looking for lease options

The best way is to buy a truck, even with payments, the traditional way and then contract with a carrier. I have not ever seen a lease purchase arraingement that was all that fair, and wasn't extremely difficult to complete.

Now, there is a hybrid option. You can lease a truck from a place like Lone Mountain truck leasing, and then put it on with a carrier of your choice. You could get into a truck for a little more than you would doing a normal buy, and you would not be tied to a carrier with all their withholding and escrow scams they usually pull with a lease purchase.

There are many who would even blast that idea, but then, there are many who feel that just about everyone who owns a truck is stupid and can't make a living. But that's ok.

 

Over the years I have looked at a lot of different lease purchases. I have always either paid cash or gone through traditional financial sources. I have never seen one that was in the best interest of the driver. The closest one was with CRST Malone. It isn't always just the lease payment that causes the problem, but the added deductions that raise the cost of leasing. Many of these leases will cost the operator $800/week or more. In addition to the lease payment and deductions, you still have all the costs of running the truck, such as fuel, tires, repairs, etc., I can only recall 3 people whom I have met who have actually completed there lease and gotten the truck.

You should never get into a truck without having money set aside. You can usually buy a truck for a monthly payment of about what you would pay in a weekly lease payment from a carrier. If you buy you will need decent credit and a down payment. Most lenders will require 20-30% down. There are leasing companies who will lease you the truck and you will own it at the end of the lease. They will require you to put money into the deal. There are different leasing programs. Some will only require the first months payment. Others may require the first and last or first and last two payments up front.

It is bad business to get a truck without money in the bank. Running a truck is expensive. I won't get into some of the costs associated with running a truck, but unless you have a good amount of money set aside you are not ready to make the jump from driver to owner or even leaser.

 

Check out Hill Brothers in Omaha NE. I think they even have their lease contract online for you to review.

 

Hill and Boyd I have heard good things. If you are doing this to own the truck at the end then you want to be looking at ones that are leasing/financing (handful of companies are following the Crete model) an older truck. If you do one of these newer trucks you will not be in a postion to buy it at the buy-out price. It is often higher than what you could find in the market and you will still be considered a first-time buyer.

Run from anyone that won't send you the contract ahead of heading off to orenatation.

 

keep in mind that you will pay 70 plus cents a mile just for fuel and the rest totals up over .50 cents. It will cost more than $1.30 just to drive that thing. These companies are paying good right now at $1.34 including surcharge but hey, you get to be your own boss. So they say.

 

To add to earlier post, get all the numbers from them, check them and see what you have to do to make it. I know a couple of recruiters that tell me the only question that many drivers who are coming to lease ask is what type of truck.

No wonder we see such a high failure rate.

 

That should tell you where their priorities lie. I think most drivers who get into these leases just want to say they are an owner operator. I am not sure most think much about the business side. I would love to have an opportunity to sit in on some of the conversations between a recruiter and potential lessee when they talk about their lease purchases.

 

But,








you will be allowed to have your name painted on the door !!!!!

That's what Really matters !!!

 

Of course!!! Where are my priorities? It isn't the profit but having your name on the truck that is important. And don't forget looking cool!