Choice program on the West Coast - from company driver to IC

Here's the Qualcomm mount plate. It goes under the seat.







And my truck after the snow.





The shop is done with the truck, it is officially mine now. After the atbs class gonna go for my first drive.

 

Well, today was easy. Attended a 30 min class on ATBS, the tax service they provide free for 6 months. And that's it. I drove my truck around the yard and the town. Gotta get used to that 13 speed for sure. Found a few problems so I turned it back into the shop. Hopefully they will give it back to me today.

So let's look at the numbers. Good or bad, this is what they are...

Equipment price: $70,000.00
Lease Origination Fee: $325.00
Fed Heavy Vehicle Use Tax $229.17
Pro Rated Catastrophic Repair Waiver: $123.25
Pro Rated Deficiency Waiver: $14.75

Total Financed Amount $70,692.17

Weekly Payments:
Truck Payment $574.69
Deficiency Waiver $4.15 Required by Schneider
Catastrophic Repair Waiver $34.62 Required by Schneider
Maintenance Fund $270.00 Required by Schneider
Bobtail Insurance $8.05 Required by Schneider (Can purchase elsewhere)
Occupational Accident Insurance $35.45 Required by Schneider (Can purchase elsewhere)

Total $926.96 weekly for everything required by Schneider.

The following insurances are optional and are paid weekly. You are free to get all Truck Insurances from someone other than Schneider.

Physical Damage Insurance $51.87
Bodily Injury/Property Damage Buyback $3.95
Cargo Buyback $1.58
Physical Damage Buyback $4.46
Loan Gap $6.21 I did not purchase this
Personal Property $5000 worth $3.21

Total for optional insurance: $65.07

Health, Dental, Life, Vision, Disability insurance is all offered through True Choices. I chose the following:

Vision for myself and Spouse, Short Term Disability, Long Term Disability Total $33.07 a week

So grand total for everything is..................$1025.10 every week

I will also have plates, permits, and probably some other things come out as well. I don't have firm numbers on these. I'm budgeting $1100 a week for it all.

Pre/EZ pass is $15.00 a month billed direct to me.

And of course there's the biggest deduction of all, fuel.

Residual value of the truck will be $46,703.00 at the end of the 52 week lease. So 52 payments of $574.69 = $29.883.88 paid toward the truck.

$70,692.17 - $29.883.88 = $40,808,29

So a difference of: $46,703.00 - $40,808.29 = $5894.71 difference between what I pay and what is applied to value of truck.

Of course I am paying $270 a week into my maintenance account. This is 52 x $270 = $14,040. I get any money left in my maintenance account at the end of the lease back, or so they tell me.

If we assume I make $1.50 per mile and I drive 2500 miles a week I make $3750 to the truck.

Total weekly deductions of $1100 a week with 2500 miles gives us a cost of .44 a mile.

IF my truck gets 6 miles to a gallon I use 417 gallon a week. Fuel at $3.80 a gallon equals $1584.60 total or .63 a mile.

So.. totals are:

Gross to truck $3750 $1.50
Deductions $1100 .44
Fuel $1584.60 .63

$1065.40 a week .43 a mile

And of course this is gross, taxes have to come out of this.

Of course all of this is very very very flexible.

If I average more than $1.50 a mile, I make more. If I get better MPG, I make more. If I get fuel for less than $3.80 a gallon, I make more. If I drive more miles, I make more.

Let's assume I get $1.60 a mile, drive 3000 miles, get 7 mpg and get fuel for $3.60 a gallon.

Then it comes out to $4800 to the truck - $1100 deductions - $1544 in fuel grosses me $2156 or .71 a mile. Big difference!

See what I mean, everything changes.

I know people on choice are making more, I know some people are making a lot more. I also know that some people are making less.

So there it is....let the games begin! If anyone see any problems with my math, just let me know. I know there are other ways to calculate the figures, but since most drivers thing of cpm I did it that way.

Stay frosty.......