Time for Prime.....

Another thing about Prime's lease, everybody knows that trucking is changing along with fuel prices. if you want to throw your hands up and just walk-a-way, so be it. If I was strapped on weekly payments for owning the truck, I would be forced to continue driving or hopefuly sell to someone else. Drive on and drive safe!

 

Greetings everyone, I Have enjoyed reading everything.Steve&Lo keep up the good work.

 

We have a walk away lease as well. 0 down, but if you make the payments you keep the truck. Why would you want to pay it off and give it away? I would rather sale it.

 

Might I ask who the company is you refer to by saying we have a walk away lease as well?

 

I have read the past few posts in regard to a "walk away lease" and have heard on sirius radio channel 147 just yesterday morning that several of these companies do in fact report a broken lease to the credit bureaus.

During the segment with Kevin Rutherford (a regular segment regarding o/o's and understanding cost per mile operations) lease programs were raised. According to Kevin he was unaware of wether the walk away lease got reported to the credit bureaus but extolled if they were then this was a good thing (provided you fulfilled the lease contract) and could show a credit history of making payments on time thus improving your chances of getting financing later for another truck.

Within 5 minutes of making these statements on the air, 2 drivers were able to get thru and mentioned CRST flatbed and CR England having a so called "walk away lease."

Both drivers had broken their leases. Both drivers claimed their credit report showed the broken lease and residual payments due.

I do not vouch for the validity of these claims but would suggest having a reputable lawyer specializing in truck leasing agreements go over any lease contract "walk away" or not to determine wether you will wind up with the short end of the stick should you have to return the truck.

 

Good Luck selling your truck. Its easier to buy from a lot, then pay cash up front from a personal ad (not getting a warranty).

 

You sure can. Maverick.

 

Better than paying for one and just giving it back to the company.

 

Notarps it would have to be some awful huge payments to own it at the end or a major downpayment upfront. What kind of payments would someone be looking at if they wanted to do it.

 

I'm in training with Prime since Nov 16th and I haven't seen any team make lousy money. What I have found out that is to many Prime drivers can't even tell you their Fixed Cost that is why they fail when they do. My trainer knows his cost and knows how to run his truck. his settlement for the week ending tuesday was $4384.00 after he paid put everything except his personal income tax. His avg weekly settlement to his bank account is $2500.00. My check last week in training was $700 again. Please know one start on me because he made so much and I got paid so little, it's his truck and I get FREE training, I knew this coming in. I know of several teams and 1/2 dozen solos we're in contact with and their all making good money.

Plus you can get changed from a Fleet Manager if your having to many problems. Let me set the record straight it is not to any Fleet managers benefit to treat you bad or not run you they get paid based on your income. Why would they throw money out the window. You like most americans who fail in a small business and yes if you lease a truck that's what you are fail because they don't manage their money or time properly. 80% of all small busineses fail it's just a fat of life, no matter what industry you in. Leasing or owning a truck requires a great deal of self disclipline and commitment from not just you but your family if you have one, because you can't let the truck sit or you lose money.

As far as the IRS is concerened that's not Prime's fault and if you didn't know the difference between being a 1099 and W2 employee then I understand why you failed!