Want to avoid getting burned by a lease-purchase agreement?

You can do the math yourself or go to OOIDA's website and download (or open online if you want) a lease purchase calculator. You enter into the fields the numbers that pertain to your situation and look at the bottom line. They have it set up with fuel a LOT cheaper that it is now and you still end up in the hole at the end of the year. You can play with the numbers a bit and see just what you need for the "lease purchase scenario" to work for you.
Check it out.

 

I own my truck, I would not do a Lease through no company, That is a HARD lesson some have to learn.

 

What you are looking for is to NOT do a Company 'Lease' Do NOT ever do one. If you want to be a owner operator, Go to a dealer and get yourself a truck, If you can't do it that way, then DO NOT TRY to do it.

 

Semper Fi Marine 2nd Force 72 to 74. Which Force were you with?

 

1st Force....under Maj. Caspers

 

Absolutely correct..!

Just like you would go out and buy you a used pick up truck.
Save money for a down payment (At least 20%).
look for a good deal on a low mileage truck.
Get pre approved from a bank first so you can get your best financing deal.
Look at other companies besides the dealer if you want to purchase and extended warranty and compare prices before you purchase.

I think you will find that your payments will be 25% - 50% (depending on how long you want to finance) of what the little or no money down leasing deals.

Thats probably 1-2 thousand extra a month to run your business on. (Money that can be paying for fuel or house payments etc...)

 

TOTALLY off topic, BUT.........
have you bought a donut lately? even if you WON that bet you would LOSE

 

There is one more thing that you have to think about. Taxes. You will no longer be an employee and nobody will be withholding taxes. One must understand that the amount of taxes withheld from you paycheck constitutes merely half. The employer MATCHES that amount. Usually you pay 7.5% and the company will pay 7.5% for FICA. You also must estimate SSA taxes and medicare taxes. Now, your state of residence will also have a tax rate as well. Some don't have state income taxes, but you are responsible for finding out. If you don't pay the correct amount and in a specific time period, usually every four months, you can be penalized with fines and increased withholding requirements. All of this while keeping all of your receipts, mileage and other needs for you personal income taxes. Lots to think about

 

Excellent advice. I was or am looking into that, but it brought to bare some things i haven't thought of...good work

 

I did O/O with SWIFT. My net pay for 1 year was about 6000 dollars. Do the math. I lost my asssss.