Beware of Predatory Leasing Contracts and Shady Dealers

FYI: After reading your comments Bill, I am almost 100% sure this is none other than William E. Lowmicky of Financing WWEL the notorious scammers of Pompano Beach, FL himself trying to defend his piss poor business practices. These types of businesses are the same as Gulfport, Mississippi trying to save their crappy businesses and cheat truckers out of their hard earned wages peddling around repo'd trucks that they took from truckers for any reason they deem necessary in their predatory contracts.

This is what these jerks do, when they are found out they come on these forums trying to defend their poor business skills and make you feel silly for reporting them to other truckers. The only way to stop these idiots is to tell others so they won't fall prey to their schemes.

Every trucker who has been lied to, cheated, or ripped off need to report it immediately!! Go to the Florida consumer affairs commission, or the Federal Trade commission. You can do both online. Don't let these crooks get away with it.

 

You got me. Almost 1500 posts, meet in person several people on this forum, have people on this forum leased to my company and I did all this to create a back story so when someone like you came on this forum I would have a history so it wouldn't look like I was just here to defend my company.

With just a little effort you could have stopped yourself from making this silly statement.

And what you fail to understand is that even without this bottom feeding finance company anyone going into business that doesn't read and UNDERSTAND a contract is likely going to fail.

If you don't have the reserves to make only two weeks payments - you will fail.

If you believe others are responsible for your lack of preperation - you will fail.

I'm in no way defending this company or the many others that feed off of people like you that are a blown tire away from the repo man.

I am pointing out that it is people like you that walk into this business blind and clueless, slam into the wall and then scream about how it is the person that built the walls fault.

80% of your points about what is bad about this company just makes them a typical finance company. The other 20% is why everyone should stay away.

 

Hey Bill?????!!!!! So if I give you my racebike will you finance me? LOL Some people.

 

The reason so many get "taken" in this business is that there are too many drivers jumping in blind and buying a job for themselves, and not enough business men with solid business plans. Hell, how many O/O's can even tell you their cost per mile?

Just because you're a good cook, doesn't mean you have the know how to succeed in the restaurant business. The same applies to trucking. You could be the world's best driver, but if you don't have a keen business sense, you're most likely going to fail - and miserably.

All to often I hear about the poor "good ol' boy" who is just out trying to make a living, and how it's so terrible how he got taken advantage of. Just because you're honest and "just trying to make a living" doesn't mean you're entitled to success in any business. Knowledge is power, and without it, you're powerless.

My advice to anyone wanting to "become their own boss": Have a comprehensive business plan, complete with available customers, and a cash reserve big enough to cover a catastrophic failure on the first day of operation. Know what your cost of operation will be, as well as realistic rates you will be able to command in the areas you intend to run. Then, go looking for a truck that you can put 25% cash down on. If you can accomplish those things, you'll have a better chance of survival than 90% of the other O/O's out there, because you will have started off better than said 90%

 

WOW! These people whinning about being taken by a Leasing company that financed them when they were broke and had no credit just floors me. You miss payments and you lose the truck. It doesn't matter if it breaks down. Sure the contracts are one-sided. That's how they would be if my attorney wrote them.

Wake up drivers..............yes drivers not businessmen. A prudent businessman probably wouldn't enter into one of these deals. If he did he would know how he would pay if HIS truck broke down. Yes his not the leasing companies.

These deals are bad. There are no morals or ethics in business today. Still if you do one of these deals you know what the rules are and you know what happens if you don't follow them. I'm so tired of hearing drivers blame others for their failure when they either carefully planned failure of completely failed to plan.

 

At least I know that if my newly purchased truck or car breaks down I shouldn't have to pay for it. This sounds great. Where can I sign on the dotted line?

 

Most everything his said is legal and typical finance co. be it GMAC or Joe Blow. If you buy a new car and don't pay for it, they repo and COULD come after you for the balance. Most don't, but they can......

Why all the tears ? This is S.O.P. driver. Of course a contract will be written in favor of the finance co., They are putting up the money!!!

 

I noticed after "calling me out" for running a shaddy finance business he has gone POOF.

Silly boy, doesn't he know I'm a shady CARRIER

 

And this is why so many Americans file for bankruptcy. Just like the OP, they have no clue what they are doing or getting themselves into.

If you want a truck with a warranty, you should buy NEW.

The bank should not be responsible for you to look over the truck or your decision on which truck you buy.

This thread is just plain stupidity at its best......

Hey, Prime has a brand new truck waiting for you!!!

 

I have never understood the Lease deal.

Why the heck would I lease something I intended to buy?

I think large corporations/fleets do it because there is a tax advantage.

A sole proprietor has plenty of deductions already, he needs profit!

Fleece is the correct terminology, you are expected to fail. When they get the truck back to resell they actually make more money than if you run the lease to term!