Want to avoid getting burned by a lease-purchase agreement?

Thanks for posting, now How do you get folks to read and heed it ?????

 

some people dont have any other options for work or income- even if it means living on $150 cash advance every week. it beats sitting in a parking lot broke. at least theres a roof and bunk to sleep in

 

WOW, motorhome-company issued !!!!!!!!!!!

 

The best way to avoid getting burned is to never get involved with a lease .

 

Before I saw your post, that was those were the exact words I wanted to use LOL..

 

If you lease a truck, you are not an owner-operator. If you leased from a carrier then you are just a company driver making the truck and fuel payments. If you leased from leasing company, you do not own the truck. Most have restriction on what you may or may not alter on the truck. In the end the truck is not yours, you do not own it.

If you pay cash or received a loan from a bank or credit union, you own the truck.

Just look at a car title. If you lease the car, the title is in the leasing companies name. If you get a loan, the title is in your name and the bank is listed as a lean holder.

Most of the large companies that are leasing to new drivers, lease there trucks in quantity. Even if you make all the payments to the company, but the company doesn't pay the leasing company, you lose the truck. Doesn't matter that you have all your settlement statement, the lease was with the trucking company and the leasing company, not you and the leasing company.

Mark

 

With the Arrow story getting better and better with little Dougie and friends now being looked at by the FBI and quiet possibly being charged under the RICO act, I'll let you read this article from Land Line about lease drivers getting bent big time then I'll tell you something ALL OF YOU LEASE/FLEECE PURCHASE DRIVERS NEED TO DO!

http://www.landlinemag.com/todays_news/Daily/2010/Jan10/010410/010810-03.htm

No that you read the story this should get you all just nervous enough to contact whoever you are leased to ESPECIALLY those companies that seem to come up with creative ways to keep your money!

It should say on your copy of the contract who the finance company is. Apparently a lot of the Arrow drivers did not keep up with what was supposed to get paid and "trusted" those handling their payments. How about the rest of you lease/fleece drivers out there?

Your first act after reading this should be to CALL the finance company or whoever is holding the title to the truck and make sure that payments are actually being received! Dont just take their word for it, GET a printed copy! Paper is ALWAYS better than a phone call!

You should do this EVERY month! DO NOT TRUST the company that is dispatching , paying , setting up the truck and paying you! Just because they give you a piece of paper saying they paid and held monies does not mean they did! Look at Arrow! Get the proof from the REAL owner of the truck

The same goes for you people who are having child support payments taken out of your settlements! Check with DFC or whatever government group is supposed to be receiving these payments! Non payment means JAIL time! Check every month to be sure! Again do not trust anyone to make payments for you! ESPECIALLY some of these MAJOR bottom feeders! "Remember Arrow!"

"Remember Arrow" should be the rally call these days so that you drivers will remember that no matter how "big" a company is they can fall/fail just as easily as a small company and as I have mentioned several times in other posts there is a trend happening where Daddy starts a company and either dies or leaves it to some CEO genius and everyone of these companies go through major changes, none benefiting the main money makers, you drivers, and said company becomes a mill spitting out drivers faster than the driving mills can turn them out!

Cases in point:Arrow, JB Hunt, CR England, CXI (later know as Willie Jean Express) just to name 4 but the list is longer.

Take your life in your OWN hands and keep track of what your company is doing to you! Trust no one except yourself!

 

I work for JB and after the old man passed away there have been some big changes. I've asked upper management what was going on with all the loss of work and he told me we were expanding,that remains to be seen and if so it must be another part of the country. I live up in New England and when I signed on with them over 5yrs ago they had a ton of work up here but now it's all gone even the northeast regional and they won't even hire drivers from up here anymore. I was on the Walmart account outta Johnstown,NY which was suppose to be their biggest dedicated account and they lost that.
Thanks and God Bless
Dave

 

Yup, that's what they do. Pawn off all the truck expenses on the driver so they don't have to pay it but still continue to collect $$$ from the load.