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

Discussion in 'Lease Purchase Trucking Forum' started by rookietrucker, Dec 13, 2009.

  1. Gdog66223

    Gdog66223 Road Train Member

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    Of course I do, but not every single load.
     
    Jarhed1964 Thanks this.
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  3. omaharj

    omaharj Bobtail Member

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    All statements and requirements stated within this advertisement are for marketing purposes only. Actual revenue, bonuses and, opportunities may vary depending on division and the individual driver's qualifications and experience.
    I copied the above paragraph from a CL ad. They are becoming more common. They are TELLING you that what they say isn't true. I guess it's a CYA move.
     
    Jarhed1964 Thanks this.
  4. EZ4U2SAY

    EZ4U2SAY Light Load Member

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    Or go to work for Walmart and forget the lease purchase all together.
     
  5. Atlanta trucker

    Atlanta trucker Road Train Member

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    I find it so strange that people everyday fall for this scam nonesense
     
  6. chimbotano

    chimbotano Medium Load Member

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    Strange? Really? You should talk to one of those guys and you will find out their excuses for doing it , are unbelievable!! Then you will understand and most likely you will feel
    Sorry for them instead getting upset.
     
    spyder7723 Thanks this.
  7. Wanna know how to screw over a fleece purchase and win?
    make sure you have the balloon payment of whatever they want.
    before you start it. and stay with it no matter which way they screw you.
    take that balloon payment say it's $10,000 at the end of your lease put it into a 3-year CD at the bank Let it acumulate interest..
    do everything they ask you as they try to make you lose your truck but you sign the lease most people who fail leave the lease..
    I know a guy who did that with John christner back when they had those W900 and the long hooded classics..
    funny part was he took it every witch way up every orifice but when the end of the lease came and they said well looks like your lease is about up or going to get rid of this truck if you don't have a balloon payment that you signed for...
    well guess what he said no problem I have that money right here got a cashier's check for the amount
    . came in and said now I fulfilled my lease and you're going to go get my title and you're going to sign it over to me or I will call the cops and my lawyer...
    he said the look on their faces they had to sign over at the time a three-year-old W900 for $10,000 was nothing more than priceless..
     
    dwells40 Thanks this.
  8. spyder7723

    spyder7723 Road Train Member

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    In the 3 years he had that w900 he paid them far more than its value.
     
  9. yes indeed but how many people do you hear with prime that if paid for a truck and probably paid for it over and over again don't have the balloon payments..
    yet ya hear many lease purchase is try to defend it by saying things like....well me and momma we're on our fourth truck with prime!! you asked them and say how many titles have you owned they give you that dumbfounded look what do you mean we just get rid of it they asked us do you want another truck or do you want this one all you got to do is pay this balloon payment or else we'll just take that and get you started on another they're uneducated answer is get us a brand new truck on a new lease.
    and you look at him and say well basically you're paying equity on a truck that you're never going to own your paying maintenance and escrow fees on a truck you're never going to own...hmm
    ...but yes indeed we all know how fleece purchases work you pay tons and tons but the bottom line it came out of your settlement but you didn't actually pay for it you were kind of running for free you and I both know that.. but having the balloon payment at the end and walking away with a W900 that you got with no money down to begin with but because you were smart and socked away the balloon payment saying I want this truck and they're going to give it to me by the time it said and done... most people who fail their least don't have the balloon payment but that's why sometimes it's fun just to put it to these LP companies..
    at the time Jimmy was single been divorced for years had lots of money anyway he just did that on a whim for fun... and he succeeded and took that W900 the white with the green and blue stripe to landstar when it was all said and done and he ran that thing for another 4 years...
     
  10. spyder7723

    spyder7723 Road Train Member

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    So Jimmy had so much money that just for fun he decided to over pay for a truck and operate it for 3 years at a much lower rate than he could have been getting? Id say jimmy ain't no brighter than any other lease purchase fool.
     
  11. Jimmy didn't care..he had three other trucks leased to landstar at the time. His drivers he was paying very well to that took care of the equipment..he just wanted to see if he could pull it off and walk away with a W900 with a simple and balloon payment. beginning with no money down.
    There are people who really want to own a truck that have screwed up their credit so bad they do at lease purchase but as aforementioned they don't have the balloon payment and that's where you lose everything!! going into a lease purchase if you read my post you're going to take it every which way up every orifice they're going to do whatever it takes to make you lose it...
    but Jimmy knew it was a fleece purchase to begin with because it the time in mid 00s he already had 20-plus years in the industry. just having the satisfaction of taking that picture leaving Salpulpa with his truck for $10,000 just made it the more sweeter for him.
    it was basically a challenge he took unto himself for fun.
     
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