The WORST Lease Purchase Agreement I've Ever Seen

Just for the heck of it I was talking to Quality Carriers last week.
My truck is getting old and high miles now, So they told me about their lease Purchase. Which I said ok tell me about it.
I could get a 2007 379 for $ 490.00 a week with under 200,000 miles and the remaining warranty. Hmmm ok thats $1,960 a mo. truck note. Not to bad if I went out and bought it myself it would probably be a little over $2,000 a mo. Now keep in mind this is set up ready to go, Hose rack, pump & air compressor. Which if added to a truck would cost around $7,000.
Now when I got home I broke out the old calculator and did some number crunching. here's what I came up with.
The average gross is $ 3,500 a week with + or - weeks which is normal so I did it at $ 3,500. With every thing they are going to charge you for for your Fixed cost is $ 876.75 per wk. ( including tk.note ) Remember that number.
Now 3,500 gross truck makes only 62% that is 2,170 ( now I always figure high for fuel ) Fuel 1,400 that leaves you $ 770.00 clear. OOPS subtract fixed costs $ 770.00 minis $ 876.75 = a net loss of $ 106.75.
Now you still have to service it. Pay Obama, pay for your house & feed the wife & yourself on the road. Plus all your other things in life.
I don't see how you could make it with them with a paid for truck. Much less one with a note on it. And the sad thing is, the lease deal with them is the best I have EVER seen. But you are still going to lose your A $ $

 

i must be slacking in the numbers here. the truck makes 3500 week. minus the 877 and say 1400 in fuel. that's 1225 roughly. we're gonna say 1000 cleared a week give or take. after all your expenses.

you don't pay taxes on total revenue of 3500. those are business expenses and are tax write offs. if your paying taxes on the full revenue then yeah your getting screwed. 1000 is what you make, NOT 3500.

for example. i had some stock i sold for a loss. that loss was a write off. although the irs and hr block say i should be paying taxes on that stock i sold. other tax services say otherwise. i paid taxes BEFORE i even bought the stock. i'm certainly not going to be paying double taxes on a stock i sell for a loss. now if it was a profit, the irs and hr block would have you pay taxes on total sale. instead of just the profit made. gotta love the irs. i worked for the company so it was a employee stock purchase. 10 years later the economy shut them down.

at the beginning of this thread, i noticed he talked about $150 for meals as part of the expense. why is any company taking money out for meals???? when you need that money to pay for your meals.

i think the only way to go is stricly o/o. not l/o. seems like a lot of them fees are wrongly added. and by having your own truck. you don't pay those fees. permits is all you should be paying a company. unless your have your own permits.
insurance can be found cheaper. ezpass and all that other stuff too. there's aboslutely no need to charging mileage fee. that fee didn't exist 5 years ago. but how you go about finding the right company to lease your truck too is beyond me. company lease should be outlawed. all your doing is working for free while you lose everything you own and company gets fat. FREE LABOR IS AGAINST THE LAW.

 

Once again I'll put my 2 cents worth in mostly for the guy who has 18000 Dollars. you can buy a used freightliner with less than 200000 miles on it from a US company and there red for around 27000 these used trucks are cheap cheap cheap. For those of you who know me this weeks revenue jumped alot much much busier since about the middle of july every week is better bad news rate per mile holding steady, at way below last years pace. Hang in there those that make it will benefit hopefully soon.

 

I've had 6 Lease/Purchases. They all ended the same way; NOT ENOUGH MILES. The dispatchers are all the same. I'd have 20 or so hours left for the week and same story...."Have a nice weekend, honey"....click. That last 20 hours is pure profit. Sickening. They are all the same. Hateful, hurtful, mean, liars and cheats. I will NEVER do a L/P ever. Save your money, join OOIDA, get your own Authority, and do it right. Or ignore this letter and find out the hard way.
IN GOD WE TRUST

 

You are 100% right. I was in a hurry when I did the numbers and forgot to do that. Thanks for catching my opps, that just makes it worse.
Bottom line is I would never do a L/P. I don't care who the company is they want you to fail. Preferably when you almost have it paid off.
What it amounts to is you paid for their truck, all the up keep, fuel, and insurance. Then when ether you give it back or they take it back they turn around and do another L/P or just sell it out right.
Ether way it is a win, win money making scam. At the end of the lease they will let you sit, or keep you on short hauls that don't pay anything till you are broke.

 

this is so true right here what turbo trucker and packratTdi

dont do it

 

"you can buy a used freightliner with less than 200000 miles on it from a US company and there red for around 27000 these used trucks are cheap cheap cheap."


Does anybody have a bit more information on these trucks? Like Who and Where?????

Thanks

AARRUUGH!!!! 18mo. old post.....

 

if you have 18000 to put on a good truck call ER Equipment sales in florida they have a very good selection of trucks and all are garenteed excuse the typo but I have bought 2 there and have had no problems also they have in house financing.
you could problably put half that down and use the rest for other things but there are trucks there that are less than that and payments are very low mine were 350/500 a month.