Have you ever operated a business before? Realize that a lease-op settlement check is cashflow into a business - it is NOT your paycheck - that's one of the expenses of the business you're starting as a lease-op. You'll need a couple of thousand set aside for operational reserve to support that business as well, and it sounds like you don't have anything in the bank to smooth-out the ups and downs of your settlement checks.
As far as "knowledge" - if I ask you what an operating ratio is, or how to construct a profit/loss sheet, can you answer that? How about the most efficient route from Chicago to New York? Do you know enough about the engine in a class 8 truck to determine if it needs an overhead done? What are you going to do about medical insurance? Got a plan to deal with taxes? How about the fuel bill... can you average better than 7 mpg week-in and week-out? That alone can determine whether you have a chance at being successful.
Its very easy to get in financial trouble with a truck lease, especially if you don't have a clue about what you're doing AND you need every cent you make to keep the mortgage company happy. Its very possible to loose everything you have. My advice to everyone who is just starting out in trucking is to run on the company side for at least a year to get enough experience to know what you're doing before you hang the financial responsibility of a truck lease around your neck. Its very easy to switch from the company side to the lease side - just ask your FM to route you in so you can sign a lease. Once you're on the lease side, you're here; for most people, there's no going back.
mikey b's prime experience
Discussion in 'Prime' started by MikeyB., Dec 8, 2011.
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did some dispatch work while i was in high school as well so a little about everything
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Sounds like a good start
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now besides the info i have now. how does the lease work? do they do acredit history on the applicant?
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Nope... walk on in and sign up.
However, I'd go over to leasing and ask them if they have a sample lease that you can take and read at your leisure. Its a contract, and you really need to understand the whole thing.
I don't mean to rain on your parade here, but a truck lease is something that no low-time driver needs. Especially someone who is having financial trouble on the home side of things. Its a really bad idea. Before you do anything, go over to the bad trucking company folder, search for Prime and read some of those threads. Many of those are experiences that folks who had no clue about leasing posted there. Its not that Prime ripped-them off (like many very bitter people have posted,) its that they weren't ready and got chewed-up by the financial exposure they got from a truck lease they weren't prepared to support.
That lease means that to stay out of financial trouble, you have to be able to support the truck. If you can't do that, you won't have the cash to support what goes on at home. That's a deal killer. Are you married? Are there children involved?MikeyB. Thanks this. -
not married . just my boy. the house not mine but my fiance grandparents we currrntly live with them. im trying to help them out is all since they cant find jobs at the moment. so in other words im the go to guy on bills and stuff.
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Last edited: Dec 17, 2011
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Please, please, please be a company driver first.
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