Starting a new lease. Details to follow:

Discussion in 'Ask An Owner Operator' started by WizardBill, Jul 4, 2023.

  1. WizardBill

    WizardBill Bobtail Member

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    I am starting a new thread here. This will be from about two weeks after deciding to go this route.

    After seeing all the negative information out there, I decided to reveal reality to all those considering. Let's get a few things out of the way here:

    1.) I've been a driver for about ten years. However, I grew up on a pretty big farm in Illinois, so I had driven just about everything with wheels, and a few things with tracks, too.

    2.) When my family decided it was time to sell the farm (grandparents passed on and I could not afford to buy it), I knew I needed a job. In small town IL, there are not tons of opportunities to make money. So, I decided to get a CDL. I did not need the CDL for farming. AG exemption and all. So, I got the CDL pretty easily.

    3.) I first drove for a small company out of Wisconsin, Veriha. They were OK. Decent miles, average money, normal hometime. The one thing I will say about Veriha, they wanted me to just have a 34 on the weekends. I told them that I would be taking two entire days (48 hours). After I took the load late twice, but the rest of my weeks was all on time, they understood that I meant I was taking my 48 at home and they adjusted.

    4.) Of course, after that, I took many shiny baubles for my next jobs after leaving Veriha. I worked for FedEx Ground, MCL, MTI, IUVO, K&B, and McLeod. So, switching several times, from various sized companies, to family owned to Independent, I have some experience.

    5.) Next I drove for LAMA. That is a lease, but no purchase option at the end. So, even though I was a 1099 employee, I could only drive their loads with their trailers, their equipment, but I was NOT an employee.

    So, now I am going to lease a truck from Lone Mountain. They have no balloon payment. After 42 months, I will own the rig. I will be hauling a reefer and I will be driving mostly the midwest.

    I got my DOT# and my MC#. I now have my insurance and I have my plates (as soon as I get my truck). From my independent work, I know a few brokers and I have paid loadboards.

    So, I will post more details when I get them.
     
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  3. WizardBill

    WizardBill Bobtail Member

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    First things first. When I filed for the USDOT#, that day, and the next, and the next, and the next, and the next, and the next, and still more days after, my phone and my email just EXPLODED with calls and emails.

    NONE of these are legit. NONE are required. It is all something you can do for yourself. The only good to come from all these emails and phone calls were that I got lots of phone numbers from insurance companies, so I got quotes from all of them. That is how I found the best rate I could find.

    The BOC-3 IS required. But, that is either an annual or a one time fee. It is quick and it is easy.
     
  4. Short Fuse EOD

    Short Fuse EOD Road Train Member

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    Wish you the best on your new endeavor. Have a plan to haul freight (type) outside the well beaten path and you may do well. Things are not very strong in some sectors right now but I believe we already hit bottom. May be a good time to jump in as many have ready failed and have made some room to grow. If you can make it now, you’ll probably be fine.
     
  5. Concorde

    Concorde Road Train Member

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    Lol, get used to all the BS calls, texts and emails.. Four years in and they’re still driving me insane. Lately it’s been the dispatch companies calling in desperation.

    Best of luck with your endeavors
     
  6. rollin coal

    rollin coal Road Train Member

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    If you can start out and make it through difficult times like now you should do ok when rates are better. Get away from freight brokers and loadboards as much as possible. They only care about price and none of them are your friend, not the regulars, none of them. Lots of people show up on time even the cheap haulers so that's nothing really special. We might not be at the bottom of this cycle yet as the pandemic easy money artificially propped up rates for longer than they would have been. The down time still has another year to go by my guesstimate. Household savings collapse sparks recession fears among economists
     
  7. Siinman

    Siinman Road Train Member

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    Not gonna lie the title made me think you had signed a lease from a company you run under. You are just a Carrier whom Leased his Equipment instead of buying it. I understand how those lease work out as well so not saying anything bad about it either.

    Good luck in your new journey and hopefully you do well. I agree with rollin coal we have another year of this down turn before it gets better.
     
  8. UturnGirl

    UturnGirl Road Train Member

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    Following. I hope you make it big!
     
  9. bad-luck

    bad-luck Road Train Member

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    I wish you the best of luck!
     
  10. Judge

    Judge Road Train Member

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    If you were an ooida member, boc3 is free, through them, for future reference
     
  11. Ridgeline

    Ridgeline Road Train Member

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    but you were an employee, they can’t force you to take their loads for a vehicle lease and pay you as a contractor.
     
    WizardBill Thanks this.
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