Sammons Trucking Lease purchase????

When TTR was down yesterday I passed the time by clicking on the Sammons ad (one of many that guests see) and viewed what they had to say about their lease. Now that the forum is alive and well, I wanted to check out comments regarding their L/O program Yes, I know that the recruitment video is NOT the actual Lease contract so please take my failing memory with a grain of salt.

If I remembered correctly (and I'm trying to keep things simple), Sammons (essentially) takes 25% of the linehaul revenue (keeping stop pay, detention, tarping, etc., out of the equation for now), leaving 75% of the LH revenue "to the truck." Putting numbers to all this to make a point, $1000 in LH revenue for a load, the "truck" gets $750. Sammons uses 74% of that revenue ($555 in this made-up example) against fixed costs (insurance for the time period of this load, plates, plus anything else that stays constant (daily rate) regardless of what the truck does or doesn't do during that time period). They then subtract out "per mile," charges (like a maintenance fund, fuel surcharge, etc.) and other costs up to $555 total for this load. The lessee (driver) then pockets 26% of the truck revenue ($195 in this made-up example) for his/her efforts for this trip. If all fixed and "per mile" charges for this trip add up to less than $555, the extra goes to pay down the truck and "eventually," if the driver stays moving as much as possible, I assume he/she can eventually pay off the cost of the truck and become an O/O. This sounds good to this wannabe's eyes but what do I know, right?

What I didn't glean from the video was what happens if the truck isn't moving (in shop, weather, lack of freight, driver is ill or dealing with family emergency, etc.). Do any fixed costs (eventually) get withheld from the L/O's 26% of truck revenue or is the L/O "guaranteed" to get their 26% of that truck revenue whenever that truck is under load? My impression (non-researched except for on TTR) of most Fleece-To-Own programs is that in all cases, the truck charges and payments come first and then anything left goes to the Lessee/Owner, which is what (IMO) makes most of these programs really bad.

I'm hoping Sammonsrecruiter will respond/comment on my wannabee analysis of the program and educate me properly.

 

You got it right. We never take from the contractors 26%. If the truck is down the fixed costs continue. If the expenses for the truck exceed the 74% and the fuel surcharge for the month you owe more on the truck but your take home is not affected. This will happen. You will have good months and hopefully only a few bad months but when it's all said and done you should be able to pay down $2000 or so a month on average. So one month you pay down $4500 and the next month you have maintenance and two tires so you go back $1500 for the month. You average paying down $2000 a month. When you get to zero on the balance we give you a title. You have access at any time (on line) to see any number related to the truck. Itemized expenses, revenue, your settlement money, etc.

 

Im interested in a lease purchase

 

heres how my example played out.

out for 2 weeks. and took hometime to fix the truck and home things. was only planning on being home long enough for truck repair. but something happened BEFORE hometime. and i basiclaly spent 10 days arguing with company for a replacement. (not sammons or truck). 8 days unplanned hometime instead of the 4 planned days.

my balance went up. of course. but not much. one week later my balance went down even lower. and my paycheck still came.

unlike those other deals where you play catchup with negative checks before getting paid again.

your balance goes up a little but comes down even more. the paychecks still come.

in other words. with sammons. downtime for whatever reason doesn't break you. it just postpones your payoff date. whenever that happens.

there is no set date for payoff. it happens when it happens. and only you can make that happen. at whatever speed you make that happen.

there is no fail. unless you decide that on your own decision.

the only lousy thing about the program. is it's designed to pay off the truck AS SOON AS POSSIBLE. which means sacrifices on your part in the terms of paydays. and only you decide what your payday will be. cuz your rate is 26%. you haul cheap. you make cheap. haul good. you make good.

sammons holds the ball. but once you put ink on the paper. the ball is yours. and only you can decide how that ball is handled till the end.

i talked to a couple of sammons guys when i first came back out on the road. first time i ever heard of sammons. i put in TWO LONG MISERABLE YEARS as a company driver to get here. with 2 companies that AREN'T favorable in the csa system. being the ONLY driver never put OOS with those 2 companies.

how the heck drivers get inspected 12 times a month is beyond me.

 

i am looking at sammons very hard right now i have a little bit over a year under my belt i know all that comes with a lease purchase what i havent been able to find is exp requirements currently running a daycab and my credit is crap dont wanna waste my time on this app if i dont qualify
discuss

 

We need two years over the road and a year of flatbed.

 

I have said some negative things about Sammons, that happened to me many many years ago. It does appear that they have their ducks in a row now. My hat is off to these guys for the vast improvement. I am an old hand and very happy where I'm at. If I was looking for a change I would give them a second look. You guys that are looking at a LP, this is where I would go.

 

Sounds pretty good. I need to work on getting some flat bed experience and head toward this company in the future.

Thanks for the information.

 

What is the hiring area? And can you give an average weekly revenue? 26% Isn't that great, unless you are averaging decent revenue. I have 3yrs flatbed experience and interest in trying l/p again.

 

There is freight in your area, I know they have a few step deck guys from Fl.