How much $ to break a Schnieder lease Truck

It's easy to find a good lease with no money down. There is no capital reinvestment.

Self employment tax is 15%. He can pay himself a modest salary of $30,000 a year. That's $1150 per quarter in self employment tax.

Do you know the OP personally? He could have a spouse or a partner that covers health insurance. He could be ex military with health coverage. Even if he is not, the tax penalty is being abolished.

 

A) I was speaking generally, not about the OP in specific.

B) In this day and age, if you don't have health coverage you are taking a HUGE risk - tax penalty or no.

C) No one I have ever talked to has ever recomended doing recurring "no money down leases". The best leases I have seen run about 12-15% apr. There is no way to get ahead with that kind of overhead. If you can show me how the numbers can work, I will happily concede the point.

D) I would have to make at least $1.70 (all miles) to the truck and run 2,500 miles a week to break even with my company earnings. There are benifits to running your own operation, Opus and drvtech77 are prime examples of guys who had a plan and then went and MADE the plan work. It works for them, and I am happy for them. It doesn't work out for most.

 

All fair points. I have a thread on here with my numbers and screen grabs of settlements. This is a copy paste of the pertinent info.

This includes all truck payments, insurance, maintenance deductions and tolls. Literally everything.
Total income $201,150.41
Total deductions $93,960.83
Total pretax net income $107,189.58
Total miles 80,273
Total per mile to truck $2.51 all miles
Total pre tax net per mile $1.33.

This is a no money down 1 year lease.

I agree about health insurance. My point is he may all ready have it covered. I honestly have no clue what insurance would be for a single person on the open market.

 

I pay $1150 a month for just me. Thanks to trumpcare.....


And I’m old.

 

That wasn't Trump that was Obama ... The big increases in insurance were set up by the ACA to jump after Obama left office.

 

Your half right and half wrong. Rates were going to increase. When have they ever before, during, or after the ACA was implemented not went up every year? However the govt subsidies were supposed to increase also. Mr Trump not only stopped the increase. He raised the income eligibility levels and decreased the subsidy.

 

Sounds to me like the OP doesnt have enough for his down deposit on a new or newer truck. Probably already an o/o with a old truck that ain't worth enough in trade?

 

So ats isn’t this horror story lease that people say all leases turn into? I thought about it if I stay in trucking and survive another year as a company driver

 

What's worse, this OP is talking a 4-5 month and dump lease.... If it is $5000 or $6000 for early termination, That would mean OP'd be paying an extra $1250-$1500 ( term in 4 months ) 0r $1000 -$1250
( term in 5 months ) EXTRA on the lease.
Maybe the OP has $2 million dollars, and simply is using this strategy to become just a millionaire

 

Presidents don’t make the rules they just appoint them, Thank Congress