Grossing $5k Per Week

Most guys are already on elogs. A small percentage will have to drastically change the way they operate, and som of those won't be able to adapt and will close up shop.

 

Nope don't belive the hype. Most guys aren't going anywhere.

 

1st off I never said it was great. I'm just saying it's a workable option for new guys who can manage their money.

You are looking at it from the owner op perspective and IMO that's the wrong way to look at it.

There is no doubt any lease program at a mega is you paying more than you should, it's a given fact.

However, it also allows you to make more money than you can company side, that is also a fact, at least at Prime.

IMO the way too look at it, is dollars and cents not what sounds like making sense in the owner op world.

Take it for what it is, you are over paying but with that comes a big security blanket and basically the ability to get out earning money with zero money down in a situation you can walk away from, then if you play your cards right you can walk away with a truck.

Do you get used a bit and paid less than if you showed up with your own truck at some oo company? Sure, but hey you had zero at the start of the game other than your time..

Now my best week so far as a company driver has bit $1,400 and some change. (I'm just starting my 4th week)

During that time I've kept in touch with a few co students from my class. Two of them who have their acts together have both had $5k weeks as brand new lease guys.

I've talked to a lot of lease guys at Prime and none of them were going broke.

With that said, I'll soon be going lease myself as I've realized that the money is on the lease side not the company side at least with Prime. The problem with the company side at Prime is you still get treated as if you were a lease guy but you dont get the advantages.

 

I have yet to see a single lease purchase guy make what a good company driver does. The error is comparing company driver at prime paycheck stub to lp at prime settlement sheet.

Look at the tax returns for the two and tell me who made more money. And for a real comparison look at the tax return of a company driver for a good company.

 

Maybe wait till spring to switch. In the slow winter time you might be getting more miles as a company driver compare to LP

 

I financed my new truck & trailer through a local community bank the end of 2015. 5.5% commercial money. I did put a 7 year note on the truck (not trailer) because as my banker told me, "you can always pay more on the note, but never less."

That was good advice. That's exactly what I've done. To the point now where I've closed the gap on the amortization schedule to what it would have been if I had a 5 year note. Which my plan all along was to depreciate it over a 5 year schedule anyways.

 

The only negative to that is that you can usually get a better interest rate with a shorter term note. As was said before, its been a long time since i borrowed money but on that last new truck 48 months was 2 points less than 60 months.

Yes daimler is freightliners financial arm. They offered better terms than my bank. 4% vs 7.

 

You are overlooking something pretty significant in what you just said...

Lease purchase guy will be paying out more for the truck, but in 3 years he owns that truck..

Meaning not only did he make his paycheck, but he ends up with a $70k asset..

Even if a LP guy makes a little less which I don't think they will, he will still have made more than a company guy once the truck is paid off.

After the truck is paid for he can then make a lot more.

 

I have 2 lines of thought on that.

Switch after the 1st of the year so I don't have to worry about my personal payroll taxes this year.

On the other hand since I'm company and will be running all the #### loads none of the lease guys want all winter anyway..

Go lease now and run like hell through the holidays and those winter loads I'm already gonna be running.