Lease Purchase Programs?

CaptainX3,i will give you some final pieces off advice.

1°shop around for a truck when the time comes.

2°remember that as an O/O your best bet is to get a truck that can be used in a variety off work.
Flexibility is very important as an O/O.(so look for low weight,CA allowed,......)

3°ALL salesmen tell little (or big) lies.
They do not want to help you ,they want to earn money by selling.
Whatever place you go to,read the small print.

Goodluck and keep us updated when you do buy a truck.

 

Best of luck and stay in touch Capt.

 

An excellent decision IMHO, Captain.
Please do keep us informed!
If you see a blue Western Star with "Midwest Specialized" on the door, be sure to shout at me. Coffee is on me.

Martin

 

Thanks for the info in this thread. I wish you luck Cap! I am considering a return to OTR on the lease/owner side of things. I've been local, but as you know the open road gets in your blood... lol
I do have one question tho, Where do some of you guys work? I mean I see some statements about how good a company's lease is or how good they treat a driver. Just no one ever tells you where they drive for...

 

I personally am leased onto John Christner.

 

http://www.scribd.com/doc/115110075/The-First-Time-Class-8-Lease-Purchase-Owner-Op-Guide

I'm doing my own research into L/P, with a heavy emphasis on purchase. I've been running local and regional all my career and had a side business so I'm familiar with business.

From what I've learned, so far, one of the major keys to profitability with L/P is controlling operating costs especially fuel and maintainance.

 

I would agree with the results of your research. So often I come across one of our L/P ops who's idea of trip/fuel planning is never run their fuel gauge below some arbitrary point then find the best fuel price wherever they are at that time. So often these same individual get upset when their truck is getting the company mandated periodic inspection and have repairs they hadn't expected need to be done. When I talk to them it seems nearly a 50/50 split between they were not aware of having a mechanical issue and thinking it was no big deal, they were going to get it fixed some other time down the road. With no understanding that a minor repair now may prevent a more costly repair later.

 

the walk a way is at the end of show leave early u might git jacked up

 

Like others have said, I'd much rather go with a straight purchase and a loan but after catching a nasty case of unemployment, an off the job injury(I shouldnt have been surprised that the company would mess up my short term disability insurance after in the first month working for them I had to fill out 3 applications because they lost them) and surgery I went through all my savings and my credit score is looking up at negative numbers.

I also know enough to spend a good long time inspecting the truck BEFORE signing anything and having any issues addressed BEFORE taking possession as those problems will be mine after. Once I have the search narrowed to 1 or 2 plans I'll request a copy of the contract and have it reviewed by my lawyer. If for whatever reason the company balks at that I'm running away like my hairs on fire.

I looked at the Sammons plan(what they have online) and that appears to be less a L/P and more like a percentage purchase. Plus, they look like a flatbed/heavy haul company which interests me. I've got 10yrs on flatbeds and covered wagons hauling metal, heavy haul and equipment hauling is very interesting to me.

Someone mentioned SRT but I didnt see anything on their site. Right now I'm looking at JB Hunt (yeah I know but when I worked for them a few years ago they treated me well but I hated bumping a dock and waiting, I've never been just a steering wheel holder and have fingerprinted most of the freight I've delivered), ATS to learn heavy haul and Roehl for flexibility. There will be additions and subtractions over the next few months as research allows.