Best lease purchase opinions

RUSSELBURG · Dec 8, 2012

This is Sant MY new ride

rickybobby · Dec 9, 2012

RUSSELBURG said: ↑

Welli flew in wed nite i picked up my 2010 Pete 387 yesterday from Lone Mountain in Pacific Junction,Ia and drove it home to Evansville,In with no problems.
First let me tell other driver what to expect ,If you fly in they send a taxi for you on them , I flew in late at night so i booked a room in Council Bluffs ,Ia They sent a taxi for me the next morning ,There is a cheap local motel and a cafe down the road from them about !/4 mile. There terms are there terms and they will not budge . So if you do not have money for motel,food,they will not front you any.
I booked a flight and 1st hotel through priceline $209 flight $ 58 motel and $25 for carry on.
$40 taxi ride was on them 1st day ask which truck i said i need to look them over first so she handed me 4 keys to petes and a prostar so climed in look around each one ,went back in hande her 3 keys back said i might wnat to look at this pete a little longer she handed me 3 more keys to other prostar and volvo and a columbia i looked them over adn gave her keys to the others back and went back to the pete got my flashlight out got my fat ### under the truck and looked at the brakes ,drums ,fuel lines,engins for leaks ,tranny ,driveline climbed out went to the top looked at every hose line radiator,ac/alternator and such .
I then got the vin numbers off the truck and went inside to run the vin on rigdig [ they allow you to use there desktop computers] i found it had been in a accident so i called prime the last owner the accident was on 12/22/11 in wyoming so i called prime safety dept explained the deal and he wanted the prime truck number said i do not have that so he looked up the date said we had two accident that date in wy ,i said mm 122.5 he said tyes i have that i said it says 2 trucks involved one was towed he said ours was not towed ,the other truck rearended the trailer, thank you ,
it was about #pm by now so i said i need a dyno done they said great i sadi after i get this done and am good i will pay the down payment so they put 30 gal of fuel in the truck and thats is all they are gonna put into the truck no more ever .so i drove to Select trucks in Council Bluffs Ia to have it dyno and dot insp done they said the dot insp was free this month and the dyno would be $213 with tax i said ok and if they give me a ride to the motel 6 across $48 . So next day have them pick me up the dyno was 87% 396 horse to the ground on a isx 455 cummins, after looking up the meaning of the numbers on the dyno is 80% is considered 100% ok .
Drove it back to LM and proceeded to give them my down payment $5800 called there insurance agent for a quote and it was 1/2 of what my agent back hoem quoted me with one payment Truenorth $265 filled out all the paper work .
The apu would not crank so i told them i will not sign until it worked no problem the fix it and it runs great. So Friday about noon i was ready to go had not gotten my 2290 yet forgot so greatwide was getting close to weekendd so i decided to drive it home ,they give you a intransit paper ,so i drove it 680 mile homes with no problems
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Nice... Good Luck!!! Keep us posted on what you going to do.

G/MAN · Dec 9, 2012

RUSSELBURG said: ↑

View attachment 39715 This is Sant MY new ride
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Nice looking truck. What did they charge you for the truck and what are your payments and interest rate?

Knight_Rider · Jun 5, 2013

ShawnM said: ↑

Yeah I have 7 years experience. I've been around trucks my entire life. I understand the cost vs. revenue and breakdowns. I know the maintenance costs aren't cheap. I spent 4 days in Winnemucca, NV waiting on tires with my uncle. Only place to stay was a hotel/casino.
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Shawn there are a lot of ripoff leases but few good ones too. Look up Schneider nationals lease program and get a good used truck or new one. Don't listen to nay Sayers on what to do they are afraid to go forward in life themselves so they prevent others from doing the same. Just do it and whatever happens will happen

