LRM LEASING HAS ANYONE DEALT WITH THEM?

You really are being silly you agree totally with him but didn't use his advice.His own words if you were buying a single truck you would be better putting money down to create smaller payments less operating cost,You did the opposite nothing down and high operating cost.You purchased 1 truck right and operate as a single OO

 

Thank you for your reply TB.I wish you luck(buying used)-no sarcasm.
I guess anyone of us buying either new or used-is walking the plank(smog motor wise).

 

Wow didn't expect this thread to get this much feedback a lot of useful information appreciate the info

 

I'm doing a lease won't name the company the issue I'm dealing with is the payments not reporting to credit so I've contacted multiple third party finance companies and I'm told to expect 20 to 30 percent down I've tried the bank I've tried the dealer ship credit score is not bad just have limited credit history and I don't own a home or pay a car payment so that's why I made this thread about LRM and was looking to see if any similar lease programs exist besides lone mountain

 

Believe me I understand buying your 1st truck is not easy.LP is really the most expensive way to try to purchase with reality no benefits other then if you complete it you own the truck.Some like to pretend they have this great financial knowledge but go about starting a business a@@ backwards.Trust me if this TP poster had a contract starting next year paying I think he said 5 to 10,000 a truck im guessing that's a week he would get a letter of intent from the business stating what amount of business there going to give him take the contract,go to a cpa have a projected profit loss statement drawn up, type out his business plan of goals how he planned on doing it and take all that to a bank and borrow on a business loan with much better rates.What trucking company or fleet owner or even single OO have you ever seen or heard of that turnover trucks every year.This guy is in the same or worse shape as you.Best way to purchase a truck is 1st cash 2nd bank or financial company loan.But a LP is the worst way Even what some call good LP programs are still the worst way.Save up a down payment get your credit in line buy the right way not the fastest wayAnytime you see guys say it's smart not to us your capital or money what that means is they don't have the money,no financial expert will tell you to pay in the neighborhood of %25 interest on money so you can put a down payment in some kind of investment the extra interest your paying will eat up any returns you get 3 or 4 times over.

 

Thanks for your advice but your negativity is not welcome or needed it's guys like you that I don't want any advice from I've told you my situation which I didn't have to I've been to the bank which I've stated I've talked to 3rd party lenders and I was asking about LRM someone who has done business with them and you haven't but your on here telling other folks what to do as in if you can't figure out how it's going to work for them then it's not the right way to do it and they will fail if they do a lease purchase everyone's situation is different I'm so tired of hearing this myth that if you do a lease purchase than you don't have any money to begin with I've saved up my money believe it or not I can put down for a down payment I just don't want to tie all my capital up I'm working on my credit so I can eventually use credit to back my business that's why I'm still doing a lease purchase THE NUMBER ONE REASON BUSINESSES FAIL IS BEING UNDERFUNDED and right now I'm not in a position to get a loan from the bank and one more thing I never said I was looking to purchase a LP truck it's just a faster way for me to build capital I'm sure your one of these guys that been out here for 10 15 20'years and don't have any other ideas of making money this is just a start for me and I incourage people to do what's best for them not like you who recommends don't do it because your situation is different LRM is the only lease purchase company I know of with a monthly payment and you can walk away without having a truck tied to you if things go bad and you can sign on where ever not a bad deal so you sir have a nice day and be grumpy in some else's form

 

I never said anyone would fail if you can show that to me I would appreciate it.I stated doing a LP is the worst way to go about purchasing a truck.Now if you have a down payment but not enough to operate imo you don't have enough money if that hurts your feelings sorry but that's my opinion.If LP is the only way to get a truck fine but when you try to convince yourself or others that's is also the best I disagree.As far asLRM I have seen no useful information about them posted here for example financing program or where are there trucks coming from posted by anyone.only you can walk away,or take the truck to different carriers.there are several LP programs that allow the same examples of the top of my head is Schneider,Quality,lone mountain .

 

Again you say purchase who is trying to purchase a LP truck schnider you have to buy the truck to switch carriers quality you only can take the truck to select carriers and lone mountain over prices trucks that break down within a month so your examples are not good ones
I clearly stated I'm using this to build capital but somewhere you feel to come up with your own conclusion if anyone runs a business just using there cash they will most likely fail I have enough to put a down payment plus maintence account as I stated before I don't want to use up all my capital which you fail to read

 

You don't have to buy the truck to switch carriers with schneider.I know several that just switched to traveloko and continue to make payments to sfi.

 

So you want to enter in to a purchase program but don't want to purchase ? That's not confusing at all. So your under the impression that running a LP truck is going to gain you so much profit you only need to do it for a year?You are exactly the customer these guys prey on.Good luck let us know how that works for you.Your not interested in financing rates at LRM ,not interested where there getting there trucks from you say Lone mountain trucks brake down every month LRM might be getting trucks Lone mountain can't sell or even what % of there customers complete the program.Instead here's what you wan.t can you take the truck to a different carrier,that is a good option but here is where imo your plan starts heading south,as you say can I walk away if things go bad,and you don't want to spend your own money so you don't loose any. your planning on failing and looking for a program set up for you to fail.Where did you get that business fail because there under funded?why are they under funded maybe getting in to bad deals or maybe to high debt to income ratio maybe there under funded because there carrying to much debt,and you say you want to fund your business on credit? If all you wanted to do is rent a truck I would look into Schneiders program they have a balloon payment at the end but your monthly payments will be lower because of that