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

That's $111,200 of interest on a $150,000 truck for 5 years?

Anyone care to figure what the apr interest rate is on that deal?

Okay, I'll do it. It's right at a 24.5% rate. You're in loan shark range there LOL

 

Oh yea

 

Stick with trucking. You don't know how to math.

 

Based on 24.5% interest rate

 

IT IS ALWAYS A BAD IDEA TO LEASE A TRUCK FROM THE SAME COMPANY YOU DEPEND ON FOR YOUR REVENUE.

 

Don't forget, that rate includes insurance as I have been led to believe.

Not saying it's a good deal. But with no down payment or credit check, one could do a helluva lot worse.

 

get your hazmat and go with QC they pay % and its a 5 year 550 a week no down payment no balloon

 

WOWZERS! $338,000 for one truck for the price of two. NOT!

 

I've seen so many comments about the total of lease payments as the cost of the truck.

Of course the company should make a profit on the truck. They are after all giving it to the driver with zero down and no credit check and the ability to walk away .

But what some folks don't seem to value here is everything else that's in that payment.

Licensing, plates, insurance, permits, Omnitracs, ezpass, etc, etc. These things have a cost.

Now, after that, there's going to be some sort of interest to be considered and as such company profits from the truck itself. And because of these "anyone can lease" parameters, there's a price to pay.

If you have gold nuts credit, and $40k down payment you can always buy or lease from a dealer and lease back to Palmer as a O/O.

Many of us don't have the ability to do that. But for someone like myself, it might actually be substantially more profitable than running as a company driver.

I've been running the linehaul for every load and began recording the results vs company driver. I won't give what I have now. I want a bigger sample. But I'm presently on track for $75k gross for the year as a company driver and my linehauls suggest significant improvement.