New to being a Owner Operator

Man those are some pretty steep charges for insurance. $9100.00 a year for physical damage? Must be a fairly new truck but still.... Also if you are leased on operating under their authority I'm shocked they charge you for cargo insurance, but maybe all carriers are different. I would think that that would be a deduction considered into the carriers cut that they take on the rate. The way the truck and trailer market is now makes it a very bad time to jump in, but I'm not going to tell you what you probably already know. I was fortunate enough to buy my tractor in a down market. I pull containers and some dry van, but mostly rail containers, home just about every night and if not I'm only 150-160 miles from the house. If I push hard I can gross close to what you posted but my deductions are only around $1200.00 a week ( thats including fuel). P.S. I also left a home everyday 9-5 union gig to jump in. You'll second guess yourself alot but if its what you want.....you'll come out on top.

 

The only thing that caught my eye was $1200 a week lease payment. My brand new trucks are less than half that. Last I heard a full service Penske lease ran around $2600. That's a rental where you don't pay for any services, they are included at a Penske shop on their schedule. With the latest market pressure, I'm sure that's gone up, but not likely double.

Insurance is hard to judge as it depends on the carrier's home state. Georgia is among the highest, and where I'm based. Just for fun I took my carrier premium down to a per week rate. $280.53. 1M/100K plus reefer breakdown and 1M GL, inflated values on PD because inflation, and 1k deductibles. There's something for you to compare with.

2290 is actually $550, and the service I use to file/pay costs less than $10. My registrations (IRP) run about $1600 each. Of course that shifts depending on what states you're running in, and more miles in high tax states like CA, NY, IL could increase that a lot. $2200 is a stretch. They're padding a "convenience fee" on all these line items.

Really not enough detail on those settlements to dig much deeper than that. Especially on fuel and if that's a full service lease.

I can't wait to see what the deducts are going to be when they start taking escrow.

ETA: I remember when you popped in with the tanker offer. I hope this works out for you. I think there's some red flags, but willing to wait and see more info before just pooping all over it.

 

I see two big obstacles to your success in this deal. $1,200 rental per week on a tractor unless maintenance is included and that is still steep. Your revenue for the two weeks posted is about half of what it could be in the current market.
I would immediately run back to your $28 an hour home daily job or find someone else paying you $100,000 a year or thereabouts to drive a company truck. Save money like crazy and then one day when you can afford to buy a rig do so. Rent to own won’t generally make one successful. I hear you loud and clear on wanting to own a truck. I love being an owner operator, but this deal seems to suck and you don’t own anything if I read the post correctly.

 

I'll give you this so far,

You've got some solid heads looking and advising so far - and you haven't bucked with an attitude.

You're streets ahead of the pack - regardless the situation.

Good luck.