HELP! Can a Lease Purchase actually be done successfully?

Being blunt, using a lease purchase program to get out of a bad situation is stupid.

I read your other posts. Your SAP is the problem, and companies are becoming more selective in hiring problem drivers. We are in a carrier's market for employment, and they can easily reject any driver with a bad record or a bad driver's record.

 

Have you already made the jump? It should be obvious biggest expense is fuel and truck. If you get a new truck fuel mileage may be greater and assumption is less repairs. But the payments are huge.
I have in the past succeeded at lp and also given it up so it can be done but sometimes it just goes south.
Rates are really low right now so get a firm grip on cost per mile because all you get to keep after taxes will be 75% above costs
My take is right now if you work your tail off you can match what you take home in a company job without benefits but you dont have as much bs to tolerate.
If you do it best wishes and please keep us posted. We can all learn from each other

 

I read the other thread and I'm a little confused - you said you were 'independently wealthy' and also had two other KW trucks - so I don't know why you'd go down this path, but not everything I do is focused on $$, so I can understand that part.

As said - LP are a horrible way to go - but there are a few cases where they can work and be somewhat profitable, even if just to an average company job pay comparison. Your fixed and variable expenses in this model will keep you working a lot - be prepared for that.

Super Ego has a super terrible reputation out there.

I did meet a guy that was close to retiring, and he was doing a LP as an exit to retirement. It made sense to me. He wanted some freedom, didn't want to own a truck and have to sell it . . . so I could kinda see his reasoning. He could also just have got a decent company gig too - so there is that.

Obviously you'll be 1099, so my only advice is to ensure you have 10-15% set aside , right off the top - for taxes. I'd advise hiring a CPA to complete your year end taxes. Hopefully you can keep the whole thing afloat long enough to get the experience needed and distance from the SAP - if that's your goal.

Good luck. Please let us know how it goes.

 

With all due respect - you were honest about your experience with it in your previous threads. Had it been successful and profitable, you'd still be doing it.

 

Disclaimer: I've never owned or leased a truck, nor would I ever make that sort of commitment. That said, if I ever did, I would not lease a truck from the outfit I planned on running for. That just seems like a recipe for disaster to me.

 

There is no recipe. It entirely depends on your mindset, your work ethic and how the deal is structured between you and the company you are leasing from.. i have been successful with a lp and i have known other people that have been successful with it. I would never do it again. After a couple of years experience it is way to easy to get a decent paying company job where u will make more than being a lease driver..

 

Can it be done? Yes. Has it been done sucessfully? Yes. I can name a handful of members here who have successfully completed a L/P.

Is it for everyone? No. Is it good plan? Generally, no. And Super Ego doesn't have the best reputation. Now that you're in it, might as well try and make the best of it. Go in knowing the company will more than likely try and stick it to you.Look out for the pitfalls, before you hit them.

Good luck, keep us informed.