Do not do a lease purchase.....ever!!!

I am not speaking from experience. I am speaking because I have seen what has happened to other drivers, and I had the opportunity to have an attorney/CPA that specializes in trucking review the contract. (I managed to get my hands on a few contracts from some friends of mine that made the fleece purchase mistake).

Ill put it real simple.....the lawyer thought I would have be a total fool to get mixed up in such a bad contract.

The issue is that it is much more than just paying for the truck. And a crazy overpriced high mileage truck at that with insane interest rates. Its all the other built in scams to get in your pocket. Example: your so called escrow account....do you get the interest from it? Actually the escrow end of the contract is another scam..but that is for another conversation. Hell you can set up your own account!! The road use tax use..etc etc. Fuel surcharge...fuel rebates..... I can go on and on.

You cannot compare rent to own furniture or autos to the trucking industry.

Remember this.......the truck is not yours! They are in TOTAL CONTROL!! AND YOU SIGNED A CONTRACT!! If you leave (for what ever reason) don't be surprised if your credit is destroyed and you get sued. Oh and by the way...you cant take the truck with you because ITS NOT YOURS!!!!

Get a truck that is yours and that you can take where you want!

 

I totally %1000000 agree. In addition....if you you are dead set on doing a fleece purchase (and I pray you wont). Get the entire maint history on the truck and take it to get the unit thoroughly inspected...including the engine and all components.

PS DO NOT TAKE THE RIG TO BE INSPECTED BY A DEALERSHIP THAT IS IN BED WITH THE COMPANY!!

But to respond to Wolly's post.....an ounce of prevention is worth a pound of cure. See a qualified lawyer. Better yet become a member of the OOIDA. The best $40 you will ever spend. If you are dead set on the fleece purchase.....do what Wolly and I said. Now here is the important part.....heed the advice of the OOIDA or your lawyer! If you opt not to listen.........you are gonna get what you asked for...and you wont like it in the end.

 

"easing also gives you the proper mindset to own a truck over being a company driver."

It does not give you the proper mindset. Its all an illusion and a fantasy world to the driver. Most of the fleece purchase drivers only know trucking from what their companies tell them. The companies prey on poor suckers with the "mindset." The only thing the companies see when you do a fleece purchase is $$$$$$!

The proper mindset begins with you....not the world of make pretend owner operator!! Like I said...learn the business. You really do not need to have a ton of money in your pocket to get a decent truck. There are PLENTY of trucks out there available. Especially after the economy took a nose dive 2 years ago.

There is no magic button to press to make you an owner operator. Unfortunately some drivers think that the fleece purchase is the magic button. It is not.

Learn the business...talk to real owner operators and to legit people in the know (the OOIDA).

Peace

 

I could of not said it better. Unfortunately there are those drivers that want the instant gratification of playing owner operator. The companies rub their hands with glee when they see a driver like that.

I dont want to sound like a broken record...but remmeber what I told you. THE TRUCK IS NOT YOURS! YOU CANNOT TAKE IT WITH YOU! YOU ARE UNDER A CONTRACT! IF YOU LEAVE FOR ANY REASON YOU ARE IN VIOLATION OF YOUR CONTRACT!! YOUR CREDIT WILL BE SCREWED AND YOU WILL MOST LIKELY BE SUED BY THE CARRIER!!!! DON'T DO A FLEECE PURCHASE!!!

I cant say it any better