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

These fleece scams are just that.....

SCAMS!!!

 

I have done 3 leases and owned all 3 within a 1 of signing them. the key is to understand the lease. what you will be paying what are the requirments(as it is different at different places). true a company lease program is not the greatest some are not that bad. you do own the truck if you pay all the payments and what ever you agreed buy back is. The great thing about a lease unlike a loan is that it is 100 percent tax write of where as a loan payment is not. You only get to depressate the vaule of the truck over a couple of years at a precentage which does not equal or come close to the price you paid. To many people get it wrong compairing crap leases from big companies. Alot of truck dealers offer a lease program. The one i dealt with in New Castle PA i maintained the truck i could add to take from or do what ever i wanted to with the trucks. IE take the top bunk out, take out a cabnet to add a dorm fridge, or add lights to the inside or outside. it was my truck. the key is to read the lease agreement and understand what you are looking at. Ask direct questions. IE when will the truck be mine sololy. can i change the trucks appearance setup or anything else you think you want or might want to do. have it in the lease clearly. A lease will better treat you in the tax race but you have to know what your in for when you sign the lease.

 

Since when can't you set up your depreciation schedule as to take the full price?You can depreciate your truck down to zero if you want.I did it with used ones over 3 years and new ones over 5 years

 

It's not the price of the truck

 

What do you mean its not the price of the truck??

 

according to the IRS and cpa tax preps you can not claim the full price you pay for a loan (bank) truck. the only current way to write off 100 percent of the trucks price is through a lease purchase. so if you go buy a rig for 75,000 us dollars and you finace it thru a bank you will deprecate it at a 3 to 5 year rate and you get to claim 75 percent of the 75,000, now if you get the sae truck on a good lease purchase program which are out there you claim 100 percent of the 75,000. a good lease is normally the same as a loan in the fact you do what you want to the truck and at the end it has a small buy back some as low a 1 dollar some 2000 dollars. now a crappy lease will have a 15000 buy back.

Anyone that says they claim 100 percent either does not know taxes and if caught can be in major trouble, or has someone else do their taxes and does not know what is what on the forms, or is just plain out giving bad info

 

OK,If thats the case then I apologize for my comment.Things must have changed since I owned my last truck.We used to be able to run them down to 0,the only thing with that was when you sold it and didnt roll that money over into another investment the tax man wanted his cut on your capitol gain.----------

 

i started out as a lease-purchase driver, and made money, but never got a truck thru it (the story is true, you never own the truck, and these companies will rip you off)

but why do company drivers feel they are not being ripped off also? the company makes $1-$3/mi, you get $0.30/mi, you are still paying for the truck and fuel, except you are getting the loose change left over after expenses and profit

i knew when i went into these lease purchase programs what they were, but to me, if i was going to get screwed, i would at least have a better fighting chance being a lease purchase operator than a company driver

 

and yes, tax wise, you come out better leasing than being a company driver

 

if you do another lease look at the lease see what the month payments are and the buy back is. also look at outside leasing(not thru the company you plan to lease to/sign on. 2 of my trucks i lease where 1 dollar buy backs and 1 was 2000 grand. also alot of new truck dealers do leasing now as well.