Lease question....

Discussion in 'Swift' started by BlackBeard, Mar 17, 2016.

  1. BlackBeard

    BlackBeard Light Load Member

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    Jun 27, 2010
    El Paso, TX
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    I doubt IEL will be totally truthful but I'm wondering why can it so much harder to qualify to pay the residual truck payment? They gladly give you the keys to make the truck payment but at the end of the lease...you have to turn it in or renew a lease with another truck. Yes, if you save 10k-15k you can probably keep your truck towards ownership but what about those who couldn't save that amount?
     
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  3. Straight Stacks

    Straight Stacks Paper Cha$er

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    They were used to more than pay off the truck for said company.
     
  4. MysticHZ

    MysticHZ Road Train Member

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    IEL leases are typically pass through feom PACCAR or Mercedes ...they set the terms of the buy out. IEL did have an arrangment with Navistar on the 11 Prostars, where the buyout was no money down.

    Also IEL does offer company trucks on a straight purchase. They come with a 30, no questions, bumper to bumper warranty.
     
  5. BlackBeard

    BlackBeard Light Load Member

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    El Paso, TX
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    I actually didn't know you could purchase company trucks like that. I'm guessing "straight purchase" is walking in with amount of truck in hand and paying it outright?
     
  6. MysticHZ

    MysticHZ Road Train Member

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    No ... if you already completed a lease your over mileage charge account will cover the down. Truckbudda bought outright. He can supply the details ... but I guess if you wanted to come in with cash in hand, you could.
     
  7. otherhalftw

    otherhalftw R.I.P.

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    IEL lease trucks are not owned outright by Swift Inc., Swift is the "second party lessee", you as a lease driver are legally the "third party lessee". So the original note holder is the one who determines the end of lease details. Company trucks are outright "owned" by Swift Inc., so they can do as they please with purchase details.
     
  8. truckbuddha

    truckbuddha Medium Load Member

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    Nov 26, 2012
    Salt Lake City, UT
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    Hi , I really don't understand what your asking, as far as I know you can choose to purchase your truck at the end of your lease through IEL or try and get outside financing.

    I trust IEL, they never lied to me or tried to deceive me in any kind of way.

    I did as noted above get what they call a "buy out" truck. And I think Scottie also used the same program to get his.

    But I will paint you a picture as to what to expect if you lease, then buy. Then drive it till the wheels fall off.

    So you lease for 4 years, then buy that truck for 3 more years of truck pymts. Ok, so now your free of your weekly truck pymt, yippie! Thats a $600 a week raise. But for how long now are you planning on driving that truck? With me its hopefully for another 4. Ok, so that means total you'll be in that same truck for 11 years. 11 years!

    But with title in hand, you can trade that in towards another at a dealer ship, and its just another way to save money. I paid $67K plus interest for mine, when it was paid off, its approx value was around $40K. But the difference was, if I had remained a company driver for those 3 years, I sincerely doubt that I would have been able to save anything near that much to purchase a truck from a dealer ship. And like I say, once it was paid for, it was an instant $600 /wk raise!

    It's a plus and minus situation in a lot of ways. If you get it brand new, "out of the box" so to speak. You'll know everything about it once you decide to buy it, compared to buying a truck you know nothing about. But I have met more than a few Lease guys that have had some outragious mechanical issues with new trucks, plus besides the "down time' or repair time, some items weren't always covered by a warranty. So it was charged to them. And you are totally expected to pay for anything that goes wrong with that truck. Even though you are leasing it and may never own it. You assume complete responsibilty for everything concerning that truck. No matter what it is or costs.

    It's a lot to think about and consider. The one time I did go to a dealer ship, they told me it was 20 percent down, a 750 or better credit score and a line of credit from a bank of at least $10,000 to be considered and maybe finance one, as a 1st time truck buyer.

    IEL is "Sign and Drive". with its "buyout trucks". the interest is very high, mine was 15 percent. But it was a deduction as a tax write off anyway. But the program works!

    IEL and Swift will cover expensive repair costs if you should have one, and then finance it for you with a minimal weekly pymt, so you can get paychecks and not starve because the truck needed fixing.

    So let me just say again. IEL never lied to me. I sincerely do trust them.
     
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  9. SouthernOrangeman

    SouthernOrangeman Bobtail Member

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    Ok so when you decided to keep that truck, how much was your down payment at rhe end of the lease..if I may ask?
     
  10. truckbuddha

    truckbuddha Medium Load Member

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    I am sorry, if I confused you, this wasn't a lease truck when I bought it, it was a "sale" truck.

    If no one here answers your questions, then try calling and speaking with IEL directly, they should have all the answers you will need.

    As some one I think already stated, with this arrangement, there is no down payment, but instead they give 30 days without a truck payment to help get things started.

    But I am not sure about transistioning from a lease operator to purchasing that trk your leasing. But I am sure that some one may be able to help you;
     
  11. truckbuddha

    truckbuddha Medium Load Member

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    Salt Lake City, UT
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    While I am thinking about it, almost every terminal has an recruiting department. Try calling the term in El Paso and maybe you can get better answers directly.
     
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