Good things about a lease!!!!

If you want to lose everything you have in a hurry,....Then a lease purchase deal is good for you,....

 

Do a quick search and you will find lots of good info......there are a few on here who have completed the lease but they are few and far between...

Call the companies you are interested in and have them send you a copy of the lease then take it to a lawyer to be analyzed...Next ask what the percentage is of drivers who have completed the lease, it won't be very high I'm sure..

The only company I talked to was JCT years ago they accepted me but after I broke down the numbers I woke up and bailed....Never looked at anybody else don't know about the others..

 

I personally know two Swift guys who completed their leases and there are about five that I know of who have small fleets leased on with Swift....trucks they leased through Swift and now own outright. My trainer finished his lease about three months after I got off his truck. Recently, another friend of mine finished his lease, but had to get off the road because he can suddenly no longer get a medical card. He sold his truck to someone else who leases on with Swift who, in turn, put another driver into the truck.

Now, good things about a lease: You have more freedom to decide where you will go. Usually, they are governed at a higher speed than company trucks...when they are governed at all. A lease truck can be used for personal transport whereas most companies will not allow this with company trucks, even to go on hometime. You can pick your own routing. You can choose where and when to fuel. You can decide what you want to do with the truck regarding modifications in most cases. (There are some Nazi companies out there that won't let you do anything.) You can pick your own maintenance schedule and even do the work yourself if you want to...again, in most cases. In most leases, there is no credit check...so those among us who have poor credit ratings can still have the freedoms listed above.

These are all things you are not allowed to do with company trucks. So yes, there are some positives. The things I hear most often as negatives either in the field or on websites like this are: Higher payments (yep, for most, higher than regular financing by about a hundred bucks....four hundred in some cases.) and some claim they are "starved" toward the end of the lease so the company will "take the truck back." I can't figure out why the company would want the truck back after it's been trashed, driven hard and is basically a worthless pile of metal that usually needs thousands of dollars worth of work before it can be traded in, sold, leased again or added to the company fleet. The last shortcoming to leasing is you have to be good with numbers and have a mind for business. You are the one responsible for your business. If the company you are leased on with does not accomplish what you want, find a different company. But make sure you can get out of the lease before you do that. Because if you do not have a "walk-away" lease, you may end up owing a lot of money and have nothing....absolutely nothing...to show for it.

 

for the life of me....... the children still continue to do this in spite of everything. any person who does a fleece-purchase deal is begging for a miserable time. there are thousands of tales of woe from decent guys and gals who were ripped off and left broke, jobless, and actually oweing several thousand dollers on a truck they will NEVER OWN. alot of thes companies who do this evil crap don't even own the truck they are selling. ANY COMPANY THAT DOES LEASE PURCHASE DEALS ARE PREDITORY TOWARDS THE MORON WHO SIGNS ON THE DOTTED LINE. THEY "SELL" THE TRUCK TO MAKE MONEY OFF THE IDIOT. yeah, ###### few will be allowed to pay the heap off just about the time it's due a major overhaul. now your "paid for" hot rod needs 15-30 grand worth of work.... and you ain't gonna have that kind of money.

more than likely, due to a serious shortage of grey matter, maturity, and inexperiance, these dolts wil end up bankrupt, and the old lady will take the kids and head off to find a "real man" who can afford to feed them. it happens every day.

there is no more dangerous and outright stupid way to buy a truck or go into business. that's the ugly truth.
common sense says you work hard, save you money, make a good down payment and have a few grand at least, laid back for emergencies.

but that makes too much sense to people. oh by the way........ the "walk away" lease. not far from where i live is a guy who thought he could "walk away". after turning in his truck and heading home, they pulled the maintainence records and found he had gone over the mandated mileage for an oil change. they blamed him for the truck needing an overhaul, and stuck the guy with the bill. 18 grand, plus charges for cleqaning and body work to repair scratches and "insect damage" for another 3 grand. this for a 6 year old truck. the company sued, was successful, and garnished his wages. the guy is getting foreclosed on at this time. so much fir walking, huh?

by the way, 18 months ago i told him not to do it.

are you guys too ignorant to look at what arrow truck lines did? like many companies, they sold trucks they didn't own, and when arrow went belly up, the banks came and repoed the equipment the bank........not arrow, owned.

 

I'm not sure whether UFO ever leased a truck him- or her-self. I'll start at the end. Arrow went bankrupt because the old man stepped away from the company and let the kid have it. The kid embezzled a few million dollars, cleaned out all the reserve funds, didn't pay the bills (put it in his pocket instead) and viola! A bankrupt company. Imagine that.

