loop hole with leasing or leasing to own a rig

Discussion in 'Questions From New Drivers' started by rednecktrucking, Oct 26, 2012.

  1. rednecktrucking

    rednecktrucking Light Load Member

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    i want to know all the loop holes with leasing or leasing to own a truck, and i dont want negative comments about the subject positive comments please im a newibe but i have a feel for the trucking world and will bust my ### to make it work no matter how big of a b**ch it is, i do have some what of an idea of a business plan and a plan b if it doesnt work out please inform me on the loop holes so i can go into the office and lay it all down on the desk
     
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  3. Calspring

    Calspring Light Load Member

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    I have no experience in leasing but you will have to find them by reading through the lease agreements as everyone will be slightly different. If you are leasing through a trucking company then you wont have much of a Plan B however if you lease through an independant company you should be able to move around.

    Sorry I am not much help.
     
  4. mamamullins

    mamamullins Medium Load Member

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    A business plan will only give you insight into the type of business you are getting into, and forecasting numbers for the good scenario and the bad scenario. It also helps a bank to see your business plan along with capital in order to apply for SBA secured government loan, and that is what it is worth. It is knowledge and experience on how to handle situations right that moment without having to refer back to your business plan.

    You will get negativety by many about this subject...but if you are a student most companies will not even let you look at doing it until you have 1 years experience, but here is my thread below...read it and take the advice given along with negative comments. The reason for those negative comments are because there have been many that had to learn the school of hard knocks..

    http://www.thetruckersreport.com/tr...rator/192829-need-advice-on-becoming-o-o.html
     
  5. Brownsfan16

    Brownsfan16 Medium Load Member

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    So far in my research about having a truck right away. It basically will come down to this. Can you get insurance, and can you buy a decent truck. As I have found out it's almost silly in a way to buy the truck totally up front.

    If you can put a nice down payment on a new truck say 60-70K and keep the monthly truck costs manageable that's a big key. Basically you are starting your own business and need about 125-150K of money to cover all the start-up costs and anything you might run into that first year.

    Also I highly suggest YOU NOT do a lease purchase through a company. Have read to many threads where drivers didn't get miles and couldn't make the truck payments and then the company repo's the truck.

    Another thing that I guess you probably already know but DO NOT GO INTO DEBT OR ANYWHERE NEAR DEBT TRYING TO DO THIS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
     
  6. rednecktrucking

    rednecktrucking Light Load Member

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    Oct 17, 2012
    moweaqua, illinois
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    well i have seen on here that there are loop hole in company leasing plans like you can take the truck else where and can be the owner of that truck and make all decision for that truck and can be your own boss and not listen to anyone is there any truth behind this? if so how is this done i would like to know what to do because i honestly would like to do the lease option for reasons i really dont want to get into, i would also like to hear some good business plans any o/o has had that has worked out for them if they dont mind sharing with me, i have a business plan that i have went over and tweaked it alittle to be a strong business owner in this industry
     
  7. KMac

    KMac Road Train Member

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    Loophole usually refers to a way to get out of the lease... is that what you are looking for in case it doesn't work out?
     
  8. Brownsfan16

    Brownsfan16 Medium Load Member

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    If you have ZERO experience chances are the only lease purchase options will be from the "starter" companies. I have not read anything on here about loopholes or anything of the sort. I know that if you lease through a major carrier you can't take that truck to another company.

    Now there could be ways to get out of a lease I would guess but that truck isn't going with you if you decide to break the lease.
     
  9. ironpony

    ironpony Road Train Member

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    Ask my GPS...
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    Being a lease operator myself, I'll give you the same advice I give everyone else thinking about hopping into a lease. Go get two or three years of experience as a company driver, because you have no clue what you're getting into and zero experience. You need that experience so you can operate a class 8 CMV efficiently. Save your money - you need to have enough cash (three months worth of cash to cover all of your bills and expenses put away, but more is much better) in order to finance your business. Get some education in business management, and basic accounting - you have to be inside the numbers of your business to be successful - and that doesn't mean farming that out to a CPA once a year. Get rid of all of the personal debt you can - it's a millstone around your neck. Then, make sure you READ the lease before you sign it.

    Loopholes? No such thing, just a lot of hard work.
     
    mamamullins Thanks this.
  10. road runner 9630

    road runner 9630 Light Load Member

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    I own my Trk, and am leased on with a small carrier. I can only haul for them, so isn't just the big ones. Most of what you asking about is recruiter talking points. It is true to an extent, but to much saying no will end you career quick with that carrier. When It does, if your not owning or leasing the Trk from an outside source, your truck is gone with your job. Good luck.
     
  11. Pmracing

    Pmracing Road Train Member

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    The loophole is getting a dispatcher to give you good miles!

    Consistently!

    Mikeeee
     
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