Truck Shortage??

Discussion in 'Questions From New Drivers' started by PiscesLuv, May 27, 2021.

  1. PiscesLuv

    PiscesLuv Light Load Member

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    I don’t see what’s the problem in lease purchases. You pay a small deposit compared to what you’d need at a dealership do a short contract 1-3yrs make all your payments and at the end depending on the lease company make a balloon payment and get the title. And as long as you don’t abuse the maintenance account you can save up a pretty penny and use that for the balloon payment too. The payments aren’t even bad when you think about it $153k truck 80k miles warranty covers it up to 500k Or 600k miles I gotta check only $500 down a 3yr plan of course my payments are going to be higher but it’d be the same at a dealership once you add in the interest rates.
     
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  3. ad356

    ad356 Road Train Member

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    Does anyone actually end up with the truck at completion of a lease purchase. Probably would have 500k on it, be worth almost nothing, need full DPF system replacement.
     
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  4. slow.rider

    slow.rider Road Train Member

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    I own my truck. Had 400k when I started paying, nearing 700k now.
     
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  5. Long FLD

    Long FLD Road Train Member

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    The main issue for me would be making a payment on something that doesn’t have my name on the title. A typical lease purchase puts you in a position where your banker also controls your income.
     
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  6. slow.rider

    slow.rider Road Train Member

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    That's only if you lease purchase from your carrier. Yes that's probably most lease purchases, but it's not all of them.
     
  7. Long FLD

    Long FLD Road Train Member

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    If you lease from Lone Mountain it has you listed as the owner and LM simply listed as a lien holder? Meaning you’re free to do with it what you wish and modify the truck any way you want and you can sell it any time you wish as long as the lien is paid?
     
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  8. slow.rider

    slow.rider Road Train Member

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    No what I mean is they don't control your income, like so many lease purchase trucking companies are known to do, get you near the end of your lease, tell you there's no more freight, run you out of business, take your nearly-paid-off truck, and sell it to someone else.
     
  9. Blu_Ogre

    Blu_Ogre Road Train Member

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    I have, Leased a 2011 Pete from HEC leasing in TN. Paid it off in 3 years rather than 4. Had a title in my name with them as a lien holder. And then a title with just my name on it when they were paid off.

    Yep had to do DPF and SCR services -- but that is just money that needs to be set aside when running a modern truck. Bigger expenses were the front and rear block to support structure seals.. each end was about $5k. And the cab Controller computer was about $4k. SCR/DPF replace with "rebuilt" was about $2500, Last one was free because was part of a recall of bad rebuild catalysts from Cummins.

    As @slow.rider said a thing to look for is a lease from a company that is not dispatching the truck. Lease needs to be a separate business arrangement from usage of DOT number.
     
  10. PiscesLuv

    PiscesLuv Light Load Member

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    Yes there’s a good amount of people who do finish the lease and get the truck at the end. Also I’m pretty sure if you run smarter not harder by the time the lease is up you should still have a good 100k-200k miles left on the warranty
     
  11. PiscesLuv

    PiscesLuv Light Load Member

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    As @slow.rider said don’t lease and pull freight for the same carrier. I’m getting my truck from SFI I’m only leasing on to Schneider for 2 months then transferring to F2F with the truck. Schneider will not be double dipping off me and my truck lol
     
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