Lease purchase

I tried the "walk a away" lease with the place that I was with .... it lasted a month and a half .... by the time I left .... I was over $2000 in the hole in my pocket and about $1000 with them

I figured give it a try .... at least it will be a live and learn situation .... I learned there is NO lease program out there worth going in the hole

I am also seeing now that I was correct in the way I left there .... as was others that I talked to .... I had over $3000 in the accounts there for maintenance and other things .... I will be getting screwed outta that money

A lease is something that I will NOT do again .... its a WIN WIN for the carrier NOT for the driver .... they still get rich off your work yet you have to figure out how to eat .... and if you do want to eat you go in the hole more and more with the company

Not worth it .... doing company driver again .... and going to stay that way .... would rather be paid for my work than to pay someone to work for them

 

Which company?

 

Right now .... Im going to keep it "secret" .... LOL .... want to see how much they take of my money before I say

I will say though that there are quite a few guys there that are loosing their ##### in it .... and there are more guys looking at new places than the company knows about

 

Understand that. After the fact please post it so others can think it over. Lots of drivers plunge into leases. Helps to know the facts before hand.

 

Not a problem .... with the one that I had .... they took about 70 cents per mile for your accounts and their money .... then figure in fuel you are left with little to live on

But I did it because at the time I liked the place and wanted to do L/O at some point .... but it is now a live and learn experience

 

I can add more to this now .... got in the mail a "settlement" printout showing that their "mechanic" (I use that name very lightly .... more of a parts changer) that the steer joints were loose and that the brake air line was worn and that the water pump was leaking

YET this tractor went to KW dealer and NONE of this was found there .... shows that they WILL find anything and everything that they can to screw a driver outta their money

Cant wait to see what other "charges" they are going to come up with .... this is the parts changer that was a company driver and bought the shop when they changed over .... he is loosing his ### just like the drivers and finding anyway that he can to make money

I knew there was something up and that I wouldnt see money when I was in the office the friday before I left .... and other drivers said that this is what would have happened

They have said that as an O/O and L/O that you are not under forced dispatch .... but that has changed .... they dont force you to take something but tell you that this one load is all that they have for you leaving you no choice but to take it or sit for 3 days until they are done being mad at you

No one there has an idea what the other is doing .... the communication is all gone .... and the other thing that did not make me happy that friday I was there was hearing them talk to prospective L/O and O/O that they had all kinds of freight .... they have already lost one contract .... how many more will it take .... they DONT have the freight they say

Well enough ranting .... I am off to a better situation I hope .... this was a live and learn experience for me and something that I wont do again .... I will stand by what I said before I did this one .... there are NO lease programs out there that will make the driver money .... ONLY the company

By the way .... whether it makes people mad .... dont really matter anymore .... the company that I am speaking of here is Davis Transport out of Missoula, MT

Yes .... our good friend drives for them also .... but he did it the right way .... O/O not the L/O so he isnt in the hole like the L/O .... I talked to 2 of them in the last week .... one is over $5000 in the hole the other is around $3000 in the hole .... I was just over $2000 (that was $700 to them and the rest out of my pocket)

 

I am looking at going with Wil-Trans or Prime (leaning towards WT). I need to get a copy of the agreement and I will have my lawyer read it over. My question is this, I have owned my own business and know the ins and outs, I have to go back to trucking because right now it costs more to build a house than it is worth so our new home sales have dived to 0. Anyway, I can't stand the thought of being a company driver under forced dispatch as I did 10years ago(even though it was technically not forced, I was getting awesome loads and refused a crappy one and then all I got was short hauls with plenty of downtime in between, it is tough for some dispatchers to not take things personally). From what I have been told (I need to get the agreement to read to make sure the recruiter is not blowing sunshine up my kilt) Wil-Trans is a lease only, as you would do when leasing a new car or equipment with no intention of purchase. From a business stand point there is more to write off on a lease payment (as it is 100% deductable) vs. a lease purchase at which you can only dedduct the depreciation as you in essence have signed to buy. I could be a little off as I have not discussed this with my accountant either just know what she was able to write off when I purchased new equipment for my business. At the end of the lease you turn the truck back in, they in turn give you a new lease on a new truck or you can walk away with no penalties(providing you fulfill your agreement). WT pays your taxes, tags etc, but I need to check the fine print. If I disagee, this is a contract negotiation, I can have it re-written and they can refuse to accept as can I(this is business after all). This is my first time dealing with them and I am trying to figure it all out before I commit. I have figured it out with a budget as to what I need to make and what I can make with the figures they have provded (their lease fees, maint fund etc.) and plugged in the real numbers I have gotten form reading posts etc. and getting the nat'l fuel average (I will be team driving to better the chances of loads etc. as well as to keep the truck rolling as much as possible, wheels not turning youre not earning). It can be done as long as there is no hidden surprises that I have seen, I am just looking for more verification.

I am not interested in an opinion about either company unless you yourself who is wrighting the opinion have worked for either of those companies. I know you may have a friend who worked for so and so and they got screwed BUT they are venting to you as a friend and I have yet to meet a stand up person who can admit their own failures in a forum or in person for that matter. Those that can admit their failures or short comings are successful and never complaign too loud. I too had a bad experience and when I was younger of coarse it was not my fault. As I have gotten older I can look back and see some of the problems were as mutch my fault if not more than the company's. I could have done more research and could have gotten them to put the promises in writing and I didn't. I have matured quite a bit since my early 20's and I know the sacrifices needed to make a business work first hand. I am looking for opinions from experience on a lease/operator not lease/purchase program.

I am not trying to rant or accuse, just looking for what to look out for etc. as I get copies of the lease agreements for review. I am not expecting them to be 100% in driver favor simply because they are in business to make money too. They will try to protect their earnings and investments as much as I will be trying to protect myself BUT they are fronting the money and equipment and in turn with the services they are providing (will be) they need to be paid for. So far the prices they have told me on lease payments etc. are right in line with what I would be paying if I were to go lease a truck on my own and then lease to a company as an O/O.

Thank you in advance for your input.

 

I had my mind made up to lease a truck and I did and if would of worked IF I GOT THE MILES.Thats the bottom line.Its not rocket science to run a lease program if YOU GET MILES.When you start off you GET MILES but after a short while YOU DONT GET MILES.I believe sooner or later the American Truck Driver is gonna draw a line in the sand with these companies.Back in the day it was considered honorable to stick with one company thru the ups and downs of business but now the companies doesnt respect the average workers intelligence.How else can a company offer a lease program as a way for an individual to earn an livable wage and then turn around and screw that driver and his family? United we stand divided we fall....

 

There is a big difference in a L/P from a trucking company than one from a truck dealership or manf.Manf.and dealerships wants you to pay for truck.Trucking Co.pays Att.to make sure you do not.

 

If you want to lease a truck, check out ATS. Thier program is really good.