My numbers as an O/O leased to Crete

The note is a 60 month pay off. I wa intendening to pay it off in 48 months, but with the extra time off, and slow economy, which has reduced my productivity, it looks to be some where between 48-60 months. It all depends on how much I can get set aside in my reserve account. At least I'm still solvent, and not even close to going under, like some I've read about on this, and other forums.

 

I'm sure it's phsycological on my part, but I feel much better about the life of the engine if I change the oil at 30k miles, regaurdless of what oil sample may indicate.

 

Thanks for your opinion. All are welcome. However, since I'm sure you haven't read the entire thread I will restate the reasons can be successful with the numbers you see. 1) My health insurance is through my wifes job. 2) Deep discounts on fuel at settlement (never pay pump price). 3) Payment on truck is very low for a new purchase. I paid $88,500 for an '07 International 9400i Eagle Skyrise in '06. My payments initially were $1725 a month for five years. Currently it's $1640 a month due to refinance at a lower interest rate. 4) The NET per mile is a little skewed because the depreciation is much higher than my actual truck payment.

Am I doing better than a company drive? No, not yet. That will change once the truck is paid off. However, the freedoms afforded to me as an O/O out weight the possitives of being a company driver. This works for ME, and may not for others. It boils down to a matter of PERSONAL PREFERENCE. This is what I prefer.

Besides, read the other threads from O/Os on this forum, and you will see I'm doing just fine. In fact, much better than most. Especially in this tough economic climate.

 

Let me clarify just to make sure there is no misunderstanding about how Crete leases on o/os. They do NOT have a lease purchase program. You can purchase a truck through them by either using their bank affiliate, or arranging outside financing. However, you must qualify to make a purchase. 1) Must have good credit, 2) Must be a company driver for atleast six months, or have a steady job history at previous employeers, 3) There is a down payment of $3250. Unfortunatley due to the economy they are not leasing on o/os at this time. Well, as of two weeks ago that last statement is true.

That being said, Crete has been a good business partner, even in this down economy. I've been able to keep my head above water, while many others on this forum have had a real rough time at their carriers. Crete is by no means perfect, and their system takes some getting used to, but overall I can't complain.

I've posted my numbers so that others can have a realistic view of what an o/o can make. When I began my journey into ownership over three years ago I would ask others if they could give me a breakdown of their numbers so I could compare to what I was projecting. But noone could. They would only reply with vague general statements that did me know good.

The moral to my posts so far is that I'm not making much more than a company driver. Especially since I have no health insurance payments. I have insurance through my wifes employeer.

However, I do enjoy the freedom to make all the operational decissions.

Also, our freight is only about 50% drop/hook right now, and the open road aint what it used to be. But I still enjoy it.

Best of luck!