Lease purchase mileage or percentage

Discussion in 'Lease Purchase Trucking Forum' started by ethridge, Aug 30, 2019.

  1. ethridge

    ethridge Bobtail Member

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  2. ethridge

    ethridge Bobtail Member

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    Hey thanks man good advice
     
  3. ethridge

    ethridge Bobtail Member

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    May 22, 2016
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    No not rags to riches xss I just want to pay my Bill's and be able to save for retirement.
    I'm not expecting it to be the lottery, also I do have some finances just not as much as ai would like. I honestly dont know how much I should have in the bank before ai start this but I'm thinking 5k ought to do it. If I can ever save it
     
    JonJon78 Thanks this.
  4. ibcalm19

    ibcalm19 Medium Load Member

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    What is wrong with getting a good company job & save some money & get your own truck learn the business side of things. The two main problems with these leases are you over pay for the truck. Nobody is making it moving freight for a $1/mile. Their is definitely a better way. It would be better to buy a good use truck & be on your way. It is good time to find a good use truck. I would focus on going in that direction. All the best to you
     
  5. highwayMike

    highwayMike Light Load Member

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    1. Why don’t you model the trucking companies?
    2. You have to separate funds as a true business. If you can’t do that, you won’t survive. Ex....
    Profit First Model
    1. Revenue- 100%(what your company gets settlements in) distribute money on the 1st and 15th
    2. Profit- 10%(different Bank/ Bonus to owner every quarter)
    3. Owners Pay- 40%(Company writes the checks to you)
    4. Tax- 15% (pay taxes from this account at end of year)
    5. Operating Expense- 35% ( pay maintenance, bills, anything for trucking company)
    Percentages changes as your trucking company makes more revenue....
     
  6. JR OTR

    JR OTR Light Load Member

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    I completed a 4-year lease purchase on mileage pay and I've run mileage and percentage since then. As an owner-operator (notice the difference) I prefer percentage pay under most circumstances. Mileage will generally be more consistent, income-wise, and is easier to budget for.

    I started in the trucking industry in 2006 and it has been my observation that the primary determining factor for success for those choosing the lease purchase route isn't mileage vs percentage, van vs reefer or regional vs 48 state but prior successful business experience. If you know how to run a business outside the trucking industry my money would be on you as a success inside the industry.

    I documented my journey in a blog over 1,100 posts and when I finished my net, before taxes, was just over $260k and the truck I leased being paid off. I included a spreadsheet with the numbers from every one of my settlements that detailed my progress over the years. There is a link to the site in my profile if you are curious.

    Good luck,

    Jim
     
    Seattle206 Thanks this.
  7. Majestic 670

    Majestic 670 Heavy Load Member

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    I need to clear the term lease purchase out of my head. As it goes right along with insanity.
     
  8. sam3202

    sam3202 Bobtail Member

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  9. Majestic 670

    Majestic 670 Heavy Load Member

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    Lease purchase 1300+ a week. no equity cant move truck if company not working out. Aka lose your shirt. Then come on here or youtube saying STAY AWAY from ______^____^ I never got paid. These companies love people with low self expectations. Now let's go to the Boss
    Ownership 1400 a month. equity in your truck. Lease or get authority make money. I CANT UNDERSTAND WHY WOULD A PERSON FORGO ALL THE STRESS OF LEASE PURCHASE BECAUSE THEY HAVE BAD CREDIT. AFTER LEASE PURCHASE YOU NOW HAVE BAD HEALTH, BAD CREDIT, BAD EXPERIENCE , NO TRUCK , NONE OF THE ESCROW MONIES, AND BAD THINGS TO SAY AND WRITE. LEASE PURCHASE DESTROYS MORE LIVES THAN HELP. YOU KNOW HOW YOU HELP YOUR FAMILY PICK THE BEST JOBS SAVE YOUR MONEY AND BUY OR FINANCE YOUR TRUCK.
     
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