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Originally Posted by JR OTR
Hello Terry,
Interesting thread, hope you keep it up. I have a few comments I hope you'll find useful or at least stimulating:
Thanks, I can use all the help I can get.
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You should insist on having all aspects of your lease explained, to your satisfaction (preferably before signing). Leasing is a potentially hazardous financial experiment at best, no sense in keeping a quarter stick of dynamite in your back pocket that might decide to go off. Talk with the L/P person at ATS as soon as possible to have them explain this to you, in writing if necessary.
You are right. I know what all the totals are supposed to add up to, but I need them to show me as they wrote it out.
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The maint and tire escrows seem a bit high to me, even on the used truck you describe. I assume each escrow has a limit, once reached, where no more money is withheld?
I don't know, this is my first time around the block and have nothing else to compare it to. I don't mind the amounts. At the end of the lease I will get the unused portions back. No they do not have a limit. I cannot touch the Maintennance Accounts. The Escrow account, once I reach the minimum, I can borrow against. Once the Promissory Note is paid for, it stops.
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The other four items are basically cost shifting on to your back from the company. Do they seriously charge you $1.25 to fuel your truck, or is that just if you want an advance?
Yes and no, the charge is to use the card, just like any credit card, there are usage fees. I can combine and advance with fueling and have only one $1.25 charge. I can pay fuel in cash and have no charges. We are on the same fuel plan as the company drivers, so we save money on fuel, which more than offsets the $1.25 charge.
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I notice you don't mention the deadhead miles for each load, or over what time period they cover. If I read the first one right, they only pay 83 cents per mile plus FSC for loads over a certain mileage threshhold? Especially considering they don't pay FSC on deadhead miles, that is extremely low.
I can list the deadhead miles, I see no point. I add the miles up. I get paid for all miles. The FSC is for loaded miles only. They either reward you for less miles or punish you for more miles. They try to encourage short runs. What do you mean "or over what time period they cover?"
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I lease a truck from Hill Bros out of Omaha, Nebraska and post quarterly financials to my lease-purchase blog, link in the sig.
Good luck,
Jim
I'll check it out as soon as I get a chance. I'm sure I can find something that will help me.