Failure is inevitable? Lease to own.

You saying that a LP company can not take a truck anytime they want is not true in most cases.Most LP you can not move the truck you might have a contract for leasing the truck but as far as the company it's leased to you don't have a contract you have an agreement that yes that company can cancel at any time for any or no reason,you are an independent contractor with no employment laws protecting you.but the reality of a company just canceling a lease if your making them money and paying your bills I wouldn't think would happen tho

 

I too paid off my truck through a lease purchase, while working less and making more than I ever did as a company driver. It took 29 months, and has been paid off gong on two years. I'm still with the same carrier. Do your homework, there are good and terrible LP programs out there, its up to you to find a good one for you.

 

I believe if a driver did his homework,he wouldn't do a LP at all .Dont know why if you wanted to purchase a truck you would take that avenue which in most all cases is the most expensive way unless that was the only way for you to get a truck. If you could get outside financing probably could have walked in there offered 5 to 10,000 dollars less then what there selling those trucks at and left with the truck.Also the simple thing that you don't have any leverage to take the truck elsewhere if you found a better opportunity,your putting all your trust and lively hood in one company hands. Is there any business that does that .

 

Yes,

McDonalds, Burger King, Olive Garden, Red Lobster

 

They can take the truck anytime they want. PERIOD! It is not yours. You have no rights regarding the truck. I guess all the attorneys at OOIDA are wrong and you are right. It is a scam that harkens back to the days of share cropping.

There is no path to ownership. Its like saying there is a path to hitting a jackpot. See my initial statement. Its like going to a casino and playing a progressive slot machine. Sure.....you can have the jackpot, but you have to play and the reels have to line up perfectly. Yup there is a path to the jackpot......unlikely as it is. Same thing with fleece purchase.

Like I said people do fleece purchases, and they do them for all the insanely wrong reasons! They are broke, their credit is in the toilet or they have tooooo many bills. These are things you need to fix before even trying to go into ANY business!!

 

Or they don't want to liquidate assets to start a new venture that they don't know from sure will be lucrative, and then be stuck with a truck payment. I used other people's money for start up, thanks

 

Then how did I get mine?

TA

 

What division are you in?

 

Fleece purchase companies will give away a few trucks to keep the hype going and keep the fleece purchase monster fed. You have to understand fully how the LP model is designed to work for the CARRIER. It is not designed to work for you. Understand that first. The easiest way I can explain it is like this. Would you give away $1,000,000 in trucks to make $100,000,000 off the backs of fleece purchase drivers that take the bait and will never ever be permitted to get the truck. Nuff said.

 

You crack me up with your campaign against lease purchases. I swear you just like to troll the threads looking for the words law lease purchase so you post your nonsense.

Let's look at the facts:

1. Not all lease purchase agreements are created equal. There are some pretty bad ones out there, like swift, Schneider, CRST, crengland. There are also good ones out there as well.
2. There is a big difference between a lease and a lease purchase. You keep lumping them together like they are the same. A lease is nothing more than another name for rental. You are renting the truck for a set time period, paying a premium price for that time period, and then return the truck back at the end. Some of those leases will even offer you the chance to buy the truck at the end with a very big balloon payment. A lease purchase on the other hand is where part or all of the lease payment goes to paying down the set purchase price that was agreed on in the agreement with the option at the end set period to finish buying the truck out for little to no balloon payment. A very good lease purchases agreement will spell out everything, including the interest rate being used for that time period.
3. A truck on a good lease or lease purchase agreement can be taken anywhere you want including your own authority, or just let it sit in your front yard collecting dust. As long as you are making the payments, they don't care.
4. My favorite myth you keep pushing out there is they can take the truck for any reason. Again, if it's a legit good lease or lease purchase, when and how they can take the truck from you will be listed in your agreement. I know from personal experience with Prime's agreements, the only way is you do something illegal in the eyes of the law, you go into bankruptcy, you miss a payment, or it's the end of the lease term. Aside from those reasons, they can't take the truck from you.

What I will say is this, drivers need to realize signing a lease is starting a business and need to treat it as such. This idea that you sign a lease and now you have a bigger check and don't need to think about taking care of the tool that is making you money is the fastest way to failure. Learn some basic business skills before you sign a lease. You don't need to spend years learning the skills, but spend a couple months either reading or listening to business books. Just listening to 4 books on business and entrepreneurship will give you the tools to get started, but don't stop at just 4, listen to one at least once a month to help keep your business skills sharp!

As for @MOLGAR , we get it, you failed miserably at a lease once at someplace like crengland or maybe pam and you think every lease out there is the same and no-one can be successful without being the lucky one that gets handed the success. Yes there are good leases and bad leases and its up to everyone to do the research before you sign the agreement.