Are there any good lease/purchases ?

7 years ago I started as a company driver straight out of school and with a trainer with Central Refrigerated (Dick Simon). After only 3 -4 months they tried to push me into their lease-purchase program. Didn't really know much about trucking at that time, but thought to myself that must be way too early for a fresh guy like me...concluded must be something VERY STINKY hiding beneath. Later on was proven right. And it's not only them of course.
Switched to Marten later on...drowe 6 months as a company and decided to have my freedom driving my own truck. Marten was offering me lease purchase, but I didn't even want to consider it...it's basically selling your soul to the devil. So, as a foreigner with only 1.5 years of residing in the US my credit was limited and not great, but still good enough to buy (with $1,000 down) a truck from Selectrucks (I know, I know...) with 2years/200.000 warranty. As I learnt down the road, trust me... buying a truck from a proven dealership is the only right way to do it. In case you don't like the company, YOU CAN ALWAYS LEAVE and go with another one TAKING YOUR TRUCK WITH YOU. I have heard just WAY TOO MANY sad stories during last 6-7 years from drivers who got screwed at J.B., Swift, Marten, John Christner, CRE, Central Ref, you name it... the companies have NO OBLIGATIONS to provide you with sufficient miles and whether they will run you enough or not is in THEIR SOLE DISCRETION.
Believe me, I know what I'm talking about...in just last two years went through 4 companies...Marten, SCG, John Christner and next Monday I am most probably quitting with Jacobson after only three months...I am averaging 2,000 miles/week and they are suggesting that I should be doing just fine with it. (Hmmm...maybe I just don't know that yet!?)
Met the other day Marten's O/O...he says he's doing 26-2700 miles per week. They all suck. The thing is they all are over-hiring O/Ops "just in case they need us"...we are of no cost to them and they don't give s sh..! After you go broke and quit there's another fool in the line to replace you. Oops...sorry, not really in line...they actually ALREADY HIRED 2-3 guys who will replace you knowing you will have to quit due to lack of miles. All that advertising how they need you promising you stability, great pay and all other "great" things...I see it as a SCAM!!!
Be very careful...it's harder and harder to find a spot at the truck stop...it's getting about less being on the road and more parked somewhere waiting on a load.
I think right now you'd be doing better as a company driver.
But...we are all different and and for different people work different things. It's your decision. Still, if you are really hot about the whole thing, talk to as many as possible drivers at the truckstops. But again...many of them are full of ..it and they will very often lie to you just hoping to make their referal bonus!!!!!!!!!!
If you still decide and go with JCT read very carefully your settlement because they will scew you by not reimbursing lumper and other kind of receipts pretending you've never turned them in or they got lost - same thing. MAKE A COPY of each and every receipt they should reimburse you for and read your settlement line by line!!!
Conclusion: The only way to find out how things really are is to try...then you will know. Just...be prepared...have a backup plan in case of failure.
Good luck!

 

I mean, think about it this way too...all kinds of industries are getting rid of workers downsizing the production due to ecconomy's slow-down. Some even shutting down. People in the market are buying less stuff, therefore, there is less and less freight un a need to be moved. Yet, trucking companies are advertising and hiring drivers like never before...like the business is simply booming without the limits.
Something just doesn't seem to be too much right with that picture...wouldn't you think??? But...we are all (OTR) payed by mile, so WHO CARES??? We anyway come and go and they stay. The only thing that matters to them is that they can cover as most of their loads as possible. Will we the drivers be able to make living at the same time???...C'mon...you really think they care???
They will often tell you "If you don't make money neither are we"! That's one of the biggest B/S...if you made even only 1,000 miles in a month THEY MADE MONEY!!! Not much, but they made, and what about you Mr. O/O? You made one BIG BIG LOSS! Isn't that so?

 

The trucking industry seems to sort of socialize job loss. Rather than 30% completely losing thier jobs, everyone just becomes 30% less busy. So, the economy effects all of us, but proportionately. It's like we all have part time jobs rather than nothing.

I think at 1k miles, any company is losing on that unit. But when you have several million put away, you can last a lot longer.

 

I now this post is like stirring a hornets nest around here, but for the sake of good information I want to throw it out there.

I drive a L/P truck for the Big Evil Swift,my name isn't on the lease, a friend is leasing it. He pays me 80% of the profit. Basically, he takes all the risk and I get all the reward

As a solo driver I wasn't doing any better than I was as a company driver for Swift. I've started training new drivers and am now making more money than I ever have. (Please note that money isn't the reason for training, though it helps) When the lease is up I will have the cash to either make the balloon payment and bring the truck home (an option given by my friend) or buy my own used truck. I'm not sure if he will keep the truck if I don't buy it.

If anyone would like to see my numbers just shoot me a PM with your Email address and I'll Email you 5 PDF's

1: My trips as a company driver from day 1 of getting my own company truck.
2: My trips in the L/P truck, includes miles, fuel purchases and so on, current as of two hours ago.
3: A settlement doc from a bad week as a solo driver
4: A settlement doc from a good week as a solo driver
5: A fairly typical settlement doc as a trainer

If you have any other questions feel free to ask.

 

If you're training, that's understandable. You'd still do better teaming/training in your own truck. There is still an opportunity cost here even if you're in the black.

 

Yeah, I agree. But in the meantime this arrangement works for me and will get to to the point of owning my own truck, without having to deal with payments.

 

What I meant...1K/month for an O/O and not the company driver.
And I've been wondering... Just spoke to the supervisor of my fleet manager and was complaining about miles (last week made 1200!!!!!!!!!)... he is convincing me I should be patient cos the freight is slow right now due to the economy and February, but it should be picking up in March. He "understands" it is not great but thinks we o/ops shoud still be doing good with those miles. WTF?!!!!!!!!!!! So I've been wondering how much he, my fleet mngr, planner...are earning LESS these days with economy being down and winter months??? Or going broke is reserved only for us drivers who BTW MAKE THEIR PAYCHECK HAPPEN!!!!!!!!!???????????
What do you guys think?
Oh, don't worry, I sure am going to ask him that in a week or two in the corporate office (Jacobson, Des Moines) while uninstalling qualcomm and returning their sh.. back while quitting. Will let you know what the answer was.