Okay, I had said before that I chose not to go with a L/P, for several reasons. At any rate, I forgot that I had a company (who will remain unnamed) send me a copy of their L/P contract. they advertised it as a "Walk-Away" lease - hand the keys over, don't owe anything else, no hit on credit, etc. I found the contract today on my computer, and was looking it over again, and found this little tid-bit:
So ... This doesn't look like a "Walk Away" lease to me.
- NET LEASE. NO OFFSET. THIS IS A NET LEASE, AND ALL OVERALL LEASE PAYMENTS PAYABLE BY LESSEE HEREUNDER SHALL BE PAID UNCONDITIONALLY WHEN DUE, WITHOUT ABATEMENT, DEDUCTION, COUNTERCLAIM, OR SETOFF OF ANY NATURE, INCLUDING ANY THEREOF ARISING OUT OF ANY PRESENT OR FUTURE CLAIM LESSEE MAY HAVE AGAINST LESSOR, OR ANY OF LESSOR’S ASSIGNS, OR THE MANUFACTURER, OR SUPPLIER OF THE EQUIPMENT. In no event shall this Lease terminate or shall any of Lessee’s obligations be affected by reason of any defect in, damage to, or loss or destruction of all or any part of the Equipment, from any cause whatsoever, or any interference with Lessee’s use of the Equipment by any person or for any other cause whatsoever.
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Found something interesting
Discussion in 'Lease Purchase Trucking Forum' started by Cptn_Deudermont, May 14, 2018.
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WHAT ? A trucking company mis-led you ? They may have actually lied ? Leasing might not be a good way to become a trucker ? And a trucker was actually smart enough to fully read a contract ?
I am really astounded !!!magoo68 and Justrucking2 Thank this. -
Or more importantly, know what they're reading. Basically that's the clause that states if you wreck it or it gets stolen you still owe. ... ie, you can't pocket the insurance money and walk away.
Breadman757, Linte_Loco and RedBeardedT Thank this. -
Looks to me all they're saying is if you ####ed up and wreck your truck you still got to pay it, either with the insurance payout, or your own money.
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When you see "Unconditionally" in a contract, it's trouble.
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it's a walk a way lease if you go into a company truck ... I would assume most of the lease agreements are similar it protects the company if you damage or trash the truck ..... nothing in there to protect your interest and that's by design
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