Lease purchase

Hillbilly deluxe, there are no lease purchases out there that are working. Think about it, they have nothin to lose, you are responsible for paying for that truck, then the next guy, then the next guy.

Remember, I have been around since the first lease purchases years ago, some companies got sued by ooida and some by lawyers hired by oo's lease purchase gone bad. They were then and are now in the business of selling trucks to you and everyone else,same trucks over and over again, escrow you can never get later when you really need it. Like i have said time and again, they have always a few examples out there just to sucker you to trying it, very, very few make that final payment.

A lot of these drivers lease purchase make the payments and look sucessful but have only paid a portion and get 3200 towards a new truck or go right back into lease again never paying for that truck and owing uncle sam and in debt up to their eyeballs and more. Its easy as pie to figure the difference, add that three to years of being a company driver with all the benifits, you get sick, your still in a company driver job with insurance and workmens comp in case you get hurt. If on a lease purchase you don't have insurance,you can't afford that! You don't have workmens comp!, you don't have holiday pay, sick days, vacations. Think long and hard, don't be fooled by the few that are making it today, many companies that know the business alot better than us peebrains have failed, how can you beat that system, add the payments insurance plates, ifta, sales taxes, tolls, ssi and medicare, fuel costs, highway use tax, road taxes, 14% social security tax you must pay for self employment, thats alot more. You only pay 7.5% when emplyed as a company driver, your employer pays half, if and when your company your lease goes thru shuts down, all your moneyt into that truck is gone.

If your a company driver you just go get another job and your credit is still good to use someday. I have lived this dream that turns into reality, and a very rude awakening without that truck you worked so hard to pay for and support your family and try to keep your house, boat, cycle and cars, you can't, and the company just finds another sucker just like you and me. Think about it, why would a company give you a truck with no down payment and do it because of good faith to help a total stranger they just met, they wouldn't give one to their own brother or sister,why you? The freight these days don't pay anymore than years ago, even less, they make their money selling the same trucks over and over again, in five years that truck gets paid for completely three or four times, thru yours and mys hard work and escrows they never give back, insurance is paid over repeatedly multiple times, whats a lousy completion bonus of 3200 that Ats give you. You gave that to them many times, if you were a company driver for three years and put money into a company 401 you'd have alot more than that, figures never lie,people do.

The next time you hear a successful lease purchase driver talk, get all the facts and figures, I'm willing to bet when you are serious enough to check his expenses both fixed and variable against the pros of what he paid like his home, car, wife and children, it won't add up, then you will see what we are talking about. If you are 36 or younger get a union drivers job linehaul or ltl, local or over the road, whats best for you and your family, do your 401,then retire and if you still want a truck, I will quarantee you will just about be able to pay cash for your dream truck, you will be saying when I am long gone, Boy" buck and a half and alot of the others here really knew what they were talking about. I was with Roadway back in 1971, quit after a year deliering freight around Boston,didn't think about line haul then, guess what, I can't retire in good shape until I'm 62,and no whee as much as a teamster gets. Please think of what I just told you all, do it and you will never be sorry. I know I went on and on ,but, really its all right from my heart to you and that family you hold so dearly.

 

Wow! You really did put your heart into that one - hopefully he will listen.

 

Yes a nice post

Just wish people would space things out a little

Its so hard to read when its all clumped together

 

Good post buck and a half. I found this site by mistake just looking around on google for trucking opportunities, and I was ready to sign on with one of the larger companies as a lease/purchase, but now I believe that running as hard as I do as a company driver will ultimately be more profitable in the end without all the head aches.

I am still interested in being my own boss, but the amount of research I've been doing has shown me that buying a truck on my own is the only way to go. Learning from my own mistakes has been a way of life for me, but when it comes to trucking those mistakes could cost my family and I everything.

Thanks to all the drivers on this site for sharing the truth about how it really works out there, keep up the good work.

 

After reading these posts, I think we should rename it "Fleece/Purchase".
I'm told that less than 1 percent of the "fleece rurchasers " actually make it. That's not very good odds.

 

Excellent advice I could not have said it better myself!

I empathize with Hillbillydeluxes' desire to be an o/o. Unfortunately the lease purchase deal is skewed way to much in the companies favor.

Remember Hillbilly each week you start out in the hole. You must run enough miles to make that truck payment (500 to 700 per week), pay for the fuel you used, and cover all the "little deductions" that are in your lease contract.

The truck belongs to the company and so does the load your going to pull. Chances are you will be told what to do just as a company driver is (as in force dispatch) told. Decline the load and see how long you sit before they "find" another load for you.

Decide to quit and you can no longer drive their truck even if your a thousand miles from home when you do quit. If you break the lease they will probably confiscate your escrow and any maintenance account you had established. Maybe you will get it back if you hire an attorney to go after them but then again you'll be out of work and chances are you won't be able to afford 1.

I know this may sound harsh Hillbilly but please listen to these folks they are trying to help you.

If your still convinced you want to do this then buy a used truck from a dealer and make sure the plates and permits are in YOUR NAME. This way you will have a "monthly payment" as opposed to a weekly one and then lease onto the company of your choice.

This way if something goes wrong you have your truck and may leave anytime you choose rather than swallow what they dish out. Keep as much power in your hands as possible and you "might" make it.

 

I have always been against lease purchases, however they are not all bad. Most of them are, but over the last few years there have been a few that are decent deals. 0 down walk away leases if it does not work for you. When the last payment is made the truck is yours. Most of them used to be a lease and you would never own it. Do your research before you go that route tho.

 

I for 1 would like to see a list of the companies that offer this "walk away lease" as well as companies that give the truck to you at the end of the lease.

The companies I have seen advertising in the trucking publications seem to have a buyout option at the end usually in excess of the actual value of the truck.

I ask not to be a wise guy but in an attempt to get some exposure for these "good companies."

 

CRST has a Walk Away Lease, but they rip you with all kinds of fee's.

John Christner Trucking has a $1 buy out at the end of the lease.

I believe that Prime INC claims to have a walk away lease.

I have noticed that it appears that more people have a tendency to crawl or run away rather than walk away from most leases.

 

Yes but then they ding your credit rating. I have heard on Sirius 147 where drivers called in regarding CR England and Crst and stated they in fact walked away but then got nailed on their credit reports. Whats the sense to walk away and have your credit screwed up in the process?

Too many drivers go into these deals without actually considering all the aspects of it. The Good the Bad and the Ugly.

I attempt to educate others as much as possible in the hopes they will learn from my mistakes of the past and at the very least be more informed than I was.

"Fool me once shame on you, fool me twice shame on me."