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

For many smaller company fleets that do a good business they can afford to maintaine thier trucks and less of a driver turn over. In short, they opperate with-in there means, owners are happy and so are the drivers.
Mega trucking companies who through the years have gained a bad reputation have a problem, not enough drivers and too many units that are sitting on thier yards.
To curb this expense they try to get drivers to lease thus saving money. But the deals they offer the driver will make just as much money or the same as a company driver. They will imply that to you that you you own your own business, not so.
They own the truck when you lease it and making payments just as if you leased a car.

 

why would wanna lease something in the first place??? to gross 1,200$ a week be gone all the time and never to own the truck?? LOL

 

But aren't you a 1099 driver that doesn't pay taxes or follow any laws, rules, or regulations???

Sounds to me like you getting bent over by your boss,.......

 

I'm doing a lease purchase with Roehl and I've made more than that in the first quarter of this year. At present I'm looking at a pre-tax of about 28-30k. I found the ooida spreadsheet helpful as a starting point, but in reality I clear more than they said I would. On the other side, that ad for RTI you see in the free truck driver magazines is a pipe dream. I spent over a year preparing. I not only looked at my company, but other companies as well.

You need to keep receipts for your maintenance, business expenses and showers. Food is covered under your per diem. You are no longer a truck driver you are a small business owner. You need to understand everything possible about starting and running a business. You also need to learn as much as you can about the trucking industry and how to make money with a truck. Pretend the truck you are driving is your truck and track your income and expenses as if you already had your business and see if you would make money. My experience is that reality was about 20% less than projected.

You need to know how to maintain your truck, even if you don't do the repairs yourself you need to know how to get it worked on before something leaves you stranded on the side of the road. You will spend money repairing your truck, the question is will you be proactive or pay a wrecker bill, downtime and for someone to cover your load?

If you can put together $5000 up front check out Lone Mountain. Most of the lease/purchase deals out there are not designed to make a driver successful. One more thing, make sure you aren't sub-leasing a truck. Many Arrow drivers got burned because Arrow was sub-leasing the trucks to their drivers.

 

Question???? Why would you want all that hassle for 28-30k a year? You should be able to make at least that as a company driver. I don't do OTR, but I made 40k last year as a local, and in bad weather we don't work.

 

You don't start a business for a short term income boost. You do it for a future payoff. When the truck is paid off my income increases almost 20 grand a year. I have control over my schedule and life. I also have the option of expanding my business in the future if I so choose.

 

but even with a 20 grand boost--can still make more as a driver---surely with your own truck you have to making more than 50k--unless that is the take home tax free number--then it wouldnt be too bad

 

my brother is doing a lease purchase on his Cascadia....he is actually doing very well right now.. He drives for C.R England..I don't see a problem with bigger companies...but i would'nt do a lease/purchase program with a small company...

 

I'm with Roehl and you are lucky to average 2000 miles a week. I'm staying with them to get the truck because I like the truck and the lease agreement. After that I plan on taking the truck somewhere I can make some real money. Even with the sick miles, I'm still making money...just not what I should.

 

yea dont get into lease deal. be a company driver learn to save money. i put 8000 down with freightliner my credit is terrible. i signed in with a company in michigan. loads are 20,000 or less. i get home everyday usually for 10 a head out at midnight. i gross 2800 to 3250 each week and im home friday by 2pm leave out sunday night. gravy loads pay 120.00 a load . i drive a total of 22miles there 22 miles back. do 10 loads in 1day. i get 1 gravy run 1 a week . sumtimes 2 which is really sweet. my average run otherwise 300mi out 300 back. go home sleep. you do your research there are jobs like these out there . jumping into a lease is foolish. steering wheel holder paying the debt. so the company can take cheaper freight. all your doing. there more u succeed the more you cut into there profits. there not going to let that happen. WAKE UP