Lease/Purchase?

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

  1. DuesyJ29

    DuesyJ29 Light Load Member

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    Jul 19, 2013
    Dallas, Texas
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    Scoundrel, Can I ask who you work for? Or do you believe that would only fuel the fire? If so, would you be willing to PM me and let me know? I've just started as a driver myself and am thinking of doing this as well. I know I could never get a lease at a normal truck dealer as my credit is already shot due to some medical issues. So I'm thinking this may be a good opportunity for me as well.

    Thanks,

    Mike S.
     
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  3. Scoundrel

    Scoundrel Light Load Member

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    Apr 3, 2011
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    I've posted enough here that if you were to search my posts it wouldn't be hard to figure out what company I'm working for. But, I'll tell you anyway. I work for PAM Transport. They only offer this deal to drivers that have at least six month of solid dependable driving and no accidents or log violations. And I assume you'd have to be finished with you contract if you're a brand new driver.

    If you go to the PAM forum on this site you'll see a lot of posts from new drivers complaining about the company. But, I've worked for a few different companies and PAM is alright. I've worked for better (they went out of business several years ago when fuel prices shout up), but I've also worked for a lot worse. Overall, I like it here. They just aren't giving me the miles I used to get. But, this lease deal will solve that issue.
     
  4. spyder7723

    spyder7723 Road Train Member

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    scoundrel, is it a walk away lease? meaning you are out nothing but what you put in to it, no hit on your credit if you decide it's not working out? if so, go ahead and try it. if not would you consider taking a week or two to research other options? nothing you would have to take time off work for.
     
  5. Scoundrel

    Scoundrel Light Load Member

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    I appreciate what you're saying, but it's a little late. I drove into the home yard today and first thing in the morning I'm picking out my truck and signing the contract. If you (or anyone else) has any advice about what to look out for when choosing a truck, leaking steering box or wheels and the like, please give your advice.

    I simply don't have anything I could put down for a down payment and the other company driver jobs I've looked into would pay me the same as I make here. Also I'm a little afraid of buying an older truck because I don't know the first thing about diesel repairs. It would be very easy for a salesman to screw me. I will make sure the company has an obligation to set me up me with a truck in good, working condition and provide me with enough miles to make the payments.
     
    Last edited: Aug 11, 2013
  6. spyder7723

    spyder7723 Road Train Member

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    do an oil sample( at an independent lab, not those Speedo ones) get under it and grab the yokes and push up and down with all your might(to find any bearing play in the rear ends and tranny. obviously look for fluid leaks while under there. check the tires for irregular wear, if any there is a suspension problem.
    the trucks are new enough there shouldn't be any problems with them, but look just to make sure. especially avoid any trucks that have been turned back in, if the previous guy was having money problems, regular maintenance is the first thing they let go.
    now once you get your truck buy a grease gun and get into the habit of getting under it and greasing it every weekend. grease is cheap, your ujoints and king pins will thank you. also you will find little problems before they become expensive problems.
    buy a decent tool set from Sears, and plan on doing your own repairs. today's mechanics are basically useless, there are very few good ones still left. now it's all technicians sporting their 6 week certificate.

    You have a huge balloon payment coming, you need to be setting money aside weekly. do it religiously. go on a rice and bean diet if you have to.
    also, there is so little room for profit at 1.31/ mile that you need to strive to get the absolute best fuel mileage you can. the scan gauge can help with this ( the loads of info at your finger tips is just #### effective)and it's stupid cheap, pick one up.

    good luck to you sir, I wish you the best. I hope you succeed, get the title to the truck, and then lease it on at a carrier you can make real money with.
     
    Scoundrel Thanks this.
  7. Scoundrel

    Scoundrel Light Load Member

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    Spyder7723 you are a good person and I cannot thank you enough. Tomorrow I'll try to post a photo of the truck in this thread. Unless they hustle right out of here. Have a good night.
     
  8. mikec265

    mikec265 Medium Load Member

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    dont do it. seriously dont do it. if you cant work on it and the rates are that low you will wind up with a worn out truck and no money to repair or show for it
     
  9. Mr. PlumCrazy

    Mr. PlumCrazy Road Train Member

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    NONE because it wont benefit you as much as it does the company
     
  10. Scoundrel

    Scoundrel Light Load Member

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    I acknowledge that the company wants to push maintenance costs on the driver. For them it's all profit. I also understand that if one driver goes belly up at this the company can simply offer another driver the same deal with the same truck. But, this company has only been offering lease trucks since March of this year. I think it's unlikely there are many trucks that haven't been well maintained.

    If what I've been told is true, then I'm going to do alright. I won't get rich, but I'll do better than I have been. If not I'll post it all over the place and warn every driver about it I can.

    I'm meeting the man in one hour. I'm going to ask if the company has an obligation to provide me with a good, working truck and enough miles to make my payments. If they do these two things, I can do the rest.
     
  11. Rawze

    Rawze Medium Load Member

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    Jun 29, 2013
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    some words from a very successful L/p O/o...

    It does not matter what anyone says. This person had made up their mind before ever starting this thread. Its very clear that no matter what replies were given, this person was not going to be convinced to look at other options, or to slow down in their decision. It is also obvious that this person is inflicted with O/o fever, that has escalated out of control. There is only one outcome for this person, and that is a 90%+ rate of failure in their first year of ownership.

    I am very much PRO-Lease Purchase toward those who can get a decent deal. Either he made some typo's the numbers he was quoted, or he is in for absolute failure in this deal. He would have to break 9+mpg from the truck to survive long-term for this deal to work. Short term, maybe if he is lucky, it will look good for him, but it will be short lived.

    Stop stumbling around in the dark,...study, research, and learn what is good and bad in the world of L/p's. Educate yourself on how to manage that truck, its expenses, and all that goes with it. Taking your time will always pay off with much higher results. There are a ton of naay-sayers on these forums against L/p's, but I am NOT ONE OF THEM!

    If your goal is to own your own truck, thats great, but going to a professional poker match, not knowing how to play cards will lend you in the poor house,...fast!

    Here is a free reference to get you head screwed on straight. It was written by a driver who is very good at L/p deals and takes NO bull from no one. Study it carefully. Learn it. It will teach you how to 'play L/p poker' with good success, no bones about it. ITS FREE, USE IT TO HELP YOURSELF!

    http://mastergeeks.opendrive.com/fi...ime Class-8 Lease-Purchase Owner-Op Guide.pdf


    It is also featured on the truckersreport here...

    http://www.thetruckersreport.com/lease-operators-19-tips-to-avoid-a-rip-off-truck-lease/



    Good luck,...Rawze
     
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