The nitty gritty on Lease Op

Place we are at won't even run your app without 2 years experience, I ran a business for 17 years in a different line of work so I already knew how to run a business. Even as good as this L/P deal is, about 65% still wash out

 

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That is very much so the case. But I've been OTR for 2 years and while I admit that's small peanuts compared to a lot of drivers, it's plenty of time for me to feel comfortable with my abilities and discipline level.

If I failed at a lease purchase, it would be something not in my control. I don't even care about succeeding to be honest.

Like I said, the only thing that peeks my interest is if I can make more money. It just boils down to whether I listen to all the naysayers and stick to driving as a company man going nowhere or I throw caution to the wind and try to figure out which one of the 45 lying recruiters might be a little bit more truthful than the rest lol.

 

And I would never work for Prime. Is this a Prime thread? My bad if it is.

 

You'll never get anywhere working for someone else . Ever . Best try I would recommend is RoadRunner or A and A or see if you can get a truck through Lone Mountain and lease it anywhere you want . Don't take no for an answer and just pull the trigger . Worst that can happen is you go broke

 

Thank god thus isn't a prime thread @Straight Stacks would have tore me a new one...

You gotta listen to your gut... How many threads on here list the success and failures? You have already answered your own question... If company drivers turned lease was doing SO well, you think the CEO of these companies are giving folks?

A thread on here is a decent one, but from a driver who states he eats roman noodles daily??! Is that your thoughts on life as being successful?

If it took that to own a truck I would hope my throat would have been slit twice now... Maybe for you that works... Not me...


Good luck bud

 

I agree completely. I will only say that if I wanted to sack money away for my own truck while a company driver, I would have to go on a Ramon noodle diet as well. I understand no matter what route a person chooses or any time one invests in their future, sacrifices need to be accepted.

Everyone is well aware of the failure rates of lease purchases, but there are those that succeed. I just wonder sometimes what the failure rate is for those who buy a truck from a dealership. It may not in all likelihood be as high, but consequences are much harsher.

 

How do you define succeed? What does that look like to you?

 

I guess my father in law some 25 years ago did a lease purchase and hated every minute of it. But he got the title in his hand at the end. Today, he works 3 or 4 days a week if he wants, takes winters off, pretty much retired. I suppose something along those lines staying in this industry would be succeeding to me. A good Monday through Friday local job would be succeeding for me, but I don't live in a good area for that to happen.

Long term goals, maybe own two or three trucks and sit in an office.

Short term goals, not get home Saturday at noon and have to leave Sunday night.

 

I know a guy who brought on his first truck to Fedex CC when he was 21. He's now 25 and has 23 leased on

 

I did exactly what you asked in the original post. I was a company driver for 4 years, worked in the office for a year and decided I didn't like it.

I signed a walk away lease on a new truck just to see if it was something I wanted to pursue. I did, turned the truck back in, bought a used truck and ran under the same companies authority.

I ran the used truck for 6 mos, traded it in for what I paid for it against a new truck purchase through my local bank at 5.5% interest.

I got my own authority January 1st and made a break from the company I was previously leased to.

I'm now truly an Independent Carrier...

It's a new learning curve for me. I like it though. I'm not afraid of change or challenge. One has to have that at their core, or else it's better to just remain a company driver.

I'm holding my own. I looked at my first quarter numbers and they were decent. Paid my self over 5k a month through the S corp.

All my payroll taxes are up to date. Paid for health insurance through the S corp, put money aside for future maintenance.

All my Oregon road taxes are paid and up to date, my IFTA is paid and up to date.

I'm 2 mos ahead on my truck payment and 4 mos ahead on my truck insurance. And I have around 12k in the bank.

Not rich by any means. But, I love what I'm doing and can't ever picture myself going back to work for 40 cpm as a company driver ever again at this point.