Just seeking opinions; I know LP isn't in my interest for trying to own the truck, but to run and profit more in pocket is it still a bad deal???????
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Walk Away LP; just for quick $$$$ not to own???
Discussion in 'Lease Purchase Trucking Forum' started by FreezingHot32, Jan 20, 2020.
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Well, if a company wants to contract you to buying a tractor and you cannot profit under those terms then You are out of that business.
Being a company driver in this day and age is not half bad until you stack enough capital (Money) to withstand repairs, fuel and months of upcoming business expeneses and taxes etc.
If you wanted to walk away just be a company driver. -
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I don't know how long this particular bad stretch will last.Cabinover101 Thanks this. -
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Deere hunter Thanks this.
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Certai ly can profit more by leasing, and many companies that do leasing have walk away leases. Often have more freedom too, like choosing your own route, where you fuel, and ability to refuse loads.
But you also have more expenses.
You are responsible for the fuel cost, it normally gets deducted from your weekly settlements. You are responsible for the maintenance such as getting PMs done. You are responsible for any non-warrenty repairs (most lease companys have trucks under warrenty and lease them to drivers until the warrenty expires or until the truck is x years old before allowing the current leaser to purchase it).
Those last two things are the biggies.
Fuel is simple, you run, you use fuel, you buy fuel. If you aren't working, you aren't using fuel.
But the maintenance and repairs always need money. Tires, windshields, APU, belts, bunk heater, and many other things aren't covered under most warranties. Towing might not be covered either and warrenty service normally HAS to be done at a dealer shop.
Lease drivers often have preferential treatment when it comes to hometime but you still have a weekly lease payment when on hometime.
A lot of people fail when it comes to leasing. They get picky with loads and want a lot of hometime so end up not being able to run enough to earn a profit. But you can succeed by just constantly working and not taking excessive hometime. However this all depends on your non trucking expenses like mortgage, supporting a family, etc.Last edited: Jan 20, 2020
polo king 92, FreezingHot32 and Cabinover101 Thank this.
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