lease purchase question

what kind of trucking do you prefer to do? Flatbed? reefer? bulk tank? van? OTR, regional? Prime seems to be at the top of many's list.

 

If your a dry van driver Schneider has a Smart Start Program for new lease driver's. Plenty of info on all kinds of L/O positions if you do a search. But i'm a company driver with schneider so good luck with your decision.

 

With most lease purchases you won't own the truck. They charge large weekly payments on the lease term and then have buyouts at the end that are more than the truck's value. In most cases you will never own the truck, you just start a new lease at the end of the old one.

Often on weeks with breakdowns or home time you get a bill instead of a paycheck. It then takes until the next scheduled home time to break even and start the cycle over. In most cases you will make less than a driver.

They usually force dispatch so you are nothing more than a glorified driver with truck expenses.

Of the hundreds to choose from there might be a few where you will actually own the truck at the end. If you insist on doing this spend several months reading posts on here and you might get lucky.

Just realize if you buy and finance a truck, you own it with a lien and your name is on the title. This gives you rights of ownership and the truck must be taken through court. If you do a lease the truck is titled in their name and belongs to them. You have no rights and if you don't do what you are told the can take it or report it stolen. If you make them angry they will take the truck, your escrow money and then turn in additional costs on your credit report for collection.

This is a really bad idea.

 

Schneider's from what has been explained to me by SFI, For the Smart start you lease a truck (not an old company truck) a used truck they have in their inventory for a year and run their mileage program for a year. At the end of the lease you can then convert the truck into purchase thru conventional financing thru SFI or turn it in and lease another truck or turn it in and buy a different truck thru SFI and last just turn in and walkaway. they do depreciate the truck as you go but you have no equity in the truck. Also you can deduct the whole lease payment off your taxes. So schneider offers optioons but also just has a lease only no ownership.

 

If you don't have the money to buy a truck, you don't have the money to lease a truck. Running your own business costs money and you are not prepared to run a business right now. It will only take a few mishaps and you will deep in the hole and out of biz. I highly recommend you do the right thing, business wise, and save your money until you are prepared to run a business correctly. I have owned many trucks in my years over the road and I can tell you that this is sound advice.

 

leasing a truck is the worst idea ever. you'll pay thousands of dollars, and then when it comes time to buy it out, the price will be way more then its worth, and you'll be suckered into leasing another one. DO NOT DO IT!! even if you find a good company that is guaranteed not to screw you, you still get screwed in your wallet. theres a reason these companies are so quick to hand you keys to a 100k rig and say have fun.

 

Is WTI Trans a good company to drive for ? Do they have a good lease purchase program. I like the flatbed company I'm driving for now, howerver I need to make more money and do not have the resourses to buy my own truck.

 

And what makes you THINK that you'll make MORE money renting a truck? Do some research. The vast majority go BROKE renting a truck, they don't make more. If you need more income either work harder or find a better paying job. Renting a truck is not a stop on the highway to higher earnings!

 

I would look at Roehl, Schneider and Dart. I'm doing a lease with Roehl and am reasonably happy with the contract. I've talked to many from Schneider and Dart and they were happy also. If you go this route make sure you understand exactly what you are getting into. Make sure the reason who can't go with conventional financing isn't something that can kill you even in a lease.