My experience in Prime's lease program so far.

@crocky as well

The high weekly payment was never an issue for me. Before I even looked at running lease i did my homework, something 98%of these guys don't do. For me entering into a lease was purely a business decision with a business plan to follow. Part of my research was having my company dispatcher give me the rates on the loads i ran and run my company truck as if it was mine. That gave me the insight into what rates looked like, how profitable i could be, and what my expense ratio was. My plan also included 10 weeks off a year, which i did and then some. The rest of the year while i worked, i worked and saved up and paid off my other debt. That 10 weeks did not include 34hr resets, that was 10 full weeks of no work and producing no income. When i was working i was constantly communicating with my dispatcher about my financially goal each week and asking how is this load getting me to that number. Most weeks i had no issue hitting my target revenue number and yes i did turn down loads. When i turned down a load it was purely based on a financial decision that i would explain to dispatch in a way that made them remove the load from me without me saying no.

Most want to say it's because i was just one of the lucky ones. If luck is me doing my homework, putting a plan together and following that plan, then yes I'm very lucky because i made my own luck.

 

Good answer and I wish you the best

 

Crocky, Thanks for this thread. I hope to god when I get to Prime I get a trainer that has your mindset and skills. Keep rockin brother!

 

So...!

Every company has its own profit schemes/setups.

At Prime...

Company drivers make their money through the fuel mileage bonus. It can push them up past 54 cents per mile ergo Prime trucks' snail's pace up and down the highways.

Lease Operators make their money as second phase trainers. These are the drivers who take trainees out for the 4 months or so T-N-T part of their training. The truck runs as a team with the leaser paying the student about $800/week. Leasing makes no sense unless you train.

The advantage leasers have over company drivers is being able to take off when they want for as long as they want.

Owners Operators have it the best!

An O/O once told me:

"Company drivers get beans. Leasers get beans and the 'illusion' of rice. Owner Operators get beans, rice, ham, sweet potatoes, fried chicken, ham, greens, corn bread, and all the desserts they can handle!"

Leasers can't get mad at Prime for creating a game in which Prime has the advantage. Look...

The leasers are responsible for all repairs and tires.

After 3-4 years (tanker and flatbed keep the trucks 4 years) the trucks are turned into Prime without Prime having spent one dime on the truck and there is nothing but clear profit to Prime once they sell the truck!

One reason the lease is so high is that the leasers are covering the cost of company trucks.

Anyways...

The cost of putting the truck in resale condition comes out of the money Prime holds back during the lease.

Here's the kicker...

Leasers think they've done something great when they get a $6-10k check from Prime at the close
of the lease, but...

Before handing over that check, Prime offers the leaser the "opportunity" to buy a truck (but NOT the truck they've just finished leasing, well at least not until a lawsuit made it possible, but Prime doesn't go out of its way to disclose that opportunity) from Prime to become an Owner/Operator!

All Prime has done is saved the down payment for a truck for the leaser!

Last I heard leasers receive a guaranteed $1.04/mile, but here's how that works. If your average isn't $1.04 for a particular week, but your next week is greater than a $1.04 average...

Prime takes back whatever they gave from the previous week that brought the leaser up to the $1.04 average because Prime considers their make up or close the gap money as an "advance"!

Here's the deal...

How Prime makes its money is none of the driver's business nor should it be their concern.

The only thing that matters as with any job...

Does it work for you?

 

Have you leased with Prime?

 

Don't waste your time on this thread.
You make to much sense and they don't want to hear it anyway.
They want to applauded for getting rich leasing
A truck at prime.
While their working 6 months straight.

 

And so you make up this wonderful story about prime's lease program because you're bored?

You don't have to train to make money as a lease operator, you don't have to team either. The lease agreement and the messages from success leasing before the end of lease both tell you you can buy the truck you've been leasing at the end of the lease or anytime after the 24 month mark on that truck.

It amazes me how people make up a story about a program they knew nothing about because they hate prime.

 

I never ran 6 months straight. It's ok, we get it, you don't like prime for some reason.

I guess just because one person shows success, shows a plan, executes that plan, it means they were lucky and prime let them win.