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Now *THIS* has to be the worst lease agreement ever

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I know most lease purchase programs suck, but not all, I have worked with some that give the guy a chance. Here is a deal, not from a carrier but from a 3rd party finance company and it is the worst I have seen, EVER.

This is a story I am working on for "TurnAround"

The Buyer has horrible credit, so the finance company turns him down, they then forward his app to their truck rental program. Here is what he ended up with.

1998 Volvo 770 845,000 miles

I did some research, average price on the street $23,633
lowest price for same year and mileage $17,500

He signed a rental agreement for $559.99/week for 261 weeks with $4,000 down

If he finishes the agreement, he will pay $150,157 for the truck which equates to 136% interest

If he walks away he will be charged .25 a mile for all miles over 2000 miles per week.

Don't miss the show to find out what will happen with this one.

source: http://cdlofit.ning.com/forum/topic/...Topic%3A105088

Amazing.

You see, I am far from a perfect human being, but I just couldn't do something like that. There always will be and has been some fool looking to give away their money, but I think most here wouldn't take it.

And the funny thing is you could tell the guy no and try and help him by improving his credit and probably he wouldn't listen anyway and would still insist on giving away their money.

Just recently I attempted to help someone with their credit and actually put him on one of my cards (I didn't give him the card and I had never done that before for anyone else and would be loath to do it again) and he kept doing stupid things and so off he went. People are their own worst enemy.

holy cow.

I heart Kevin Rutherford

that sounds like one of those Mississippi deals....some jpint out of Mississippi has a "deal" just like that!! What a RIP OFF :evil: :evil:

tootie

This seems to be written knowing the guy has ZERO chance of completing the agreement. They probably force the lessee to sign an extended warranty so they are home free if the motor blows.

And for all we know, the mans credit WAS good enough to buy something with 20% cash down. Ive seen some real cockroaches get financed in the years spent in F&I. Here, you are trusting the seller. Always a dubious thing to do.

But in a world where 75 people jump off the Golden Gate Bridge each year, we cannot be surprised a few are going to sign their financial suicide .

Wow! Stupid is as stupid does!

A sucker is born every minute.

Re: Now *THIS* has to be the worst lease agreement ever

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Originally Posted by allan5oh

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source: http://cdlofit.ning.com/forum/topic/...Topic%3A105088

Amazing.

yup this guy is going no where with this lease! set up to fail. the real crime is the fact that he will haul cheap freight for a year helping to keep rates low and fail anyway! the bank wins, the shipping companies win and everyone else pays for it.

Wow I wonder if this guy has any relatives that want to get into their own rig and be their own boss because after seeing that my 79 Pete just went up for lease!

Sounds very similar to the Prime Lease. :oops: