Going back to OTR with Schneider Lease Purchase!

Yeah I only got a credit inquiry from SFI but the truck lease doesn't report to the bureaus at all. I'll stick it out just because leaving would just put me in a worse situation. I'd rather keep an alright gig for a couple years than hop around every 6-12 months looking for better.

 

I wouldn't dispute that your friends or you are lying about the aftermath of leaving their leases. You have no reason to mislead anyone. But the contract language regarding early termination of the lease is clear cut and dry, stating that they reserve the right to come after me, even if they don't at all. I thought about it long and hard, but decided the potential risk would outweigh the benefits of leaving early.

Hindsight is seriously 20/20. It's been 3 months and I know much more about how the IC system and how being an owner operator is than I did before I signed up. If I were to go back with my current knowledge, I probably would have secured enough money from family or a friend to put a down payment on a used truck. A 2015 Prostar from Lone Mountain for example. Having a much lower monthly payment would offset lower fuel mileage, with it being an older truck with a relatively thirsty ISX and 10 speed transmission vs a new DD15 and a 12 speed. The lower operating costs would have nearly guaranteed my profitability given the way I run.

However, the Prostar didn't come with a fridge, apu or inverter, as they looked to be old fleet trucks, Swift trucks by the look of them. And since we know fleet trucks aren't usually well taken care of, I didn't want to risk having a major breakdown issue early on. I wouldn't have the capital to have my truck towed into a shop for an engine teardown for example, and if the warranty expired or was otherwise invalid, I'd be up poop creek.

In addition, though while not as serious of a concern, by leasing an outside truck, I'd be responsible for my own registration, permits, and insurance if I remember correctly. I'd be operating without the safety net devices that Schneider offers to SFI clients, and for a first time lessee, I feared it would be alot to handle. I might have gotten a handle on it, but I didn't know that for certain. Plus, again, because Lone Mountain's used trucks aren't equipped with creature comforts like fridge, apu and inverter, I'd have to source them myself. I didn't have the capability to spend $8k plus on a tripac, $500 on an inverter, maybe $100 for a fridge, and the labor costs associated with them.

Lastly, I thought I'd make more money on the load board than I currently am. I foolishly budgeted myself running $1.60-$1.70 all miles and thought I'd make the SFI payment without excessive hassle. But in reality I'm closer to $1.40-$1.50 all miles, some weeks hitting $1.55 if I'm lucky.