Best company for lease purchase

Back in 2003 I lease/purchased a truck. I had shopped around and didn't want to get stuck in some lease that would go on my credit if I couldn't make it work. I wanted a "walk-away" lease. I was a Co. driver for 3 years prior, so I was on that slow accent to owning my own truck! I though I had given myself the '3-year curve of disaster'. That's, being able to speed and go off road'ing and generally run into or over a vast number of items including but not limited to: safety cones, mail boxes, guard rails, buildings... just about everything but people. I did all of these things, and I though I had gotten it out of my system, so it was time for a lease purchase deal.

I found that CRST had a 30-day walk away. Cool. I took the freight lanes, got home 4-5 days out of the month paid my bills at home and took advantage of their bumper to bumper. Now mind you these were the old garbage junky trucks that the company drivers destroyed and they rode like tanks. You know, the old 9000i series Internationals. I took my lumps, as I was going to just run my garbage and make my $$.

Well, in Lee Vining, CA The bottom gears went out. I had 1st through 4th and living in Reno, NV I picked up every nail and screw all the way home doing 35mph. I called the boss and they said "don't worry, the transmission is under warranty." Cool. I was into the first 6-mo of the lease. I had put $2,000 down on my baby. I got it to Reno Freightliner and they said "? He!! no, there ain't no warranty on that."

After about 5 days of putting it on each other for who was going to pay for the tranny, I said, "I'm out." Now, I did make my deposit money back in running, so I never expected them to send me my dep back, but after about a month, they did. All two grand. I was shocked. truly a walk away lease and no hit on the credit.

Now that was a long time ago, and I wouldn't expect these same conditions today, but, It was fine for me rattling my teeth out, because I knew I could do it, I was supporting my family and I love living dangerously(trucking). I would do it again, cause I'm hard headed.

 

Coal City Cob has a great lease purchase program! They are a tanker company and you have to have tank/hazmat endorsements and twic. Plus 2 years OTR. Contracts are individualized and no credit check! All Peterbilts.

 

SO what kind of money are you making after deductions

 

You would get paid weekly, so the truck payment would come out weekly too. Average about 400 to 500 a week, deducted, depending on the mileage on the truck. Once you finish paying escrow and plates in the beginning, you just have insurance and truck and fuel. Our Lease purchase and Owners all get 100% fsc from our customers and then you get a percentage of the linehaul. Plus, it also depends on how hard you work as a driver. If your lazy, you make nothing. If your a hard worker, and know how to manage your money, then you can average about 1000 to 3000 per week.

 

A friend of mine leases through Celedon. Its an open lease. If you decide its not for you, you can walk away, and it doesnt hurt ur credit or anything. Also, instead of a set payment, you can choose to pay a % of each mile you run as your payment. Which means if you only run 1000 miles one week, your truck pmt total is less than a fourth of that. So you still get a paycheck. You DO need to keep up with your fuel cost and all the normal stuff of being an o/o and be sure ur not getting 4 miles a gal or something awful like that. They offer used company trucks OR new ones. Company trucks have a two year pay off ability from what my friend told me, but he said if you go with used, you have a higher chance of poor fuel mileage, which happened to a friend of his. New is always better, ESPECIALLY when your payment is only a small % of each mile you run. We are actually thinkin about doing this type of lease this year. I would only recommend doing a % of mile payment lease. Good luck all.

 

Thanks, so very much for the recommendation! At this time we are not doing the lease purchase program. But if we do get it back, I will most definitely will recommend this!

 

I don't think he claims to be an expert. Honestly, if you absolutely bust your ###, live devoid of a real life, yes a lease purchas will get you into a trick of your own. That being said, he's right, the deck is stacked against you but like I said , it can be done. There's just easier ways to get into your own truck in my opinion. Work company, save money and buy your own.

 

Brother this is the smartest thing I've read on this thread so far. You must pay a lease at some point to own your own buisness. People mess up and people go under. But those who run their trucks right and set back what needs to be set back and are successful. But then again most just want to sit if you ask me that just lazyness

 

I couldn't call leasing a truck a "business." It's a rent a job situation.