Lease Purchase Flaws

[abc123]

lease purchase=sucker

i think this is the only legal scam the companies can get away with

this by far is the biggest money maker for the companies

if you sign a lease-purchase, you accept being raped

[SilverWulf]

This is what is wrong with trucking today. 850.00 a week as an O/O??That is a big joke. After the social security tax,income tax,and maintenance(yes,trucks do break down) are taken out of that 850.00,you would make more money delivering pizzas. 614.00 a week is what the leases are running at? :shock: The best way to start out as an O/O is to buy a good used truck for around 35-40k with less than 400k miles on it and keep the MONTHLY payments at or below 1500.00. At 614.00 a week that comes out to over 2400.00 a month and you still don't own anything. VERY unrealistic.

I said 850+, meaning 850 is the low end and I usually do much better than that.

I am not paying anything towards the various taxes or maintenance out of my take home pay; I have different accounts for those funds to go into before I ever see a penny. I have plenty set aside to keep uncle sam happy and to take care of any conceivable breakdown. Doing anything different would just be dumb.

If I could get financing for a truck I would do it in a heartbeat. Right now, I can't, so this is my best opportunity to make some money and learn what it is to run a truck at the same time. No matter who you drive for as a company driver, there are aspects to being an O/O you will never learn while driving someone else's truck.

In another 9 months I will have the chance to buy the truck and will probably do so.

As I said before, this is what works for me right now, it may not work well for anyone else. Just because you think it is a bad idea does not make it so for everyone else.

Dan

[Fredog]

This is what is wrong with trucking today. 850.00 a week as an O/O??That is a big joke. After the social security tax,income tax,and maintenance(yes,trucks do break down) are taken out of that 850.00,you would make more money delivering pizzas. 614.00 a week is what the leases are running at? :shock: The best way to start out as an O/O is to buy a good used truck for around 35-40k with less than 400k miles on it and keep the MONTHLY payments at or below 1500.00. At 614.00 a week that comes out to over 2400.00 a month and you still don't own anything. VERY unrealistic.

I said 850+, meaning 850 is the low end and I usually do much better than that.

I am not paying anything towards the various taxes or maintenance out of my take home pay; I have different accounts for those funds to go into before I ever see a penny. I have plenty set aside to keep uncle sam happy and to take care of any conceivable breakdown. Doing anything different would just be dumb.

If I could get financing for a truck I would do it in a heartbeat. Right now, I can't, so this is my best opportunity to make some money and learn what it is to run a truck at the same time. No matter who you drive for as a company driver, there are aspects to being an O/O you will never learn while driving someone else's truck.

In another 9 months I will have the chance to buy the truck and will probably do so.

As I said before, this is what works for me right now, it may not work well for anyone else. Just because you think it is a bad idea does not make it so for everyone else.

Dan

I hope everything works out for you, be sure to keep us posted

[DD60]

This is what is wrong with trucking today. 850.00 a week as an O/O??That is a big joke. After the social security tax,income tax,and maintenance(yes,trucks do break down) are taken out of that 850.00,you would make more money delivering pizzas. 614.00 a week is what the leases are running at? :shock: The best way to start out as an O/O is to buy a good used truck for around 35-40k with less than 400k miles on it and keep the MONTHLY payments at or below 1500.00. At 614.00 a week that comes out to over 2400.00 a month and you still don't own anything. VERY unrealistic.

I said 850+, meaning 850 is the low end and I usually do much better than that.

I am not paying anything towards the various taxes or maintenance out of my take home pay; I have different accounts for those funds to go into before I ever see a penny. I have plenty set aside to keep uncle sam happy and to take care of any conceivable breakdown. Doing anything different would just be dumb.

If I could get financing for a truck I would do it in a heartbeat. Right now, I can't, so this is my best opportunity to make some money and learn what it is to run a truck at the same time. No matter who you drive for as a company driver, there are aspects to being an O/O you will never learn while driving someone else's truck.

In another 9 months I will have the chance to buy the truck and will probably do so.

As I said before, this is what works for me right now, it may not work well for anyone else. Just because you think it is a bad idea does not make it so for everyone else.

Dan

The math still doesn't add unless you are driving over 3500 miles every week. The lease payments ALONE are 614.00 a week. There is a chance that some succeed at these deals,but the chances are slim. Usually if one can't finance a truck it would be a good idea not to buy one at all. The revenue off the loads themselves is supposed to be enough to cover all maintenance expenses.

