L/P assumptions are amusing

Discussion in 'Lease Purchase Trucking Forum' started by Caseli, Nov 9, 2018.

  1. MartinFromBC

    MartinFromBC Road Train Member

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    Call it by whatever name you like, but my point is that you now own it free and clear, and its still worth money if you sell it.
    When leasing that never happens so you always pay and never get even one dollar ahead. But if you get a loan for $150k and buy a new truck, pay it off and the truck is still worth $70k then you are not back to 0 but up 70k
    So use whatever term you like to describe it, but you are still ahead of the person who leased.
    Read definition number 4.
    the definition of equity
     
    Oxbow Thanks this.
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  3. Caseli

    Caseli Light Load Member

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    Ill be happy to show you documentation if there was a way to do it without posting all my personal info here.

    Any suggestions ?
     
  4. Caseli

    Caseli Light Load Member

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    I may be misunderstanding your post but if you're saying im lying, I can back up my claims with settlement reports.
     
  5. 062

    062 Road Train Member

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    He was referring to my post where I quoted you in another thread.
     
  6. Caseli

    Caseli Light Load Member

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    Here is what I can do. This was my October.

    These are screen shots from my business account where all my settlements go. If you do the math, i put $9,203 in for the month. Thats after all deductions including truck payment and fuel. Pretty typical month.

    The $700 one was because i went home.
     

    Attached Files:

  7. Caseli

    Caseli Light Load Member

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    Oh. Well excuse me for under reporting off the top of my head. The hard numbers are above.
     
  8. Bakerman

    Bakerman Road Train Member

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    Never really hear from the people making it, only from the people who have failed and tell everyone how they got screwed.
     
  9. Caseli

    Caseli Light Load Member

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    Exactly Bakerman. And thats what everyone Iatches on to. I'm sorry but if someone fails at this, it shouldn't be an indictment on the lease. It's probably because they didnt know what the heck they were doing.

    Then they come on here and tell everyone how horrible it was. That's when you get those who have never even tried it piping up and regurgitating the same old garbage.
     
  10. tscottme

    tscottme Road Train Member

    Have you been doing Lease-Purchase long enough to pay taxes for a full year? Does your stated net amount mean after you have set aside the taxes you will owe? Maybe it does.

    I've seen a lot of new L-P truckers on YouTube talking about the insane amount of money they are already making as a new L-P and they disappear before 1 year or around April 15. Everyon's income look better before considering the taxes and L-P owes more taxes than company driver.
     
  11. Caseli

    Caseli Light Load Member

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    Im in about 7 months or so. No, those figures do not represent taxes. I put aside 1000 a month for taxes as my accountant said to plan on 2500 a quarter. Im set up as LLC and elected to be taxed as an S Corp. I am a w2 employee of my own company so my income tax is based on about half of what i take in.
     
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