hi, i have been driving for two years now and have always wanted to own my own business and the idea of owning my own truck has always been of interest. i'm just wondering if there is a website or message board that can offer me advice with getting into either leasing or just flat out financing my own truck. i see people talking about having their own authority. i currently drive for usxpress but have also had experience wth schneider national as well.


is it better to start as a lease operator or become a contractor with a major company? all advice is welcome

 

I would start off by doing a search on this forum for 'lease op' that will give you plenty of education on leasing!

 

If you have the means to finance a truck yourself, then that is the much better bet. I don't want to get too deep into leasing, because there is so much on this forum on the topic already, but basically if you lease from a carrier you will be in an uphill battle, plus you are stuck with that carrier for the term. If you can finance it yourself, you are free to take that truck to any carrier you want.

 

It is usually not a good idea to lease a truck from your carrier. There are legitimate leasing companies who lease you a truck and at the end you own it. If you lease from a carrier you will usually not be allowed to take the truck should you decide to leave prior to completion of the lease. In addition most of these trucks are way over priced for the market. Payments are normally higher than if you financed one on your own. Some are only leases and must be turned in at the end of the lease for a new truck. If you have the means then it would be much better to either purchase outright or lease from an outside leasing company.

 

let me just add, it's better to go ahead and get your own tag and bobtail and comp insurance, if you lease to a company that pays for your tag and insurance, the minute you leave, they take the tag back and cancel your insurance, then you are stuck. getting liability through the company is fine, you can still drive after quitting as long as you have bobtail insurance

 

Small problem is than you can only get bobtail while you are leased to a company. They cancel your lease your insurance is no good, even though you are buying it on the open market.

Rule #1 is don't get mad and quit until you have the truck where you want to park it.

 

I got my bobtail and comp through ooida before I ever leased on to anybody, but that's good advice, dont quit until you have somewhere to go. also, when you lease on, see if they have a penalty for leaving without a certain amount of notice. my company requires 15 days notice

 

If you end up looking to finance a truck you should check out a company at www.wholesaletruckandfinance.com they can get almost anyone finance, as low as 450 on a credit score and they're pretty good trucks...

Watch out on lease purchase programs... I know of drivers that put almost every dollar they make back into the truck because they got conned and ended up with a breakdown waiting to happen truck...

 

the feedback is appreciated. i'm going to be doing a bit of research and do take the advice here seriously as it seems most of the people on here are quite knowledgeable

 

But your bobtail is only effective while leased to a carrier.

From OOIDA:

1. What is the difference between primary liability and secondary liability (i.e. bobtail, unladen, non-trucking)?

Primary liability coverage is protection for the public and is required by FMCSA to obtain your own authority. Secondary liability coverage is required by your motor carrier and only covers you while under a permanent signed lease with them. Please see our list of coverages for differences between the secondary liability coverages.