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Work to own/lease purchase

Discussion in 'Seek Employment' started by Sasquatch, Aug 5, 2012.

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  1. Aug 5, 2012 #1
    Sasquatch

    Sasquatch Bobtail Member

    9
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    Jul 24, 2010
    Midlothain, TX
    0
    I am currently a company driver with 4 years of flatbed OTR experience and I live in the Dallas, Texas area. I have hauled various types of freight including oversize and over length material. I have driven just under 450,000 miles with no accidents, no tickets, and have never had a failed DOT inspection. My current CSA score is zero. In addition I have HazMat and tanker endorsements on my license. I have taken great care to ensure that my driving record is spotless because I am a career minded individual. I have a goal of being an owner operator and running my own business so that my wife will be able to stay home with our kids. I am looking for a way to get started in the business but I don’t have the upfront capital to purchase the truck. I have looked at several large companies with lease to own options but have found most of them to be scams or the trucks are so new that the payment takes away all profit. I don’t need a brand new truck just one with a solid engine and drive train. I prefer Peterbilt, Kenworth, or classic XL Freightliners but I’m willing to start with any good solid truck. I have a company in place that I can lease the truck on with that has plenty of freight at excellent rates. I just need the truck to get started. If anyone has any way or ideas that would help me and my family achieve this goal it would be greatly appreciated. It would be great if someone selling a truck would be willing to accept payment on a percentage of the trucks gross pay or something similar that would work out for both of us. I’m not looking for a hand out just the opportunity to start my business and provide for my family’s needs. Any help or information would be great. Thank you for your time.
     
    Sasquatch, Aug 5, 2012
    Sasquatch, Aug 5, 2012
    #1
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  3. Aug 5, 2012 #2
    j3411

    j3411 Medium Load Member

    358
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    Jul 31, 2010
    Buckner, Il
    0
    If you don't have upfront money and you have bills and responsibilities at home DON'T get into any kind of lease purchase program. Keep working for someone else and save some money up. The saving up part will be sacrifice enough to bring to your families table.

    There are tons of threads on here from people who had the grandest intentions of providing a better life for their families only to lose it all in a short time and put their families in a bad way. The common thread? They didn't have working capital to begin with.
     
    j3411, Aug 5, 2012
    j3411, Aug 5, 2012
    #2
    Grumppy Thanks this.
  4. Aug 31, 2012 #3
    stranger

    stranger Road Train Member

    3,640
    4,958
    Oct 10, 2006
    NC
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    Let me interpert the above post for you.

    We've really jacked the price up on these trucks we don't have much in.

    We've also jacked the interest rate up to about double everywhere else.

    We will also extend the term of the loan so the easy terms interest rate will bring us in 4x the selling price. The truck probably won't last that long, so we will graciously give you next to nothing for it, and sell you another over priced, worn out, high interest truck, and get you on the hook for another 5 years.

    Fleet maintained means they did the least maintenance they had to do to keep the trucks rolling until trade time.

    I could be wrong, but probably not.
     
    Last edited: Aug 31, 2012
    stranger, Aug 31, 2012
    stranger, Aug 31, 2012
    #3
    Sasquatch Thanks this.
  5. Aug 31, 2012 #4
    bullhaulerswife

    bullhaulerswife Forum Leader/Admin Staff Member Administrator

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    Jul 23, 2007
    Midwest
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    Just to let you know, the person that you responded to was banned. Third party recruiters are not allowed to post here, and had they read the rules, before posting they would have known that. I'm going to leave your post, because its good information. The information that you quoted was deleted along with the recruiter. LOL
     
    bullhaulerswife, Aug 31, 2012
    bullhaulerswife, Aug 31, 2012
    #4
  7. Aug 31, 2012 #5
    stranger

    stranger Road Train Member

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    Oct 10, 2006
    NC
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    I thought he might be one of those "lease to own" dealers out there. They take 1 million mile trucks, jack the price way up, charge high interest, and lease it to you with little to no money down, for a term much longer than the truck will last, hoping you will trade that truck in on another one when it breaks in a couple years.

    That is the formula for many of the "buy here-pay here" car dealers. I have seen one dealers books where a person had ended up purchasing/trading three cars over several years because the first one broke before the loan was paid off. They ended up with more in a worn out car than an almost new one would have cost.
     
    stranger, Aug 31, 2012
    stranger, Aug 31, 2012
    #5
    Sasquatch Thanks this.
  8. Aug 31, 2012 #6
    CondoCruiser

    CondoCruiser The Legend

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    Apr 18, 2010
    Tennessee
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    Sorry for the interruptions guys. Had to deal with a spammer X2. :)
     
    CondoCruiser, Aug 31, 2012
    CondoCruiser, Aug 31, 2012
    #6
  9. Sep 2, 2012 #7
    Trucker Paul

    Trucker Paul Medium Load Member

    406
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    Aug 15, 2012
    Westland,Mi
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    Hi I have one yr recent exp and 6 yrs total and i'd love to lease to own a truck
    I live near Detroit,Mi and looking to start asap. Thanks Paul
     
    Trucker Paul, Sep 2, 2012
    Trucker Paul, Sep 2, 2012
    #7
  10. Sep 2, 2012 #8
    Sasquatch

    Sasquatch Bobtail Member

    9
    12
    Jul 24, 2010
    Midlothain, TX
    0
    I guess I should have titled my post a little differently. There is NO way I would ever do a lease purchase deal with some big trucking company. Trust me I have looked at most of them and they are an extreme rip off. The trucks are way too new and the payments are incredibly high. Most of them are not designed for you to ever pay the truck off so you are stuck in a vicious cycle that never ends and you never own the truck like you want to.

    I have some money saved up just not enough to pay the 20% or so that is required for a down payment with most banks. That is if they would even lend money to someone who has never had a commercial loan before. If they did loan money they would charge an outrageous interest rate. What I was looking for is an individual that wanted to sell and maybe wanted to take a payment based on the trucks gross or something like that. It really is a lot to ask for someone to take a huge risk, but you never really know what people will do if you never ask.


    Thanks for the replies.
     
    Sasquatch, Sep 2, 2012
    Sasquatch, Sep 2, 2012
    #8
  11. Sep 10, 2012 #9
    starsonwindow

    starsonwindow Medium Load Member

    569
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    Feb 2, 2012
    Phoenix, Arizona
    0
    There are lease to own companies, They specialize in what you are looking for, An example of that is a 2010 Pro-Star High Rise double bunk, Less then 400K mikes. Cummins bla bla.... 13 speed or Ultra Shift for about $4800.00 down and 1500.00 a moth for payments for 36-42 months. I am not a salesman of any these just been looking into it.
     
    Last edited: Sep 10, 2012
    starsonwindow, Sep 10, 2012
    starsonwindow, Sep 10, 2012
    #9
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