Prime's lease deal. The math gets done.

How would you know?

 

I make it my business to know. OTOH, you're on the outside, guessing. Still hawking that BS report of yours for $50?

Oh yeah... if everything isn't terrible everywhere in the leasing world, then your bogus report isn't worth the price of toilet paper.

 

I leased from Prime back in 2004.
I did everything that I was suggested to do in order to succeed, including hiring their recommended accountant.

The first few weeks were great. $1800.00 after all expenses. I thought that I had FINALLY found the elusive perfect company to drive for!

The second month revenue began to decline. Steadily.
By the 4th month Prime was making my lease payments for me.

At the end of the 6th month I asked for a draw to pay my cell phone bill, and was informed that I wasn't making enough money.

I became so disillusioned with the company that I initially thought perfect.

I mean, outside fountains and statues, pool table, full-blown basketball court and weight room?
I still wish that it would have worked out.

But, it didn't.

 

Without seeing your settlements one can't say what happened. They certainly don't go out to make guys fail, but that can happen. The Small Business Administration figures say that 80% of new businesses fail within the first year - that's some pretty tough odds to beat. There is one person posting here who has gone through 5 leases - and never had that kind of revenue problem - and that includes making it thorugh the recent recession.

Sorry for your bad luck, and hoping that your future endeavors work out better.

That being said, a common fault of all carriers offering some kind of lease program - including Prime - is that they don't ensure that drivers are ready to do something like this. Low time drivers don't have the experience behind the wheel to operate a big truck economically enough to make a single truck business work for the most part. All drivers should be required to get some real business education, and warned that if they don't have enough cash reserve that they risk going out of business within six months.

 

Don't be a fool! Leasing and company owner op? Is easy and simple. Is freaking big scam and ripof. Don't thinks you different or special. If you working for a company meaning your ### is a company driver? Stop dreaming. Wake up mr.anderson Save your own freaking money , than get your own truck and get your own authority, book your own loads. GooGle it. Good luck dreamer!

 

So based on your vast experience of what? 1 year experience you advocate getting your own authority and booking your own loads? Just where did you come by this pearl of wisdom???

Owner operators are going out of business by the hundreds every year because they have to wait for weeks and even months to get paid for their services on direct bill contracts. 30, 60, 90 days is pretty common for collecting. Many of these owner ops turn to factoring companies just to get paid to keep moving another week. Other o/o's are leasing onto companies to take advantage of steep discounts on fuel, parts, repairs, and even trucks. At least they can collect a paycheck each week for their work rather than waiting a month or more to get paid.

There is more to running a trucking business than simply getting a truck and your own authority. Finding shippers that will hire a 1 truck operation with a brand new DOT # are few and far between. More than likely a new owner operator will find himself on the load boards looking for freight and taking whatever scraps he can find before someone else books the load he wanted.

Trucking is a highly competetive industry where companies operate on pennies per mile and routinely undercut each other just to get a new contract. A single owner operator with his own authority just starting out hasn't got a snow balls chance in hell now a days.

When will this new o/o have time to find a direct shipper? Go door to door offering his services maybe? Cold call companies and ask for the shipping supervisor??? Dude you haven't got a clue.

I suggest you read the following link before you decide to get your own truck or advise anyone else to go that route;

http://www.thetruckersreport.com/tr...-operator/13608-so-you-want-own-your-own.html

 

They all think that the minute you have a truck & trailer with your name on it , and newly printed authority papers in your hand the Big $ loads just pop up out of nowhere.

It takes time ( time ='s $ ) to build the business side of trucking , for every load / contract you get promised when your a driver thinking of going O/O theres 2 or 3 other guys ahead of you.

 

I absolutely agree on pre-education regarding lease agreements.
I sincerely believe that most drivers get all starry-eyed envisioning themselves as an owner-op of a practically brand new rig!
I know that's what happened to me. I thought " it CAN'T be all that complicated, right?"
I put absolute trust into Prime's payroll, mostly because I didn't want to do it myself. I just wanted to drive and look good...wrong motivation!

Thanks much for the comeback!

 

Pawpaw is obviously affiliated with prime !!!

 

0.45 x 450,000=202500 not 20250. thanks late correction.