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

Yea and some companies use Leasing Companies for their Lease Purchase, which is a double scam. Instead of getting ripped by just the carrier, you are also getting ripped by the leasing company. If you want a truck, its best to just go out and buy one. I have only tried 2 Lease/Purchase deals and both were set up where all you are doing is burning money and working for practically nothing with a very slim chance of owning the truck that you are paying for. Most of the time, the trucks are overpriced to start with, then the payments are so high that time you pay the truck payment and pay for the fuel, you have nothing left. Then some require an escrow account on the maintenance, which the only way you'll ever see any of that money is if you spend it on the truck for maintenance. If you leave a company before lease end you will be hit with enough charges to wipe out any money they owe you(including any money you have in any escrow accounts). Bad deal all the way around for the driver. Even if you are one of the lucky ones to get it paid off, you will have spent enough on it to buy 2 or 3 trucks. Somebody yells Lease/Purchase you better put your ear plugs in tight!LOL I, personally, don't see how the government lets them get away with it as bad as they rip unsuspecting people off. If I, as an individual, did something like that, theyd put me in jail and throw away the key.

 

Im sure they make money off the driver in more ways than just the load revenue. The fuel you buy with their fuel card, repairs that you have done at shops in which they pay the bill, insurance premiums, all kinds of ways.

 

the working people always get the short end of the stick, don't fall for the lease scams!

 

Sir I think your program and way of doing business is remarkably honest. I believe a bunch of us here would go to work for you in a heartbeat! Please keep me posted if you plan to expand your enterprize... Thanks, well done!

 

Eagleman, I'm sorry to say and mean no disrespect but a 600 score is not a good score. If you were to clean up your credit report (Credit Karma is legit) creditors would be happy to lend you money, that's how they make money, and you would get a fair deal...

 

I see one common thread with everyone who failed as a lease purchase or owner operator. Every time they fail they blame the carrier. Surprisingly they never praise the carrier when things go well.

Moral of the story? Learn from your mistakes and stop blaming others when you screw up.

 

Obviously.

 

Ultimately it's always the lease driver's fault if they fail. Either because they where uninformed(that the lease was a bad deal) or unprepared to do what it takes to be successful.

 

Most of them actually own the leasing companies used. ATS does this, thwy own the dealership the trucks come from, the shops that work in them, the leasing company that you sign with and monwy for what you haul. They also own some of the businesses you will haul for. First year is a straight lease, no purchase. Yet dummies are lined up out the door to be an "owner operator"...

 

It is very very very simple Don't wanna get burned ? Don't do it everyone of the lp "deals" are just a way to get free drivers.Mid west emery started it years ago and it has only gotten worse. If you don't have the credit and down payment you don't belong in ANY business. That is unless you want to ride around saying "I own this SOB I'll do what I want" No amount of trying to justify how they do it makes any sense in a real world