Want to avoid getting burned by a lease-purchase agreement?

There were some companies like transam that were started by drivers, but once johnny j. Handed transam off to greedy scum like mcelliot & bledsoe, that changes. There are still some good driver-oriented companies like the one i now drive for, but those places are far & few between these days.

 

I might buy a truck, but I refuse to lease...

 

I have bought one truck on a lease it was an older truck 1995 fld with a 48 inch flat top sleeper I ran ot over the road it had over a million and 1/2 miles on it when it met its end (wrong way driver on the freeway) next truck was thure a leasing company(2005 9400 I) it is paid off and sitting at home , I am now in another lease purchase in an older (2004 ) classic doable workable lease purchase are out here but there are few and far between and they are mostly not your "dream truck" and you will pay more for the truck then it is worth on the open market in most case's , off hand I would say at lest 95% of the lease purchase's out here are rip off scam's.
Find out how many (% wise) end up owning that lease truck from that company that a good place to start ,,If they will not tell you Don't walk away RUN!!! or bend over and grab some grease since they are not going to use any on that deal.
Read the contract think about it use your head ,,think your going to get a "new " truck from a lease contract ? it might be 3% that ever get that truck, if that ,, No I am not really smart but I do have some friends that have been at this a very long time that help me out and my wife is good at running the numbers .

Watchman

 

Lease Purchase or Leach Purchase?
These are the oldest trucking tricks in the books. I think NAVL or Midwestern Dist. started some of these "Dollar Truck Deals" in the 1970's.
Most i have seen are already worn out trucks ready for export or the scrapyards. You have to be an Attorney and an Accountant to understand the fine printed language that gets smaller and smaller the longer you read.
Save your money and pay cash for a brand new truck and don't Tote the Note.
A wise man once said "If you can't pay cash for it, you can't afford it".

 

ref: amscontr - midwestern dist

yeah i got suckered on that $1 down deal... and guess what ? the feds shut him down

so he moved from ft scott ks and opened up shop in joplin mo... PRIME (same guy)

tell me one person successfull at prime lease purchase.... waiting....

to improve the walk away rate, they simply keep cutting the road speed back, you'll never pay it off

 

I know exactly what you talking bout bout living out on the road with advances. It be nice to get ahead to have money in the bank so you live off of your income.

 

DJ-You think they want you to make Big Money when its their truck your leasing?Think about it

 

On these lease purchase programs, they pay for any repairs, right? Since you don't own the truck, they do, they pay for the repairs, right? That should be built into the cost of the lease.

An non-profit youth group I drove for the past couple of summers leases a couple of trucks (pulling their own trailers), and it was somewhere around $480 a week, plus a small mileage fee.

Another company I drove for had some trucks they leased from Ryder, and they pay all the repairs as well, since it's built into the cost of the lease.

Are you telling me that these companies that do lease-purchases make the driver pay the repairs?

 

This sounds very much like the predatory lending practices that led to the financial crisis in this country. When these companies lead you to believe you are entering into a mutually beneficial program and then turn the tables on you they are being predatory lenders. You would think there would be incentive for the company to make sure you are successful and for the driver to be motivated to make the company successful. You can say buyer beware but the reality is you believe you are entering into a sort of partnership when really the company is only looking to take advantage of the driver just because they can. All of these programs should be looked into and either brought to an end or corrected so that drivers are not left holding the bag for a corporation.