North by NorthEast by Choice - the saga of sadwar continues

I know this has been asked before, but here goes... by the way.. I have spent the last month reading all the threads by DFO and SADWAR..

regarding the credit check.. they will run it for a newish truck.. but if someone wanted a slightly " older truck" they will not run it ... correct... then how do they find if someone has judgements against them... just wondering.... SFI will not lease someone a truck if they have a judgement.. but if they do no run a credit check, how will they find out ?

 

I was told by my SFI contact that they run credit on all applications, and they work with most credit situations. They will finance with a civil judgement. They won't finance if you are a party to pending litigation (bankruptcy, divorce, foreclosure).

 

my situation is kinda unique.. but not really.. I was all caught up with child support.. we both had a kid so she said that i will not pay while we each had one.. then one day the one I had, moved back to his moms house..and the next day.. she went to support enforcement and demanded all support be started from when he first went to me.. so overnight I was 6k in the hole.. I know this is very personal on my part, but I am trying to get her to stop everything and nullify the back charges so I can do the choice program..

thanks 1firl1truck

 

A former coworker (company driver who also went to the Choice program) had a child support situation & he was able to get into Choice. I don't know the details of the situation though. Maybe you should contact a SFI rep & discuss your situation with them.

 

they will run a credit check whether you put yes or no on the application just be honest with the SFI Rep

 

I am trying to make a final decision on SNI Choice. Following Sadwar and some of the other threads here is what I am gathering:

I am rounding some numbers for ease of use:

2500 miles a week at 50 weeks = 125,000 loaded miles
3000 miles a week at 52 weeks = 156,000 total miles including running to shop, going home, deadheading etc.
Weekly gross income = $4000 x 50 weeks = $200,000
Annual Fuel Cost = 156,000 / 7 miles / gallon = 22,285 x $3 =/- results in about $65,000 in fuel costs
Gross minus Fuel = $135,000
Truck lease payments including Maintenance, Insurance etc. = $1200 x 52 = $62,400 on a one year lease on 2015 Evo.
Gross after truck payments = 135,000 - 62,400 = $72,500 +/-
I pay for the Social Security, Medicare and other Withholding, but I will have higher deductibles including most my expenses that cannot be deducted as an employee.


If I was an employee driver at 2500 miles per week for 50 weeks at $0.50 per mile, I will net $62,500 per annum.

Is this kind of the bottom line? So you are trading risk for freedom, but at the end of the day it all work out to be equal?

Now if I were buying the truck, I could add depreciation, but my risk is much higher as well. Correct?

Looking forward to some feedback from all.

 

Your getting warm so too speak. Your estimated lease cost are a little high, mine is 1120, including medical, dental, vision. I'm not sure, but I don't think to many companies are offering .50 per mile. We are paid percentage, so miles are not the goal, less is better here. But to figure fuel cost etc., you need to understand how many miles. Also gross is not really the holly grail either, net is. If you run in NE for example, you can make a really nice check, but you have to put up with all the congestion, traffic, and sometimes do multi loads a day. Versus running south to Tx, where your running more miles, but not as crazy of a place to run. To sum it up your check depends heavily on your ability to plan and we're you run.

 

Thank You ipogsd. I agree with your thoughts that's why I kind of rounded everything instead of going with exact math on the numbers. However, my ultimate goal is to ascertain, if the lease option on a new Evo on the Choice program is worth monetarily for an average experienced driver, if the ultimate goal is to increase your net income. I love the flexibility, but in my personal circumstances, I want to make as much money as I can in this business without taking the risk of buying a truck, so I can take one step at a time. $0.50 / mile is getting more readily available these days for East Coast employee drivers with good credentials.

 

Also, I used miles to have some measurement. Northeast while we do less miles, you get less miles/gallon and higher maintenance exp, etc. I would like to hear an actual annualized or quarterly numbers from an experienced SNI choice driver, if possible. I dont think Sadwar ever summarized it quarterly or annually. If he did, and I missed it, please point me to post as well.