Lease purchase newbie

But if he does it your way, that could take a year of patience, saving money, and learning the business. He won't be able to get his name on the door by Friday.

 

There is that. No perfect plan I guess.

 

OP take it from this guy who’s been there, done that, and has the tshirt

 

I’ve never done a lease purchase. I’ve done just about everything else you can think of in this industry.
I don’t recommend lease purchase.

 

Depends on the company and how they have their lease-to-own deals set up. Some of them want you to pay off the truck and be successful, but you have to ask yourself whether that particular truck is one you would want to own anyway. Or would you just be better off driving their truck as a company driver until you had the credit and down payment to buy your own. The one good thing I will say about lease to own is that if the truck turns out to be a nightmare you can walk away from it, or if the maintenance account goes negative, it's still their truck so generally they have to fix it and get you rolling again. When it's a truck you already own there is no walking away from it easily and if you cant cover a major breakdown you're back to begging for a company job. Generally I would avoid any lease deal with a mega carrier like Prime though.

 

Ok, here’s my 2 cents worth, don’t lease from a company you plan on driving for! Most are not geared in your success!
Better to lease or purchase from a dealership, then find a company to lease on to, find a company that meets your needs, yes, not all companies will be a good fit for you, might be for one, and might not be for another
Do your research on what you’ll need to operate, find out what your cost will be just to support the truck, then figure what you need to support your house hold, these numbers are Important, if you making just enough to cover these, you should think about not doing it!
Some are going to come back at me, on my comment on “most lease deals are not geared on your success” and want to tell me how wrong I am, so ya, can you do good with a lease? Sure! But what are you paying for that truck? Will you actually own it at the end? Many lease deals, you pay a lot more for the truck, than it’s worth, and still don’t own it! I had one guy say “I don’t want to own it, it just get another truck”, I just can’t imagine wanting to pay that much on a truck, and not own it! Where I can buy a truck, pay it off, and own it, or take that equity and trade it in for a new or newer truck!

whatever you decide? Best of luck

 

If you want to perpetuate the abuse, exploitation and f up this industry? do it. give more power to big companies and corporations. let them control your potential. let them control you. let them put a number on your forehead.