Lease purchase

Most people who jump into a lease purchase don't have sufficient business or driving experience. Most seem to be so intent on the idea of being an owner operator that they don't check the details of the lease or bother to carefully read the lease contract over carefully. Anyone considering a lease should spend the time to check over the lease and find out what the average revenue is with the carrier BEFORE signing the lease. You need to look at the numbers very carefully. Compare average revenue with ll payments and deductions of the lease. You need to see in black and white whether you can make the lease work, pay for the truck and all deductions with the average expected revenue and make a profit. If not, then don't sign the lease. I would also not sign a lease where I could not get the title at the end of the lease. Some so called lease purchases are actually straight leases where you never own the truck. That is why you need to carefully rad and understand all the terms of the lease. If you are not familiar with legal documents it might be worthwhile to spend the money for a lawyer to look over the lease before you commit. One thing you should understand with most leases is that you will not be able to take much time off from driving. For most leases to work for the driver, you will need to spend a lot of time behind the wheel and running.

 

^^what he said.....^^

 

Totally agree...I am a retired boat Captain just passing my 2 year mark 8 months as O/O you need to keep driving driver you are no where ready to jump off that cliff...

When you get close to the edge ask yourself some really deep questions...do I have 20 grand I can get at a moments notice? Things break even on new trucks sure they will fix it but no money coming in...whats your home life? Wife and kids might have to be out with the truck for weeks just to provide...Are you a thinker can you manage money? Do you understand freight lanes? Do you excell at customer service? Are you going to a company that has a load board? If so can you trip plan and I mean trip plan to never never be late? Do you want a dispatcher controlling your revnue???? I dont...that dispatcher most likely doesnt care if you make it...plus do you want to put your success based on him planning you?

Read all you can...you will learn...drive safe and in time that door will open for you...the edge is a long way down.


Be Safe Out There


Captain Dave

 

I would recommend getting at least a year of experience under your belt before leasing. You need that time to learn the very basics of the job before taking on the additional responsibilities of leasing.

Also recommend that you not listen to the naysayers. You can make money leasing but you have to work.

 

most of the threads warning people are O/O already who are mostly afraid of someone "stealing" their loads.

 

Were u employed by Arrow Trucking?

 

Is that right? So the people who post about the horrible experience they had with a L/P are just O/O's worried about someone stealing their loads? They didn't try a L/P, didn't get screwed by a company, or failed to make it work out on their own, these are O/O's just making up a bunch of hooey, to prevent someone from taking a load one of them might want?

Do I have the basics of your comment correct? By all means, feel free to correct me, should I have made an error on the meaning you were trying to convey. Just the facts, as my hero used to say.....

 

Some but not all. I didn't mean to make it sound that way. I argued with many of the nay sayers until they began to PM me and that's how I found out that many BUT NOT ALL are O/O. some have been through l/p but most have not.

You can tell the difference when you ask a specific question like: why are you exactly against l/p? depending on their response you can tell which is which. if

Some but not all. I didn't mean to make it sound that way. I argued with many of the nay sayers until they began to PM me and that's how I found out that many BUT NOT ALL are O/O. some have been through l/p but most have not.
You can tell the difference when you ask a specific question like: why are you exactly against l/p? depending on their response you can tell which is which. if they refuse to pm you when u ask then you know which they are.

My experience has been like that. When I first began to check into L/P everyone kept telling me no dont do it becuase its impossible to make any money with one. I began checking into those people and began pm them about their specific situations and many told me they are o/o. a few had the nerve to tell me that I wasnt good enough to be an o/o and those I reported to t/r. many are hooey but you have to try and figure out which is accurate and which is hooey good luck to you driver

 

apologies for the repeat info. my computer died in the middle of my first writing.

 

such is life.

I'm not a betting man, but I would bet that most of the people who post about bad L/P experiences are just that. People who, for whatever reason, have had a bad L/P experience. Maybe they couldn't run a business, or didn't run it like a business. Maybe they went into it with $00.00 saved, and ran into trouble the first few months. Maybe the companies were sticking the screws to them, with fees, escrow accounts and such. I'm thinking that's a bit more plausible than O/O's worried about losing a load or three.