Is Lease Purchase Trucking a Good Idea?
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- čas přidán 6. 09. 2024
- Lease purchase trucking is becoming an increasingly popular way for truck drivers to get their start in the industry. It can be a great option for those who want to own their own truck but don't have the money to outright buy one. However, there are also some drawbacks that should be considered before making a decision about whether or not lease purchase trucking is right for you. In this episode, we will discuss the pros and cons of lease purchase trucking so that you can make an informed decision about whether or not it is the right choice for you.
To learn more about a career in trucking and see if lease purchasing is a fit for you visit Chief Carriers.
chiefcarriers....
All the same BS. No matter how you cut it, it’s still shit…
Save $30,000 and get a pre emissions truck and pull for Land Star…
Swift will roll balloon payment into another lease but the pay doesn't look right
It's not necessarily the lease purchases that are flawed: it's the companies who issue them. Companies need to protect themselves but most of them are predatory with their contracts.
Giltner won't let you see the contract before hand to make a correct decision ...
Barlow charges approximately 50k over market value for truck ...
Swift, christensen, rti, etc etc provide low mileage rates where you may break even..
If you find a good program then they have inside facing cameras that want to monitor AI every move ..
Some companies WEL. PAM have extreme balloon payments of 25 k plus...
Some companies have prepayment restrictions locking you into higher interest for longer and or balloon payments..
My dad did something crazy, he put a single line through all the things he didn't like and initialed it signed contract they didn't notice then got stuck with the new terms. Their own lawyer said to not even fight it. He has done this with lease purchase, employment, and loan contracts. Says to me only a few ever noticed and he just walks away. Remember when they hand a contract if doesn't say it can't be amended or counter offered you can legally counter the offer this way and if they accept it whether by signature or starting the implementation of it, it's now legal under the new terms.
i was going to buy a truck but ive decided to stay at my home daily paid by the hour job park the truck go home and not worry about it
That sounds like a smart move.
Ive done at least 5 WalkAway Lease purchase program. All of them have been the same Old Song. They Never never give you Enough miles to pay for that truck. But they do Pay them selves before they Pay you so that leaves you Almost nothing every week 😢SAD!!!
company names?
Then why have you done 5 of them!!!!!
Why not a company where you use a load board where you dispatch yourself
Who pays for the repairs?
Honestly is the best policy. Thank You for your video.
Doesn’t seem to matter how many lease purchase nightmares you read about , the poor insist on getting poorer.
Still better money what I was making from last job I was at as a company driver
Sure if you get miles or good loads that pay
Only dispatcher I trust is myself
This was very informative thank you so much for shedding light on leasing. I’ve been having doubts transitioning from company to lease but now I’m certain about my decision…
Did you lease and had it been worth it financially?
@@DanJnhaven’t gone to lease as yet. Stacking some bread first before I make the jump
Broke it down correctly!
Havent finished the vid yet but i would say never go for any type of lease that is mileage based aka paid per mile. Always look for the percentage based pay.
Pro's and con's to both approaches. In today's market, percentage based plans are struggling. Percentage works well in the drivers favor when freight is busy. Mileage base seems to be a better long-term play and supports the drivers in a down market. Leaves the carrier to absorb the brunt of the cheap rates.
@@chiefcarriers I agree with that, but companies don't want to pay $2.25 - $3.00 a mile and you can't run a truck out here today for $1.06 mile or $1.10 a mile and claim your making money. When the national average cost to operate a truck in (2022 numbers) was $2.25 per mile. And it's not went down only up. But these companies want you to believe that you can operate that truck for less. Doesn't work that way. Not trying to just pay the truck bills, my company has to make money too.
This is the only video that makes sense!
Well said interview
If business is not stable, while drivers do not like any stress but looking to pay what is required then nothing wronh going by pay percentage out of rake home earning because idea is one person has investment while other person put his effort, skill, labor then earning goes into 50% 50% while keeping 25% for equipment (truck and trailer) that all you need. So if truck broke down then no payment till it back on the road, may driver got sick etc or took given days off per year. So no sress and any one can enjoy with trucking not suffering with maintenance, old truck, or looking a different one.
"Earn 10% - 30% more than you do as a company driver"? Are you kidding? With 60%-100% more work and responsibility?
There's No truck Worth 200K because there No Such thing as a New Truck!!!! Only thing that's new is Engine and Transmission. Lease Purchase Renting All A SCAM.THAT'S WHY THEY CALL IT WalkAway. No WHY would someone want to WalkAway from their Investment? Mmmm 😢
If there's a balloon payment, run!
If you're leasing a newer truck, there will always be a balloon payment. It's the residual value of the truck that is due at the end of the lease term. Just find a company willing to finance the "balloon" at the end for you...
Whats a balloon payment?
H@@acmckeithen8857 maybe no equity, or in the negative at end of contract, sounds like missed pymts or something?
@@acmckeithen8857it’s the remainder of the loan. To make payments smaller over the first few years that float it with a balloon 🎈 at the end of the term
My company does a truck my truck program. After you pay off the first lease. Where you can personally customize your new truck how you want it. Color specs ect…then end of that loan no balloon payment
Your company is selling a used truck? Lol there's companies out there selling you brand new trucks that you specifically order for yourself on lease purchase deals
Basically
New truck $200k-$225k =
5yr contract & $1000 weekly payment
Fairly used truck
$50k-$80k & 200k-300k miles=
2yr contract & $600 weekly payment
Better to have cheaper truck & pay the it off asap because a down freight markets happen every 3-7 years; during those down times you will be living check-to-check
or in the negative with a new truck.
Maintenance & repairs for the used truck will be cheaper in 6 years than the total payment of that new truck.
Own the truck asap, Dont let the truck own you
@@jpw7598 No they're three year leases. For $1,000 a month brand new trucks
But yes I agree it is better to get a cheap truck and paid off quickly.
I would work there….. they have nice equipment
No. It’s not. You’ll pay way more and the company doesn’t give two shits if you starve in the truck or not. And that’s ANY company with more than 10 trucks
What the name of your company.
So they would own the truck after they hit 750,000 miles😮
Yes, that would be about right. Probably why the walk away lease has gained popularity so drivers never operate a truck out of warranty
Do uall help sap drivers that what hellp
No I did not have to pay any extra money at the end of my car payments lol 🤣 is this how you try to convince people that a balloon payment is okay lol
If you lease a car there will probably be a balloon payment.
Older truck...more issues and no warranty
Pies of sgit
Bssssss
Never lease a truck this guy is a used car sales man never trust anybody like this.