Lease Purchase Programs?

Wow, this turned out to be quite a heated discussion.

There's no guarantee of success. I know that. I also know I'm going to have to put in a lot of hard work to do this.

But I do know one thing. I have 18 months experience and I make .42 per mile. I'll get a one penny raise per year for the next 5 years, and then I'm topped out. I have talked to numerous companies that hire out of my area... NOT A SINGLE ONE will hire me in at anywhere near .42 per mile with my experience level. The best offer I received was for .39 per mile.

So, I can either just sit back with my .42 per mile, which works out to somewhere $600 - $900 per week take home, or I can take a risk and try to make more. As has already been said, THERE IS NO PENALTY if it doesn't work out. Why not try it? You guys make it sound like that if I can't make it work, my life as a trucker is over. The leases I am looking at are walk-away. There literally is no risk.

I guess I just don't understand why everyone gets to riled up about it. Is it a rip off? Yes. But even buying a truck from a dealership is a rip off because everything is too #### expensive, period. Hell, the interest alone is basically price gouging.

And the argument about having a worn out piece of equipment after you've paid off the lease is kinda silly. If you bought a truck brand new, you're gonna put just as many miles on it as you would a lease truck once it's paid off. And if you buy a used one, you're buying one with miles already on it. Not to mention if you buy a used one from an individual, you're very likely buying someone else's problem.

And yes, I would love to take home $2.00 per mile, but that's unrealistic, unless you own your truck free and clear, have your own authority, and have an established customer base and reputation. Otherwise, you're not going to make that. Most of Maverick's TCD customers only pay $2.25 - $2.75 total per mile for the loads that the company runs, and if you're leased on with a company, they're going to get some of that. And so they should, since they're providing you with everything you need to do your job.

I understand and wholeheartedly agree that there are lease programs that do nothing but completely screw over the driver. But not all of them do. Those of you that say they all do are making a generalized statement, because unless you have tried every single one, you don't KNOW that for a fact.

I appreciate all the responses and opinions. Most of them have been helpful. However, for anyone who has already said it, or wants to say it, be aware I am not paying any attention or giving any credibility to the "You're going to fail" statements. Mainly because you don't know that. I personally know several successful lease operators, and there are plenty of them out there that are doing just fine. I hate generalized statements like that, they are an insult, because they are so blatantly false it's not even funny. Is it possible I could fail? Absolutely. Is it guaranteed? Of course not.

Like I said before, I applaud those who have responded in an attempt to be helpful. Your advice is greatly appreciated.

And for those who have nothing to contribute other than to tell me I'm guaranteed to fail... well, I had lots of people try to tell me that you can't be successful in trucking at all, no matter the situation. And I proved them wrong, just as millions of other drivers have. And I'm determined to do it again.

 

It has nothing to do with a thick skin, dude.

The statement that it is impossible to be successful is complete and total BS, plain and simple. It's an insult to anyone with the slightest bit of intelligence, and frankly I think it's funny that those who try to say things like that think that everyone is just going to believe them. It has been done once

I understand that some lease programs will make you fail. It's the main reason I asked for advice on here. Doing your homework is vital to success. I do appreciate the help I've gotten so far... I'm glad that there are some people still care enough to actually help.

I have asked several times what people would recommend doing instead of lease purchasing, but no one can give an answer other than "Buy your own truck." Well, that's what lease purchasing is. And I'm sorry, maybe some of you are doing better than I am, but I cannot afford to put away enough money on my current salary to save up for a truck. Assuming I bought one used from a dealership, you're still talking $40,000 to $60,000. I'd be close to retirement age before I came up with that much. It's just not realistic for my situation. If you've managed to do this, that's awesome for you. But not everyone can do it.

 

Okay, you make a valid argument on some points. What would you recommend that I do?

 

Being out 48 - 50 weeks a year is what I'm doing now as a company driver...

I'd seriously like to know what you would recommend I do.