Lease Purchase, share the do's and don'ts with me please.

...and don't forget about the charges that are buried deep in the contract many fail to read.....

 

Don't lease through a trucking company. If you can't finance one, lease through a company where you can haul what you want, when you want, as long as you make the payments on time.

 

Lease to Own Trucking Company | Truck Driver Jobs

 

DON’T DO IT!
If you want to have your own truck then buy one outright.

 

If he financed his own truck, why would you use the word lease [to a carrier with stable freight]? Wouldn't he finance his own truck and then work/drive for a carrier with stable freight? Leasing something means renting something. If the OP bought his own truck from someone outside of his carrier, what would the OP be renting from the carrier?

 

If folks can't afford the high mortgage rates, they aren't buying houses, but they still have to live somewhere. If folks can't afford the high mortgage rates, they will live in apartments instead. If people are renting apartments instead of buying houses, more apartments will be constructed instead of more houses. The increased number of apartments being constructed will need flatbed trucks to haul the materials. This will compensate for the lack of new houses being built.

Higher mortgage rates probably won't significantly affect the amount of flatbed freight.

 

The whole point of lease purchase is for a trucker to eventually own a truck outright himself. It's my understanding that "lease purchase" means "lease-to-own".

If you can't finance one, why lease one through a company where you can haul what you want when you want? Leasing a truck is just renting a truck if is not lease purchase. Are you suggesting that the OP should rent a truck from a company on a program in which the OP would never outright own the truck?

Or do you mean, if you can't finance one, get on a lease purchase program (so the OP would eventually outright own the truck) with a company where you can haul what you want when you want? What companies that are not trucking companies would offer someone a lease-to-own program? Why would any company that sells trucks offer someone lease purchase if they wouldn't finance the truck to him? I'm confused.

 

Trust me, having lived through high mortgage rates before, flatbed freight will take a huge hit if the rates go much higher! Landlords aren't going to run out and build new apartments because mortgage rates apply to them too! Why take on more debt when the demand for what you already own is going up. That means higher rents and more profit without adding more debt.

JD

 

Some landlords can buy land without taking out a mortgage.