need advice, lease purchase is leaving me broke

Why should this "BS" not happen? Are you saying every company in America should be guaranteed profit somehow? As long as the leasing company did not lie, and are not breaking their contract the truck "owner" is owed nothing. If he cannot make payment on the truck, he either needs to figure out how or move on with life. The fact he waited until he had $22 to his name, tells my loads. Like he had no plan if things went wrong, and kept throwing good after bad. If he had no savings, he should never have started. If he did have savings, he should have moved on before he ran out completely.

Now if the leasing company lied, didn't follow contract, etc. then he simply needs to take the company to court.

As for calling his Congressman.. Why? Because he failed in his business, like 90% of small business do in their first year? I mean common

 

Thank you for giving me a chance to respond. I have no problem with people failing in Business. I have be very successful in business. However, I do not believe that anyone who is leasing a truck from a company is anything other then an employee.

Yesterday, I booked a load from Fulton, MO to Aslip, IL. The load only paid $600. I did not like that but it hooks up with a very good paying load out of Chicago. I live in the Kansas City metro area so Fulton is a 140 mile deadhead. Being self employed, I found a load that went from Topeka to Fulton for $800. Only 40 miles deadhead. So I had the ability to use my brain to make an extra profit.

Had I been a lease operator for a company, I would not have the option of finding my own freight. I would have to deal with what the company told me to do. The single most important thing to being in business is that YOU supply the management. This is not true if you are leased to a company and are signed into a lease purchase for that company. You are not free to make it or break it on your own. You are totally at the mercy of the company.

The BS is that you are not free to do what you need to do. You are a slave to the company. Lease Purchases from Companies are Criminal or at least should be. Feel free to disagree. It is your right to be wrong.

 

You wont get any disagreement here.

Freedom in choosing loads is a basic right of anyone who owns a tractor. You should have the information in hand to make a decision yourself what loads to take. Any time a dispatcher dictates to you what to do without any freedom is no freedom at all.

That's my two cents. I hope you like it.

 

That's the magic word... OWN!

But lease operators don't own the truck until it is paid in full and they have the title in hand, a fact most new drivers that lease fail to grasp.

One fact, among many when it concerns that side of the business, that most fish fail to grasp.
And fishing is what it is all about for these companies.
They send the line out with the bait, just waiting for the next gullible hungry mouth to take a bite.

 

That is exactly my argument. If you lease from the company that dispatches you, I believe you are an Employee of the company and should be paid as such. Never should you be in the hole. You should be guaranteed a certain wage after all "payments" are taken out. And that guarantee should be at least 70 x $15 or $950.

 

OK you guys are assuming too too much.

A lease purchase seems to still allow decisions to be made by the LP leasee, not the company, so the first question I have for the OP is this - what does your lease say?

Does it allow you to make a decision to refuse a load?

Does it allow you to terminate the lease without any ramifications and does it spell out in the lease that there is drop off point or a return procedure for this?

 

You need to review all of your settlements since you began this lease, to figure out why you are always in the negative. If you cannot or will not do this, then don't ever lease or buy a truck again...ever! Once you figure out where the problem lies,fix it, then continue to run for these people until you' re able to net $200.00. Once you accomplish this goal, route yourself back to the the terminal, drop the truck off, make sure you're there when they inspect it and sign off on it. Take pictures of the truck, call the local police to veirfy that you returned the truck, then take your $200, and get on a Greyhound bus and go home to Texas, and never look back! Good luck.

 

You'll see a lot of lease operators and "truck renters" in the casino. They take all sorts of advances, drop it in the casino, get a zero $ settlement, then claim they're losing money while trucking.

 

Good points but I wonder how many LPs ever really read the whole contract. They get stars in their eyes, disregard all the horror stories - true though they are - and think that somehow it will be different for them. It never is.

 

Many L/O's only hear what they want.
I've not heard much good out of Tradition Transportation, good luck with whatever happens. BTW, there is a couple of large truckstops north of Angola, on I69, in the Fremont area. Should be able to catch a ride home from there.