Former Lease Operator CR England

Having a few years experience,as an OTR driver,and owning and leasing my own truck for about 5 years,I wold like to comment here. I have never seen a lease purchase agreement that I would even consider. Back in the 1990s I owned a truck and had it leased on to a major carrier. But I went out and bought a truck on my own and financed it thru my bank. I made out pretty good,never became rich, but made a decent living.If you truly want to be an owner operator buy yourself a truck, and lease on with a good company. That way you have the upper hand,and can move to another company if things get rough.There are a few drivers who actually make out on the lease purchase programs,but they are few and far between.I talked with a young guy who leased thru good old Swift, and he seemed to be happy as all get out. But to my way of thinking a $2500. a month truck payment was way too high,his truck was a fairly nice KW 900 about 2 yrs. old and according to him he still owed about $69,000 on it.Way too much for what he had, and oh yeah it was powered by a 400 Cummins engine,way underpowered to myway of thinking. Bought my first truck in 1993, a used 1987 Pete cabover with a 310 Cat and 9 speed trans. Had the engine overhaukled as part of the deal and the total cost was $24,000. Paid $6,000 and financed it for 2 1/2 yrs.Payments were $800. a month. Paid it off in 1 yr. and a few months later traded it in on a new one.A White ,GMC,Volvo bodied mid roof,with a 430 Detroit Series 60,and Super 10 trans.By trading the old one in I financed $75,000 thru my local bank and had payments of $1250 a month. The note was for 7 yrs.Worked it pretty hard and paid it off in 3 yrs. Like I said I did not get rich,but I made a decent living.If you go the lease purchase program,you are at the mercy of the comany you are leased to,you dont have the option of pulling out and leasing on at another comany.One more thing,dont double or triple up your payments,put the extra money in the bank and you will have money to cover breakdowns,etc.Then when yo have enough saved up pay it off and see where you want to gio from there.About 6 months after I paid the new one off I sold it and never looked back.I have driven OTR for a couple of outfits,but have no desire to buy another truck. The figures I posted would not do it today,because of inflation. When I leaed my truck I was paid $.80 a mile for all dispatched miles.I know this is gonna upset some of you,but if you cant go out and buy your own truck from a good dealer,you have no business trying to be an OO. an old timers opinion,and time to end this reply.

 

Hey Road Dog; I couldn't have said it better! To bad newbies NEVER LISTEN!

 

thanks, its a shame i didnt look here first. well you know how it goes live and learn by your mistakes.
im currently applying to wally world it seems to be ok from what ive seen and heard
I know that the money in my account aont be returned even if i deliver the truck to Utah and ill probably have to find my own way home too. so my only recoarse is to drop it off at the nearest terminal.

It seems that right now they are having trouble with everyones payroll they say the computer messed up and double charged some of us for deduction. they say next week you wont get charged , yea right . they cant seem to get things right the easy way how are they going to fix a problem later.

 

CRE Never changes. Sad,huh?