Lease Purchase? Ask yourself one question....

Have you ever calculated the entire purchase price including interest on the new truck?

 

No I only was calculating based on the monthly payment plus the 10k buyout at the end. I was careful not to say that I knew anything as I will be the first to say that I don't I'm new here and new to trucking in general. I was only guessing as I stated in the post.

 

I really don't think it is high for the truck I am leasing. It is a 2010 Kenworth T660 that had 105,000 miles on it when I got it. I forgot to mention that there is a Thermo King Tripak Apu on it also that I don't pay any extra for.

 

Well, everyone seems to think the lease payments are high and all.

Look at the total paid on a new purchase, interest and principal and then see what you have paid.

 

Let's do the calculations. We have 46 months with 4.333 weeks per month (52 weeks / 12 months = 4.333...). Now during 46 months you will have 7 free weeks (7 free pmts * 6 mo period = 42 months and 8 would be 48 and won't go into 46 months).

So 46 * 4.333 = 199.333 - 7 = 192.333 * 602.16 = 115,815.43 + 10,000 = $125,815.43.

Without the 7 free weeks it would be $130,030.55.

Now I have no idea what that truck is worth, it's too new to catch my interest. If you pay $100,453.50 for the truck with no down payment and finance it at 12%, it will add up to what this lease purchase does.

That is $100,453.50 at 12% for 46 months at $2735.12 per month = $125,815.52.

 

What are the most honest companies to do lease purchase? unfortunatly dont have the luxury to put money out for down payment.

 

If you don't have money to put down, you don't have money to run a business. What are you going to do if you breakdown or something happens? Which it will just a matter of when. I leased a brand new truck and it broke down after 1000 miles cost me $2700 just to tow it to a dealer and it was there for 6 weeks! After it finally got out of the shop I ran for a week and had to have all the injectors replaced which cost me another two weeks. Yes they have warranties but you will be surprised at what they make you pay for and how long it takes to get reimbursed! Took me, with the help of Central 8 months to get $27,000 back from Volvo which came out of my bank account.

Not saying you won't succeed, you seem to have some trucking experience. Seems as if you need to brush up on your biz experience though. Also if you are asking about good companies to lease from that means you aren't currently with a company and there is absolutely no way you want to get hired on and lease immediately. That's suicide! Go find a good a company and drive as a company driver for 6 months to a year. This will ensure your DM is going to keep you rolling and that you have established a good working relationship with them. While you are driving company save every dime for your business and keep track of everything you do and see how you make out. Then decide if leasing is going to be worth it. You may find you will make more as a company driver.

 

I'm with Roehl and my only complaints are the usual ones about not enough miles and inaccurate information, etc. I've also heard Schneider is pretty good. I agree that you should drive as a company driver with the company you are thinking of leasing with. Run for at least a year tracking your numbers the same as if you were already in your own truck. If the numbers don't work as a company driver, they won't work as a lease/purchase.