Leasing from Penske?

Look, you guys are giving the impression that the average Joe Blow one man operation can walk into Penske and lease a new sleeper cab for $2,000 a month and .08 to .10 a mile maintenance. I don't care if it's a basic Volvo 780, FL Cascadia or Prostar, it ain't happening.

 

I dont understand why people doubt things they have never done themselves. All it takes is a little research to find out for yourself before you just dismiss facts. You are wrong the average joe blow with one truck can walk in off the street and lease with them they just have to meet a certain criteria. I have the criteria listed below and its not that hard to meet. I just talked to Penske and Ryder Friday. Yes you can be a one truck operation, but your company needs to be incorporated for at least a year, and you can't be a sole proprietor. You need 3 months payment up front for Penske and $10,000 security for Ryder depending on business credit. It could be the reverse but anyway that's the criteria. Just call for yourself and find out it took me all of 5 mins on the phone. And far as Volvo dealers go its on a case by case basis because Volvo dealers are all independent and have different criteria for approval from dealer to dealer. Call and ask that's what I did it was simple...

 

That's renting not leasing bigggggg difference.

 

See you said a month to month rate. That's different than getting set up on a 3 or 5 year lease. The payments are going to be cheaper, but if you are basically renting the truck month to month its going to cost more because they don't know when your going to give it back. I thought that would be common sense but who am I?

 

Having spent more hours of my life than I care to remember in lease sales training, I will give a quick breakdown on how it works.
The two most important numbers in a lease are:
Acquisition Cost, the price the lessor pays for the vehicle. This is negotiable with dealers, I don't know how much third party companies like Penske or Ryder can alter that.
Residual Value, the estimated value the truck will be worth at the end of the lease.
The difference is the key as to how much you will pay for the lease. Divide it by the number of months and you have the base payment. There will be a finance charge added as well.
Most add a security deposit depending on credit and the trucks equipment. The more unusual a trucks set up the higher the deposit may be.
All of these numbers are variable depending on business climate and manufacturers supports. International is paying out millions every quarter to support the resale value of those worthless Prostars for example.
Having bought Freightliners, six at a time over a period of years, my experience was they didn't give much of a discount. That was years ago though.
All I have attempted to do on this thread was to encourage anyone looking at buying a truck some encouragement to look at other options, of which Penske is one. I worked for a company, which leased over 100 vehicles from Penske of all types and I was impressed enough to contact them this past spring when putting together a bid on a hauling contract bid.

 

how can someone put a truck on with Fedex or UPS?

 

i believe you and most people who say you can't lease a truck for that low are getting leasing and renting mixed up

 

did you jump on the deal??? That's extremely good rate in my opinion

 

I spoke to penske and Ryder.

Was told in regards to leasing on a two year lease is about $2,600/mo with about $0.07 - $0.10/mile And that’s a full maintenance lease with 125,000 miles per year.

 

A full-service lease is valuable to the owner operator if they want predictability of costs. When you are operating a truck as an O/O you want to include both your truck loan payment and the current cost of repairs/maintenance per month and then compare that with the cost of a full-service lease. For some companies it works well because they do not have a shop or dedicated maintenance staff to perform repairs/checkups while larger carriers with dedicated maintenance divisions may not find the full-service lease favorable. Asset ownership is another thing to consider. Lastly, full-service lease payments are deductible on your business taxes.