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Questions about lease purchase

Discussion in 'Ask An Owner Operator' started by ctlivewire, Nov 12, 2008.

  1. Nov 12, 2008 #1
    ctlivewire

    ctlivewire Bobtail Member

    1
    0
    Nov 11, 2008
    0
    I know most lease purchase are a complete screw job. So I will explain the situation first.

    My husband has been a driver for 5 years OTR. He spent the first year as a reefer driver and didn't mind it. The last 4 years he has been with the same company as a dry van driver.

    We all know the economic landscape is poop right now so freight has been real slow. He is a high mileage runner but will not push the company hard as long as they get him at least 3000 miles a week. Well that isn't happening right now.

    So we met with a small 100% o/o company with 30 drivers. They are willing to set him up in a new truck ( I wish they would do slightly used).

    I am expecting a copy of the lease today ( we have not agreed to the job) I have already expressed my views to the owner that most L/P are geared soley to the company so are they will to ammend and neogotiate.

    It sounds like they will meet with us.

    The clause I want centers around him being able to obtain private financing pay off the note and walk away with the truck and the escrow saved for his buy out payment should their business be unable to provide adequete miles.

    Does this sound fair or am I reaching?

    Also how do you o/o's feel about the reefer sector? Is it a safer market in a down turn?

    Has there ever been a good lease purchase plan? :)
     
    ctlivewire, Nov 12, 2008
    ctlivewire, Nov 12, 2008
    #1
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  3. Nov 12, 2008 #2
    poptop

    poptop Light Load Member

    87
    28
    Oct 7, 2008
    anytown u.s.a.
    0
    dos not sound unreasonable to me...most of the lease purchase iv seen have that rit in them already after 90 days
     
    poptop, Nov 12, 2008
    poptop, Nov 12, 2008
    #2
  4. Nov 17, 2008 #3
    Gonzo_

    Gonzo_ Medium Load Member

    307
    143
    Oct 30, 2008
    Clayton, NC
    0
    Some leases are just way too steep.. they take $500- $550 a week for truck payments... by the time the insurance, fuel, tags, permits, and taxes are taken out there isn't much left.. Have someone read through the lease.. Try OOIDA's web site for some things that should be in the lease....

    Do a background check on then, search google, and talk to others that are in 1 of their leases now before you sign.. see if they're making a decent living # it or are they just spinning their wheels, burning the midnight oil, and getting nothing for their blood sweat and tears..

    How long have they been in business?

    I don't like "fleece purchases".. It's usually always better to get your own financing. That way if things go south you can pack up and leave in a hurry.
     
    Gonzo_, Nov 17, 2008
    Gonzo_, Nov 17, 2008
    #3
  5. Nov 17, 2008 #4
    Otter

    Otter Light Load Member

    298
    212
    Mar 16, 2008
    Milton, VT.
    0
    I'd be reluctant to buy from the people who control the work, if they'll let you work the truck somewhere else, that would be a plus. I've heard of people getting starved out of their truck after a few years. I've heard Prime does this to people. Starve you out then lease the truck to a new guy.
     
    Otter, Nov 17, 2008
    Otter, Nov 17, 2008
    #4
  7. Nov 17, 2008 #5
    7mouths2feed

    7mouths2feed "Family Man"

    1,186
    464
    Nov 29, 2007
    Jacksonville, AR
    0
    I am quite surprised that Brickman hasn't posted something here since he got into a similar situation and went belly-up. You might try contacting him for further advise of what to avoid. 550hpw900L can answer alot of reefer concerns.
     
    7mouths2feed, Nov 17, 2008
    7mouths2feed, Nov 17, 2008
    #5
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