In need of some solid advice from experienced O/O

Discussion in 'Ask An Owner Operator' started by visionarygvp, Sep 25, 2021.

  1. visionarygvp

    visionarygvp Light Load Member

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    I’ll try to keep this short. I am with a small tanker company and about a month and a half ago they agreed to get the process started for me to lease purchase a truck I’ve been in for the past 5 months. I was told I was going to be satisfied with what they come up with, and for the truck (2011 Mack Pinnacle) I would be looking at paying no more than $200-$300/week. It needed some minor repairs to get it up to par prior to, and yesterday I got back into that truck.

    Yesterday afternoon I received a call letting me know that at this time, the company is holding off on lease purchase for myself and one other guy (so they say) until sometime in 2022. The two reasons I was given were, they are working on upgraded fleet to expand our options and the other is they wouldn’t want me to lease purchase the vehicle I’m in due to it’s history and possible issues that may arise in the near future.

    I took out a loan for 10k about a month ago, once the company gave the green light. I have not touched that money, but have already started making payments on it.

    At this point I feel like I need to look for a truck outside of the company, but I have no idea where to begin, especially since I’ve heard not so good things from companies like Arrow truck sales, or even loan mountain.

    Any advice?
     
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  3. Wasted Thyme

    Wasted Thyme Road Train Member

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    This is more a lease purchase question. Than a O/o question.

    I've been contract lease before and I would never do it something that old. I'm also confused about why you took out the loan.

    Most lease purchase trucks are newer models. Or even brand new. That way it's still under warranty.

    I think you might want to ask the mods to move this to the lease purchase forum.
     
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  4. visionarygvp

    visionarygvp Light Load Member

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    Mar 21, 2018
    Atlanta, GA
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    I posted it here because I may have the option of not going lease purchase. I would never lease purchase something newer, just because lease purchase is usually something you’re advised to stay away from.

    I see it all through out the lease purchase forum. For this older model truck, I would’ve only been in the lease purchase program for a year max, maybe even less and that’s the part that was so appealing to me.

     
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  5. D.Tibbitt

    D.Tibbitt Road Train Member

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    How much money do u have to work with? The used truck market is ridiculous right now. 10k is not gonna buy u much . i would pay that loan back and continue doing what your doing until you can figure out what your company ia going to do
     
  6. D.Tibbitt

    D.Tibbitt Road Train Member

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    If you have cash on hand. Ask to purchase the truck directly from them and become an owner operator. That would be the easiest way to go about it
     
  7. visionarygvp

    visionarygvp Light Load Member

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    Mar 21, 2018
    Atlanta, GA
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    Yea the 10k is what I’m working with right now, I figured it be good for a down payment. I knew I wouldn’t need it to lease purchase with my company, because they didn’t want a down payment. That 10k was really just to establish an account to start building upon for maintenance.
     
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  8. MLC Adventures

    MLC Adventures Medium Load Member

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    Financing 10k, for a down payment to finance???k means you're in no position to succeed, and will almost certainly fail.

    Sorry to say it, but it needs said.
     
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  9. visionarygvp

    visionarygvp Light Load Member

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    Mar 21, 2018
    Atlanta, GA
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    I have a little over 10k cash as of right now, I could see if they’d be willing to take that and whatever is left over take out of the weekly settlements until it’s paid off, then have the title free and clear.

    The company is pretty easy to negotiate with, so I’ll see. Initially the 10k loan was to establish a maintenance account, even though they will pay for any repairs and take a flat rate out of your settlement weekly until it’s paid off.
     
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  10. LoneRanger

    LoneRanger Road Train Member

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    Ya 10k in backup funds is one issue away from bankruptcy.


    Need at least 30k in back up and that’s finance free in case things happen.
     
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  11. visionarygvp

    visionarygvp Light Load Member

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    Mar 21, 2018
    Atlanta, GA
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    That’s my last resort honestly. The 10k was just to establish some sort of maintenance account, the company didn’t want as down payment and I didn’t want to solely rely on them to handle the maintenance although they will fit the bill and take a flat rate out every week.

    All my living expenses including the repayment of the loan is around $1900 so with the lease purchase it was doable, given the amount of money our loads pay.

    However I can see how it’s unrealistic trying to finance a truck outside of the company, which will just add additional expenses.
     
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