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Leasing on with Knight

Discussion in 'Ask An Owner Operator' started by Misesian, Jan 21, 2016.

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  1. Jan 21, 2016 #1
    Misesian

    Misesian Road Train Member

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    i have a lengthy thread about my experiences as a company driver but have bought my own truck to lease on with them. I will still post mainly in that thread but will limit this one to strictly business stuff.

    I bought a 2012 Peterbilt 386 with 480k miles and put it on a 36 month plan, 5.45% interest, and the payments will be 1600 a month. The truck has an APU, direct drive transmission, Cummins, and a 2.64 rear. The truck has a good maintenance history.

    The first and last month payments are due up front and will leave me with just over 10k as startup capital.

    I am Incorporated and have elected to be taxed as an S Corporation. I met with an Accountant and feel really good about him. They will also handle my book keeping for me. I planned on doing it myself but their prices aren't much more than the monthly fees I would pay for an accounting program to do it myself.

    Everything is being kept separate from my personal business. The equipment loan is in my business name, I have a business bank account, and everything Knight related will be in the business name. I am just an employee of my business.

    My goal is to save enough and get out fully on my own one day with my own trailer and my own numbers. That is my ideal plan 5 years from now. Will see how it goes. I pick up the truck on February 8th.
     
    Misesian, Jan 21, 2016
    Misesian, Jan 21, 2016
    #1
    drvrtech77, blairandgretchen, funflies and 2 others Thank this.
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  3. Jan 21, 2016 #2
    TaylorMade407

    TaylorMade407 Road Train Member

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    What's the contract and terms with leasing on with knight?
     
    TaylorMade407, Jan 21, 2016
    TaylorMade407, Jan 21, 2016
    #2
  4. Jan 21, 2016 #3
    Fajo

    Fajo The Dark Knight

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    First off I'm glad you posted this outside of the Knight subforum, as it allows me to be a little more honest. Knight is decent as a company driver but not so much if you own the truck as you do. With you really not caring where you run and how you do it I would look into something like SNI Choice or Landstar as they pay you a % of the load and you would make more money on the loads then Knights flat 1.27 right now with FSC.

    @freightwipper @sadwar @TennMan @T_TRUCKER. @dieselfuelonly These boys are with SNI, and have got to know them over my time here. It's where I was going to take my truck if I would of kept it. It's a much better deal.

    Also don't get me wrong your plan is solid I would just like to see you make better money means you own the truck away from the company.
     
    Last edited: Jan 21, 2016
    Fajo, Jan 21, 2016
    Fajo, Jan 21, 2016
    #3
    blairandgretchen, T_TRUCKER. and Chewbongka Thank this.
  5. Jan 21, 2016 #4
    Fajo

    Fajo The Dark Knight

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    I added @dieselfuelonly into the mix, Tho he no longer works for SNI, He is someone that went from Company to Lease to Owner. He has ALOT of good incite in general to give and would be a awesome resource for you. He is not bias to any one company as far as I know.
     
    Fajo, Jan 21, 2016
    Fajo, Jan 21, 2016
    #4
  7. Jan 21, 2016 #5
    Misesian

    Misesian Road Train Member

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    A copy of it will be emailed to me Monday to look over.
     
    Misesian, Jan 21, 2016
    Misesian, Jan 21, 2016
    #5
  8. Jan 21, 2016 #6
    Fajo

    Fajo The Dark Knight

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    If you have any questions Mes PM them to me, I can prob answer anything you would like to know until you get your copy.
     
    Fajo, Jan 21, 2016
    Fajo, Jan 21, 2016
    #6
    Misesian Thanks this.
  9. Jan 21, 2016 #7
    Misesian

    Misesian Road Train Member

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    I agree. Knight's program is not the most lucrative. I consider this to be my training wheels to be sure I know how to manage a business and eventually would consider finding a good percentage based program.
     
    Misesian, Jan 21, 2016
    Misesian, Jan 21, 2016
    #7
    Fajo and Chewbongka Thank this.
  10. Jan 21, 2016 #8
    Jrdude5

    Jrdude5 Heavy Load Member

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    Subscribed good luck Misesian will be following.
     
    Jrdude5, Jan 21, 2016
    Jrdude5, Jan 21, 2016
    #8
  11. Jan 21, 2016 #9
    BigBadBill

    BigBadBill Bullishly Optimistic

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    Mileage pay is going to be the main factor. The fact that you know the program helps but start the search for the right company that will allow you to maximize pay vs. miles. Unless you get the perfect gig (I had that for a while years ago at England and no other program would have touched it) you need to start looking for a solid company that will dispatch you on percentage then look for ability learn markets so you can get your own authority.

    With fuel at the levels they are now, you aren't going to get killed on a milage pay plan but you need to start looking.

    And congrats, sounds like you have a solid base.
     
    BigBadBill, Jan 21, 2016
    BigBadBill, Jan 21, 2016
    #9
  12. Jan 22, 2016 #10
    T_TRUCKER.

    T_TRUCKER. Road Train Member

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    Im on Schneiders choice program, coming up on a year here and i still am loving it, if you have your own truck YOU want to be in control of the money you make, loads you take, when you wanna be home and how you want to run. leaving your fate in a dispatchers hand is as scary as it sounds, im sure knight is a good company but if you want more choices then go somewhere that you can pick your freight and paid %
     
    T_TRUCKER., Jan 22, 2016
    T_TRUCKER., Jan 22, 2016
    #10
    drvrtech77 and Fajo Thank this.
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