Lease purchase? YES or NO?

First thing you have to do is get a whole new mindset. It doesn't sound like you've planned any of this out or prepared yourself financially for the jump. Unless your business plan was to just jump into a lease and see where it goes, with an easy buyout (eject button).

Take a step back, do some research, most of all put some money away. Right now is an excellent time to do both of those if you're still a company driver. Whatever you decide best of luck, it's tough getting started with no money in the bank.

 

It takes a strong work ethic to make a lease work. I even knew a guy who made a Prime lease work but I think the best lease is one where you pick your own loads.

 

Then you'll be paying 1000 bucks or more off top weekly for your truck note. That comes out of your settlement like child support does, so if you don't work, then you're screwed.

 

I don't think all leases are necessarily bad. It can work if you get with the right people and you have some cash stacked. I have a friend who recently left P&S Transportation. His truck kept breaking down repeatedly, since last summer. It was starting to get up in age. They fronted him the money to get some major tranny work done, but it never got back right. The repairs kept snowballing to the point where they decided to sell it behind his back(he had 1 year left on the lease) or so he claims. They started getting new trucks and they floated the idea to take out a new lease. I actually suggested he do that, because his money wasn't so great to be taking care of an aging truck. Then with some companies, the minute you pay the truck off, they quit giving you good loads. I'd say it works for the most part with P&S. I think if he worked harder and had a willingess to run anywhere, he would have made a killing because he was getting good rates. Where people screw up I think is taking too much time off for no reason. Some may get a 6000 check for instance, and decide not to work for 2 weeks. Doesn't make sense.

 

Yup, but it's different with the lease, because then you get checks in the red.

 

Check this thread out..this guy leased on with USA Truck and leased through a separate company.he seems to be doing well

My lease through tel leasing & leased on to usa truckload