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

FWIW, my post was just to inject a little levity, that's all. Personally, I am in 100% agreement with you, that if you do your homework correctly, manage your expenses effectively, and manage yourself efficiently as a business, you can succeed with a LP. Afterall, it's up to the individual to do the work and put forth the effort in doing so.

Are there LP plans out there designed for failure and take advantage of the driver? No question. Are there stories of drivers jumping in with both feet and have no idea what they got themselves into? Yup. But, are there success stories of those drivers who made it work in their favor? Absolutely.

And if you happen to be one of them, I'll be the last person to criticize you or anyone else for that matter in doing so.

Just wanted to clear the air is all.

 

When successful with a L/P and taking off with that "successful" LP plan, how many can obtain their own unsecured fuel card with a minimum 25K balance to cover your fuel until you cash your first check?
Or will you start off with advances and factoring?
All recipes for suckers.

 

Lets see...

First we save 50k as a company driver to buy a decent truck. Dont forget the 20-30k to cover breakdowns and slow times. Finally we find out we need a 25k unsecured fuel card. Oh yes. Going full o/o is definitely the way to go. Just live on raman noodles for the next 10 years while your family eats dog food and dresses in rags. Dont forget to get public assistance for housing. In about 10 years you too can be an o/o.

Cough.. sorry bs allergy.

 

CDLLife called New Century Transportation on Thursday evening, in an attempt to put the rumors to rest, and we were told the company was still moving freight and had work on the books for Monday. By Saturday, the rumors had died down a bit.
Today, the rumor’s were circulating again. This time, unconfirmed evidence of the company’s rumored closure was also being circulated. An email stating the company filed for bankruptcy on Friday was sent to CDLLife, and a driver who has NCT listed as his employer posted on New Century Transportation’s Facebook wall that he had received a letter of termination from the company.

 

or, you can work for a guy who wants to sell his truck to you over a period of one or two years

the rest of your post is highly exaggerated

 

two questions; what difference does it make to you? And my other question is; why would you want to own a depreciating asset? Enlighten me please

 

Buying a truck, with a bank loan, is Not that much different than a L/P.. except that you can "take it where you want"..

If you did your HOMEWORK up front, why would you want to jump from company to company that you lease your truck too?? That too, is a way to go broke...

When I owned my own truck, I did see others lose there shirt as an O/O... Don't remember seeing many L/P deals out there in 1980's, but it may have helped them with a "walk away lease", instead of putting money down on a truck and end up loosing it all...

If I were to start into trucking today, I sure would look at a L/P, but would sure do my homework first to see if would work for me...
Being a businessman, no matter what the profession is, requires having a business plan, and knowing how to implement it..

Spend time in the seat, at least a year or two, make a business plan, have backup money set-aside, proceed with caution, read/understand the details of the contract BEFORE signing, that will give you a chance of success..

I believe the OP is way off base with the Lease Purchase, but way too many fail because of lack of planning...

I do believe that there are trucking companies that do rip-off drivers with L/P deals, but that is where you must do your homework to "not jump without research" into them first..

AT least, we all have a right to make our own choice, but look how many jump into trucking without knowing what they are getting into.. Today, a lot of them will not last more than a year or two as a driver...

 

I completely disagree. I am in a lease purchase with Schneider Finance. I have a 2014 Freightliner Cascadia that's under warranty until November of 2016. I previously had a 2009 ProStar with an ISX that was a piece of dung. I spent 15k on that clunker in one year. Schneider Finance halved that cost with me and got me into a truck with a warranty (per my request). My check this week is a little over $2100 after all expenses. The thing that I like about Schneider is the ability to self-dispatch from the load board. I wouldn't have signed the lease without the ability to dispatch myself. I've heard the horror stories about miles being cut during the last month of a lease with companies like TransAm and Prime. Schneider has been fantastic. I can also take the truck to another carrier provided that I am ahead three truck payments. I've been talking to a guy from Minnesota that runs to California and back. He's running paperless logs and is pocketing between $2500-$3000 per week after expenses. What is wrong with that? Any repairs that I need done are under warranty save the driver wear & tear related damage...Anything major that is not covered by warranty is paid for by Schneider, and I pay the amount back via a weekly payment plan. Is the truck going to be expensive if I decide to pay it off? Hell yes...My payments are $743.xx a week, but like I said, I still make good money. I'm planning to bank money while on the lease and buy a pre-emissions truck (2003 or earlier) with cash. It would take me at least twice as long to save up enough money as a company driver.

Some lease purchase programs are absolute garbage, but the program at Schneider is ZERO down and no credit check AND you can take your truck to another company AND you are self-dispatched from a load board like LandStar (with comparable rates to LandStar I might add). I've had many weeks in which I grossed over $5k and pocketed $2k. With the financial backing from Schneider to boot, I can't say anything bad about it at all. There's a ton of freedom that comes with dispatching yourself. Schneider does tend to be too safety-minded to me, and they constantly message about quarterly truck inspections and quarterly safety quizzes, and even though I'm not concerned about passing them, I've had a more than my share of inconvenience with drug tests in 2.5 years (two randoms: 1 urine, the other urine and hair, 2 DOT physicals: both urine and hair, a return-to-work physical after a month of hospitalization that included a urine and hair test). Everything else has been gravy over here...don't get me wrong, there was a learning curve when I first started dispatching myself--getting to know the good customers and freight lanes, etc, but I don't regret signing the lease...especially since if things fall to pieces, I can take the truck to another company like LandStar and still have the financial backing of Schneider to cover major repairs.

 

amen! best post ive read in weeks. i sure dont make much as a company driver but i can pay all my bills a month twice if i wanted too.