Leasing on

Discussion in 'Ask An Owner Operator' started by Badmon, Jan 23, 2022.

  1. Badmon

    Badmon Heavy Load Member

    798
    1,453
    Oct 6, 2014
    Deep south
    0
    I'm trying to decide whether I want to go ahead and jump on a lease with a paid for truck or wait a while longer, get authority, and then hit road since that's the end goal anyway. I'm curious about what a typical lease agreement might look like as far as what the company generally takes responsibility for and what I am expected to do on my part.

    I guess I'd just like to get a picture so that if I did decide to go that route I would have some idea of what to expect. Of course when I get them on the phone they'll tell me any and everything I want to hear and I'd just rather not be naive. Accepting all input
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

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

  3. Siinman

    Siinman Road Train Member

    1,550
    2,688
    Mar 5, 2017
    Kansas City, MO.
    0
    OOIDA should be able to give you an idea on this.
     
    CSSInc.co and Badmon Thank this.
  4. 062

    062 Road Train Member

    5,152
    13,010
    Oct 20, 2013
    0
    Contact the companies you’re interested in and ask for a copy of the lease agreement. If they will not send one, then mark them off the list.
     
  5. Badmon

    Badmon Heavy Load Member

    798
    1,453
    Oct 6, 2014
    Deep south
    0
    In general are they negotiable?
     
  6. 062

    062 Road Train Member

    5,152
    13,010
    Oct 20, 2013
    0
    No
     
    Aamcotrans and Badmon Thank this.
  7. Long FLD

    Long FLD Road Train Member

    6,308
    21,967
    Mar 4, 2015
    0
    Every lease agreement will be different. Don’t get hung up on percentages, instead look at what your truck will be making.
     
    flood, Siinman, Badmon and 1 other person Thank this.
  8. ProfessionalNoticer

    ProfessionalNoticer Road Train Member

    2,048
    4,827
    Apr 25, 2021
    0
    Ask for rates. Don't let them give you x or y amount after expenses etc etc. Tell them you want to know exactly what the rate is to you and exactly what deduction amount will be taken from your settlements.

    In general, try to get everything you can on your own lile IFTA, IRP, NTL/Bobtail insurance etc etc. The more you control, the less your overhead will generally be.
     
    Badmon and Long FLD Thank this.
  9. Midwest Trucker

    Midwest Trucker Road Train Member

    5,136
    16,930
    Aug 31, 2018
    0
    My company pays for liability and cargo insurance along with Tolls, ELD, IFTA, and fuel card. Provides trailers free of charge, and pays $2.15/mi for all miles.

    Some people love that setup while most hate it and want to be on a percentage. The problem is, a percentage of what?!?

    You provide truck, plate, collision insurance, and your own occupation accident policy. The fuel is deducted from the settlement.

    From what I’ve saw most leases are much more complicated but that may give you an idea.
     
  10. Dino soar

    Dino soar Road Train Member

    4,299
    17,402
    Dec 8, 2017
    0
    Most leases take an escrow so every week they would take money out of your settlement until they have 2,500 or $5,000 or whatever it is that they're going to take.

    So then when you're ready to leave your lease if you returned all of their equipment and you have not crossed them any money supposedly they're supposed to return it to you unless they mysteriously find cost somewhere that you owe them.

    I'm sure that there are some really good places that you could lease onto but watch out for those crappy container companies and there's a lot of shysters around.

    It's best if you can find a place that you can pick your own Freight. If not you'll be puckering up to the dispatchers and there's always some brown noser that's been there longest and he's climbed the ladder of rear end kissing and mastered the art of it.

    He will always get the best loads and he'll be in and out of the places fastest because he's got deals worked out with the guys at the warehouses and wherever you're going to.

    Like I said, a lot of shysters around.
     
    Badmon Thanks this.
  11. Long FLD

    Long FLD Road Train Member

    6,308
    21,967
    Mar 4, 2015
    0
    I’ve never been anywhere that’s held an escrow account. And would never do business with anyone that does.
     
    Badmon, Midwest Trucker and wichris Thank 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