The Perfect Lease Purchase Contract!

I tried to start this in another thread but, it didn't take off. I think because it was in an already established thread.

So here it goes,
I would like to hear everyone's opinion about this. We all know that "no lease purchase is good", or "don't do it, you will fail" but, that is just too vague and as long as there are companies that offer this type of deal, there are going to be drivers that take it. I have been reading over all the threads regarding lease purchase and I just haven't found what I am shooting for. Sure, there are bits and pieces everywhere but, let's try this and see if it is more to the liking. I would like all those that make the above comments, to just give solid advice on what THEY believe would make them say; "okay, if it was set up this way, I would consider it".

I am looking for options like, down payment or no down payment. Balloon or no balloon, and how much for both. Dispatch, load board or both.

Here is my example;
1. Trucks in the 2006-2010 age range with no more than 550,000 miles.
2. A maintenance program that covers the truck bumper to bumper, for the 1st part of the lease.
3. A small down payment, say around $2500 or less
4. A small balloon, or no balloon. If a balloon than it can be financed until paid off.
5. No Forced Dispatch
6. No Forced Routeing
7. A fuel card
8. Program to HELP driver make BETTER decisions
9. Program to Help driver with paperwork, like ATBS
10. Maybe a program, or a discount on a program, that helps the driver transition to an O/O
11. Allow the driver to put in, or have put in, an inverter.
12. Allow a driver to make changes to the truck, to improve fuel mileage,,,small improvements of course, nothing that will void the warranty.
13. More than one avenue to get loads, like a load board and dispatcher.
14. A walk-away lease
15. Help with plates, Ins., IFTA, Permits and so on..
16. Discount on tires, fuel and overall parts.
17. A lease term no more than 3 years but, 2 would be better.

Wrap all this around a company that actually has some Integrity and sounds pretty good to me. Of course there is some tweaking but, this is my idea.

Let's make this educational for the driver that doesn't listen to nay sayers, and is going to do it because he/she chooses to.

Thanks..

 

This one don't look too bad either.

One PGT Way
Monaca, PA 15061-0400
724-728-3500
www.pgttrucking.com
The following is the basic information about our Lease Purchase Program:
• No down payment.
• Credit check required.
• No balloon payment at end of term.
• Must meet PGT standard requirements.
• Must have at least 6 months of recent verifiable tractor trailer flatbed steel hauling experience including coils as well as experience hauling several types of flatbed freight.
• All new Lease Purchase Operators are assigned to a Fleet Manager to assist them.
• Units available are 2005-2007 International 9400’s.
• Prices and terms are based on unit year, mileage, and history of repairs and current market conditions.
• A $2500 escrow is required. Deducted $62.50/week for 40 weeks.
• A maintenance reserve account of $175/week is created to be used for future maintenance requirements.
• All LP tractors are equipped with a Qualcomm satellite system with elogs, there will be a $20/week usage fee charged.
• Paid 75% of gross revenue plus 100% fuel surcharge.
• The trailer rental fee is $185/week, with the first 30 days free.
• You will be responsible for your own securement equipment that can be purchased through the company at cost and deducted from your settlements in 10 payments, usually around $1200.
• Tractor payments range from $200-$250/week.
• Weekly total deductions range from $550 to $650/week plus trailer rental fee.
• Parts and tires can be purchased through PGT at our discounted prices.
• Freight available through our network of company terminals and agents in various areas of the country.
• Over 80% of those drivers who join the program are successful in completing the payment terms and reaching their goal of becoming an Independent Contractor.
• Highway Use and Fuel Taxes are prepaid by PGT and charged back at affordable weekly deductions.
• It is recommended that you set up a Downtime Reserve Account. This account was developed so that money will be saved in the event of breakdown or vacation to avoid getting behind.
• Free rentals are available if LP tractor is in the shop for an extended time.
• Flexibility in freight choices.
• Expectation of following all company safety guidelines.
• Help with combining maintenance bills for affordable payments, if necessary.
• Income Taxes, etc. are not withheld from settlements. It is the sole responsibility of the LP Operator.

 

This is exactly what I am looking for, details.

Do you pull flat, van, reefer or tank?

Thanks

 

See first and 3rd post, that is what I am looking for brother, if you don't mind. Thanks..

 

And 2nd post,,,my bad...lol

 

Here is another example of a L/P agreement/write-up.
This is pretty much everything a driver would need to know, to make an informed decision in whether or not to even contact this company. Just saying that they pay this and do this, is not enough. Details please.

CLASS A LEASE PURCHASE SOLO TRACTOR TRAILER DRIVER
Class A Tractor Trailer Driver needed to haul 53 ft dry van loads. Earn 70 % of loads plus 50 cpm fuel surcharge. No force dispatch. Flexible dispatch / logistics department working with you to keep you busy.

Truck payment is approximately 315.00 - 385.00 week for three years then you own a very well maintained Freightliner Columbia series 60 Detroit Diesel 435 hp engine(2008, 2009, 2010 & 2011 available), double condo truck. All inclusive 'worry free' maintenance program, longest average length of haul in the industry and early the opportunity for early pay off of the truck. Standard three year lease, then you own the truck.

Liability and Cargo Insurance free. Base plate program. Nice discounts on diesel. Paid twice a week with no hold back. Average take home after all expenses including fuel averages 1,300.00 week which is based on realistic 2,500 weekly average miles driving as a solo



LEASE PURCHASE TRAINER-- MUST HAVE RECENT OVER THE ROAD EXPERIENCE

Class A Tractor Trailer Driver needed to haul 53 ft dry van loads. Earn 70 % of loads plus 50 cpm fuel surcharge. No force dispatch. Flexible dispatch / logistics department working with you to keep you busy.

Truck payment is approximately 315.00 - 385.00 week for three years then you own a very well maintained Freightliner Columbia series 60 Detroit Diesel 435 hp engine(2008, 2009, 2010 & 2011 available), double condo truck. All inclusive 'worry free' maintenance program, 1,600 miles average length of haul and early the opportunity for early pay off of the truck. Standard three year lease, then you own the truck.

Liability and Cargo Insurance free. Base plate program. Nice discounts on diesel. Paid twice a week with no hold back. Average take home after all expenses including fuel averages 2.500.00 week which is based on realistic 5,000 weekly average miles driving as a Lead driver willing to train recent graduates or as a ready-made team and you own a truck in three years or less.



FLATBED LEASE PURCHASE
Class A Tractor Trailer Driver needed to haul flatbed loads. Earn 75 % of loads averaging 1.97 mile. No force dispatch. Excellent freight flexibility with access to our agents that provide you lanes of freight that fit the way you want to run, an exclusive load board and a direct phone line to dispatch for freight when you need it. Leases are generally 3 years and we allow you to pay truck off early which many drivers are fortnate enough to do. Truck payment is 300.00 -- 350.00 week for three years and you own a 2009 / 2010 / 2011 Freightliner Columbia.

Liability and Cargo Insurance free. Trailer, base plate and equipment program. Big discounts on diesel. Paid weekly with no hold back and nice sign on bonus will help you get off to a good start right away. Average take home after all expenses including fuel is over 1,500.00 week.

With this opportunity you can earn significantly more than a company driver, save money in taxes with deductions lowering your taxable income and own a truck in three years or less.