Looking for a great lease purchase program

Tow, you inbox is full. Let me know when can send PM.

 

Empty now.......

 

Thanks for the info. Had a little trouble finding the info on the GreatWide website, but finally got it figured out as it's the Cardinal (GreatWide) GreatStart Program.

 

I forgot Greatwide purchased Cardinal Logistics.

 

What would you consider the BIG difference between L/P and buying a used tractor thru a finance company???

I've have bought trucks with financing and leased on to companies but was never a L/P... Both would require
you to be paying attention to your business, but not go so far as say I was a slave to it... I did quite well and
enjoyed doing it.. Was able to retire at 55 and now over 70...

The one thing brought up is ability to move your truck to another company, but if one were to do their homework,
why move... Usually transferring to another company will cost you time and money....

If I were to do it over again, looking at a L/P would not be out of the question for me.... But I would research
that lease and company before jumping in and would have enough funds to handle any problems that may arise
which I did when buying my truck and financing it thru a bank....

One thing I did do, is Drive for company for several years before buying my first trucks and talked to a lot
of O/O's about the business side of it... There was no internet when I bought my first truck where you can
glean lots of information about trucking....

 

The most obvious example of being a slave to this L/P truck is the fact that the payments never stop.Even if you are laid up hurt or sick. This happened to my son after not missing any time for roughly 2 years he was struck down with illness,missed a couple weeks of work and then basically worked for free for about 3 weeks.

 

Not to play devils advocate but any financing dosent stop payments when u stop running

That being said any payment plan can be doable if the revenue is there the problem is they show you a pretty new whatever and then bring in the hook here is the crapy rate you have to run for while we finance this crazy new truck......its way better on the carrier they know they dont have to pay benes ect oranswer endless hometime requests because at 88 cpm you cant ever aford to take any quality tyme. Off

 

Ive read so much about the whole lease thing, I feel like Im gonna get yelled at for entering the thread!!

Like, "hey, we already told you, why you back ?!!!" lol

 

I think that JCT is a great company. They've been honest with me, and I get all the miles I can stand. They don't have company drivers to show favoritism to (or give the appearance thereof). But whether or not to lease/purchase with them or any other company is going to require some research. Many factors come into play to determine whether l/p is right for you. Are you organized? Can you trip plan, manage your time, and get good fuel mileage? How much home time do you require? Sitting at home, while necessary from time to time, will have you moving backwards.

Leasing can be a sensible first step towards becoming an owner/operator. Buying a truck with a down payment saved up from a company driver's wage is a daunting task. Additionally, most owner/operators would recommend AT LEAST $10,000 in liquid capital in reserve. Even with that, you're one small catastrophe away from major hardship. You'll have to drive your leased truck AS IF you own it too.

With a lease, (at least with JCT), your company helps you manage risk. You'll be able to move into a new, or nearly new truck with years of warranty left. If your truck is in the body shop for three weeks after some idiot backs into you, you can keep running in a loaner truck. If, after 6 months, you decide that you want to get out of trucking, or go back to a company driving gig, you can turn in your truck and walk away from the lease. On my thread, http://www.thetruckersreport.com/tr...ing-company-here/219180-running-with-jct.html , I've had owner/operators call me a, "glorified company driver". Yes I am! With all the benefits that go along with that. I make more money than I did as a company driver. I drive newer equipment than I did as a company driver. And I have the option of keeping my tractor and paying it off, or trading it in as the warranty expires for a new one. Leasing isn't for everybody. But then, neither is owning or, for that matter, trucking in general.

"Running with JCT FAQs" http://www.thetruckersreport.com/tr...e/219180-running-with-jct-99.html#post3596893

 

When I was laid up, my bank still required their payments too... So, What is the difference between the two??

One thing I did, was save up my money for unexpected downtime, and if your son had been working for two years before downtime, then, I would think he should have had something saved up in that time frame...

Too many try to buy a used truck on payments or become a L/P without doing proper research or having some
money set-aside for unexpected down time that WILL come up in the future...

Even owning a truck outright, problems happen, and you need to prepare for it by having money set-aside for
it... Expenses don't stop when you take downtime, either being sick, repairs or just spending time at home...