My promised report on Prime lease - after 7 weeks, I like it

[ScottieFL]

Promised I let you know how the Prime lease is working for me. Although I'm just getting started, my first seven weeks have been great.

My best week I cleared (after all expenses) $2200. My worst week was $1200. I'm averaging about 2500-3500 miles a week.

I know it won't always be this good, but it's much more than the 26 cpm I would've made starting out at other good companies, like CFI.

I have a lot to learn, still. It's different when you're finally out on your own with your own truck. No training can really prepare you for how you are gonna handle that final step.

Perhaps when I get a couple of years experience under my belt, I can earn the 40 cpm experienced company drivers make and ditch the Prime lease. Until then, I can make more money doing what I'm doing.

Thanks again to all of you that gave me advice. I really appreciated it.

[Crocodile]

I am happy to read that you are doing well Scottie. Would be interested to hear what your average net cost is for fuel. Thanks

[GMAN]

You state that you are clearing $1,200-2,200 per week after all expenses? Does that include fuel, maintenance, escrow and lease payments? I am curious as to what Prime pays per mile.

[dollarshort]

I see where this is going....He said he averages 2300-3000 mi. per week. Already knowing Prime is paying about a buck a mile there is no way he had calculated ALL his expenses into his (bring home). Scottie, break it down for us so we can all see how good you are doing. I think you will find out that the .26 cpm you were gonna get from CFI would have been better. Remember to figure in fuel, self-employment taxes, benefits, insurance, etc. I think your re-calculated (bring home) will be around $750 give or take. Not worth it for all the headaches you will surely encounter during the term of your lease.

[rowdymonster]

what are your payments on the lease and for how long?

[ken_o]

check this out
http://www.primeinc.com/drivers/succ..._to_lease.html
http://www.primeinc.com/drivers/prime_career_path.html

[TK THE TRUCKER]

He said he averages 2300-3000 mi. per week.

I believe he said 2500-3500 :wink:

[dollarshort]

Okay. Even at those numbers it doesn't equate.

[Crackaces]

You state that you are clearing $1,200-2,200 per week after all expenses? Does that include fuel, maintenance, escrow and lease payments? I am curious as to what Prime pays per mile.

GMAN I can see in 8 weeks or so this including fuel and lease payments since this comes right out of the settlement. What has not happend yet is a breakdown with its costs plus downtime .... nor a week or month of low miles ...

I can see paying about 1.50 for fuel since Prime has a contract program at that low dollar per mile. So 800 bucks for fuel and 600 for a lease payment computes.

[WildK9]

I would be careful with that Prime lease, especially if you're solo, as I had the oppurtunity to speak with a gentleman(can't remember his name, I think it was Steve) who used to be some bigwig(or so he claimed) at Prime. He told me that Prime's leases are setup to fail for the solo drivers. He claimed that it's not too bad at first, to "hook" the driver, then near the end the miles drop off. Now, I can't say that what he says is true or not, but I would be very cautious. By the way,he is now working at some company that has a "unique" answer to owning a truck. http://xxfreight.com/ I DO NOT KNOW MUCH ABOUT THIS PROGRAM. I remember it was rather interesting, how it was setup. Definitely do plenty of research, before you sign anything in life!!

[dollarshort]

You state that you are clearing $1,200-2,200 per week after all expenses? Does that include fuel, maintenance, escrow and lease payments? I am curious as to what Prime pays per mile.

GMAN I can see in 8 weeks or so this including fuel and lease payments since this comes right out of the settlement. What has not happend yet is a breakdown with its costs plus downtime .... nor a week or month of low miles ...

I can see paying about 1.50 for fuel since Prime has a contract program at that low dollar per mile. So 800 bucks for fuel and 600 for a lease payment computes.

But you must figure about 22%-25% for taxes. Also take out maintenance fund and about 200-300 bucks a week for health insurance.

[Malaki86]

I would be careful with that Prime lease, especially if you're solo, as I had the oppurtunity to speak with a gentleman(can't remember his name, I think it was Steve) who used to be some bigwig(or so he claimed) at Prime. He told me that Prime's leases are setup to fail for the solo drivers. He claimed that it's not too bad at first, to "hook" the driver, then near the end the miles drop off. Now, I can't say that what he says is true or not, but I would be very cautious. By the way,he is now working at some company that has a "unique" answer to owning a truck. http://xxfreight.com/ I DO NOT KNOW MUCH ABOUT THIS PROGRAM. I remember it was rather interesting, how it was setup. Definitely do plenty of research, before you sign anything in life!!

