Theres got to be a good lease program

If there was such a thing, you would be put on a very long waiting list.

 

If I were to "lease purchase" a truck, it would be through a place like Lone Mountain. No way I would go through a company that controls how the truck is ran. Too many horror stories about folks getting close to the end of their contract just to be starved out it. JMO

 

From what I've read and heard sammons program isn't nearly as bad as the others.

 

There's a reason over 90% of lease-purchase drivers never gain actual ownership of "their" truck...not in the company's best interest to let it go! You fail, they "lease" it to the next sucker. He fails, on to the next. Meanwhile, they get their freight moved without ANY expenses of ownership, and without having to care if the driver is earning a decent wage. Because they still own the truck and expect to get it back, they're going to limit who can work on it, what modifications can be made, and even which shops are "approved" for service and repairs. Adds to the cost of "ownership" for you, since you're prohibited from doing anything but driving the truck, but preserves the value of the truck for when they eventually take it back.

One other cautionary tale, if the company is in tough financial times, they may even borrow money against "your" truck, in which case even after you complete the terms of the lease, you STILL won't receive the title because their bank is holding it as collateral. If the company goes bankrupt, you'll have a long and drawn out (and expensive) legal process in order to try to get the title...and the whole while THAT is going on, you can't put the truck to work (no title, therefore no registration) AND the bank is trying to locate it for reposession. Don't believe me? Happened to a bunch of unfortunate drivers when Arrow (out of Tulsa) went under. Google it.

If you want to drive your own truck, save up or get a bank loan so that your name is on the title from day 1. If you want to drive somebody else's truck, be a company driver.

 

The company I am leased is only o/o and lp, no company drivers. Many of the drivers in my lane did complete their lease purchase and now the truck is theirs. The downfall of our lease purchase isn't that the freight will dry up near the payoff, but there may be mechanical problems the carrier will decide that it's not worth fixing, and put the driver in a different truck, starting from scratch.

I know these drivers who paid off their trucks are doing ok. Many of the o/o on this lane have nice trucks, so the money is there. Just making $50,000 in payments on a $30,000 truck, and losing all that because they don't want to rebuild the engine sounds like a risk I wouldn't want to make.

 

Good lp is kind of like a clean hooker it looks good until you are all the way in ....,once your in there there is no clean way out

 

I completed a L/P with Schneider......here's a couple of threads to look at.....the second one has the good, bad, and ugly. Good Luck
Another Schneider Choice question thread

Picking my own freight baby! My journey to & of being on Schneider choice, the Adventure & Numbers!