Wanting to lease to own but lost!

if your talking about a 401k you will lose lots of money if you withdraw it before you retire and buy equipment
almost half in taxes and penalty
roth IRA would allow withdrawal of contributions but not profits

 

401k is a working mans myth...get rid of that 401k because I believe you can yield more money investing in a truck with some self discipline and you control where the cash goes.

 

Who do you lease purchase from? I would like that same thing

 

I have known a couple of guys that wound up getting the title to there rig with a lease to own contract, and a few more that borrowed the money and paid theirs off towards the end when freight suddenly dried up.
The ones know that made it work were not paid by mileage, and not under forced dispatch, in other words thy didn't have to run cheap and owned their own trailers too.

 

If your willing to drive from a Detroit, Mi terminal you could drive for a fleet owner/ (o/o). Sign up at truckingjunkies.com but you must be able to pass all physical requirements.

 

I just got a job offer from a fleet owner/(o/o) today. He is a fellow trucker with one position open based out of DETROIT. If you leave your name and number support@truckingjunkies.com i could pass him your information. I personally only want my first truck from an owner operator. Im helping my teammate now and these lease purchase agreements are complex. But they ensure that you are maintaining the truck and paying for depreciation. Good Luck

 

It can be done, but why? These companies get an insane deal on these trucks and do they pass it onto you? No. They lease it to you at full window sticker. Example from years ago. A new truck at the time was $110,000. The company got them for $67,000. I know this for a fact. They’d calculate that lease on the 110k. Guys leasing them made great money sure, but they also were getting bent over and didn’t even know it. Fast forward to today and the trucks are $149,000 and they’re doing the same thing. They make money on the lease, on the load, you name it. You feel like a big man doing all the work and they’re getting almost as much as you risky nothing.

Which is trucking in general. It’s screwing over people and making them feel good about it. Whether you’re a broker getting $3800 for the load and getting it covered for $2900. Or a company paying 55 cpm on loads they’re getting $4.35 cpm on. Or a shop charging you out the butt, but making you feel all warm and fuzzy like they really care about you as a human being because they call you Mr. Whatever every time you walk in.

 

Company drivers experience the same thing. If I can make more as a lease than I could as company the choice is easy. I don’t care about ownership. The leases I have finished we’re never lease purchases. I made outstanding money and collected my completion bonus at the end.

 

Ya! Do not lease a truck from the company you’re wanting to work for!, if your credit is questionable, and no money to back you up, it’s a mixture for failure! Sorry this is blunt, but needs to be said,
Stay a company driver, fix your credit, and save some money!

 

They still pay $1 a mile to pull a reefer?
Better off being a company driver