Who has completed a lease purchase and fully owns truck with title?

i think the problems with company leases. besides all the added fees. is the fact that your at there mercy for loads. and the added bonus of being monitored by big brother with the wonderful invetnion of the qualcomm. kind of hard to make money if your spending half the weekly hours on duty for load times.

and the additional fact of only getting paid .90 cents. + fsc. i don't see how anybody can truly have a chance of successful lease completion.

i've seen a lot of guys on this board do good the first 6 months. but after that. they get brushed aside for fewer and fewer loads to the point of bankruptcy,

your at the mercy of the companies with the cards against you.

 

You make some valid points. From what I have seen in talking with those who admit to doing a lease through a carrier is that they got into them with no money, poor credit and limited experience. No driver should even entertain one of these without first understanding something about how this industry works. I have had a few drivers who have worked for me who got into those lease purchases. None of them seemed to understand much about the business side of this industry. I think that all of them wanted something to call their own and to be able to make more money. I believe that most of them had no idea that they would need to work harder to do as well or better than they did as a company driver. I know one in particular, who bought a house that he could not afford shortly after getting into his first lease purchase. He also bought other "toys" and kept getting deeper and deeper into debt. Some of these people think that when they have a $3,000 week that it is all their money and they can spend all of it. They give little or no thought to saving or budgeting their money. Once the money starts to flow, they raise their expectations to that level and begin spending to meet their cash flow. When the inevitable slow down comes, they are not prepared and begin to get behind in their payments. They don't consider saving to pay cash for something they want. As long as they can get it financed, by a lender or individual, they keep buying. When they go broke, they don't understand what happened.

Carriers seem to get all of the blame when it comes to the high failure rate of these programs. I have no doubt that some of the criticism is valid. But, drivers should accept responsibility for their own success or failure. It is each individual's personal responsibility to thoroughly understand what they are signing and what it will take for them to successfully complete their agreement and own the truck. When you lease a truck you don't own it until the final payment is made.

 

isn't that the american way. if you have money. you have to spend it.

and thus. the mess we get into everytime there's a recession.

 

My husband and I are leasing a truck though Arkansas Equipment Leasing in Little Rock and we do just fine. Yeah sure you have a few weeks where you dont see a great paycheck or one at all, but with our lease it's a no question asked walk away lease and NO balloon payment at the end. Our checks run anywhere from $400-900 depending on how many miles he runs. We just switched companies due to he wasnt getting the mile with Central Hauling he is now with Conway and so far he's been running around 3200-3400 miles aweek. And we have been seeing good check. The only thing is yes your truck cost more but you're basically paying for the truck plus interest. We pay 425 awk plus .06 amile goes into a maintenance escrow. If are truck brakes down we pay nothing out of pocket even if we dont have the full amount in our escrow AEL pays it and instead of paying .06amile we pay .12 amile till we're out of the hole. But if at the end of our lease just say we have 5000 in their they cut you a check that day. And yes I know this for a facet because I have a friend who has leased 3 trucks now from them. He brings home anywhere from 900-1400 awk. I dont know how for sure he does it but he knows down to a t how to run his truck. He runs 55-60 mph and doesnt idle, he uses fuel additives. I didnt believe him at first but he showed me his settlement and he was indeed making that kind of money. So I know it can be done, leases are not for everyone and I hope that anyone doing them will do great and make money. Be safe everyone.

 

Sounds like you went the right way to lease. The big problem with leases is when you sign on for a company lease agreement. Then you are not allowed to go to another company with the truck you've been paying on. They can and in some cases do starve you out of the truck when your getting close to owning it. These are the really bad situations people tend to get into with leases. Hopefully you will be able to complete the lease and by the sounds of it the ability to move the truck to another company has already benefited you.

 

I do not know if what Miller Transporters does-is "Lease Purchases" Cause your name is on the title and they are the lien holder, YOU CAN NOT QUIT AND TAKE TRUCK,unless you pay it off first, But i have done 2 trucks threw them,First one they had on their lot and the second i found at a truck dealer, both paid off, no problems!

 

You need to do the math. Your husband is earning less than someone with less than a years experience. At 3400 miles you should be clearing $1700.

Talk about a grind for so little money. Ugh.

 

Exactly what I was thinking. That is not nearly enough money for the miles you are running. For example with my lease I took home $1774.69 this week on 2716 miles after $.07 is already deducted for my maintenance fund.

 

If you think about we do make about that it's just part of our money goes into the escrow account that we use when our truck breaks down or needs anything.

 

yes i have with 2 different companies hirschbach and calark which is ark equip.leasing there both fair leases get ya trk paid for and title in hand!!!