I want to lease my truck from SFI and run for a O/O company

Discussion in 'Ask An Owner Operator' started by visionarygvp, Jan 27, 2021.

  1. visionarygvp

    visionarygvp Bobtail Member

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    Mar 21, 2018
    Atlanta, GA
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    Good evening guys and gals, I thought financially it may be a good idea for me to lease my truck, then take my truck to a company that wants O/O like Mercer for instance.

    Personal goals:
    1. Freedom to go where I want
    2. Work as much as I want
    3. Trade the truck in after 2 years for a newer one (if I choose lease option)
    4. If the truck breaks down the company I am leasing from can put me in a loaner, so I can keep making money.
    5. Comfortable pocketing between $90-$110k annually.

    I am completely new to this, but have weighed out the pros and cons.

    Pros in my opinion with leasing is that maintenance is cheaper, but cons is higher payments and never owning the truck.. so needing to make that payment will always be hanging over my head, even if I choose to want to take a month off.

    Can any of you experienced guys and gals weigh in on this to give some insight that I can research to make the best decision before I venture off into becoming an O/O. I have been saving for a truck because that is definitely the route I want to take, I just don’t know if whether to go with a full lease or to go to a dealership and buy.
     
    Last edited: Jan 27, 2021
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  3. Spyro2112

    Spyro2112 Medium Load Member

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  4. visionarygvp

    visionarygvp Bobtail Member

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    Mar 21, 2018
    Atlanta, GA
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    So that’s a lie then?
     
  5. Dino soar

    Dino soar Road Train Member

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    I don't think you will pocket what you think you will.

    Have you priced what a lease will cost you per month and what insurance do you need on a lease? How long is the term and what is the term exactly? What happens if the truck gets bumped or bruised or nicked or scraped on the lease? Do you get charged for all of that like they do on a car lease? Is there a maximum number of miles on this lease? Is all maintenance included? Will they give you a loaner truck if it is down for a month with a computer or emission problem? Do you have to return it with a certain percentage of Tires and Brakes?

    What happens if God forbid you have an accident? Do they immediately provide you with another truck so that you can keep working? What is your deductible if something happens and what is your part in that if the truck gets totaled God forbid?

    Freedom is nice, but freedom from payments is really nice. What is your plan for a trailer?

    Never go into this business for the money. It's not about that. It's about the lifestyle. If you do it for the lifestyle whatever you make will be okay. If you do it for the money you will be miserable.
     
  6. Rugerfan

    Rugerfan Road Train Member

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    What makes you think you’ll comfortably pocket 90-110k?
     
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  7. visionarygvp

    visionarygvp Bobtail Member

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    Mar 21, 2018
    Atlanta, GA
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    very good questions which some I haven’t asked. I did get some info from SFI regarding the miles. The solo cap is 150,000 miles per calendar year, and team was 350,000 per calendar year. I didn’t not ask any questions about the maintenance but once I go home next week I will be giving them a call to ask those questions. I definitely don’t want to go into this blind and make a mistake.
    All of what you mentioned sounds like it could be a big headache whether I lease or buy my own truck. I am definitely in it for the freedom of things, I enjoy driving, but financially it also needs to be worth my while.
    You also asked about insurance, I would be covered for tags, insurance, IFTA etc. under the O/O company Mercer, should I go with them.
    That’s just one I was looking at. I am trying to also decide if I want to run tanker or stick with van. I did run tanker with Schneider but the amount of time I spent away from home, the hard labor and what I was bringing home didn’t sit right.
     
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  8. visionarygvp

    visionarygvp Bobtail Member

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    Mar 21, 2018
    Atlanta, GA
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    Unrealistic? I thought I was lowballing there for a second. I’d even be ok with $50-$60k. I threw that number out there based on what I’ve seen so far and what I’ve heard from other guys.
     
  9. 062

    062 Road Train Member

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    @Opus is leasing from sfi
    @PoleCrusher is leased to Mercer
    I’d say you need to sit down with a calculator and run the numbers for a worst case scenario and reevaluate.
     
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  10. Eddiec

    Eddiec Road Train Member

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    SFI Leasing said they would give you a loaner truck if yours broke down?
     
  11. Brandt

    Brandt Road Train Member

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    You might want to look at it as cents per mile. That how most loads pay. They pay by the mile. You might want drive company truck first to see how you like the job if new driver.

    I had my own truck and it not easy to make money or it was not when did it. Rates are paying more today. My current company truck was in shop for 3 weeks for a fuel pump. It was under warranty but freightliner could not get the parts. That's problem I had even with my own truck. The downtime for repairs can be a week or more. You have pay for motel room and food and the truck payment and all the weekly bills like insurance.

    I thought I could do it better then the next guy. I was surprised to learn just how little profit their was in trucking but rates were only paying $1.40-$2.20 per mile back then
     
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