[greg3564]

This is what is wrong with trucking today. 850.00 a week as an O/O??That is a big joke. After the social security tax,income tax,and maintenance(yes,trucks do break down) are taken out of that 850.00,you would make more money delivering pizzas. 614.00 a week is what the leases are running at? :shock: The best way to start out as an O/O is to buy a good used truck for around 35-40k with less than 400k miles on it and keep the MONTHLY payments at or below 1500.00. At 614.00 a week that comes out to over 2400.00 a month and you still don't own anything. VERY unrealistic.

I said 850+, meaning 850 is the low end and I usually do much better than that.

I am not paying anything towards the various taxes or maintenance out of my take home pay; I have different accounts for those funds to go into before I ever see a penny. I have plenty set aside to keep uncle sam happy and to take care of any conceivable breakdown. Doing anything different would just be dumb.

If I could get financing for a truck I would do it in a heartbeat. Right now, I can't, so this is my best opportunity to make some money and learn what it is to run a truck at the same time. No matter who you drive for as a company driver, there are aspects to being an O/O you will never learn while driving someone else's truck.

In another 9 months I will have the chance to buy the truck and will probably do so.

As I said before, this is what works for me right now, it may not work well for anyone else. Just because you think it is a bad idea does not make it so for everyone else.

Dan

The math still doesn't add unless you are driving over 3500 miles every week. The lease payments ALONE are 614.00 a week. There is a chance that some succeed at these deals,but the chances are slim. Usually if one can't finance a truck it would be a good idea not to buy one at all. The revenue off the loads themselves is supposed to be enough to cover all maintenance expenses.

Actually, the payments are $443 a week. Not defending the lease guys, but if $850 a weeks works for him, that's all that matters.

[Cluggy619]

If at the end of the lease, you owned the truck, then I think it would be worth it. If not, why bother?

[rvrjr7]

sounds like a cr england flease purchase scam. i was passed the other day by one of those stupid cr england flease trucks with awhat appeared to student driving and and came 3 inches from wiping out my truck. they would have wiped out my truck if i wouldnt have taken evasive actions cause i work too damn hard to make it with my lease truck. what i mean my working too damn hard to make it is i want 40 grand in my maintance account and truck paid for asap. over 600 bucks a week for a payment it better include maintance, plates, and permits. i pay 421.88 a week for a payment, 251 a month for insurance, and with my fsc i pay anywhere from 70 cents to a dollar a gallon for fuel but i use my fsc as a bonus every week and dont even count that into my cost of operation. with my bills at home, 5 cents a mile into my company maintance account, truck payment, insurance, cell phone bill, food, car insurance and so on and so forth and fuel for the truck on a weekly average paying pump price at the national average it cost me $0.802 cents a mile to run my truck before profits and fuel is based at 6mpg which on a bad day i get 6.7 mpg.. also that includes money for my taxes. no i dont have a brand new truck no need for it i want to keep this 2004 running as long as i can. btw at the end of my lease my buyout is one dollar. if at the end of the lease i cant come up with the dollar somethings wrong. yes i have money on my debit card and yes i have an awesome mechanic i dont go to the chain truck stops for maintance unless its an emergancy repair. i take good care of my truck and in return it treats me good i fix small problems before they turn into major problems. i also have some drivers who have been sucessful owner operators for years giving me advice on how to keep my equipment in top notch shape

[driver67373]

sounds like a cr england flease purchase scam. i was passed the other day by one of those stupid cr england flease trucks with awhat appeared to student driving and and came 3 inches from wiping out my truck. they would have wiped out my truck if i wouldnt have taken evasive actions cause i work too damn hard to make it with my lease truck. what i mean my working too damn hard to make it is i want 40 grand in my maintance account and truck paid for asap. over 600 bucks a week for a payment it better include maintance, plates, and permits. i pay 421.88 a week for a payment, 251 a month for insurance, and with my fsc i pay anywhere from 70 cents to a dollar a gallon for fuel but i use my fsc as a bonus every week and dont even count that into my cost of operation. with my bills at home, 5 cents a mile into my company maintance account, truck payment, insurance, cell phone bill, food, car insurance and so on and so forth and fuel for the truck on a weekly average paying pump price at the national average it cost me $0.802 cents a mile to run my truck before profits and fuel is based at 6mpg which on a bad day i get 6.7 mpg.. also that includes money for my taxes. no i dont have a brand new truck no need for it i want to keep this 2004 running as long as i can. btw at the end of my lease my buyout is one dollar. if at the end of the lease i cant come up with the dollar somethings wrong. yes i have money on my debit card and yes i have an awesome mechanic i dont go to the chain truck stops for maintance unless its an emergancy repair. i take good care of my truck and in return it treats me good i fix small problems before they turn into major problems. i also have some drivers who have been sucessful owner operators for years giving me advice on how to keep my equipment in top notch shape

So just what does "flease" stand for/mean?