3rd party lease-purchase
 

Has anyone used a 3rd party lease-purchase company? With this setup, you arrange the final price of a truck through a dealer/individual, the lease-purchase company buys it at that price and then you do the lease-purchase through them. This is not through a carrier at all. The one I glanced at has different options, including a $1 buyout at the end of the lease, a fair-market value purchase, etc.

Here's the one I glanced at:
truck leasing. Our 29th year! truck leasing new and used, box truck lease, cargo van, moving van, TRAC lease. delivery truck, cargo van leasing, bucket truck, cube van, box van, FedEx Ground, commercial vehicles, trailers, day care bus, paratransit,

I have that kind of lease now. Much like bank financing to purchase your equipment.

Would you say it's 'ok', 'good' or 'never again'?

BTW - this would be my first truck. I've been a company driver for almost 14 years now.

I was not able to get traditional financing from a place like GE financial. They recommended the place I am working with now and am having zero issues with them.

I would use them again if I can't get traditional financing. GE requires 2 years in business to work with you.

Ok - thank you for the feedback. It's much appreciated.

Hi, my name is Eric. I'm a freight coordinator for Lead Cargo, Inc. and am looking for owner operators to work with. You can email me at [email protected] for more information if you're interested. I look forward to hearing from you soon!

AOL? Seriously? People still have an AOL address?

BTW - thanks for trolling

Hey Mndriver
whats your APR on a loan like that??

Considering it was a new loan for a new business, I am guessing it's around 9%.

It is a lease, not a loan. 30 equal payments with a 10% buyout at the end. When I do the amortization based on what I know for equipment values and what I have paid down, it works out to about 9%. I didn't buy expensive, but I bought usable. 2007 Century with a 2003 Great Dane reefer.

When i bought my 1st truck about 4 years ago i got traditional financing and my APR was 9% lol. The first one is the hardest.