I beat lease purchase. Yes. I beat it.

I beat that lease purchase in 9 months. Here's how:
1. The truck was 49000, I put down 10k up front. Lease Payment 295.00 a week for 3 years. No prepayment penalty.
2. I drove my butt off saving up money to pay that lease off as soon as I could. Paying off the lease included all least payments plus residual.
3. I saved all that money every week for 9 months. The company kept me loaded and I was 1.07 a mile plus .23 fuel surcharge
4. I knew I was getting close to being able to pay all lease payments and residual so I let the company know I want to pay them off.
5. I could tell they didn't want me to pay all them payments at once, but I didn't care. If they wouldn't let me patty them off, I'd walk away and buy a 30k truck cash I was looking at.
6. They reluctantly gave me a payoff amount after 9 months and I happily gave them a check for that amount.
7. I think this company lease with me was shady because the title is not in the companies name, but it's in the truck sales office that sold it to them.
8. I'm leaving this company as soon as that title comes in the mail.
9. Leases..... stay away from them unless you are buying a cheaper truck with low lease payments.
10. I beat that lease, but I sacrificed other areas of my financial stability to do so.

My advice:

1. No lease payments over 300 a week!
2. Don't do over three year lease.
3. Make sure you have access to the maintenance account and it belongs to you.
4. Buy a older truck. Mine was 2013 with 500k miles on it. It's now February 2018n and has 600k miles. Its driving great, but i did have to replace turbo early on.
5. Drive that truck with the intent of paying it off early. Don't pussyfoot around In that truck. Be motivated

 

Tax wise, I'm going to owe about $7000 more.

I really want to stress to anyone that this lease is a trap.

It's really not in a truckers best interest. I didn't want to lease because i had some money to spend towards a older truck, but because I knew the history of the truck and I had driven company for over two years for this same place, I thought I could make it work. The truck I leased (2013 kw t660)was better than the one I could have got from someone else.

I couldn't GET over the fact that if this truck broke and I would have to fix it AND PAY ON IT AT THE SAME TIME.

That bothered me so much. That's a trap. No other way around it.

A 10k repair or higher would end me. My reserves would have been depleted PLUS THERE WOULD BE NO GUARANTEE this truck would not break again.

That single fact was wearing on my mind.

I also couldn't enjoy home time because there was that lease payment double daring me to stay home so I could get behind a few payments with no income.

Nothing made me feel right about this trap I was in.

It's a trap.

Don't lease unless you get a cheaper truck with 36 months or less to lease.

You need a truck you can afford to give up if things go south, and will keep you from getting sued in the even of default.

Driving is difficult enough without the stress of owing someone money for a truck that's broke or not getting enough miles to pay the lease.