Want to avoid getting burned by a lease-purchase agreement?

Have you leased?

 

I haven't leased but I did work for Cardinal Logistics during a transition period when they took over an account from YRC Logistics. Many of the drivers I worked with did a purchase deal with Cardinal and some are still there after 10 or 15 years and very successful. In orientation they say it's not a lease, but a purchase. The loan is in your name, not Cardinals name. One reason they are successful their is because all dispatched miles are paid; empty or loaded, and they do a lot of deadhead to return to the terminal for their next load because they run dedicated freight and have to get the next load moving no matter what. Worth looking in to; maybe it's still that way.
What I have learned over the years is you should ensure the lease deal is also a purchase; not with some baloon note at the end. I know of a driver with another company that did the lease deal without reading the contract well. He spent tons of money in chrome shops and had a beautiful truck. Problem is when he decided to leave the company, he was informed he can not take the truck with him because he was leasing it, not purchasing it. All that money down the drain.

Some others to look at including Cardinal Logistics:

Fikes Truck Line
Farm2Fleet

 

Son #1 completed one but not without and abundance of financial backing from family. He is no longer in trucking.

 

So like most leasing detractors you have never leased. Gotcha.

 

I would say I had some good,firsthand knowledge.

 

With one case that failed. How would you classify those who succeed?

 

As a very small pool.
Overwhelming minority,take your pick.

 

From two friends of mine that have competed a few lease purchases, and are both now successful o/o's

"it is very possible to complete and own a truck after, however it is not nearly as easy as buying a used one out right, or financing a new one. As a lease/purchase, you'll be married/living in the truck. There are several companies that lease trucks, but as others pointed out, you really need to know what your getting into. It will take a hell of a lot more dedication than a company driver does, you will not be able to take time off, unless you have a sizable stash saved up, that you can offset the payments, because you will be sattled with them even if you take time off"

In the end they offer this.

"Good luck, as the Knight from knights of the last crusade stated, "you must choose wisely". You're gonna need it"

 

stay awAY from Perkins Global Logistics in Fishers Indiana they are a bunch of crooks that steal your money .Trucks are raggedy they lie and the loads are cheap.

 

Um until that bank note is paid for it belongs to the bank not you. So you wrong.