There are successful lessors out there. The O/P on this thread requested positive things about a lease. He or she (Robbie can be a gal's name too) has already said the negative information is all over the place and asked for the other side. You will notice I did not candy coat anything and I did not try to make it look like a great deal for everyone. Because it's not. But it does work for a lot of people. But he or she asked for positives, and I gave them. Whether you like it or not.

Not everyone is going to qualify to buy a truck with bank (*snicker*) financing...especially right now, when banks and, in fact, most investors, are looking rather narrowly on the trucking industry in specific and the commodities logistics industry as a whole. I will be leasing for my own selfish, personal reasons. That is my choice to make. I'll be stepping away from one and getting into another. I'll let you know what happens with the first one, but I doubt I will be owing "thousands of dollars" when this truck is turned in. If you are right, I will owe you a beer. And I will happily pay up.

Your neighbor ended up in a sorry state. But my question to him would be...first, who did he lease from? Second, what was his main goal? and Third, what did he do to achieve it?

Truck ownership, like home ownership, is not for everyone. Some people should probably remain company drivers and just be happy with that. Find a company that fits their needs and pays what they want. Then drive that truck wherever and whenever the company wants them to. That's not for me. I just want to go to a company that will let me run my own biz...into the ground if I so choose. Whether you approve or not.

 

Over 90% of new businesses fail. Lease operators are left over drivers that can't buy their own truck and do it right as an owner operator. So they are starting off on the wrong foot to begin with when they are looking for ownership.
Many are leasing for the wrong reasons. I'm an O/O's, the truck goes faster, my paychecks are bigger until Uncle Sam hunts me down.
You have to have business sense and be good with money or you are instant failure.
If you have bad credit, you are a high risk for failure because you are not good with money.
You beat all them obstacles, then you have to deal with the companies motive for leasing to a complete stranger to begin with. No credit check, no problem, we'll get the truck back and that driver paid all our expenses. By the time they read half the agreement they are signing before they read the fine print. Busted! Companies have been manipulating drivers for years to be more profitable. This is just another trick of the game. Get one payment behind because you went home and see how hard it is to get caught up. Have one bad week, see how hard it is to get caught up.

I laugh every time I get to see a new lease guy at our company. They send him out in the parking lot to pick between three beat up trucks. There you go, pick you one!
Then again I seen a few lease a newer truck for $550/wk.
You weigh all the stuff out, company drivers are better off.

 

That's one he** of an assumption there! Maybe it never occurred to you that divorce, taxes owed by a prior spouse or unpaid bills from said prior spouse may have ruined someone's credit....or the State of California laying tax liens for years a person did not even live in that state....in fact, tax years over a decade after leaving that miserable cesspool...liens and garnishments unfairly and erroneously placed on someone's credit report still stay on there for seven years and affect the rating. But, nope, it's because the person is bad with money. Right?

Putz.

 

You know what I'm talking about. You're reading between the lines.

 

A person is MUCH better off just driving a company truck, and if someones credit is so bad why bother leasing or buying a truck.


I would never, and have never leased a truck in my life, especially from a trucking company. My trucks have all been new except for one, I would not lease someone elses garbage just so I can pretend that I am on owner operator. I did it the right way, I put up 20,000 on my first truck, it was paid off in 4 years, I have bought and paid off several trucks now, none of them leases.


If you can't put up some money for a down payment on a new truck or decent used truck, why bother. Just drive someone elses truck and not have to worry about anything. I have talked to some people who got suckered into this and their pay was no better than a company driver and all the money the company steals from you that you never get back.

I talked to one guy who's company owed him almost 8,000 and he will never see that money. He had a contract that said he had to pay so much per mile if he went over 80,000 miles a year, what kind of BS is that. Don';t these people read these contracts before they sign them?

These trucking companies are the biggest theives around, all they do is steal from their owner operators, steal from their lease drivers, these poor young guys who want to own a truck but can't afford to do it get suckered into this BS and never ever end up owning a truck and they loose every cent they have put into it, maybe even loose everything they own. Be very careful of these lease purchase deals


Anyway if someone had good credit why couldn't they borrow money, or borrow from a line of credit to put a down payment on a truck

 

Do a search on this web page on trans-am, JCT, C R England or any other that leases and I think you will understand why its a bad deal. Dont ever lease!!!!!!!! You will live in the truck and not make enough eat and pay your bills. You will loose every thing! Run away fast!