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

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

  1. chimbotano

    chimbotano Medium Load Member

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    “Jimmy did not care “ you know how many times I heard the same frase from losers ? When I ask why you are hauling for cheap ### rate ? I don’t care because my truck is paid off , or I don’t care because I don’t have debts or I don’t care because I don’t want to be responsible for “my business “
    Most of those guys who respond like that are lease or run under someone’s authority.
    But in reality this people
    Don’t care if they f$&@ up for everyone else in this industry.
    I live a simple and frugal life . But it doesn’t mean I m going to haul for cheap dirt because of it .
     
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  3. he already had three successful trucks on with landstar.
    he didn't even need to drive anymore which he didn't.
    paid his dues on the road left it in early 00s

    was a successful fleet owner
    only did the JCT thing for fun.
     
  4. spyder7723

    spyder7723 Road Train Member

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    Nothing personal dude but i dont believe a word of your story. Not because i think a lease purchase is ever a good idea, it simply isnt. But because successful people didn't get to be successful by throwing tens of thousands of dollars away and that's exactly what you are saying ol Jimmy did just for fun.

    Nothing wrong with a good fictional story, but ya gotta keep them in the realm of reality.
     
    Last edited: Jun 23, 2019
    stwik, mhyn, faux_maestro and 2 others Thank this.
  5. you can think whatever you want.

    but if you want to win at a fleece purchase that's how you win and take the title from lienholder.
    how do most people fail in a lease purchase?? how many times do we have to continue to tell all you folks they don't have the dam balloon payment.
    when you're a fleet owner you can do whatever you want I know many people that are fleet owners and drive.
    I also happen to know many that are company drivers who are fleet owners and get a job with a company for some more supplementary income.
    and if you know how to run a business properly have plenty of money for a rainy day.
    if you can't think out of the box that's fine by me.
    I just wish Jimmy and his wife were still around cuz I would post that picture of him at Salpulpa holding that title maybe kids still have it? I should try to get ahold of find out whatever happened to Jimmy's belongings if the kids kept anything of his truck and memorabilia through the years and say there's somebody that thinks that he didn't do what he did.. then I would be sure to call you out with a picture of it on a post directed just for you.. in memory of my late friend..I also had two trucks lease to landstar at the same time as Jimmy that's how we became great friends at landstar.
    and as I mentioned before it's not that hard to do take a look at Tom grojean and sons are a perfect example.
    RTI and tli. Riverside transport Incorporated and translesco Inc
    they flat-out tell you what do you say the no money down lease with now what is simply RTI controlling everything you need 10 grand at the end..
    so hard how hard is that to figure out I need 10 grand at the end it's a three-year lease 10 grand in the bank.. simple kindergarten math


    Enjoyed getting together few times a year until him and his wife's passing
    her in 2012 James in 2016
     
    Last edited: Jun 23, 2019
    Jarhed1964 Thanks this.
  6. JonJon78

    JonJon78 Road Train Member

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    C'mon man this is just as stupid as it sounds.

    Why on earth would someone successful stoop to the level of stupid just to try and prove a pointless point for the fun of it?

    Waist 3 or 4 years of his retirement so he can be married to a truck running his butt off just so he can say he got the title?

    Sorry someone successfully retired it's going to be doing this...

    Someone's heavy into the bottle this afternoon.
     
    faux_maestro and spyder7723 Thank this.
  7. cuz James had nothing else to do and just wanted to do it on a whim simple as that just like being a company driver working for somebody..
    it's the same as buying another truck and putting it back on at landstar and driving it for himself instead to drive he did it that way.
    he didn't waste his time.
    it was something he wanted to do when do you have the means and you have the balloon payment
    that's where the biggest mistake resides.
    why do you think so many are with some company for years least on never owned the truck just keep signing a lease on another truck after another truck after another truck happens with prime all the time..
    it was basically just something that he hatched out at the time.
    people sir have done crazier things in life this was his crazy..
    He also keep a running documentation with all the paperwork up thru the full lease showing how they will try to screw you left and right.
    but none the less still knowing you have that balloon payment and that's all it takes to complete the lease. which he also at the time shared with many of us BCOS as I was still leased to landstar..
    mostly it was a proven eye-opener to show how a lease purchase and companies will do their best to make you lose as most people don't know what they're getting into is the bottom line..
     
  8. spyder7723

    spyder7723 Road Train Member

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    How you win at flease purchase is simple you be the guy offering trucks to broke drivers with bad credit.

    The buyer NEVER wins because "winning" is over paying for a truck that's worn out by the time you own it.
     
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  9. BIF MALIBU

    BIF MALIBU Heavy Load Member

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    That's one of the more goofy made up loser stories I have read here
    First he said "Jimmy" had so much money because he was single
    Later on he said he wished he had a photo of "jimmy "and the wife and kids at mega headquarters with the title
    Yep tons of fleet owners bashing their brains out hauling reefer freight for 90 cents per mile just for fun fun fun
     
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  10. chimbotano

    chimbotano Medium Load Member

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    He is “jimmy” he is speaking in third person about himself. You know like Jerry Seinfeld. lol
     
  11. Voodoo Pyg

    Voodoo Pyg Oink! Oink!

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    I've come more and more to realize that the "lease purchase" programs seem to be more trouble than they have to be. It isn't so much as not knowing how to run a business as it is trying not to get screwed. I wish I'd had the chance to try the Alliance Lease Program at Stevens. At least I would've had some sort of way to know the business side as they did have people who would work with you as you went along. Being at this nearly five years, I attempted to try for the lease program at my company. The terms were a $1500 down payment (if you wanted that $1000 sign on bonus) and the lease was four years with a balloon payment in the end. If I remember correctly my payment would've been $675 a week (Peterbilt 579) with $0.07 going into maintenance and $25 going to ATBS for your taxes. The pay was $1.33 a mile which included fuel surcharge that was 100% mine. With help from a friend (whom is a lease operator at CFI), I ended up with my EIN number and company name. Now the fun begins.

    I saved over $2000 for the truck by barely eating and keeping my spending to a bare minimum for two months. Along the way, this almost cost me my marriage but I was ###### well determined to succeed at any cost as this is what I wanted to do. I received a call that I had been approved and the lease program rep ran me through all I was going to have to do. I was then to go to the Chattanooga yard to get everything together. So I ended up buying a few containers and packing all of my appliances and have nots down to move. The only problem being is that they routed me everywhere but near or to the truck. I was sent for what I refer to as "ghost loads" and just all around yo-yoed until I about had a heart attack trying to keep this "dream turned nightmare" together. After that two months was up, I told them I was going home to regroup and did just that with my now $2200 in my bank account. Then life happened. Let's play shall we?
    Rent:$600
    Car Repairs: $400+
    Mother's Car Repairs: $250
    Cell Phone: $200
    Food: $300
    So here I am after everything with a mere $500 and some change left over. Then I get a call with them telling me that they are willing to get me a rental car in order to head to Chattanooga to pick up the truck. I kindly informed them that I no longer had the funds and in a way I was no longer interested in doing the lease program after the fact. Even now they're calling me to try and at least come up with $500 and go ahead on the lease. I'm here to tell you ladies and gents that even if there wasn't a recession in freight right now, I still wouldn't do it as all of the aforementioned reasons served as a precursor to what I may have had to expect if I had. Plus a friend of mine and his wife who just left the company and were nearly done paying for the truck, enlightened me on exactly the games they played with them which accumulated in them departing the company and filing a lawsuit as well. Thanks but no thanks.

    <3 Pyg.
     
    Last edited: Jul 16, 2019
    Jarhed1964 Thanks this.
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