Never Get Paid Just Owed them money

The OP could have gotten married and done better off financially rather then going into a LP plan. At least he'd have regular sex and a few meals in exchange for all the money laid out

 

L/P is a relatively new concept. However, it was born from the companies. Does anyone think that any company has your best interest in mind? I didn't think so. Wake up folks!

 

Granted, that SOME companies MAY offer a half way decent LP scheme. The problem is the kind of person these schemes attract.
Folks who (as a rule) have very little business sense, want to rely on others to figure out their expenses, and so on.
I know quite a few that either are still in flease deals, or were. The one thing they all have in common, is that non of them can tell me off the bat their running expenses. I know exactly how much it costs me to put this truck down the road, as I am a business owner first, a truck driver second. Would a lender loan the money out for a shoe store, if the person applying had never worked retail, had no business plan, and so on? No they wouldn't. Same goes for conventional lenders in the truck market, thus we have the flease deals.
If no one can figure out that 90 some cents a mile is not enough to make a profit, then the companies will surely try to tell the prospective fleasee a twisted version of the math.
Get paid less, pay more for the truck, cannot leave, or even viably threaten to leave the company, and so on. Sorry, I dont see it myself.
You are either a business owner, or an employee. I see no middle ground myself, and never will

Martin

 

Why own a head ack ? .....why pay 30,000 for equipment and then see how low you can go to move some scum bags frieght ........am i missing something ? ....does the owner op own the truck or does the truck own the owner op?
.....do they make the money or does the money make them .....im not impressed people who live in trucks ....maybe its just not my cup of tea i guess ....as for me i park the truck Friday afternoon go home shower ,eat ,watch a good movie with my wife or whatever we do that weekend ....the truck is waiting for me in the yard Monday morning ...everyone is different i guess

 

All you need to know is that the way the typical "lease-purchase" agreement is written, a carrier can move freight cheaper on a L-P truck then they could if they bought and financed a truck, maintained it themselves, and employed a driver on W-2 to drive it. Did you REALLY think the carrier was doing you a huge favor by giving you such a "grand opportunity" to make the money they would otherwise be pocketing? Bottom line is with these plans, the "driver" assumes all financial risks, and must survive the bad times along with the good, while the carrier sheds a lot of financial costs, liabilities, and risks, yet has trucks at their disposal ... and they often "sell" the same wore out truck 2 and 3 times over to desperate drivers - so they're used truck dealers, too.

Like was also mentioned earlier, there are some plans out there that may be potentially good for both parties, but with any L-P or finance ownership/lease-to-carrier option out there, you become married to the truck and must hope and pray your health and the available freight allows you to run hard 50+ weeks/year

 

They are still paying the same $0.90 cpm that they were when I started in 2008. Back then my payment was $469/week, I quit and came back and my payment was close to $700/week on a used truck with a side note for an apu that had already been paid for. Others getting brand new trucks were paying $985/week. I could never pay that. After they had some big accidents in 2011 the DOT cracked down on them and the miles disappeared. If you took home time you would probably only get two whole paychecks in any month. And tho they charger the crap out of a driver for "repairs" when they get out of a truck, the next driver gets all the same problems that the last one had. I think lease/operators should be against the law. All it does it put you in a hole with the company and the IRS. In any other business you generate your revenue and pay your creditors. In truck leasing from a company you generate your revenue that the company collects for you and after they pay your fuel and keep what they want the "owner" gets what's left. That doesn't sound like mu own business to me.

 

I actually make more as a company driver than i did at jct. The repairs were a rip off. Then you wouldn't get a bill from the shop. They'd say it'll be ready in a couple days but you'd hafta run to get that truck payment. A message would come on the qualcomm that so many hundreds of dollars was taken out of your maintainence account for your repair.
Not even an itemized bill. You'd have to come back to sapulpa and just about demand one. That's no way to do business.

 

You could also be a self employed worker, like an O/O who drives his own truck. However I don't even consider fleece operators self employed but more like sharecroppers. Or employees responsible for expenses.


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Take care of it and it can last a long time. If it's falling apart, then the owner isn't cut out to own a truck.

I've seen many older trucks that look like they could run millions of miles.

 

Yea older trucks these new trucks are garbage and i dont feel sorry for op theres plenty of info that says l/p is a bad deal yep you have freedom like taking days off but then your going to owe them money as far as making more money please in the long run your getting screwed love how its a weekly payment but what most dont understand is theres 52 weeks in a year not 48 so they gotta again.