Lease Purchase of Truck Needed

I agree to a degree, the people we've talked to that have leased multiple trucks hire others to drive them and the lease program works great for them. For my husband and I we're still not 100% on what we are going to do, we've thought about doing as you said and trading it in, but like I said not sure just yet. The lease program that we did was great for us because we don't have great credit and this was a no money down and no balloon payment at the end also it was a walk away lease too. We pay 425 amth plus .06 amile for escrow, that at the end of the lease we will get a check for if anything is still in there. I know alot of people talk about the trucks being ###### trucks that break down alot but we have been blessed not to have that issue. Our "Big Bertha" is a 2005 International Eagle 9400 and the biggest thing we've had done was have the a/c replaced, grant it we're hoping that we will have to have the engine replaced in the next fews mths that way we're wont have to pay out of pocket for it, and it will be paid off by the time our lease is over

 

Here are the details of one of the L/P I was referring to. So you can make a better informed decision. I have a copy of the 36 page contract in hand and have read over it. I will continue to read over it to make sure I don't miss one single detail. One thing I have noticed so far is that the contract says the escrow is required but the maintenance account is not. The guy over L/P said the maintenance is required while your on the L/P. I will make sure of this since their maintenance account doesn't pay interest and a bank would. Another thing I am planning on asking about is the no balloon payment at the end since the contract states the following:

I have not heard anyone complain they did not receive truck after completion but will ask about this part of the contract. I assume this is a standard lease purchase contract but will make sure it is explained.

2007 International

Weekly Payments:
Truck Payment: $224.87
Term: 44 Months($244.87/wk x 44mo=$39577.12. On truck paper 07 model of the same truck are going from $35k-$45k depending on condition and mileage.)
Escrow: $62.50x40 weeks(After 40 weeks you are done paying this. It is a one time thing and not every year. You also earn interest on this money.)
Satellite: $20 (No longer required after payoff.)
Maint: $175(This goes into a account for you to use every week. From other L/P with this co. you don't have to fight for the money. Other L/P also said after you get so much you can withdraw some.)
Plate: $30
Permits: $20x5 weeks/year
Physical Dmg: $20
Cargo Ins: $9.23
Bobtail Ins: $10.96
Hwy Tax: $10.58
Occupational Accident: $32.77 Not required after paid off

Pay: 75% of 100%
100% of FSC

Example Week: (Weekly payment includes everything listed above. I purposely excluded medical Ins because some people spouse have it. If I miss anything that should be deducted let me know. I did not include things such as food, motels, etc. as everyone is different.)
Gross Miles Gross Pay FSC Fuel
3809.50 2036 2857.13 712.6 1541.66

2857.13+712.60(FSC)=3569.73
3569.73-615(Wkly Payments)=2954.73
2954.73-1541.66(Fuel)=1413.07

Example loads:
Weight Miles Rate Per Gross Payrate Gross Pay
42,830 452 1.73 CWT 740.96 .75 PCT 555.72
43,378 1102 2025.00 FLT 2,025.00 .75 PCT 1518.75
44,226 404 1.70 MI 686.80 .75 PCT 515.10
42,633 149 450.00 FLT 450.00 .75 PCT 337.50
46,656 381 1.70 MI 647.70 .75 PCT 485.78
48,000 1205 2290.00 FLT 2,290.00 .75 PCT 1717.50
43,541 352 555.32 FLT 555.32 .75 PCT 416.49

 

I know of another L/P where there is no balloon payment,no money down, and no interest but you do pay into an escrow account.
My husband and I pay 425 aweek and .06 amile for escrow and that it though the lease company. Oh and once ayear we pay 500 for road tax but it comes out 50 awk.

We're leased on at Conway and we pay 147.04 total for insurance and medical insurance, Conway pays everything else.

