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

amen,can't squeeze blood from a turnip.

 

I had 20K and put it down on a Pete with all the bells and whistles a CAT 550.. Ran it a year and bought my own trailer. I spent 18 hr a day running, maintaining and doing the book work. It was polished all the time and the only trouble I had was it lost 1 injector. I ran 5 MPH over the speed limit and hammered all day long running Baltimore to Seattle. It was exhausting work because I did it all. Now somewhere in there you have to pay all the bills, lick the envelopes and all the little crap your secretary at the place you work does. I'd come home, sleep for 24 hrs, get up, do my bills, next day I'd wash wax and fix things and then the next be on the road again. My wife always complained I did'nt get anything done. I hired a driver and thats when the headaches began so I sold his ride from under his lazy ### and retired.

 

Lease purchase is a sucker game.

If a driver wants to MAKE MONEY driving, it's easy.

First, you spend at least a year as a company driver. Save your money. While doing this, you will learn whether or not being a truck driver is really your thing, and it gives you time to find a company that doesn't demand newer trucks for OOs, and that seems like the place to go. If you're a like the outfit you're a company driver for, talk to them even if they have that rule. They are likely to waive it for someone they already know.

Second, look for a CHEAP used tractor. There are plenty of 5-years-plus units out there, and they don't have much value because most companies want newer trucks (more precisely, they want you to have a PAYMENT to make each Friday, so they can force you to take junk loads). Since you've already found a company to take an older truck to, for you these are opportunity to save tens of thousands of dollars, and since you've been saving, you may be able to pay cash.

Third, for the first year, don't spend a dime on anything other than maintenance, fuel, and absolute necessities. One of those is a good driver's seat. Get the truck paid off (if you couldn't buy it outright), and then save your money. You will see a lot more of it come in, but a massive amount of that goes out, too. You also need money in the bank for repairs, so you're on a ramen-for-dinner budget until you have $25,000 in the bank.

NOW and ONLY now, you can consider a newer tractor or upgrades to the one you've got. You'll probably decide to run for another year or two in your old one, while keeping your ears open for a bargain (they do come up).

Doing this, at the end of that same two- or three-year period, you will be tens of thousands of dollars ahead of the same time in a lease-purchase scheme, and you will have been free of the sword over your head for that whole time.

Two things you need to do are to get an accountant who knows trucking to handle your cash flow, taxes, etc, and to join OOIDA.

 

I've just completed mine with Us xpress, no balloon payment and out the door in 2 years. It was a 2007 freight liner with a little over 500 hundred thousand miles on it. That's just my story though.

 

I think this question could use some tweaking, How about anybody pay off their truck and have any life left in that hull called a truck? By the time its paid off that's pretty much what you will have left a hull waiting for rebuilding.
Yes I know some of you claim to Pamper your trucks but don't think that man is gonna let you ride away in his truck and he's not gonna put some stress on it to make a buck.

 

That's a good question and definitely on point. I ran a dedicated account where the weight was never on 25 thousand. I kept my mouth shut and got out of there before they could think about screwing me. Trucks in good shape. Once again that's MY story.

 

since you already paid over 250k for the truck what was the end payment?

 

I went thru 4yr LP program, had a few rough times. Completed contract, received title, sold for 70k to private party. Used part of money as down pymt for new trk from dealer.

 

I ended up paying 29 grand for an 07.

 

you also dont drive one of those fancy 2014 KW t700 at 1200/wk