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

Maybe he's taken 3 years off in that 30 years? I've taken 5 off in the last 20.

 

I have the title to my truck. All paid for, no liens.

 

Congrats IP!

 

They really set themselves up so you would never own that truck. A non-profit Clause? that's beyond criminal. I've heard of companies starving drivers out toward the end of their lease so they would fail, but starving them and then using the fact that they aren't making money as an excuse to steal a truck you've been paying for off for years? That's why I won't lease bs like this. You obviously didn't brownose nearly enough to succeed. You should have thought about that first.

 

I never want to own a truck. Unless I am using it for corlateral to purchase more equipment and grow, which is something that I do not want to do. I will lease until I cant lease anymore.....Why you ask? I can write off 100% of my lease payment....if you own, you can only write off depreciation, which dose not come close to a lease payment write off.....Every year! along with your other write off's ins,maint, fuel, def.ect. So unless you're going to start a trucking company, why would you want to own a truck?........Just asking.

 

I know 2 people who leased at Celadon, both paid their trucks off in 3 years, 1.00 buyout.

 

Here's my math.

Total truck cost $19k

$4,000 down and $500 a month.

$3500 depreciation for 3 years is $10,500

The truck is an asset I can still sell and break even, if properly maintained, for way less than any lease purchase I've seen.

My payments are $470 a month. $70 of that being interest. I pay an even $500 to chunk at some principal. Interest is a write off. Way more moolah in the bank.

 

LOL @skateboardman.......Anyway, I hope you have a great tax person with a sharp pencil, because all that money going to your bank will get TAXED hard.

 

Writing off the depreciation comes close to exactly the full payoff-- in fact exactly so it is more than close. Wrote a $103,000 dollar check to purchase my truck and was able to depreciate over three years. $34,000 a year write off against my income. I made so little money at the carrier I was leased to that my Profit and Loss over 3 years was negative $27,000 bucks. I can carry that negative number ahead 20 years to pay down future owed taxes. I expect to burn it up within 2 years at my new carrier which pays real money.

 

Glad that you can pay cash for your truck. Most drivers can't afford to do that, and if I had that kind of money in the bank I sure as hell wouldn't be trucking .