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

I have 2 lease trucks At FFE out of Dallas, TX and drive one myself and a driver in the other. I do really great.

i think the problem most of the time is company drivers getting into a business that they DO not understand. That huge increase in what the truck makes makes them feel like they are getting top dollar. Between my trucks, I net for myself about $2,000 a week. I assume all the risk and have had 3 sorry ### " I want to be" drivers running for me who thought they were going to get rich. When I governed their sorry ##### to 62, they quit and they were making .45 cpm, go figure!!!

 

ALL of that is true. I am amazed at the truck drivers that get into these scams. There is something about the lure of being able to say they are "owner operators" even though they are in worse shape than a company driver.

 

The thing to remember about any lease, whether car or truck or building, is the agreement is never written to benefit the lessee; it is always done to benefit the lessor, the owner of the car or truck or building. The benefit to some is that at the end of the lease, there is no residual real property to take care of. In the case of cars and trucks, you turn one in and if you want, resign another lease and get another one. That way, at the end of your desire to do that kind of thing, there is no raggedy, worn-out tractor to try to sell.

The big thing that gets in the way of most new lessees is a lack of business sense or willingness to change behaviors (lead foot = lower profit margin). Folks like that should stay as a company driver because the pay is really all one way...from the company to the driver with no other expenses to worry about.

 

Some of the people posting here have not a clue. I have not one, but 2 trucks leased from the company I was a owner operator with and all I can say is I do make good money. Me and my driver keep the speed down, the mpg up and we BOTH MAKE good money. If you are against a good lease program, good for you, then stay a company but boy or girl and all is good. There are some good programs out there. I for one just happen to enjoy the company I'm with and by leasing, I have a truck that if it goes down, I get another and keep making the bucks, with the EGR, def and DPF, I do not want to own it, just make the money and at the end of the lease, I get another new truck (s) without the headaches. You can go buy a new truck, make the same notes I'm making and get way less write offs on it. I'm personally in a much better position than most others in a lease. I'm a business man and I don't go with a lease like CR England, prime inc or anyone else who does in fact screw the drivers. Please do real research before claiming that all leased are crap because I'm a success where 80% are not.

 

My stepfather, uncles, and cousins All bought their truck through Conway (C.F.I at the time of purchase) They had no problems and all owned their trucks by the the 20th month of payments. Although they did tell stories of people being manhandled by other companies.

Is it possible there are good companies like C.F.I. was to actually help one become and owner Op? or were my family members just lucky?

 

You can write off all expenses on a tractor, whether you lease, take a loan, or pay cash. So how is a lease better when it comes to write offs?

 

You can depreciate the truck if paying a cash method, you can write everything off if you lease, if you still don't understand , contact a trucking tax service.

 

Whether purchasing or leasing is better from a tax standpoint depends on the terms of each deal.

Deducting a lease payment is simpler from a tax standpoint, but that should not be confused with always being the better option.

 

What is the best company to get a lease to own truck from? Who pays the best and has the miles needed to make the money? I live in the DFW area and I'm looking to maybe get a lease but I want to run the southern states (but no California). I have a lot of tanker experience. I have hazmat and tanker endorsements. I also have LPG certification from the TX. railroad commission.

 

My question was how is a lease better.