force lease

So, with a lease truck... I could run it out of oil... blow the motor.... hand the keys back to them and say it don't work? I walk away no debt?

 

Here's the short answer: Because it doesn't actually belong to you does not mean that you are not responsible for it.

I'm getting ready to sign a lease with my company. One of the things I like about the program is I can walk away from it with relatively little risk.

I'll be paying a minimum of $0.06 / mile into a maintenance escrow up to $10,000. This is mandatory and is set up to cover any major repairs the truck may need. But that's not all! Say after a year, I decide to leave the lease. I bring the truck in, and they go over it with a fine tooth comb. Repairs for any scratch, dent, ding, and blemish is deducted from that escrow. Say I've used 35% of the new tires that were on the truck when I got it, well 35% of the cost of those tires is deducted from the maintenance escrow.

There is also a mandatory security escrow. For my truck it will be around $1,500. If I walk away from the lease, I kiss that goodbye.

I'd imagine, even though you don't own the truck, you'd be paying for the blown up engine.

 

Nope. The lease is written such that it needs to be in good working order when you turn it in. Also, the warranty will not cover issues caused by driver neglect.

 

Had a friend work for CR england, he was not forced into lease but he said they do it. He had one of his friends from back in the bay area go to england even after my buddy said DONT. He was not going to lease a truck but they pretty much put him in the corner and made him. He told them he wasnted to drive a company truck and they said that he was going to have to sit in SLC at there terminal for 3-4 weeks before they can get him a company truck, possibly longer and with no pay for sitting there. They told him he could lease a truck and be gone that week. Thats the game they play with guys I guess.

 

Matt, the lease is a little more forgiving than you paint, but you'll find out when you sign the lease. That is one nice thing about Roehl's lease, it spells out exactly what condition the truck must be in if you turn it in early. You will also get a buyout schedule so that if finances change and you want to buyout the truck early you know how much money you need at any given time.

I would not drive for any company that forced or coerced you into a lease deal. It's no secret that England has been in a lot of trouble over their lease arrangement. I don't care how you finance the truck, when you enter a lease deal you have started a new business. It takes a certain type of person to own and operate a business, for most people, being a company driver is the best option.