any one have experience with the jim palmer/wiltrans lease purchase?

Curious, where are these 500k mile trucks for $40k with zero down and $900 a month. That sounds good if it’s true

 

I’m on board!

 

Lease payments get full deduction at tax time.... I don’t see the issues if someone wants to go that route.

 

Ok, so I worked Jan 1, 2019 to May 5th as a company driver making 45cpm. I grossed roughly 25k before per diem.

Then I signed to lease my truck after the 1st PM and overhead were done.

My net income, pre tax, after settlement deductions, before per diem deduction was approximately 85k for 2019.

Not bad for a rookie I'd say.

But I worked my ### off. I don't take much home time. Under 20 days for the year.

 

Funky delivery.

 

I'm curious as to how many of you are actual owner-operators. How many of you have leased trucks before? I ran for Landstar for 5 years, before 2019. While I was still paying off a new engine, my transmission went out, And I got rid of the truck.
Now, if you go somewhere to finance a truck and end up leasing through someone else, it will never be a walk away lease. They will sell you an aftermarket warranty, that will have limits on it. So you have a DPF sensor go out, it won't cover it, but they will cover the DPF filter if it's broken. Actually, they'll cover about half of that cost. Limits of liability. A lot of guys that lease don't understand that part of it. Read that contract very well.
I will say that if you're going to lease, do it from somebody that pays percentage instead of mileage. I'm not going to say paying a thousand dollars per week for a truck is a good deal, but I am going to say that if you're getting a new truck with a 500K warranty, you can bet that you will save that additional 100k in repair bills when compared to the guy that bought a million mile truck. By that time, if the engine has not been rebuilt, it's going out soon, as well as the transmission, your rear end, your entire aftertreatment system, injector, fuel pump, oil sending unit, Turbo, and an entire host of other problems.
Sit down and do the math. Last year I paid $8,000 to have my fuel pump and two injectors replaced. This year I had an EGR fault, and a mechanic tried to tell me my Turbo is going out. If you're going to be a successful owner operator, you have to learn not to panic when there's a problem, and research the problem as best you can so you don't get hosed by a shop. Thre newer the truck, the fewer the problems, and there warranty will cover a hell of a lot. You don't have to worry about getting hosed anyway, for the most part.

 

Sorry, I thought I fixed the plethora of auto corrected typos. Apparently not.
Why is "thre" even in my #### phone dictionary anyway? What the hell is a thre?

 

I went from company driver to lease with my truck and Jim Palmer trucking/Wilson Logistics.

I got my 2019 Cascadia on Nov 27th 2018 with 22 miles on it. I ran as company driver until May of 2019. This gave me enough miles, approximately 55k, to know it was a good truck, and to also get the first PM and overhead paid by the company.

I now have 188k miles on her. I've replaced both steers and basically just PM's. For the 7 months of lease I grossed 159k before expenses. Not bad for a rookie imho.

I'll be sending in expense reports in the next day or two to the cpa. I expect my net of settlement income, before per diem, including the portion of company driver to be close to 85k.

I can whine about a bad paying load, but in the end I think I did pretty good with this lease. I likely won't complete the lease and take the pink slip. I'm ratholing all I can to retirement in Cebu, Philippines before the term is up. I will "walk away" and get a nice chunk back from my maintenance account.