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

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

  1. starmac

    starmac Road Train Member

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    I have to ask, at a 1.33 a mile, what was the plan to come up with the balloon payment at the end of lease?
     
    Voodoo Pyg Thanks this.
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  3. Voodoo Pyg

    Voodoo Pyg Oink! Oink!

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    If you're referring to me, then I'll gladly answer. I will say that I probably wouldn't have bought the truck in the end and probably taken a check instead. Being that I had probably done all of the repairs on the truck by the time that four years were up, I probably would've bought it and borrowed against it to get the truck I really wanted. However with the latter being the case, I'd already asked about the balloon payment at the end. Turns out it was a little over $50,000 after everything. Being the kind of miser (to an extent ) that I am, I would've had more than that saved up when it was over. If they'd have it me with the whole ###### "starving me for miles" jazz, I'd have had the funds, paid off the truck and moved around. I know you're probably like "that's impossible". No it isn't. I've never turned down a load unless I just didn't feel safe (seldomly) and I do watch for the signs of something being wrong with the truck. My grocery bill is $50 a week on my own. I don't buy unnecessary things nor do I allow money being wasted. I also would've had an account strictly for my home and strictly for the truck. As I stated before, after the yo-yo game they played, I backed out as I saw that as a precursor of things to come.
     
  4. Dump 6 axle- 35

    Dump 6 axle- 35 Light Load Member

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  5. Dump 6 axle- 35

    Dump 6 axle- 35 Light Load Member

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    What if I got a lease purchase program through my bank will that be a good idea then signing up with a lease purchase with a company?
     
    Jarhed1964 Thanks this.
  6. mqc1298

    mqc1298 Light Load Member

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    As long as you pay monthly instead weekly, that’s a good start..
     
  7. semicrazykattie

    semicrazykattie Bobtail Member

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    Jan 6, 2014
    Phoenix, Az
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    I hope someone can explain this to me.
    My truck has been paid for for a long time. For S&G's I wondered into a SFI lot yesterday that's next door to where my truck is being worked on (new transmission installed) I looked at a 2017 T680 (Very pretty Truck!) and got the run down on it as if I were going to do a lease/purchase.
    $982.36 A FREAKING WEEK for 90 Wks!!!
    SERIOUSLY!
    The guy there said "Oh yeah. You can make $1.82 a mile!" like that's REALLY wonderful!
    I'll be the first to admit that I SUCK when it comes to managing money and probably buy way to much chrome shiny things than I should but I still do ok and that isn't with a truck payment.
    My question is How the #### does anyone make a living doing a L/P??? Cause I see alot of them on the road and never had any idea about it.
     
    chimbotano Thanks this.
  8. MysticHZ

    MysticHZ Road Train Member

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    How much that transmission running you?
     
  9. chimbotano

    chimbotano Medium Load Member

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    I ask myself the same question !!!!! And also I ask . How can someone , hard worker, educated, English speaker, smart and knowledgeable will accept that type of deal?????????? Seriously!!!!
    to me , is either you drive for a good company ( good pay and benefits? Or you drive for yourself ( 100% independent ) You haul the load you want ,go anywhere you want , you pick and choose your rates , take time off whenever you want .
    If you are disciplined, you can do it!!!!
     
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  10. 9jgf9er

    9jgf9er Bobtail Member

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    Foreigners and people that had prison time live that way. That is why they are hired, they are afraid to fight for equal pay.
     
    Jarhed1964 Thanks this.
  11. Paul Chamberlin

    Paul Chamberlin Bobtail Member

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    Never enter into a per mile pay package, you get screwed. I am in a percentage pay and in my 3rd lease purchase truck, lots of work and you need to be willing to do maintenance yourself to survive.
    I would not consider any company that pays per mile for lease purchase program it’s a scam and you won’t survive.
     
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