Quote:
1. Many are actually just leases. You do not own the truck after the last payment is due.
2. You often end up paying 50-100% more for the truck than you could have bought it for through regular financing methods, even with bad credit.
3. If you do not make enough to live on you usually can not take the truck with you to a better company.
4. If you terminate the lease early you are often hit with all types of extra fees that at the least will eat up your maintenance fund and last pay settlement.
5. Many times you have to have your truck serviced at the company's specified location(s).
6. The company who you are buying the truck from is the same company who really controls your paycheck. They can all too easily have you only run enough miles to pay for the truck, fuel, insurance etc and nothing more, or even have you run fewer miles than that to quickly force you to turn the truck in so they can lease it to someone else. In a company lease or lease purchase the truck ALWAYS gets paid first.
7. With many L./P's all you really end up being is a company driver who is paying the company for the privileged of driving their truck. With many of the rules they place into the L/P agreement you just end up with all of the headaches of being an O/O with few or none of the potential rewards.
Originally Posted by Uturn2001
Here are the problems with most lease purchase deals:1. Many are actually just leases. You do not own the truck after the last payment is due.
2. You often end up paying 50-100% more for the truck than you could have bought it for through regular financing methods, even with bad credit.
3. If you do not make enough to live on you usually can not take the truck with you to a better company.
4. If you terminate the lease early you are often hit with all types of extra fees that at the least will eat up your maintenance fund and last pay settlement.
5. Many times you have to have your truck serviced at the company's specified location(s).
6. The company who you are buying the truck from is the same company who really controls your paycheck. They can all too easily have you only run enough miles to pay for the truck, fuel, insurance etc and nothing more, or even have you run fewer miles than that to quickly force you to turn the truck in so they can lease it to someone else. In a company lease or lease purchase the truck ALWAYS gets paid first.
7. With many L./P's all you really end up being is a company driver who is paying the company for the privileged of driving their truck. With many of the rules they place into the L/P agreement you just end up with all of the headaches of being an O/O with few or none of the potential rewards.
8. when you get sick and your off work for a period of time the lease payments keep on coming in.