That looks pretty interesting. I might have to check more into it.

And a company driver gets paid vacations, paid holidays, and company-matching on his/her 401k.

A lease-operator (aka: company driver with a truck-payment) gets none of that.

[WildK9]

I would be careful with that Prime lease, especially if you're solo, as I had the oppurtunity to speak with a gentleman(can't remember his name, I think it was Steve) who used to be some bigwig(or so he claimed) at Prime. He told me that Prime's leases are setup to fail for the solo drivers. He claimed that it's not too bad at first, to "hook" the driver, then near the end the miles drop off. Now, I can't say that what he says is true or not, but I would be very cautious. By the way,he is now working at some company that has a "unique" answer to owning a truck. http://xxfreight.com/ I DO NOT KNOW MUCH ABOUT THIS PROGRAM. I remember it was rather interesting, how it was setup. Definitely do plenty of research, before you sign anything in life!!

That looks pretty interesting. I might have to check more into it.

yes, it does. at the time, i was thinking of becoming an o/o. now that i've researched it for the past few years, i have no desire to be one. i appluad all those that do and BOL!!

[mike3fan]

and about 200-300 bucks a week for health insurance.

I pay $198 a month so about $50 a week

[kc0iv]

I would be careful with that Prime lease, especially if you're solo, as I had the oppurtunity to speak with a gentleman(can't remember his name, I think it was Steve) who used to be some bigwig(or so he claimed) at Prime. He told me that Prime's leases are setup to fail for the solo drivers. He claimed that it's not too bad at first, to "hook" the driver, then near the end the miles drop off. Now, I can't say that what he says is true or not, but I would be very cautious. By the way,he is now working at some company that has a "unique" answer to owning a truck. http://xxfreight.com/ I DO NOT KNOW MUCH ABOUT THIS PROGRAM. I remember it was rather interesting, how it was setup. Definitely do plenty of research, before you sign anything in life!!

That looks pretty interesting. I might have to check more into it.

First off it looks like another one of the many Prime options.

Notice no where do they say how you get the truck. How long do you have to drive the truck before it is yours?

Another item is it FORCED dispatch.

Limited home time.

I'd look long and hard before I would go very far. I question if it is legal. If you are a OOIDA member call them and have a talk with them.

Remember -- There Is No Free Lunch

kc0iv

[Big John]

My understanding you never get the pleasure of owning the truck, when the lease is up you turn it back in and lease a new one. I had a friend that worked in the safety dept. at Prime, he said they have a year policy on equipment and they would not lease or keep anything over 4 years old. So I guess you can buy it after the lease is up and take it somewhere else, I bet you pay a fortune for it. He also went on to say that they average 3-4 different lease drivers on a truck during its life span at Prime, one a year.

Lease Purchase= company driver with a truck payment. No you are not an owner operator.

[ScottieFL]

Ooops - I rechecked my settlements. I actually did about 3900 miles a couple of weeks. And one of my weeks I only cleared about $570.

My 8th week, I took off for Thanksgiving. I only had one load on my settlement for that week, so I lost about $100.

And yep, this is after all expenses, except for taxes and food - it's the bottom line money to me.

I don't know if it will be this good in January or February, but it's working for me now. Perhaps I've just been lucky so far, but I'm making more money than I ever have in my life. I'm gonna stick with it.

Again, thanks to everyone, but it's time for me to stop posting and start driving! Good luck and safe travels.

[Driveline]

My understanding you never get the pleasure of owning the truck, when the lease is up you turn it back in and lease a new one. I had a friend that worked in the safety dept. at Prime, he said they have a year policy on equipment and they would not lease or keep anything over 4 years old. So I guess you can buy it after the lease is up and take it somewhere else, I bet you pay a fortune for it. He also went on to say that they average 3-4 different lease drivers on a truck during its life span at Prime, one a year.

Lease Purchase= company driver with a truck payment. No you are not an owner operator.

I used to work for Wil-Trans who runs under Prime's authority, they tell you in orientation that its not going to be benificial for you to purchase a truck after the lease is over, cause its residual is still quite high

[BanditsCousin]

and about 200-300 bucks a week for health insurance.

I pay $198 a month so about $50 a week

$800-$1200/mo is insane Thats more than my workman's comp, liability, and comprehensive!