Lease Operator opinions/recommendations

I only run 50,000 miles a year, need a good option.

 

Says it's seasonal.

 

Depends on the company & the terms of the Lease Purchase.

The company we're contracted to has a few options:

Option#1 - Lease with potential buy out at end

These trucks are pretty much the same company wide - Volvo, Pete, Freight-shaker. You make weekly payments for the term of your "lease" - 1yr or more - at the end, for $10,000 you can start to buy the truck. They can be brand new or used.

Meanwhile, the company has complete control over PM's (when, where, etc) and the driver pays from his maintenance account for both the PM's and any UN-warranted work/repairs. Has no ability to permanently alter (mechanically or physically) the truck. You can remove cabinets and such if you want to install a fridge - just be sure to return it before surrendering the truck IF you choose not take the buy-out option.

Option #2 - TAP Program

One of two poplar options.

Brand new truck straight from the dealer.
Truck's spec'd out to drivers' requirements. Driver can do any alterations "he" wishes - must be returned to original condition if unable to pay fully for truck at the end of the lease. Company tells you when to do PM's. No beak down assistance from company. Driver pays all shop bills. Payments each week are slightly higher than Option #1. Truck must be paid in full at the end of the lease or truck ownership goes back to the company.

Option #3 - 4yr Lease With End Buy Out

Second poplar option -

Truck's brand new, set to company wide standards. Must put $10,000 down to start the lease - good news is that the company "loans" you the $10,000 up front. Bad news, must repay that $10,000 (and interest) as you are making the weekly payments.

PM schedule is controlled by company. Drivers pay for all shop bills from their maintenance fund. There is some company assistance - like being able to charge repairs to the company national accounts.

Company cannot perform any repairs without driver consent.

Driver can do some alterations physically/mechanically without violating warranties.

Company & Dealer warranties

At the end of the 4yrs lease, you have a balloon payment that "gets" you the title to the truck.