How are you guys lease purchases going?

I know JCT, their pay is $1.00 PM + FSC for all miles loaded and deadhead, you can do ok there, but you can do better as a owner op!

 

I usually tell people to run from a lease, but? There’s always those that really don’t want to own a truck, some lease companies, like JCT, you can make a little better than a company driver, and if you finish the lease, you own the truck, just sell it, and move on to another, companies like JCT, also cover a lot of things a true owner op has to do on his own, they also pay all miles not just loaded, I haven’t been around JCT in some time now, so only basing this on how they where when I was there as a owner op (not a lease op) they where a honest company to get a truck if your credit wasn’t so good, but they also had better trucks back then, you could get a fairly decent set up truck, like a Pete 379, or KW900, I have seen they have moved to the move what I call a throw away truck, Cascadia’s with automatics with just the basic gauges,

 

If i ever take the plunge again it's gonna be by putting a decent amount down on a reasonably or fairly priced used truck so i can have the payments at the amount i want. That an I'd like to have an emergency fund in place. Just my 2 cents.

 

I'm very happy with my lease.

I have a 2019 Cascadia that's well equipped. May will be 1 year on the lease.

I was company @.45cpm when I picked this truck up with 22 miles on her Nov 27th 2018. I ran company for roughly 60k miles. This gave me opportunity to know I had a good truck and I could give the company the opportunity to pay for the first PM and overhead.

I just had my taxes done and with the W2 and 1099 my net of settlements was $85k. That's before per diem and taking standard deduction. But that's after all the fuel, lease expenses, and maintenance. Which are deducted from my gross revenues on my weekly settlements.

I worked my ### off last year. At the one year mark on the truck she was at 140k on the odometer. The avg owner op does about 110k miles per year.

I paid off over 20k in debts and put 20k in the bank. So for me, it's been highly successful imho. But I'm with a good company imo. I don't have to search for low paying loads on a load board. I don't have to figure out ifta taxes. I refuse loser loads. I'm on a $2 per mile load now and it's light and getting me over 9 mpg. I avg'd $1.72 per mile last year and had cost avg of $0.98 cpm iirc.

Imho, with limited experience of only this company, taking too much home time is the bane of a lease op. Every time you leave home you're in the negative. But if you're with a company that has good freight, and reasonable, yes high, lease costs but run your ### off, one can make more money than a company driver.

 

Could you break down your costs? I dont see how it could be that low .98? Something is missing....

 

I'm getting ready to roll. But it's very simple math.

Totaled all miles loaded and empty from settlements. (Slightly off from zip code to zip code, but ok for simplicity)

Totaled all expenses from settlements.

Totaled all revenue from settlements, including fuel surcharge.

Do the division and the numbers are there.

Oh, it does include $0.10 cpm for maintenance account. I have 8k in it now. The company is known for not hammering you if you turn in the truck on your maintenance account. I bought steers last year through the account and paid for PM, tire rotation, etc through the account.

 

Basically all costs, including ifta, plates, ins, Qualcomm, etc. Are roughly $1400 per week before fuel.

 

Does that .98 include health insurance or your wages?

 

No