Lease to own- bad bad bad.
As far as becoming a o/o tough times are the perfect time. If you can pencil it and make it work in the hard times are golden in the good times. Right now a lot of O/Os that jumped in in the last 18 months are finding out they can't make the payments that looked so easily achievable a year ago. Just my thoughts
Is It a Good Time To be an Owner Operator
Discussion in 'Canadian Truckers Forum' started by Steve A, Jul 7, 2019.
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TheyCallMeDave, Macneil and BigHossVolvo Thank this.
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The all time MVP tho, was the Bison OOD (Owner Operator Driver), who drove the truck into Mexico and disappeared. They found the truck in a dealership in Mexico City, and years later the guy got caught for immigration charges, for working illegally in a resort in Cancun.dancecanyon, upnorthwpg, Phantom Trucker and 1 other person Thank this. -
Lease to own?
Give your head a shake young man, shake it long and hard, until you get a big headache, get that thought right out of your head!
It's not a scam according to law, they're just selling dreams that have a very slim chance of becoming a reality, and it's been going on since the early 1980's as I recall.
Had a neighbour that was a 10 year driver at one company, until one day he figured he knew enough about trucking to be an O/O and leased a truck from that company.
He was done as an O/O in short time when he figured out he was making a lot less money as his own driver and went back to being a company driver, took him a while, but he finally did.
The owner operators in the fleet who arranged their own finances and truck purchases did quite well though.
It was a large Canadian carrier at one time with many terminals between Quebec and the west coast.
They opened one of the first carrier owned and operated driving schools, of which many of the students were sponsored by the government, (free money), they got to cherry pick the best students for their own fleet, they owned a truck dealership with a leasing division in Ontario and offered up a lease to own deal to anyone and everyone, as well as selling and leasing trucks to themselves and customers not associated with the trucking company, and the tax write offs and credits, oy vey........, the pencil pushers must have been working overtime figuring out what to do with all that money!
Now that's a scam!Last edited: Jul 10, 2019
TheStopSignGuy, BigHossVolvo, Phantom Trucker and 1 other person Thank this. -
MartinFromBC Thanks this.
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A friend did 14 years city work only as a O/O leased to a carrier. Had the same truck the whole time. Wasn’t great money, but the family time was important to him. Now he is in the office at the same company doing recruiting.Nothereoften, MartinFromBC, Macneil and 1 other person Thank this. -
Out of that 99.9%, I would say its 90% Van guys and 10% Reefer that pull stunts like this.
This is why i'm getting out of Tandem Van/Reefer General Freight all together, LTL Van is a little better, but at the end of the day; It truly is the lowest of the low.
Dedicated Account, Specialty Hazmat LTL, here I come!MartinFromBC, Phantom Trucker and Zeviander Thank this. -
It's hard enough to make money as a real owner operator,lease purchase is a scam and you wont be an owner operator,either stay company driver and keep all your money in your pocket and have 0 stress or save all your pennies in a sav8ngs account til you can afford to buy a truck cash and then you can't fail cus your can't lose your truck.A lease purchase is like having a 400 credit score and getting a loan at 30-40% interest,you CAN do it but nobody who is sane would ever do it.......you'll pay 150k for a 30k truck and give all your profit to that company and they can screw you any day they want......insanity.
dancecanyon, Phantom Trucker, BigHossVolvo and 1 other person Thank this. -
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