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georgwh
Joined: 14 Sep 2006
Posts: 1
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| Posted: Thu Sep 14, 2006 12:52 am Post subject: Give it to me straight |
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I'm the father of 5. I've been driving a truck for 3 years now. 2 years over the road and the last year delivering fuel locally. The pay is just enough to get by.
The lease purchase deal at John Christener is tempting. I can run pretty hard. Everything on paper looks as if I'll still be making pretty good money even after maintence and expenses.
The problem is, I know things on paper aren't always what happens. Can you tell me if this would be worth it? My wife and I are a little afraid to jump into the deal without hearing from a lot of people first.
Thanks.... |
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Sonny Pruitt
Joined: 02 Sep 2006
Posts: 449
Location: Mahwah,NJ
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| Posted: Thu Sep 14, 2006 2:01 am Post subject: |
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Stay local and watch your kids grow.
In a breath
they will be grown up |
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Fozzy
Joined: 02 Sep 2005
Posts: 2460
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| Posted: Thu Sep 14, 2006 2:23 am Post subject: |
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| I second that motion... Stay home and live with your family, they'd rather not have few less trinkets than have you be missing everything for the sake of the truck. |
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GMAN
Joined: 13 Feb 2005
Posts: 9878
Location: Tennessee
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| Posted: Thu Sep 14, 2006 6:23 am Post subject: |
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If you think you are barely getting by now, just wait until you are in a fleece purchase deal. These are designed for one reason only, make money for the carrier. There are lot of hidden costs involved in running a truck. If you want to be an owner operator save your money for a good down payment and find a lender. Better yet, save enough to pay cash. I don't recommend buying a truck without having money in reserve. You can buy a truck with a monthly payment of about what most of these fleece purchase deals want weekly. If you buy a truck, you will own it at some point. You will never own a rental unit. If you want to publish their figures on this forum, I am sure that you will get a lot of input. Some of us have owned a number of trucks. We will be glad to give you honest answers to any of your questions.
If your motivation in getting into one of these fleece purchase deals is making more money for your family, it isn't going to happen. Perhaps you would be better off looking for another local or even regional job that could pay more money. Good luck. |
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Windwalker
Joined: 22 Oct 2005
Posts: 3091
Location: Holiday, FL
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| Posted: Thu Sep 14, 2006 7:37 am Post subject: |
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| Over the years, I've known very few companies that had it set up so that you actually make any money with a lease-purchase. The companies have it set up so that you will run to make your payments, but in the process, you will be making them more money than a company driver because of your "incentive" to own the truck. The vast majority of lease-purchase deals are like revolving doors. A driver goes into it with high hopes, but after realizing the truck payments, maintenance costs, insurance, etc, he realizes that there is still nothing left to pay the bills at home. Two months after they go into the deal, they're gone. If you're barely getting by now, you will most likely find that one of those lease-purchase deals will sink you. Find your own truck, something like an old cab-over in good shape, for about $7,000 to $15,000. Sign it on and get it paid off in a year or so, then build up your reserve to buy something better. |
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solo379
Joined: 14 Feb 2004
Posts: 3162
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| Posted: Thu Sep 14, 2006 9:08 am Post subject: Re: Give it to me straight |
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georgwh wrote: The problem is, I know things on paper aren't always what happens.
Exactly!
Short answer;- Forget it, don't ruin your life, all you'd get, is a "cash flow mirage", if that! :sad: |
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beachbum2
Joined: 29 Aug 2006
Posts: 69
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| Posted: Thu Sep 14, 2006 9:05 pm Post subject: |
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It's tooo true. Save your money and put a good down payment or better yet buy a good used truck for cash. The big companies will lease a truck to almost anyone... That driver will make the companies payments (times two usually).
The only way you will have any money left over at all is to run,run and run. Then you ran so hard the maintenance expenses start to mount up!
