Decided to go with a lease purchase

Before you warn me or blast me, I've been a company driver for 5+ years under various contractors pulling doubles for FedEx my mvr is spot clean and I love to run hard. At first I was going to got to a dealership and and get a truck that way but my I had no business credit so a 15k-25k down payment would have been impossible for me since I would only make between 600-900 a week when bills are already eating me up, so I started doing research here reading all the experiences most drivers here have with their lease purchases. It pushed me away from wanting to it but I would rather take the risk because I have a family to provide for and the contractors I worked for won't give me the Miles or FedEx is just low on freight. So I will put down my experiences here and if any of you especially the veteran drivers have any advice or wisdom you can throw my way (besides pull out before it's too late) it would be very much appreciated.

 

America is 24 trillion in debt ... who knows why

 

If you want advice ... Lay out your business plan.

It's real simple,those who succeed have a solid business plan and know how to adjust as circumstances impact the plan.

If you don't have a plan ... Then failure is highly probable.

 

With 5 years experience you could go to Walmart or the LTL companies and make a lot more money . A lease purchase is a quick way to go broke.

 

Why is it this fleecing will never stop? Cause no one will listen. What don't you understand NO fed taxes paid you must pay. NO state taxes paid you must pay. NO unemployment benefits lose your job no unemployment. NO workers comp YOU must pay. NO social security paid YOU must pay. Then you paid for truck that you will never own. Work like a dog and in the end go broke. There is nothing good NOT one thing that comes out of a lease purchase expect for the company that own's the truck. You get to pay for the truck and they keep the truck because in the end you will fail like all the rest. Not trying to be rude but there no need to post your leased purchases story they all end the same.

 

Because America encourages risk takers. If one wants to risk their future livelihood why should government stay in their way? That makes everybody else benefit also, hence an expression that capitalism raises all the boats. Very rarely you would find stories of broken marriages, bad credit, bankruptcies, IRS fines etc. even here on this board. Nobody wants to bring out their failures, and be sour grapes.

 

Hey op .
I don't usually comment on this subject but ....most lp's are a total rip off and most drivers will walk away broke but there are a few good ones around for those with some business sence willing to work .
I started as a company driver with my small company 3 years ago and shortly after bought the truck from them .
I'm on a percentage contract pulling a reefer and have worked hard but haven't been killing myself either .
In the last 3 years I've overhauled it , deleted it , added an apu etc etc and have a dam nice truck that will be payed off 7 in months .
There have been some slim times but I've made a pretty good living with it and will soon be buying a house and partially retireing , ive worked alot of weekends and holidays, and done alot of turn and burns without going home .
Being single most of this time has allowed me to totally focus on the business and with all the big bills behind me and almost payed off im coasting now and have added a girlfriend and a newer Silverado and a modest rental house .
It can be done with the right company and terms along with living modestly ... and I didnt live in the truck to do it .
Watch your money , pay everything ahead , be proactive on maintenance and repairs .

 

Times 2. I’d like to see the numbers.

 

The company is your banker and the dispatcher controls your income (unless you can choose your loads). Watch your truck expenses like a hawk and live as frugally as you can on the personal side. Try and save as much as you can and in a couple years walk away from the lease and finance a truck on your own or if you like the truck you’re driving see if you can buy out the lease.

 

What trailer u pulling and how u finding freight ?

 

You need to get professional help. You want advice? Speak to a CPA or certified financial planner experienced in trucking immediately! You can locate one by contacting your states trucking association.