Lease to rent program

Discussion in 'Lease Purchase Trucking Forum' started by tamowinnin, Aug 27, 2022.

  1. ProfessionalNoticer

    ProfessionalNoticer Road Train Member

    2,941
    7,805
    Apr 25, 2021
    0
    If they don't have their own contracted customers, they are screwing you. Don't do it.
     
    merv85 and Chinatown Thank this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. tamowinnin

    tamowinnin Bobtail Member

    6
    0
    Aug 27, 2022
    0
    Can you give me more explanation on that please i will really appreciate own contracted customers
     
  4. Terlingua

    Terlingua Medium Load Member

    384
    761
    Oct 24, 2021
    0
    How do you figure you'll less taxes than you are at Schneider?
     
  5. ProfessionalNoticer

    ProfessionalNoticer Road Train Member

    2,941
    7,805
    Apr 25, 2021
    0
    They can't guarantee you a predetermined amount of revenue per week if they don't have scheduled weekly runs. These are usually dedicated contract runs with prenegotiated rates.

    It's more likely that they are instead simply running spot market/loadboard freight with variable rates and unpredictable freight volume/opportunities.

    Essentially, these places are 99 percent of the time lying to you. You're better off as a W2 paid company driver. Save up your money over time and learn some about the business here on the forums reading for at least a year then make the move to ownership after you've acquired working capital and knowledge.

    Now, I want you to do some math. They claim 2500/week to you. Subtract 950 for truck payment (which is absolutely a rip off), then subtract another 450 for insurance, 250 escrow, 35 ifta and 100 for their admin fees. What are you left with? It doesn't even cover a single day worth of fuel.

    You will be turned into an indentured servant. Nothing more than a slave living on a modern-day plantation if you take this, "deal". Again, read the endless amount of information here on the forum to save yourself from being taken advantage of and always do the math.
     
    alds and merv85 Thank this.
  6. tamowinnin

    tamowinnin Bobtail Member

    6
    0
    Aug 27, 2022
    0
    What they meant as 2500 guaranteed after all deductions 2500 for me supposedly if thats the payment i will take it for sure..
    These big companies lie with reimbursement for travel which I haven’t gotten paid for can’t take food with you bcs you have bring clothes for a whole 3 week worth of trip you make 2000 then after taxes like a good 1550 because im single with all fees like food for the week etc i stay with 1100.. for example i made 1450 on pay check they took 300 dollars of taxes is crazy amount
     
  7. AModelCat

    AModelCat Road Train Member

    25,700
    132,009
    Jul 7, 2015
    Canuckistan
    0
    $68k a year for truck payment? Sounds like you're getting hosed on that deal.
     
    alds and ProfessionalNoticer Thank this.
  8. aussiejosh

    aussiejosh Road Train Member

    4,382
    4,624
    Aug 28, 2009
    Airlie Beach QLd
    0
    If your serious about this, personally I would hire a certified accountant to do a risk assessment it will be well worth the money spent, as it will be a lot more costlier if this business venture goes south for you. Bottom line is you've got to work out what your left with after all expenses are deducted this is your take home pay. If its only going to be a few hundred dollars extra compared to just being a company driver I would not even bother going through with it, sure you won't have a boss to answer to as you'll now be your own boss but that's about the only advantage. You will in fact have more worries, as you have to make sure everything is covered by insurance, if you have a break down your responsible for organizing repairs you need to have money in reserve to pay for it which again is something an accountant could help you with. Again I would not even attempt to go O/O unless you have a reserve of cash on hand, so prepare for the worse case scenario if that happens can I cope and recover and continue to drive? If yes then go ahead with the O/O venture, if no then avoid this option at all costs. Bottom line is it is ultimately your decision, just don't let emotions rule your thinking as they say "when emotions are high logic is low" what may appear like some kind of great deal on paper may in fact be a very bad risk. So really focus on doing your due diligence on this deal. All the best future O/O. :cool:
     
  9. ProfessionalNoticer

    ProfessionalNoticer Road Train Member

    2,941
    7,805
    Apr 25, 2021
    0
    Apparently, he's got it all worked out. I bet he'll be back here in a few months to report an evil bad carrier for ripping him off like the couple hundred posters before him.
     
    merv85 and Catmando Thank this.
  10. roundhouse

    roundhouse Road Train Member

    2,296
    5,017
    Jul 11, 2018
    0
    Uh, yeah. You’re gonna have to pay income taxes .
    One way or another .

    you came here and asked for advice .
    And you’re going to ignore it because you think you won’t have to pay income taxes on a 1099
    The IRS

    Be the company driver for a while .
    Let the company worry about the fuel costs and tires and maintenance and insurance and breakdowns and repairs and finding the loads etc etc etc .

    i know company drivers that have earned $60k already this year on a W-2 . Without working that hard and being home every weekend .
     
    Last edited: Aug 29, 2022
    JoeyJunk and merv85 Thank this.
  11. merv85

    merv85 Light Load Member

    126
    263
    Mar 24, 2020
    Dallas, Tx
    0
    Many of these guys listen to the so called "internet gurus" on how they do not pay taxes at all.

    eventually when IRS knocks on the door then they realize how foolish the whole internet knowledge is.
     
    JoeyJunk Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted