one of our drivers is thinking about doing a lease purchase

Tell your buddy that Celadon just paid out $42.2 million dollars to the justice department for cooking their books. They are buried in debt.

Anyone with any time in this industry knows that.

Celadon Group, Inc. Enters into Corporate Resolution for Securities Fraud and Agrees to Pay $42.2 Million in Restitution

 

Celadon is in deep doo doo. Their stock trades at $2.50 per share. They've been hanging on by a thread for a long time now, maybe they will turn the corner eventually but it wont be no time soon.

 

Lease purchase huh.....the lease purchase driver is just a glorified company driver, but rarely is there any glory. OP, your friend let someone get in his ear. True owner ops never just outright encourage someone to get into the business model, be it own authority, or lease. Those doggone lease drivers, with their 800 per week truck note, are always saying, "You can make X amount of money man. Don't work for nobody, work for yourself." The average lease driver saying that probably just began the lease, and it always starts off rosy. Your friend saw one check stub and he probably thinks that's how it will he every week. He's gotta good gig, home every day, probably making good money, and he wants to trade that in. I see no avenues for success in lease purchase, unless you're going to run 3000 miles or more per week, and these days, with megas, that ain't happening

 

Don’t bother trying to talk him out of it. You’ll be wasting your breath.

 

I agree, let Frank do a fly by! Much more effective. You wouldn't happen to know his blood type, do you?