LRM LEASING HAS ANYONE DEALT WITH THEM?

Are you sure this was lrm leasing they do not deal in new trucks. They do not have evolutions the nwest trucks they carry are 2014

 

I have been speaking to them for a while its definatey the most flexable program the trucks are used but not a lot of other companies doing this nice review

 

Most of my colleagues are small fleets and owner-operators. I actually went to help my friend who lives out of state, to select a truck and get out of her quality co lease (they are just too #### expensive and I don't understand the restrictions of who you can lease on to. I'd NEVER).

Im a licensed broker and ready to add an authority to the mix. I have quotes from others, but no matter how much money you have or credit, authority start ups without a CDL are tough to finance. (Note: I am working on my CDL and plan to take the heavy mechanics certification at the community college next year. Even though I'm not a driver, I can get you passed a DOT audit better than any of these super drivers...and honestly, that's important. ).I didn't initially go into LRM for myself but now considering (CAG is one company considering).

Some of my experience comes from a small fleet owner whose strategy focused on purchasing older equipment with mostly cash or 1 year financing. There's pros and cons to that strategy but keeping your capital always tied up like that, can be dangerous. He also has the time required to find those "desperate seller" gems since he has other hustles. His drivers and mechanics are mostly friends who weren't as picky about the older equipment either. I wouldn't have that luxury. Keeping drivers and meeting their demands with DOT down your back and while keeping a profit is tough. LRM's monthly rates were manageable for 2012-2013s.

I've also had experience with purchasing for a multi-million dollar company that managed much of their fleet in house. I'd need 2 years of an active authority with financials before I can graduate from the subprime lenders to the kind of leasing options they had (you get all kinds free #### and deeply discounted prices when you can purchase in volume! #goals). This would be helpful in getting to that point.

I can really see how LRM could work. And they seemed really willing to help you reach your business goals. And if it doesn't work (or you get shut down from a compliance review like SO many small fleets), you just send the #### back without a hit to your credit (although this shouldn't just be the goal). As long as we have access to outside or better inventory, Im hopeful. Will see how this goes for myself and friend and will keep you all updated.

***Apologize for the long responses. Trying to share anything and everything to help someone else. I couldn't get this much info on LRM in advance. ***

 

Yes I was originally looking at their Florida location because I am from the panhandle of Florida however, we recently relocated to North Carolina so I continued my search there. They had a 2016 freightliner Cascadia Evolution for $145,000 which is on the high side but with the right loads would eventually pay for itself. The truck had 357,000 miles on it so I know it had some use and abuse.

 

145k for a used truck? Was that the list price or the final cost after it was paid off?

 

Truck was valued at 93K, payoff $180K.

 

Steep ...

 

Agreed. The truck they tried to give me wasn't even worth that much. It was a base model Cascadia

 

I could believe that. They had me looking at 2012 Cascadias with about 700,000 miles and definitely abused for $40-$50k (with financing its about $80k). Warranty $300 a month for an outside provider. I dont know about the FL location but they are definitely overpriced on top of the total cost of the truck with the financing. I personally wouldn't do it if the offer to finance an outside truck wasn't there.

 

They didn't give me that option to finance outside. If they did, I know of a very nice and clean Coronado that I wouldn't mind having.