Lease/Purchase?

Discussion in 'Lease Purchase Trucking Forum' started by Scoundrel, Aug 8, 2013.

  1. Scoundrel

    Scoundrel Light Load Member

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    The company I've been driving for has offered me a lease/purchase. I've been with these guys for almost 2 and a half years and I plan on staying with them until I retire. But I know nothing about leasing a truck other than I could get screwed if I'm not careful.

    Before signing anything, what questions do I need to ask to find out if doing this will benefit me as much as it does the company? What things might they try to keep hidden from me?
     
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  3. mikec265

    mikec265 Medium Load Member

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    Dumbed Down Land, WTF
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    depends. if you are paid mileage they will hide every thing and keep you dumbed down.
    on % you may stand a chance.

    Why do they want you to lease/scam?

    if you want your own truck dont get into this lease scam deals.

    pull your head out of your butt so you can search, look and listen for new opportunities. otherwise you will be a dumbed down sheep the rest of your life just like big brother wants you to.

    Hope the truth helps even if its a little harsh.
     
  4. deskdriver

    deskdriver Light Load Member

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    Wow, I take you were involved with a bad lease/purchase deal.




    Scoundral, if you are happy with things the way they are then it may be best to leave it that way. If you are looking to make more money than maybe becoming an O/O is the way to go, but keep in mind it comes with much more responsibility. If you can secure your own financing and purchase a truck to lease on to your current company that is by far the cleanest and most clear cut way to do it. If you can not secure your own financing then a lease/ purchase is your next option, Be sure to research the fine print of the program, Some are set up for failure where as others could be a great oppertunity for you. Good Luck.
     
  5. Lucar

    Lucar Road Train Member

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    I've leased before with ATS and then with National Carriers.

    I will never lease a company tractor again in my life. I tried to fix my credit and saved a bunch, now I can take my truck and lease it to whomever I please.

    Good luck to you.
     
    cetanediesel Thanks this.
  6. Lilbit

    Lilbit Road Train Member

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    Let me check my logbook
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    Just what kind of deal are they offering? Will you have a purchase agreement making payments and then run under their numbers? How will things be set up? We are doing what technically would be called a lease deal, but all it boils down to is we are buying the truck for a set amount with monthly payment (broke down in two, since they pay twice a month), cover the expenses, and run under their numbers. We have a fuel card, can get repairs made on their accounts (with reasonable payments), and it is actually working out quite well. It will work out even better soon, as I will be returning to the road and teaming with my other half very soon. I'm losing my sanity at home, and the concept of working retail or behind a desk drives me absolutely nuts.
     
  7. spyder7723

    spyder7723 Road Train Member

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    there is no such thing as a lease purchase plan being a good opportunity. that concept is as mythical as the easret bunny and big foot.
     
  8. MNdriver

    MNdriver Road Train Member

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    I'd rather kiss a wooly mammoth that do a lease purchase....
     
  9. spyder7723

    spyder7723 Road Train Member

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    You shouldn't talk about your mother that way
     
  10. fuzzeymateo

    fuzzeymateo Heavy Load Member

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    :biggrin_2559: LOL!!! That's great! I thought the Easter Bunny was real though?
     
  11. Scoundrel

    Scoundrel Light Load Member

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    Apr 3, 2011
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    Thanks for all the great replies. There's a lot to think about. I haven't spoken to anyone yet. I was simply sent a message on the Q com. I was hoping to understand more before calling the guy.

    I know I'll be giving up my awesome company insurance and I'll have to research how much it'll cost to get keep it. I'll also be giving up my 401K and need to find another way to save for retirement. I'm trying to think of everything while doing my cost/benefit analysis.

    I know all about running a business. I owned a tattoo shop back in the late 90s and early 00s and even had two locations for a while. I doubt there's anything more complected than dealing with the health department.

    I do feel a need to raise my income. I'm 51 and retirement age is approaching. My other option is training new drivers again ( I had some VERY good paychecks while doing that). But, when I did that before I wasn't able to get enough sleep because they had to wake me up before backing. Now, with the new eight hour rule, I'm afraid it could be even worse.

    Thanks again.
     
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