Thinking about becoming an o/o

if you don't have start-up cash on hand,,DO NOT BUY OR LEASE A TRUCK! there are expenses you must have cash available for such as liability insurance down payment,license fees,permits,etc. if you are only averaging 1500-1800 miles per week,you are with the wrong carrier or running in the wrong division.if you lease a truck,expect to work it 7 DAYS per week or you WILL lose money!

 

davis transport has a lease purchase deal.....in the end you pay around 72k for the tractor, but you either rent thier trailer or buy yer own, and theres lots of miles to go around

start up money isnt as nessacary as some think....alot of company's allow you to purchase your insurance and plates thru a reserve type account, that is constantly replenished thru a percentage of your revenue

that said strict disapline with your money is very important, as the need to save for the eventual part failure is nessacary.... one breakdown ruins alot of people

but in the end you dont really make any more money than a company driver, you just have a little more freedom and alot more things to worry about.... no way could i go back to being a company driver though

 

I would suggest that you haven't been working for the right companies and need to look else where for a GOOD job. Having said that read the rest.
There is no good lease purchase plan, if you don't have start up money don't try and start a business on your credit cards. Read my post http://www.thetruckersreport.com/tr...-operator/13608-so-you-want-own-your-own.html on this and understand that what I wrote is a fact. Getting a truck and being in debt to the company as BroncRider mention is not the way to start out.
From your post I think I see that you have NOT thought this through and are in a situation that isn't the best for making decisions as serious as buying or leasing a truck. Leasing or buying a truck is starting a BUSINESS, it's not just being a driver any more and the increase in paperwork and responsibilities are NOT for everyone. The bottom line is you won't after it's all said an done make anymore money than a properly paid driver at a good company makes and you will be tripling your responsibilities.
This is something that requires PLANNING and teamwork with your family. It doesn't matter if the family isn't involved in the day to day ruining of the business what does matter is that it will have a tremendous effect on your life with your family.
There is only ONE way to possibly come out even on a lease purchase and that is to lease the truck for one year then refinance the truck with a reputable financial institution. At the end of one year you should be able to show a finacial institution your records and give them a solid well though out business plan. If you have those and your credit isn't ruined or have a poor to average rating on it and the truck isn't priced too high then you stand a better chance of getting the loan for the truck.

 

i agree being in dept to a company is a bad way to start out....but thats how alot of people are doin it...besides with a lease you are already in dept with the company

but do yourself a favor and find a good job before you even think of buyin or leasing....especially to a mediocre outfit

 

In the good old days 2 years experience was a minimum for finding any driving job, and pay was less than 25c per mile. Stay with one of those Carlisle, Pa otr companies for two years, any one doesn't matter, and in two years you'll have experience for the best paying jobs. And if you can stay awake all night, this will include ltl companies like Roadway.(50 cents+ per mile)

 

I am sorry to disagree, but if I would have listened to your advice, I would not be the proud owner of a 2004 Columbia and enjoying the pride of owning my own business. A lot of companies have escrow accounts and other programs in place so that you don't need any cash to start up. Research it fully and make the best choice for you.