How can this option possibly work?

You got it...a glorified company driver. All the headache of an owner OP, and less pay than a regular company driver. They're trying to pork you. If I were you, I'd run...unless you enjoy being porked.

 

Well done.
That is possibly the most clearly stated reason to not lease purchase that I have ever read here.

 

Atleast someone that hasn't started driving yet has the common sense to know a lease deal is the equivalent of taking a loaded gun putting it to your head and pulling the trigger... I would drive for at least a couple years as a company driver to see how it goes for you and then if you like it since you have good credit go out and buy a truck and become a real O/O... Good luck to you....

 

Wow I read that and would advice anybody looking to lease within those parameters to stay clear. That being said not all lease's are created equal thank God.

 

Yes lease in this context is a no brainier, avoid like the plague. It's a cosy arrangement for the company, but all you are is a company driver with a truck payment. Not good for you my friend but many fall for it because it's an EZ qualify. Anything that's "EZ" should be suspicious and more than likely is a losers game. If you want to go the O/O route you're miles better off buying your own truck outright. Very simple but good luck.

 

Amen!!!!!
Lease is bad if your gonna pay somebody note for them u minus well buy your own and pay your own note instead of having a balloon payment at the end of the 3/4 year lease

 

There is nothing wrong with leasing a truck to own, providing you don't do it from the carrier to whom you are leased. There are leasing companies that do legitimate leases on class 8 equipment. With most of these lease purchases, the payments are high and the incidental costs are also high. You could easily pay over $800/week, just for the truck. That doesn't include fuel or other costs associated with running the truck. I have spoken to only a few who actually leased a truck and got the title at the end. Some of the leases are straight leases and you will never be able to own the truck unless you finance it through your own sources. If you decide to purchase a truck, I would suggest that you drive for a couple of years to see if you even like this industry. There is a high turnover rate. If you already have some business experience you should have a feel of the business in that time and know whether you might want to buy a truck rather than to stay a company driver. Financing a class 8 truck for the first time can be challenging, especially without experience. With a couple of years experience, good credit and a decent down payment, you will find it much easier to secure competitive financing. It costs a lot more to run a truck than most people realize until after the fact. These carriers who push the lease purchases have a pretty good deal going. It isn't always so good for the driver or lease operator. We have discussed lease purchase on this and other trucking forums for a number of years. Few complete them. Most earn less with the lease purchase than they would as a company driver. I think you are way ahead of the game by deciding in the beginning to not do a lease purchase.

 

Leases are a scam! Stay far far away don't EVER do it! The govt. should outlaw this crap! Leases are a totally rip off and bad business for the driver.