Sammons. Is anyone out there?

Discussion in 'Lease Purchase Trucking Forum' started by Battle Born, Aug 24, 2014.

  1. Battle Born

    Battle Born Heavy Load Member

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    Trying to get some info on their deal. I can't really call or ask in truck stops because I'm not in the country for another week or five. Just seeing if there is anyone out there who could get me some info on them that isn't on their site. The other threads seem to be very dead.


    I have have the money to get a truck on my own, but I'm in the national guard and sitting a truck, or trying to manage one while I'm at annual training or deployed seems like a terrible idea, so other than company driving this seems the best. The fact that you never have a negative payment, and if anything your principal just goes up is really intriguing. 26% isn't horrible, especially if you're choosing your own loads. I'd like to do rgn, but hell, money is money.

    My main question is in major repairs. Does it just go on top of the cost of the truck, or do you pay out of pocket? I know the trucks have decent mileage on them, so it's bound to happen. Just seeing if they have a set up for that. There's more that I'll think of I'm sure.

    I know lease purchase is a bad way to do things, but theirs seems better than 99% of others. This one you can actually pay your truck off and not kill yourself.

    Thank you.
     
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  3. vangtransport

    vangtransport Heavy Load Member

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    Their L/P is no different then any other L/P. I would argue that it's actually worse then some. Sure you get a paycheck because of the structure, but in their own words it's a average of $550/week gross. The argument for worse is simple, if for whatever reason you wash out of the program, any progress you made on the truck is gone. Now that would be the same for any L/P deal, however, the money you would have taken home would have been greater under another program. Washing out isn't hard either if you read their contract, they can let you go for no reason whatsoever!!
     
  4. DrFlush

    DrFlush Road Train Member

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    Yes, major repairs go on top of your current LP balance so nothing has to come out of pocket. If you need new or more securement that is also added to the balance. Tolls go against the truck earnings also, basically the 26% you get is yours and you should not have to take money out of your pocket for the truck except fax charges and your 2290 tax. As far as 2400 a month, I have been doing that or more and only out 2 -3 weeks and home for a week. Now that I have thing squared away at home I am going to be staying out a bit longer and home a little less.
     
  5. Battle Born

    Battle Born Heavy Load Member

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    2290 is about all you deal with because of the 75% right? The rear all get covered in that?
     
  6. Battle Born

    Battle Born Heavy Load Member

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    Shoot...should combine these threads I think
     
  7. vangtransport

    vangtransport Heavy Load Member

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    If you have the money to get your own truck Battle Born I would do that. Having the principle go up is the same as going negative. Do the math!! Say you have $5,000 gross after the 25% a week @ 2,500 miles, FSC included at $0.5 = $1,250. $5,000-$1,250=$3,750. That's $975 to you @ 26%. $3,750-$975=$2,775. Expenses (truck payment excluded) we'll say $1,000/week $2,775-$1,000=$1775. Now let's do 6 months without any major mechanical problems. Your pay is $25,350. The truck payments made would be $46,150. A truck payment of $500/week would be $13,000 in that same time frame. That's $33,150 you left on the table in the same time-frame. If for whatever reason you part ways, you just lost $33,150 in pay. Still a great deal?
     
    Last edited: Aug 30, 2014
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  8. Battle Born

    Battle Born Heavy Load Member

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    Yikes. That's very good. I mean, easy to pay the truck off, which is really nice, but if you weren't 100% committed. You're screwed out of a lot of hard work and money. Good points these.
     
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  9. vangtransport

    vangtransport Heavy Load Member

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    One thing worth mentioning again, you could be 110% committed, but the contract has a out clause which states either party can terminate for no reason. You have a disagreement, contract terminated, they want to reduce fleet size, contract terminated. No reason is needed, why pay down the balance that aggressively with that hanging over your head. Make no mistake, they own that truck until paid in full, it doesn't matter to them if you started at $80,000 & paid it down to $20,000.
     
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  10. 1catfish

    1catfish Road Train Member

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    that probably happened to a few arrow driver's, just one or two months away from ownership.
     
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  11. vangtransport

    vangtransport Heavy Load Member

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