Crstmalone lease-purchase conract, COPY,

bikerdaddy · Aug 20, 2014

moraramis said: ↑

I'm siding with Rooster on this one. There are fleece purchases ran by bad carriers, and then there are real honest to god leases ran by good companies. Some are just leases, and some will let you own the truck at the end of term. Some of the IC's I work for got their feet wet using a L/P instead of financing a used truck. Their leases had an actual buyout that allowed them to walk away from the lease without their credit getting hurt. Finance companies don't care that you suck at math, or that you didn't get that many loads during the week. They want their truck payment. The only buyout I've ever seen from a finance company is paying the full amount you owe on the truck.

Finding a good lease and being successful in it requires the same research and investment you'd put into running any other business. If you do your due diligence and get a good L/P from a good company it'll give you an idea if you are even cut out to own your own business, or if you just need to stick with being a company driver.
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That is about as concise as it can be put . I'm sure that their are decent LPs. In this case , what got me calling and hitting up friends for a copy is this . I asked my son in law the terms of the contract ?
he said that they wouldn't let him read a copy ahead of time ( it would be discuses at orientation ) & he couldn't find one anywhere
BIG RED FLAG I got a ahold of it thru a buddy who happens to have leased his truck with them , and yes he's happy . Things is like you said Due Diligence . If anyone is unwilling to provide you with a copy of a contract your expected to sign on to . Then all the alarms should be going off .
In fact I'd go as far to say that by law all such documentation should available to the parties expected to participate .
i think your dead on the money . So if they aren't willing to give you the info and time to read it , walk away . There are too many options , to buy a pig in a poke

88 Alpha · Aug 20, 2014

STexan said: ↑

...

Or perhaps you could share with the class what you know about them. No, not all LP's programs are doomed to fail. If you have plenty of cash to get you through down times, if you have a significant amount of cash up front to invest, if you don't have any major break-downs, if you have perfect health and can run 48+ weeks year with plenty of freight, if you don't crash your truck or otherwise do something stupid ... you may make it through a year or two ahead ("ahead" like how a CPA would define "ahead", not like many with no business/accounting sense would define "ahead") But as noted, there are a lot of IF's and luck involved.
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I know I am naive but are you saying all of the above strictly applies to L/P programs? If it does, could you share with the class how the things you posted above does not apply to a contractor with a truck payment through conventional means (Paccar Finance, GE Capital, etc)?

DarknLovelyPlus · Aug 25, 2014

Pool6710 said: ↑

Buy from a buy here pay her place for under 1100 a month. Much better off too
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Where are such places? Name a few? Preferably in SC

tomwood · Dec 30, 2014

cost 45000 year w/o major breakdowns and no fuel that is what the contract reads. Lesee will pay all tolls and Malone likes to run PA upperoh IN you problaby pay $2000 year for tolls. Thanks Biker Daddy!

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