Lease Purchase of Truck Needed

I did write up this long reply but I deleted it because I realized it was a waste of everyone's time to read a pointless discussion full of negative people.

 

You ask for advice and when you don't get the reasons you want then you get upset. Those of us who have responded have done so in an effort to help you. I have looked at a number of lease purchases. Most are pretty much the same. There are a handful who manage to make some of them work. I have spoken to 3 in 40 years who have made their lease work and were able to own the truck. I have interviewed and hired more than that who have failed to make it through their lease and lost their shirt. It seems that you have made your mind up to get into a lease purchase. So, you may as well go ahead and do it and see first hand. I hope that you will come back here and let us know how you are doing with it. INJUN seems to be one of the few who post who are making their lease work. You could be the exception. It is no skin off my back if you do a lease or not. I think they are a bad deal for anyone who doesn't have money set aside for repairs and maintenance. I think anyone is better off getting their credit in order and save the money so that they can do this right. Work for a carrier or owner operator for at at least a couple of years to get a feel of this business and how things work. There are two primary reasons why most business fail, lack of experience and lack of money. There are other factors which contribute, but those seem to be the primary reasons. If you do decide to do a lease, I would suggest you pay a good lawyer to look over the lease and perhaps an accountant or financial adviser to give you an unbiased viewpoint of what you are getting yourself into with the lease. At least you will be going in with your eyes open. Talk with others who have leased from the same carrier and gotten the pick slip on their truck. Good luck.

 

And while you keep rambling on with your nonsense I never asked you for advice. I put in some input that you, no matter what you may think, do not know every detail of everything in this world. Take your negativity elsewhere because I sure don't need it. If you look at anything negative of course it's going to turn out negative. Maybe you have me confused with the original poster. I simply came along to point out that every single lease purchase in this world isn't bad. I'd advise you to figure out whats going on before you make another post.

 

I have been around this business for more than 40 years. According to your profile you have been around the business for 2 years. Yep, I suppose you know much more than I do about how to run a successful trucking business. I didn't think that I was being negative with any of my posts. I merely posted what I have found over the years and my experience talking to those who have gotten involved with these lease purchase deals. I think that after 40 years in business and many truck purchases that I have figured out what is going on. If you want to lease a truck then go ahead. I see no need for you to post asking questions about it when you have obviously made up your mind.

 

Yet again you show more of your ignorance and maybe lack of reading skills. I have not yet asked 1 question about a lease purchase so I do not understand why you keep saying I came here asking questions. I came here pointing out that you cannot possibly have experience with every single lease purchase program and until you do you are in no position to put down every single lease purchase that exists.

How about before you post again start on page 1 of this thread and figure out what's going on. I will point it out preschool style for you yet again. I did not come here asking questions. I came here pointing out you don't know about every lease purchase that exists. Until you do don't put them all down.

I beg you to figure out what's going on in this thread please. If you can't read a simple thread and figure out what's going on I couldn't imagine how you could run a successful business.

Better yet how about this. If I asked you a question about a lease purchase in this thread I challenge you to please find it. Good day and enjoy trying to figure out what the groups of letters called words mean.

 

It seems to me that if you had such a good sense of business that you would have read over the contract with CRE and never signed it. Did you even read the contract before signing it? You offer advice on different leases and yet you call my advice ignorant? How many lease purchases have you done? I do have a good sense for business. That is why I have NEVER gotten involved in a lease purchase from a carrier. It is also why I have managed to survive this business for more than 40 years. I can read and have read over several of the lease purchase agreements over the years. Since I do have a good understanding of the English language and good comprehension skills, I know that most of these lease purchase programs are not in the best interest of the driver. I don't need to do one to understand that the numbers don't come out the way that I would want. You apparently could not make the CRE lease work and yet you think other lease purchase programs are better? Most are pretty much the same. You are right about one thing. You can't sit at home and make a lease purchase work.

I am curious about a couple of things. Why did you sign a lease purchase with CRE? How long did you participate in the program? Have you done a lease purchase with another carrier? What makes you think that you can make a lease purchase work when your experience says otherwise? And why do you continue to make personal attacks on me?

 

they also get driver with the no money down and no credit scam to! alot of em don't even have no credit or revenue built up to back themselves up. what happens if they need repairs or maintance done and they have no credit? what happenes if they need to rent a trailer no ones gonna extend service to em best thing for them to do is be a co driver learn the bussiness and build up revenue. and compare the difference between leasing a truck vs financing a truck they will come out cheaper financing the truck fix it up as you go and later on you can trade it in for a newer one or if you own the truck and if your not making it you can sell it off and take a loss if you have to i don't know of any lease that will let you do that. and alot of em think there gonna get rich! trucking can be a good career but you gotta know how to make the system work for you

 

Not all leases are bad, My husband and I are in a lease purchase and when we pay this one off next July we will probably do another from them. I will say that lease purchases are not for everyone, but for us it works and we make good money(husband drives only). Lease we have I know works because I know too many people who have leased from the company and paid their trucks off and have gone back for another. I also know 4 guys who have leased and paid off 3 trucks with the company. People just need to let other found out for themselves, quit being so judgemental

 

My question would be if all of these trucks have been paid off why would you all be leasing another one? Ok, so you made the LP work. As long as you don't take much time off it can be done. In other words you're not going to have much of a life outside of keeping the truck rolling in a LP arrangement because things can and will go south quickly if you do. Very few people would choose the life of a nomad. Why do you choose that? Why not take it to the next level so you can at least enjoy life a little?

 

I don't think anyone is being judgmental. If you made it work then great for you. Most fail with these lease purchase programs. Whether it is the driver or carrier, most do not make it and get their truck. I think it would be great to hear more from those who have made their lease work and actually own the truck. My guess is that there are not many since we have not heard from them. I still don't understand why you would lease another truck from a carrier rather than trading in your truck and buying outright. You would save thousands of dollars and build your truck credit. You should be able to finance at a lower rate of interest and have a smaller payment. You could always pay the truck off early when you finance it yourself. If you got a new truck under your lease, then you could just drive it for a few more years and save your money so that you could pay cash for a new or newer truck. I just don't see the benefit of constantly having a payment, whether it is from leasing or financing. It can be a great feeling driving a truck with no payments.