Put away a little each week and before too long, your kids will be older and you will be able to buy a truck. Don't get sucked into the "fleece program"! Patience and good luck |
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GMAN
Joined: 13 Feb 2005
Posts: 9878
Location: Tennessee
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| Posted: Fri Sep 15, 2006 7:22 am Post subject: |
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| You can buy a good used truck for less than $20M. With a good down payment and decent credit, you should have no problem getting it financed with 10-30% down. Most will require about $20%. Payments will run around $500/month, much less than you would pay in a fleece purchase deal. If you choose to lease to a percentage carrier, they usually don't care about the age as long as it looks decent and will pass a DOT inspection. Paying that much for the truck, you won't put such a strain on yourself and actually be able to make money. There is enough stress in this business without the additional pressure of not bringing home a decent paycheck. |
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Sonny Pruitt
Joined: 02 Sep 2006
Posts: 449
Location: Mahwah,NJ
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| Posted: Fri Sep 15, 2006 4:39 pm Post subject: |
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Georg
92 cpm + 100% surcharge
If you want a divorce,
This is by far the best route |
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Niagarafallss1
Joined: 25 Jun 2005
Posts: 515
Location: Western New York State
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| Posted: Fri Sep 15, 2006 5:09 pm Post subject: |
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| Go pester the heck out of the regional/local carriers (ABF, OD, Overnight, Roadway, Estes, etc.) and see if you can land a line-haul gig that will get you home every day. |
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Sonny Pruitt
Joined: 02 Sep 2006
Posts: 449
Location: Mahwah,NJ
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| Posted: Fri Sep 15, 2006 6:49 pm Post subject: |
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| Have you had any snow yet? |
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marcel27208
Joined: 19 Aug 2006
Posts: 793
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| Posted: Fri Sep 15, 2006 7:09 pm Post subject: |
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| i dont understand if people say that fleece purchase is sooo bad...why do people succeed at it? Now ive read some fleece purchase deals and thought WOW how does the driver make money(CR ENGLAND) but then there are some that kinda look like they are trying to help the driver( DJ FRANZEN) it seems the smaller companies have the "best" deals if thats what you wanna call it(a deal) |
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GMAN
Joined: 13 Feb 2005
Posts: 9878
Location: Tennessee
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| Posted: Fri Sep 15, 2006 7:36 pm Post subject: |
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marcel27208 wrote: i dont understand if people say that fleece purchase is sooo bad...why do people succeed at it?
They don't. That is the problem with them. They are design from the beginning to fail. I don't know who you have been talking to about fleece purchase people being successful, but I only recently met the second person in over 30 years who has told me that they actually completed their fleece purchase. All you have to do is look at the numbers. They don't add up. If you want to lease a truck then find a leasing company and lease one from them. I have spoken to countless drivers who have lost their shirts on these scams. And believe me, they are scams. I still don't understand why the Feds haven't closed them down. If you want to get some feedback from some of us who are owner operators or running our own authority, get their numbers and post them. I would love to talk to several drivers who have actually completed their leases.
marcel27208 wrote:
Now ive read some fleece purchase deals and thought WOW how does the driver make money(CR ENGLAND) but then there are some that kinda look like they are trying to help the driver( DJ FRANZEN) it seems the smaller companies have the "best" deals if thats what you wanna call it(a deal)
I don't think there is such a thing as a carrier sponsored lease purchase deal. |
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Sonny Pruitt
Joined: 02 Sep 2006
Posts: 449
Location: Mahwah,NJ
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| Posted: Sat Sep 16, 2006 7:33 am Post subject: |
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First you would have problems with a truck already paid for at 92cpm
Kepp in mind that there will always be drivers who are successful at Lease purchase. The company controls the money and it is important to show prospective L/P that it is a good deal for them.So there will always be those guy around and they are usually trainers etc.
People always "run the numbers"
but do not take into consideration the "quality of life"
You are leasing from the very company that controls your money.
if your squelch is down right now :
THEY CONTROL YOUR MONEY!!!
this is a very frustrating busness to begin with
not getting home,family problems , excessive delays, short miles
If the company driver needs to get home this weekend
the disp will try to do it to keep his company drivers happy
(theres a driver shortage and he can move on to another company)
If an o/o needs to get home this weekend
the disp will try but he has to make sure he has enough power because
he has his company drivers to take care of.
When the L/P needs to get home this weekend..........baaaahahahahah
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
The reason they have L/P is that they have a pool of power that cannot say no to ANYTHING for the duration of thier L/P
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
.......................................GOT IT?.......................................................
YOU CAN'T LEAVE
If you stamp your feet and refuse a load and just go home they will punish you $$$$$$$$ until you cry uncle. |
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marcel27208
Joined: 19 Aug 2006
Posts: 793
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| Posted: Sat Sep 16, 2006 7:53 am Post subject: |
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| like you read in magazines about drivers l/p saying how they are on their 3rd truck with the lease purchase deal...now a lease purchase isnt something i would do but i believe there are alot of successful drivers who are making money |
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