Is it worth leasing a truck to be an O/O?

Discussion in 'Ask An Owner Operator' started by lfod14, May 11, 2015.

  1. lfod14

    lfod14 Road Train Member

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    To clarify, I'm not talking about a company sponsored lease or L/P program (I've read about enough of those one sided deals) I'm talking about leasing a truck myself, directly from say Penske, Ryder or something like it. My reasoning is I'd like to work for myself as I did for many years prior to switching to driving. I'm not new to being self employed, or the headaches that can go along with it BUT I'm seeing opportunity's for O/O's which seem (at least at face value for now) to be something I'd like to get into. My credit should allow me to purchase a descent used truck but I was thinking about leasing for a few reasons mainly that I'd have their maintenance during the lease (that's a huge one) that it would be newer and possibly more reliable than what I'd buy, and mainly to test the waters without committing permanently to a truck just yet. If everything worked out as planned I would definitely want to purchase a truck and not lease but was thinking this may be a smart way until I felt secure enough to do an outright purchase.
     
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  3. double yellow

    double yellow Road Train Member

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    Having their maintenance during the lease may seem like an asset, but I consider it a liability.

    You go where they want to fix only what they want and they'll get to it on their own time schedule.
     
  4. glockwise

    glockwise Light Load Member

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    I don't think Penske or Ryder will lease to you. IIRC I always had to lease trucks for my o/o when they needed a loaner. Probably because they didn't have GL or non-owned coverage?

    You would probably have to go with Paclease or someone in your area. Then you would have to have an agreement ready to go into place before they would move forward. Either way you would most likely be in a 2 or more year trac lease agreement. Make sure you read and understand any lease, but especially a trac lease. For example, the difference in residual value in the contract and the market value of the asset at the end of the lease could mean you owe money at the end of the lease if the asset is worth less than the stated value in the contract.
     
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