Do not do a lease purchase.....ever!!!

CRST Malone is the worst least out there IMO. A bunch of run through Columbia looking like trash with Rusty White WallRims, Busted Grills, Bent Exhaust Pipes all for 2K a month.

Peep this guys have to sign the contract before even seeing the truck they will lease. And can't even choose the truck they want

 

I've done 2 leases. Mega carriers. I wont name them any longer.
Now I have my truck, I fixed my credit and walked to a dealer and bought it, I take it anywhere I want. And park it for as long as I want.

 

Well I don't think it has anything to do with managing money or being careless with it. Why on earth would anyone go out and lease a truck for $900 week thinking that's a great deal, when with a bit more patience and tenacity he could eventually go out and buy is own truck, just like I did. OK, it's going to take time and a bit of planning, but for crying out loud, $4000 mth should buy you 2 trucks not one. When you know it's an EZ qualify, there's the big red flag. There's nothing EZ about qualifying in order to buy a truck. And we haven't even talked about the revenue stream, or lack thereof. So they've got you at both ends.
You have to ask yourself a simple question......who has the control?? Do you have more control when you have bought your own truck or not? As an example when you're leased on with Prime, God forbid.....who has the control? Not you cupcake!!!
To me a lease purchase program is no different than to borrow money from a $$$ lender at 10%-20% per month. It's just about the same. You're just another hamster on the proverbial wheel. You aren't dictating the terms somebody else has and you have no control except you'd better keep the payments coming. And the further along you go in time, the worse it could get. But you hope that a bad situation can be turned around. Tomorrow will be better. It's insane but these things have been around for years. And don't even think about taking a vacation....you haven't got time for that !!
Bottom line is that this kind of program is going to suit people who haven't done enough research, but amazingly a few of the guys out there can actually make it work. But they're in the minority, and it takes a great deal of discipline in doing so. Discipline that most of us don't have. Wouldn't we all like to see the real numbers regarding the actual failure rates of these programs. Somehow I figure the big boys would want to bury those facts deep in a cave somewhere. Can you blame them??? They're too busy making oodles of $$ from these suckers.

 

900 a week is what a truck like those leased cost per month. Consider about $2200-2600 payment plus insurance, plates, savings account, ifta, and all that comes to that; 900 per week.
The part where it all goes downhill is what these companies leasing pay per mile..
Leasees don't sit and think that these companies have mad accountants sitting in basements figuring out how to make the company money, they already figured what numbers are needed for leasees not to go past $ .50 a mile-take home.
No matter what,
- but.. but.. they still pay accessories and detention and fuel surcharge and ... and..

Now, imho we O/O dont look down on leasees, some of us just try to tell the real story so that some of y'all may open your eyes and stop babysitting "YOUR COMPANY'S TRUCK"

 

I (luckily) have never been involved in one of these. I do have one question, since you are committed to running for the company you are leasing from, is there any guarantee in the contract that says the carrier cannot suddenly cut your miles at the end of the lease? I could see an unscrupulous company doing that, repossessing the truck, and ending up making money on both ends. Are there ANY positives to leasing?

 

Like I said, they get you one way or another. Schneider driver told me his truck payment was $800 week. And he thought it was the bees knees. We have a lad at our terminal who saw the light and quit Prime after realizing he couldn't make ends meet on $300 nett a week!!! Hello !! Gotta smell the coffee guys. A huge reality check is hard to swallow.

 

BobcatVolvo

No.
And that's where most fail and lose the truck. Some guys even make the weekly payments out of pocket or their personal savings after a year or so and their miles start getting cut short..
Either that or the company kinda leaves you no option but to trade your lease, or do the famous "Completion bonus" so you walk away happy with 2 or 3 grand in your pocket IF you finish it.

 

The average O/O makes something like $35K per year. I'm on track to do far better than that and making payments on the truck. News flash, O/O have to by insurance, plates, etc. too. My payment is $630 per week for 18 months, $530 for 24 months.

Opps, forgot $44k buy out if I want the truck.

 

O/o's make 35k per year?! Man that must suck.. I wonder where you get your figures from