At Conway you get paid 25/75/100, which at first is kind of weird but it comes in handy..... the way it works is for O/O our pay period is from Wednesday to Tuesday at midnight, so anything you get in before Monday @ 5 you get 100% on anything turned in by midnight Tuesday you get 75% of then the following week you get paid 25% the rest of what is owed on the 75% loads. It's weird but it helps alot on week that were slow. And most of the loads we have hauled were between 17000-25000 lbs, but we have hauled afew heavy ones too.

 

How much does Conway actually pay? When I looked last it was like .93/mile I believe. Also is the $425 a week just for the truck or does that include other charges also. Could you provide every charge that is charged to you each week.

 

Yes Conway pay .93 amile plus .05 extra for Northeast pay and .03 for Hazmat pay. Also 425 awk is just the truck payment but the reason it's high is because they include interest in it, Also the charge we get charge our what I listed above. Conway pays everything for us except our truck insurance, We pay 147.04 which is truck and medical insurance. They have a company they work with for O/O medical insurance. So to anwser your question this is what our weekly charges look like:

Truck payment: 425
Escrow (.06mile) : depends on how many mile

Insurances: 147.04

 

True words good advice

 

take his advise dont do it get your credit in order an money saved up and go get you a truck on your own it will help keep money in your pocket

 

.......

 

Even Lone Mountain leasing wants you to have between 3500 to 6000 down depending on the unit. lil_____ is telling you the truth. You can get with one of those lease purchase companies with no money down & 1$ payoff if you want to, but some weeks you will owe them money, and or you will never see home making the payments on those new trucks. You are actually paying for 2 trucks with most of them! Try Prime if you got to do it. At least with theirs I understand that when you are at the house for a week you don't have to make a payment that week. But do the math. That is one more week running it will take to pay it off. And most people don't. At most of the companies anyway. If its not brand new, someone else gave up on it & you are taking up where they left off. That being said I do here from several truckers that Lone Mountain Leasing has decent trucks, you just need to save some money & come up with the down payment & they have a list of companies that you must be approved with, before leasing.

 

Lone mountain truck leasing is a business you will find on the internet that leases former fleet trucks for a down payment. At a glance, it looks like a reasonable way to start out as an O/O. They offer a 6 month third party warranty. They will point you to a shop to have the truck DOT annual inspected and dynode before you take the truck home. It all seems very safe. YOu will own the truck after the contracted payments. But there is a catch.
THE TRUCKS ARE JUNK.
The sale terms are AS IS. The warranty only covers internal engine parts. That is it. I went through the process and put down $4200 for a 09 truck. It went to their recommended shop for the annual and dyno which passed with flying colors. I was confident. I headed out for an orientation with a new company as an O/O. 150 miles don the road, The engine seized. that is right, it seized. $500 later I was towed back to the dealership. Luckily, this happened within the 3 day lemon law so they were obligated to take the truck back, despite contractual obligation to keep the truck. However, this first junk truck cost me my orientation time, and a week of employment.

The next truck I received, again, passed the tests at their recommended shop. All seemed well at first. I made the orientation the following week. ON the second trip with my new company, I started seeing white smoke from the exhaust. It was pretty thick. I called the shop at lone mountain to see if they would recommend any certain plan of action. He said to get it looked at, it was under warranty. I called the warranty center, they gave me a location to go. And wouldn't you know it, BAD EGR COOLER. $3500 repair. ok, warranty? No! it is not covered under warranty. So I called Lone Mountain to voice my obvious dissatisfaction with yet again another junk truck. I was hoping for any kind of attempt to save the dealer reputation and have some customer service. After all, in less then three weeks I am down two trucks from this place.

I was actually #####ed out by their account manager for calling them when I bought an AS IS truck. The account manager was rude, dismissive, and proceeded to cut me off at every attempt to plead my case of a junk part sold to me. She then said send her the estimate and she would pass it to the general manager. I did email it, but it was clear that last statement was just an attempt to get me off the phone. My phone number is now blocked from their switchboard and any call from my phone goes straight to voice mail. they blocked my phone from contacting their switch board. My number now actually goes straight to voice mail. I verified that by calling from another phone.

What a ridiculous scenario of horrible customer service and blatant disrespect.