The more I research Lease/Purchase the more I realize....

Discussion in 'Lease Purchase Trucking Forum' started by 775mito, Jul 4, 2020.

  1. 775mito

    775mito Light Load Member

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    I'm brand new to the whole industry and have been researching relentlessly and which way to go when I do decide to go out on my own. Lease/Purchase sounds like a great idea however is extremely unpopular and the success rate is low. A lot of truckers claim the reason for this is they are getting burned by the program. It's the same story over and over. "They screwed me." "They only let me take certain freight and I had no say in what I hauled." "I was able to make just enough money to make the weekly payments but could not etch out a living." I noticed how nearly all of the ones who failed said it was not their fault while the ones who are successful said they read the contract, were prepared for breakdowns and conducted their own research. I believe in order to be successful a driver needs to fully understand how the program works and needs to be prepared for unforeseen breakdowns. A driver should also go over the contract with a fine tooth comb and needs to have a decent understanding of how owning and running a successful business works. The fault does not lay with these companies offering the program, but with the person who signs the contract without fully understanding what they are getting themselves into first. Portraying yourself as the victim when its your own fault is one of the worst qualities a person can have. I don't think I would do a lease purchase myself mainly because I am extremely inexperienced in all aspects of trucking and do not believe I am ready to take on such a huge financial risk, but it is very enticing and can be a great opportunity. So it is understandable why someone would risk it, the rewards nearly outweigh the risks.
     
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  3. Cattleman84

    Cattleman84 Road Train Member

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    Until you actually have seen some of the contracts yourself, you are makeing a huge assumption... MANY of these companies straight up lie, and leave themselves loopholes in thier own contracts in order to get away with it.

    There are some good LP programs out there... But they are few and far between.

    All in all... If you want to own your own truck, there are much better ways than a LP.
     
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  4. Metalicious

    Metalicious Light Load Member

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    Yeah I wouldn't lease anywhere, not from the company. There are companies like Lone Mountain that will "lease" you a truck, you can take anywhere you want. The payments could be high or low depending on what you get and what your idea of a "good" truck is. If you want a prostar with the navistar engine I think those are only like $895 per month. Supposedly after the last payment of that $895 per month you own the truck. Many lease purchase programs you will paying that same $895, either really close to it or possibly even more every week. I tried that L/P thing once with HVH Transportation years ago.
     
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  5. MysticHZ

    MysticHZ Road Train Member

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    If in any universe you think that a Navistar engine is a value at any price, you really shouldn't be giving out advice.
     
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  6. Metalicious

    Metalicious Light Load Member

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    Perhaps you should tell me where I said it was a good truck? If you're so silly you can't comprehend something maybe you shouldn't reply. Nor give advice? Just a thought there bud.
     
  7. rachi

    rachi Road Train Member

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    Like cattleman said, these lease companies are getting class action lawsuits against them all the time. The OP doesn't really have the exp to comment on it. You can be a great truck driver, but your load planner and dispatcher can make or break you. I know a little about it because I leased for two years.
     
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  8. uncleal13

    uncleal13 Road Train Member

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    You have a good point about reading the contract. I always do.
    One company I was at came out with a new contract. I went into the office and read it over.
    Office guy said out of 156 trucks I was only one of four that read it.
     
  9. 775mito

    775mito Light Load Member

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    WOW! Thats what I'm beginning to see from my coworkers even though we are more heavy equipment operators more than truck drivers we all have our CDLs and do operate Semi Trucks hauling gravel and equipment. What I mean is they are all over confident in their abilities and believe they know everything and when you say anything or make suggestions its always the same reply..."I know." I see from lack of seat belt wearing and lack of listening they think they know and therefore I could easily see most of them just signing on the dotted line before reading because of this. I wonder if it's like this everywhere and if so it explains why these companies can easily prey on drivers.
     
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  10. Chinatown

    Chinatown Road Train Member

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    I recently talked to a woman in the grocery store and she said her husband is with John Christner Trucking and doing really well.
    At the end of the lease-purchase, you buy the truck for $1.00 (one dollar).
    Most companies have a huge balloon payment at the end of the lease which is usually market value.
    John Christner doesn't do that; theirs is $1.00
    ~
    1. John Christner Trucking
      https://www.johnchristner.com
      Address: 19007 W Highway 33, Sapulpa, OK 74066
    [​IMG].[​IMG]
     
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  11. 775mito

    775mito Light Load Member

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    Montana
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    Even though I don't have the experience to give advice it seems this happens to truck drivers of all abilities and I wonder why it is so unsuccessful. From what I've noticed from my work and the forums is a lot of drivers seem to be arrogant and over confident which can be dangerous when it comes to signing contracts and making financial decisions. I don't know maybe I'm being overly critical and lack the experience in the industry but I do understand human nature and know to read before signing.
     
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