Are lease purchase deals coming to an end?

They scammed that flow. Your procedure is 100% genuine. Old fashion way is the best way. They double-side the scamming. They want the truck to burn out start a new lease to purchase all over again.

 

Actually when I went to MY BANK (hint hint) when I bought my first truck, they only required 5% down (I did have enough in the bank to write a check for the whole $74k however). And I got my 2nd truck with ZERO down from MY BANK (hint hint). On that one I only had 2/3s of the $156k (bought it new, custom ordered).

Its why I always always ALWAYS tell people to talk to THEIR BANK first....

 

I second this. I’ve said several times on this message board I do my banking at the same small town bank where I’ve had an account since high school. I’ve never had any issues (other than being told no to an out of state real estate loan), interest rates are generally lower than commercial lending sources, and I can handle anything with a phone call.

 

Call OOIDA and ask them. You’ll most likely be told that entering into a LP with the carrier you drive for is a lot like playing Russian Roulette except in this case there’s only one empty cylinder instead of only one round.

Best bet is to separate the purchase from the carrier. That way if things go south you can leave and take your truck with you.

Also if you’re purchasing the truck through your carrier they are going to withhold a maintenance allowance and then expect them to nickel and dime you so you never get any money back. You won’t have the luxury of choosing your own repair shop either.

The payments usually always exceed what the payments would be if financed from a 3rd party. But, the upside is you can do it for no money down.

If you can’t afford a down payment then you have absolutely no buisness becoming an O/O anyway. If you don’t have money set aside to make payments while your truck is down you’ll lose it.

 

Anyone currently doing a lease with Prime? If so, do you recommend them? Don't they still govern the lease trucks? Thanks in advance

 

Look here.......Prime | TruckersReport.com Trucking Forum | #1 CDL Truck Driver Message Board (thetruckersreport.com)

 

One guy actually made it happen.
Don't remember his name. He was on this forum.

Some will remember him. I think he was swiftie but I could be wrong.

 

While supporting a family ? Who puts down 50k down on a truck ?? No one ever did . You just don’t want the competition and no one pays cash anymore that’s cash FLOW. this is you saying this bs in 2024 when a trip to McDonald’s for a family of four is fifty bucks and most people struggle to make rent. I dig LP , no different than leasing a new car that is nicer than you can ever buy outright. I know PLENTY of ‘ old school ‘ guys with outdated Peterbilts getting five miles to the gallon losing their ### for decades still chasing that spot rate dream that never pays . Leasing not only provides at least a path to independence for the driver it keeps the good people who manufacture new trucks in a job.

pS I don’t know if you know how truck financing works in 2024, but even 100k down won’t buy you financing, credit scores don’t matter as much as a record of profit and experience as an IC in the industry and leasing is a pathway to building that track record , it is a difficult business to make money at , Freightliner doesn’t care if you have 80 percent down payment if you can’t pay off the rest .