Load Member

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    What's a ball park of your credit score if I may ask. I've attempted to finance a new truck and got shut down. Mine is in the mid 600s. I got approved for a loan up to $50K with 50% down at a used dealer though. They told me the down-payment would drop to 25% once I had 2 years in business.
     
  8. Short Fuse EOD

    Short Fuse EOD Road Train Member

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    When I got the loan my credit score was 680 PACCAR Financial Corp 20% down Peterbilt of Sioux Falls. My guy was Denny. He made everything super easy.
     
  9. bzinger

    bzinger Road Train Member

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    It's paid for ! 20210719_102838.jpg 20210719_102838.jpg
     

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  10. Pepper24

    Pepper24 Road Train Member

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    Lol I hear you.myself I’m a lawyer and Brad Pitt is my brother,I’m also dating a French super model.if I say it on the internet it has to be true right
     
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  11. Short Fuse EOD

    Short Fuse EOD Road Train Member

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    755CEF59-80E0-4400-B241-C19124416694.jpeg
    Boom sir. Anybody that knows me knows that I am a retired bomb disposal supervisor. Initial success or total failure.
    I drive truck now because well I’m just following a family tradition. Not everybody drives a truck because that’s all they can do in life. Some people drive because that’s what they want to do in life.
     
    Last edited: Aug 17, 2021
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