Buyer Beware of the "Lease Purchase" Companies

well yea that is gross.i thought that was self explanatory with my post.

 

1.23 minus .40 fuel .10 Mait, .05 tires, .10 escrow =.58 x 2000 miles IF you'r lucky now = 1160. now you have to make that truck payment as low as 275(from jb website) that brings you down to 885 don't forget the insurance about 200 a week should cover cargo, liabialiy, etc... now you got 685 before taxes and you get NO benifits. that' .34 you can make that as a company driver almost anywhere

 

well according to him there is no .10 mait or.05 tires.he has bumper to bumper for .05 miles.covers maintaince and breakdown.he dont have to buy a lightbulb.he buys fuel with their card at there price.insurance is part of the % they hold out.he gets insurance for him he is single for $147 a month.i gave him a call just to double check.these are the numbers he gave me.he has had his lease with them for 13 months.so maybe it has changed like i said earlier but that is what his contract is.he is averaging 2100-2400 miles.$315 a week truck payment.they pay fuel taxes,permits,lumpers,tolls.still seems better than most if not all the lease plans i seen elsewhere.not going to get rich at any of them but you can make money if you use your head on the loads you take.

 

I am curiuos if anyone here has used a company lease-purchase program as a vehicle to become a successful owner-operator.

I have heard of dozens upon dozens of horror stories from these company programs but have yet to hear of any true success stories.

 

This is something new from ole JB look at thier website. If you own your truck you get close to 70% (in the 60s) of revnue if you lease from them you only get 57%. You get nothing on the deadheads, forced dispatch, 1.7% interest on truck payment but the truck is priced double the true worth. If you can walk in to any Freightliner dealership in America right now and buy a 2005 century for $25,000-30,000 right now thats the true worth and if the site admin will let me I will start posting ads of the trucks. They are collecting roughly $60,000 on a truck with a balloon payment over 3 years

 

I don't doubt you but JB is starting something new, it's a percentage plan and deadhead is not paid. They are claiming thier trucks will get 6.5 miles to the gallon to and we both know thats a lie. At best you can average 6 miles with no idle and average weight under 30,000 lbs in those trucks. That aint happening and here is a couple things JB himself sent me to back up what I am saying. The Escrow is $100 a week for the length of deal 36 months for a total of $15,000, you pay some not all the fuel tax now, $75 insurance, Qualcomm is charged now, HVUT/2290 $11 weekly, and the Mait and tire plans combined is 11% of all your revenue. If you do the worksheet and we all know JB is 2000 mile a week company in good times so waht do you think those guys are making doing this share cropping. Read my attachment to JB says you can average up to, thats UP TO 1.15 per mile in this new lease agreement plan.

Lease Purchase Weekly Budget = Revenue - (FC + VC)
GROSS REVENUE _____MI x $ ______PER MI = $ _______
TRUCK PAYMENT $ ______
INSURANCE $ 75.00
OBC $ 6.25
HVUT/2290 $ 11.00
RQ ESCROW (120 weeks) $ 100.00
FUEL, 6.5 MPG # $2.50 PER GAL $ ______
FUEL TAX = .01 PER MI # 2500 MI $ ______
MAINTENANCE ESCROW (.05-.11) per mile $ ______
ATBS (optional) $ 16.25
TOTAL COST $ _______

WEEKLY:
GROSS REVENUE $ _______
- COST $ _______
PRE TAX TAKE HOME $ _______

YEARLY PRE TAX TAKE HOME # 48 WKS $ _______
WEEKLY HOME BUDGET ____________
MONTHLY HOME BUDGET _____________
YEARLY HOME BUDGET _____________

 

Tennessee Steel Haulers in Nashville is a great place to haul for as long as you are independantly wealthy all ready and you don't get roped into their lease purchase scam I mean plan. I did for three years and then the hammer fell, they have their own shops where you go to get inspected and shazamm guess what the whole truck is broken and needs to be fixed now or else they will cheerfully call the DOT.
I am still trying to find the kind of job trucking where i can drive 90% do manual labor 10%. I am a flatbedder but my goodness the strain on some of the loads is crazy.

 

There is no way a lease/purchase plan is ever a good idea. Like stated before, if you can not go out and buy a truck on your own you probably don't have the means to make a lease work. Any company that offers a lease is doing it to increase their profitability, not out of the kindness of their hearts toward the driver.

"If you want to retire from truck driving with a million dollars... start out with two million!!"

 

Show the proof, wouldn't believe that in a 100 years with jb or any of the bigger outfits. One thing for sure, after all the charges and rate cuts, dry van loads are are way at the bottom. Most companies, especially jb, haul it for less. No offense to you, but i think you are being bs'd.