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.

I will agree with you on the first one being the hardest. Spoke to a lot of folks about it and what needed to be done. I was ready to give up on it.

I got approved from Mack Financial and another local bank. The truck was 75,000 the local bank was 10% down and 9% APR. Mack Financial wanted 22% down and APR was like 13%. So the local bank it was.

I sold that truck and I got another Mack now and the same bank did the loan and the APR 7.5% I just called them about a 2nd truck. and they will now do 100% financing and the APR is kinda based off the year of the truck. So it depends on what i buy. But once you get some business credit it gets better.

i actually have 3 "loans" like that. its almost impossible to find a traditional finance anymore. malaki, if you want i have an awesome finance company thats done right by me. my tractor is a traditional finance (oddly enough and that was my first ever business loan), my 2 trailers and tripac are "leased". what i hate about it is that i'm one to pay things off early with extra payments. its totally usless on the lease. example: my Hyundai trailer. paid 9k for it. took a 2 year lease out, at the end it'll cost i think something like 12k. but.. if i made all the payments i still have to pay the 12k. theres also a few hidden fees. like i said pm me i got a great fiance company... 2 actually

i wish! for me the first was the more easy one. we'll see what happens in a month or 2. i'm buying my second truck and 3rd trailer BUT i just incorporated 2 months ago. we'll see how it goes now.