The odds are in favor of the house

Discussion in 'Lease Purchase Trucking Forum' started by rookietrucker, Aug 23, 2015.

  1. KeithT1967

    KeithT1967 Road Train Member

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    Show the stats, show the study involved and the methods used to compile the stats.
     
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  3. KeithT1967

    KeithT1967 Road Train Member

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    Glad you decided to pipe up and use JCT since I have experience in that area,

    I'd have to be dead to care any less what you make as a company driver.

    Back to JCT. My lease truck happened to be a "G", "L2636G" tpo be exact, with 347k on the clock when I got it. 7 drivers before me had been in the seat for an average of 49.5k. Wasnt an issue with the truck, I saw the maintenance records. Both from JCT and from a freightliner dealer who downloaded the warranty records. I put 178k on it. JCT decommed the truck when I turned it in with 525k because it was out of warranty.

    Now I've got my own truck. My name is on the title. Could have purchased the lease truck outright. My payoff was less than market value and I checked into an outside loan, Hate a 10 spd so I made a different choice.

    JCT's lease isn't designed for failure. Its designed for you to work for what you want. If you come in with unrealistic expectations and a ton of bills that is on the driver, not the company.
     
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  4. joseph1135

    joseph1135 Papa Murphy

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    Didn't mean to ruffle your feathers there, kid. But 7 to 1 aren't good odds, now are they? No they're not. People with more responsibility than me should be pulling more money than I am. And the fact is they aren't. The fact that the failures outweigh the completed leases should say a lot. You made it. And you should be proud of yourself for defying the odds. Nobody here is trying to take that from you. Just laying out the facts. And the facts are the lease isn't just like a casino. The odds are in the house's favor.
     
  5. FLATBED

    FLATBED Road Train Member

    Lease or Purchase many starting out in either game will fail as they do not understand what is required to make either method of getting a truck work for them.
     
  6. truckon

    truckon Swamp Thing

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    Like I said, I'm not working today so no luck with me doing the leg work for you.

    BUT, the stats are right here this forum, just do a little actual reading to find them.


    But we wont stop you from doing your lease! Theres a sucker born every moment.
     
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  7. truckon

    truckon Swamp Thing

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    People only hear what they want to.
     
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  8. KeithT1967

    KeithT1967 Road Train Member

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    48 y/o, 14year military vet, 22 year cdl holder, two grown, self sufficient, productive sons. No Debt other than my truck... yeah. You just can't get anything right can you. ;)
     
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  9. KeithT1967

    KeithT1967 Road Train Member

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    I'm not a proponent of leasing, or purchasing for that matter, and refuse to recommend either to anyone.

    What I would like to see is a little less of the BS spread by OOIDA, and the fanatics on this board. Every single thread started on the subject gets spammed by catch-all generalizations that nearly always blame the company for every failure. Some of them are so contradictory that its laughable.

    Every lease is bad and designed to fail... Really...

    Tell that to all the Schneider Choice drivers picking their own freight, loads, miles they want to run for the day, weight of loads they are willing to carry, setting hometime without even consulting the company. All that and still clearing $2k+ a week after ALL expenses. Oh yeah, absolutely designed for failure.

    Not as familiar with ATS but I've seen several $3k plus settlements from ATS lease drivers on under 2k miles.

    Paying for old worn out company trucks. Schneider.. New, JCT.. New, Prime.. New, ATS... New after completing one year.

    End up with a truck thats in need of replacement.. This argument is bizarre. Some of the same people who will make this statement will turn around and recommend a new o/o buy a used truck. So the truck I just completed a lease on, spending multiple years and several hundred K miles is worn out and needs replacement but buying a used truck that I likely cant drive more than 20-30 miles, cant run up a mountain with 45k on the floor is a good starter truck. Do you people have any clue how moronic that sounds??

    If I'm l/ping a truck thats a complete POS by the time the lease is complete, then obviously I have no business even DRIVING let alone owning a truck.

    Well you can make more at a good company. Ok, lets examine this one. I see Walmart named as a good company job quite often. Say a every driver at a fairly small L/P company like JCT were to decide to apply to Walmart tomorrow. Thats about 800 drivers. Whats the odds Walmart has 800 trucks just sitting around waiting for drivers? Then throw in Prime, Schneider, ATS, CRE, Swift, etc. Say what you like, drivers in general far outnumber good company jobs.

    I'll be the first to point a finger at a scam... CELEDON, EAGLE, and the rest of the "Quality" companies sit in my #1 spot. CRE isnt far behind. Most lease and L/p just might be crap, I have no idea since I haven't researched them all.. and NONE of you have EITHER. Even OODIA's statement says "many". Many is a very subjective word. 500 would be many but if its 500 out of 1500 then its a bit misleading. If OODIA feels so strongly about it they should be naming names. Why don't they?

    On the subject of failures.. Most of the people I see doing L/p I wouldnt trust to run a lemonade stand. Many of them I wouldn't trust with the worst company truck I've ever driven. That said they are adults, if they fail to research, fail to understand the economics or their life, dont know how to budget, have no plan, and still sign on the dotted line, then THEY are the reason they failed regardless of the company the sign with.

    Continuing the failure statistics.... Those like me are included in those statistics despite doing exactly what I wanted. Statistics are misleading when there is no context. Catagorizing everyone who doesn't complete a lease or L/P as a failure is deception. I have a friend who started THREE leases with JCT and didn't complete one of them. One because of an illness in the family, one due to a heart attack, and the last because he went to Schnieder choice. I certainly dont consider him a 3 time failure.

    If you're against all Leases thats fine, but at least stick to facts and help steer people away from making the worst mistakes when they are trying to research. Generalizations that you can't back up with facts and reason do nothing except waste space and make it harder to provide real advice. As has been said, people are going to do what they want, if someone is going to make the jump I'd rather they go to Schnieder than sign with CRE. I'd hope everyone reading this feels the same.
     
  10. TAfool

    TAfool Medium Load Member

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    Well put, KT.

    Problem is people like to regurgitate crap they have heard experts say (ooida is hugely guilty) or is outdated info. Leases in the beginning were horrible but that hasn't been the case for a long time.

    The old adage applies here: You can lead a horse to water.....

    I don't even offer a few facts or points to the lease haters anymore.

    TA
     
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  11. truckon

    truckon Swamp Thing

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    Just like a buy here pay here lot. Some are OK, some are down right bad. Will you ever get a good deal on a buy here pay here lot? Probably not.

    The fact of the matter is that trucking companies dont run charities, they have the lease set up the best way possible for themselves.

    So ya, "choice drivers" might seem happy. But with a little more hard work and better choices then they could be a lot better off.

    So the summery is that not every "buy here pay here" "last resort financing " lot is bad. But you get what you pay for.
     
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