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LEASE

Discussion in 'Ask An Owner Operator' started by jk2013, Jan 22, 2013.

Page 2 of 3
  1. Jan 22, 2013 #11
    jk2013

    jk2013 Bobtail Member

    5
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    Jan 22, 2013
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    The lease agreement is for 3 years but it would take 6 years to pay off. I wouldnt do anything illegal. And I gotta work and trucking is what i do but in the company orientation i was told 500 to 600$ a day after deductions. That Aint the case. This truck they gave is 2013 volvo. I was told i could get a used truck but i would have to put money down. And at that time i had no money to put down. And yes the bank and company did the agreement for me and Yeah i signed, at orientation. The deductions are license plates,insurance,fuel tax,transflo,occupational accident,physical damage,bobtail insurance,maintence,toll,satellite.etc. But will a another company take me even though this company name is on this trucks door.
     
    jk2013, Jan 22, 2013
    jk2013, Jan 22, 2013
    #11
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  3. Jan 22, 2013 #12
    jk2013

    jk2013 Bobtail Member

    5
    0
    Jan 22, 2013
    0
    No its not a hybrid and Yeah if it turn this truck back in,I break the contract i have to pay the payment until the truck is sold to another driver.
     
    jk2013, Jan 22, 2013
    jk2013, Jan 22, 2013
    #12
  4. Jan 22, 2013 #13
    silenteagle

    silenteagle Road Train Member

    1,491
    795
    Oct 23, 2011
    Ozark, MO
    0
    This is the kind of situation where the driver did NOT have a business plan, did NOT investigate the lease, did NOT understand the business relationship, and did NOT plan an out.

    I would recommend that you find out what impact turning in the truck will have on your credit. Clear it out, turn it in, and DOCUMENT EVERYTHING AS YOU GO. It's gonna hurt, as they got your short curlies, and in a tight grip. Just make sure that you document every little thing as you extract yourself. Might even contact a lawyer to look over your lease.

    You have been driving successfully for 7 years and that counts for something. Everyone makes a mistake, and this industry will respect you for how you handle this one, if you do it right. Good luck.
     
    silenteagle, Jan 22, 2013
    silenteagle, Jan 22, 2013
    #13
    not4hire Thanks this.
  5. Jan 22, 2013 #14
    standingtall

    standingtall Light Load Member

    64
    23
    Oct 31, 2012
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    It should state in the lease what you can and can't do. But I would say if the company you work for owns the truck then maybe not. Unless the bank owns it.
     
    standingtall, Jan 22, 2013
    standingtall, Jan 22, 2013
    #14
  7. Jan 22, 2013 #15
    not4hire

    not4hire Road Train Member

    7,142
    26,957
    May 16, 2012
    Calgary
    0
    Ah, okay, lease purchase through (or at least sponsored by) the carrier... not good. Hopefully you can get the lack of miles/revenue sorted out, but you may be better off to just cut-and-run. Whatever the path, I wish you good luck.

    Not trying to kick a guy while he's down, but for others reading this thread, this is exactly the type of scenario you can easily end up in when you do a lease purchase through the carrier... do your homework, but IMHO, avoid it like the plague.
     
    not4hire, Jan 22, 2013
    not4hire, Jan 22, 2013
    #15
  8. Jan 22, 2013 #16
    silenteagle

    silenteagle Road Train Member

    1,491
    795
    Oct 23, 2011
    Ozark, MO
    0
    I am a lease operator and like not4hire I dread these situations. This is definitely one of the BAD ones that even I will repeat over and over, once the OP tells us who it's with.
     
    silenteagle, Jan 22, 2013
    silenteagle, Jan 22, 2013
    #16
  9. Jan 22, 2013 #17
    Driver of the year

    Driver of the year Medium Load Member

    442
    249
    Sep 28, 2012
    Tampa FL
    0
    Guys, dont go for that lease fleece deal! You could've gotten a better deal somewhere else! You are better going through a Financial institution and leasing your truck with a good Company or get your own loads with your Authority.
     
    Driver of the year, Jan 22, 2013
    Driver of the year, Jan 22, 2013
    #17
  10. Jan 23, 2013 #18
    standingtall

    standingtall Light Load Member

    64
    23
    Oct 31, 2012
    0
    I can understand if they don't have the money for plates, Authority, insurance, and what nots. But in my mind that means you can't afford to do it so don't!
    Be a company driver till you can do it all on your own. Or find a sugar mama. LOL
     
    standingtall, Jan 23, 2013
    standingtall, Jan 23, 2013
    #18
  11. Jan 23, 2013 #19
    nikmirbre

    nikmirbre Road Train Member

    5,540
    10,169
    Jul 27, 2011
    High Point NC
    0
    Sounds like he is in a lease/purchase deal.........
     
    nikmirbre, Jan 23, 2013
    nikmirbre, Jan 23, 2013
    #19
  12. Jan 23, 2013 #20
    BoyWander

    BoyWander Road Train Member

    1,411
    2,125
    Jul 22, 2011
    Michigan
    0
    How do you get a brand new truck and trailer for $1,190 a month? This should be more like $1,190 a WEEK. Is this like a 15 year payment plan??
     
    BoyWander, Jan 23, 2013
    BoyWander, Jan 23, 2013
    #20
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