emoneybags · Jun 8, 2013

i understand these drivers are against lease purchase but their are a few that are good. a lot of guys have done well. I'm doing well with lease purchase deal at colonial. its not easy by know means cause you have to have a business mind to lease purchase or purchase a truck out right or have your own authority. I been doing it for two years now and love it. I'm own percentage and select my own loads. It,s about knowing your numbers selecting right loads to make a profit. you have to find the lease that's best for you. a lot of these driver that comment only do so from little facts and a lot of here say. most never done a lease and those that have most likely couldn't grasp the concept of being a business man. my number one advice for you is to avoid most mileage based leases. I have friends that are successful at us express, colonial, and Schneider national. take all advice and use what you can to make your choice and don't let those with discouraging words stop you from doing what you feel is best for you. good luck.

Scoobie1 · Oct 11, 2016

G/MAN said: ↑

The down payment will depend on your credit, experience in the industry and whether you have previously financed a truck among other factors. You can lease purchase a truck from a leasing company such as Lone Mountain with the down payment that I noted in my post. The down payment that I noted would also be for an outright purchase on a truck in the $20-25,000 range. Paccar has a lease program, but I don't know the requirements. There are a couple of reasons why most carriers who do leases don't buy Paccar. Cost is one factor. Paccar products tend to cost more and when you are talking about a 389 Peterbilt or W9 Kenworth they will cost more to operate since the fuel mileage is not as good as with other brands, such as Freightliner, Volvo or International. There are a couple of carriers that lease Paccar, but I don't recall the names.

I have never understood why people will commit to paying up to $800/week for a truck that they may never actually own, when they could save their money and with a good down payment finance a truck with a monthly payment of less than $1,000. Starting out many inexperienced drivers buy more truck than they can afford. That is one thing that gets them into trouble when business slows. Whatever your payment, you will be obligated to make those payments regardless of what is going on with the economy. If you like Paccar, I have seen older 379 units for $25,000. Financing can be more challenging with older trucks. Lenders prefer financing newer equipment. With a 650 credit score I would say that you are marginal as far as being able to find traditional financing. You will need a good down payment. You should expect to need a down payment of about 10-30% of the purchase price when buying outright. Leasing from a carrier may sound like a good idea, but you won't make more than if you stayed a company driver by the time you pay everything. At one time I leased trucks to Malone. I checked on their lease purchase program when I was considering adding more trucks. If I were to look at leasing a truck from a carrier I would check with them. It seems to be more equitable than many others that I have checked. I have never lease purchased a truck. I never saw the advantage of doing a lease purchase over being a company driver. I have either paid cash or financed through traditional lending institutions. I have owned trucks for many years. If you are disciplined you can save and pay cash for your truck. That is what I did. I saved and paid cash for my first truck and trailer. It can be done. You will need to make a strong commitment to your dream. Paying cash will take the pressure off of having to run to make your payments. Your credit will not be a factor when paying cash. It is a great feeling to actually own the equipment you are driving. When you lease a truck from a carrier you are limited as to the type of truck you can rent. That is all a walk away lease is. It is renting a truck to make a living. There is a poster that is doing a lease purchase with Swift. I believe she stated that she clears about $900/week after everything is paid. She is happy with her deal. You can earn as much being a company driver.

Swift, Covenant, Schneider, US Xpress, Dart, CRST Malone and Prime are a few who will do a lease purchase. I think that Prime only leases their trucks. I don't believe you can actually own their trucks. Frankly, I think that leasing a truck from a carrier is a bad business decision. But, if you are determined to move forward with a lease purchase, then you have a few names where you can start.
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G/MAN said: ↑

The down payment will depend on your credit, experience in the industry and whether you have previously financed a truck among other factors. You can lease purchase a truck from a leasing company such as Lone Mountain with the down payment that I noted in my post. The down payment that I noted would also be for an outright purchase on a truck in the $20-25,000 range. Paccar has a lease program, but I don't know the requirements. There are a couple of reasons why most carriers who do leases don't buy Paccar. Cost is one factor. Paccar products tend to cost more and when you are talking about a 389 Peterbilt or W9 Kenworth they will cost more to operate since the fuel mileage is not as good as with other brands, such as Freightliner, Volvo or International. There are a couple of carriers that lease Paccar, but I don't recall the names.

I have never understood why people will commit to paying up to $800/week for a truck that they may never actually own, when they could save their money and with a good down payment finance a truck with a monthly payment of less than $1,000. Starting out many inexperienced drivers buy more truck than they can afford. That is one thing that gets them into trouble when business slows. Whatever your payment, you will be obligated to make those payments regardless of what is going on with the economy. If you like Paccar, I have seen older 379 units for $25,000. Financing can be more challenging with older trucks. Lenders prefer financing newer equipment. With a 650 credit score I would say that you are marginal as far as being able to find traditional financing. You will need a good down payment. You should expect to need a down payment of about 10-30% of the purchase price when buying outright. Leasing from a carrier may sound like a good idea, but you won't make more than if you stayed a company driver by the time you pay everything. At one time I leased trucks to Malone. I checked on their lease purchase program when I was considering adding more trucks. If I were to look at leasing a truck from a carrier I would check with them. It seems to be more equitable than many others that I have checked. I have never lease purchased a truck. I never saw the advantage of doing a lease purchase over being a company driver. I have either paid cash or financed through traditional lending institutions. I have owned trucks for many years. If you are disciplined you can save and pay cash for your truck. That is what I did. I saved and paid cash for my first truck and trailer. It can be done. You will need to make a strong commitment to your dream. Paying cash will take the pressure off of having to run to make your payments. Your credit will not be a factor when paying cash. It is a great feeling to actually own the equipment you are driving. When you lease a truck from a carrier you are limited as to the type of truck you can rent. That is all a walk away lease is. It is renting a truck to make a living. There is a poster that is doing a lease purchase with Swift. I believe she stated that she clears about $900/week after everything is paid. She is happy with her deal. You can earn as much being a company driver.

Swift, Covenant, Schneider, US Xpress, Dart, CRST Malone and Prime are a few who will do a lease purchase. I think that Prime only leases their trucks. I don't believe you can actually own their trucks. Frankly, I think that leasing a truck from a carrier is a bad business decision. But, if you are determined to move forward with a lease purchase, then you have a few names where you can start.
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G/MAN said: ↑

I have gotten some really good deals on equipment by being patient. I NEVER get in a hurry when I am looking for equipment. When you do get in a hurry you can over look things that can cost you money such as paying too much for your equipment or not see problems. I have interviewed many drivers who were once owner operators. They bought more truck than they could afford and lost their shirt. Most bought hoods. They let their wants overcome their needs. There is nothing wrong with a Freightliner. They have pulled many millions of tons of freight for some of the largest fleets in the nation. It has been proven to be reliable and fairly economical to operate. They can be purchased for much less than the hoods and make as much or more money.
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Scoobie1 · Oct 11, 2016

G/MAN said: ↑

I have gotten some really good deals on equipment by being patient. I NEVER get in a hurry when I am looking for equipment. When you do get in a hurry you can over look things that can cost you money such as paying too much for your equipment or not see problems. I have interviewed many drivers who were once owner operators. They bought more truck than they could afford and lost their shirt. Most bought hoods. They let their wants overcome their needs. There is nothing wrong with a Freightliner. They have pulled many millions of tons of freight for some of the largest fleets in the nation. It has been proven to be reliable and fairly economical to operate. They can be purchased for much less than the hoods and make as much or more money.
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Scoobie1 · Oct 11, 2016

Hi Gman. I was just reading through this forum and saw that you have a lot of useful information. Are you still trucking?

Scoobie1 · Oct 11, 2016

Hi Gman. I see you have a lot of useful information. Are you still trucking?

wheeler113 · Jun 2, 2017

RUSSELBURG said: ↑

View attachment 39715 This is Sant MY new ride
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I'm curious to know how you and your truck are doing now a day.

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