What's the purpose of a lease?

Or you could have a return lease, with NO purchase at the end. The way many people do with their cars, drive it for 2 years, turn it in, get a new one. And if you understand business expenses, the total lease is a business deduction. It is just another piece of equipment that you are using to make a profit.

 

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^^^ that.But if your credit is so bad you have to rent-to-own, With the residual value of the truck,even if you "live in the truck" you probably won't have the funds to pay the balloon at lease end.

 

To make the company a lot of money while you take almost all the responsibility then when you fail and they take the truck back they lease to another sucker repeat the cycle.One example is jct they pay .90 cpm plus fs to pull reefer while company is making well over 2 dollars probably close to 3 a mile.Wish I had the capital to start up a lease only company.

 

Yep leased for 2 years and made some good money while the freight was good,but wised up saved from my profits and bought my own truck...

 

My 4 step process:

Step 1. Find a truck you like

Step 2. Write a check for the truck

Step 3. Take title to your banker and have him put money in your account to cover the check (after a preferably hefty down payment) and set up payments.

Step 4. Either get your own authority or lease your truck on to a good, reputable company.

That's what I did anyway. I just wouldn't be able to bring myself to get involved in a lease/purchase deal. The company would just have too much control for my liking. This way, if the company gets short on freight or something goes wrong, I'm free to take my truck and go elsewhere.

 

That is a really good plan and advice.

If you do decide to lease, get the truck from someplace other then where you plan on getting the freight from. In other words, don't pizz in the same punch bowl you drink from.

 

To give the company their satisfaction without the threat of jail for solicitation. And, you don't even get a thank you and are cheated on your fee.... LOL

 

To quote one pot bellied middle manager.........

" Forced retention" lol........

 

Forced LOL......