Lease purchase

Total amount in payments was $48798.42. Kind of just kill's all the naysayer rhetoric here doesn't it.The bottom line here is, I (ME) am happy with the arrangement, and I don't really care if anyone thinks it was a good deal or not. I did the work , not you. I have a good running clean 2009 Volvo with a working APU, that gets a yearly average of 7.32 mpg. It has 656k miles, and have already been offered $26,000.00 for it

 

Well done LMB. I was also happy with my lease purchased trucks. I lease purchased two tractors ( not at the same time),from May Trucking. The second one is in my avatar picture. I honestly think all these nay sayers are either not smart enough to run their own business or never actually did a lease purchase and are repeating what they heard. I would still be trucking for May but I developed severe night blindness and retired at 62. I got my Class A in 1970. I was either driving or fleet mechanic since then. I dream about doing back on the road but my friends say I retired at a good time with the new regulations, elogs, etc.

 

That is the bottom line.

 

If you are financing a truck for $110 K you will have interest added. The total cost could be more than $160 K. The interest is not deductible. You can depreciate the truck. Tax wise lease is better.
If you are leasing a truck worth $110 K and it cost $160K at the end at least the lease payments are deductible 100%. It depends on your( his) situation as which is best. I can see his point. He doesn't want to over pay for a truck. I over paid for my last truck ( going by blue book value). It was the Century in my avatar picture. I bought it because I was running by the mile, it was rebuilt and the engine was last year Detroit 12.7 without an EGR system. I averaged 7.1 - 7.3 average mpg measured over a 50,000 mile period. It was a reliable runner. Sold it in 2009. Still running today.

 

Well, unless you pay 100% cash upon purchase you WILL pay over the initial price.

Let's kill an falsehood right now. "TA, when you finish that l/p you will have a used up P.O.S." And when one finishes paying off that purchase it is different how? It isn't. Different roads to the same place and NEITHER is wrong.

TA

 

Happy for your Cubs!

 

Lease payments are a business expense. You subtract them from gross revenue. You pay taxes on the difference between revenue minus expenses.

 

Can anyone tell me how watkins is now would like more up to date info on them please looking to possibly join on with them

 

I went back as a company driver in Jan. Always had yo watch payroll 5 out of 7 paychecks were wrong. My DM would fix it though. Payroll girls didn't care, they said they would fix it on next check. Except for some of the DM's they are a bit disorganized.

 

At least you was able to get it straightened out i'd be coming on as a l/p and would like to be in what they call the I 95 fleet any o/o on here that can give any info on your experiences