Question for Newbies on Truck Leases

I don't think there is one big single question. Each driver has different ideas and questions that are important to them. One big question would be how much are the weekly payments and how much do you need for a down payment. Another one would be who pays for plates, permits, etc. Fuel surcharge is another big question. Balloon payment is another one. Who's responsible for major repairs could be another one. Lease term is another and so on. Average miles per week. etc etc etc
Warranty , etc. I misread it the first time but most of what I said relates to leasing a truck from a dealership as well. Excess mileage charge, etc. Engine type. horsepower etc. Service facilities and 24/7 repair? Etc...

 

Well, I'm a brand new driver but I'll throw in my thought.

My number one issue would be, sense it's a used truck, I would assume atleast 400k miles on it already. What kind of extended warrenty is going to come with it. A truck breakdown is big bucks, big enough to put you under quickly.

 

Just added two fairly important questions through your web site.

"What is the difference between a personal car lease and a commercial truck/tractor lease?"

"What is the importance of a business credit file and how should I setup a lease to help in developing it?"

 

My biggest question, and the question on eveyones mind is this....

If its financing a used semi truck with a lease that we're talking about, the biggest question is "When will I own it? Or is my miles going to be cut so much that I cant afford the last 10 payments and you get the truck back?"

If you want to make as much money as Bill Gates, figure a way to lease/finance a truck to a driver with a lease completion rate of 90% or better, and both parties still make money. Every 3rd driver in America will lease from you.

 

Based on that...I guess it's also important to define that there are 3 (at least) types of "leases".
- Leasing a NEW truck (financing based purchase, strictly o/o)
- Leasing FROM a company (operating as an employee and a hybrid o/o)
- Leasing your truck TO a company (operating as an o/o and a hybrid employee)

 

IMHO, I would NEVER lease from the company I'm hauling freight for. They hold too many of the strings that way.

 

From previous posts on this board I can tell you the questions they SHOULD be asking, but NEVER do.

What they should ask about a lease goes something like this.

Hi, im joeblow wanna be trucker. I have one year driving a truck, and zero mechanical ability. I wish to lease/purchase a truck through the company I have been driving for. I only have about $300 in the bank, but they dont require a down payment.

Should I buy a truck?

What happens if it blows up?

Do I even have any business buying a truck?

Whats the price of fuel again?

No offense to joeblow (if he's on this board)