The last time I was in the Indy terminal, I went in and talked to the guy that runs the l/p deal just to get some info (and to waste time). I've talked to 10-15 guys at Celadon who are currently doing the l/p and all seem to be doing well. Anyway, here's the breakdown for it:
Income:
$0.90 per mile, plus FSC for all dispatched miles. The FSC when I talked to him was $0.265 per mile.
$36.00 per hour Detention pay (After 4hrs, paid in 15 min increments, max $250/day)
$150 for loads delivering or originating in the NYC/Long Island area
Tolls paid east of Ohio
Expenses:$36.00 per hour Detention pay (After 4hrs, paid in 15 min increments, max $250/day)
$150 for loads delivering or originating in the NYC/Long Island area
Tolls paid east of Ohio
$375 per week truck payment (average 3-3.5 years, depending on the truck)
$0.10 per mile Tractor maintenance
$65.38 per week Physical damage insurance ($3400/year)
$8.75 per week Bobtail insurance ($35/year)
$41.54 per week Occ Accident Insurance ($2160/year)
$14.00 per week Qualcomm (Free install/removal)
$17.00 per week CBSI Tax Service
$28.00 per week Base Plates (1st year only)
$150.00 per week security deposit (1st 10 weeks only)
$50.00 per week for the 2290 (1st 11 weeks per year)
$0.04 per gallon fuel discount at Pilot/Flying J (paid at the end of each month)$0.10 per mile Tractor maintenance
$65.38 per week Physical damage insurance ($3400/year)
$8.75 per week Bobtail insurance ($35/year)
$41.54 per week Occ Accident Insurance ($2160/year)
$14.00 per week Qualcomm (Free install/removal)
$17.00 per week CBSI Tax Service
$28.00 per week Base Plates (1st year only)
$150.00 per week security deposit (1st 10 weeks only)
$50.00 per week for the 2290 (1st 11 weeks per year)
I know there's a discount for tires purchased at any Wingfoot dealer.
At the end of the lease, the truck buyout is $5,000, which can be made as weekly payments of $200 until fulfilled (or lump sum payment). The l/p deal requires $0 down and is guaranteed to be approved.
As for what I would be responsible for, maintenance-wise, on the truck is only the windshield and tires. Anything else with the truck is covered 100% by the maintenance fee. Of course, any work done to the truck would have to be done at one of their shops, or at a shop approved by them.
Having driven there now for a little over 6 months, I know that with the trucks they have, the lanes they frequent and the type of freight, getting 7.0-7.5mpg is a definite possibility. I currently get 7.2mpg in the Prostar I'm in and I don't even try. I've done a spreadsheet comparing my current pay (before taxes) with what the same miles would get me as a l/p operator. The first 11 weeks I would see an average of a $50/week drop in pay, because of the 2290 & the security deposit. After that, I would go to almost identical pay. The following year (after the base plates), I would be averaging about $100 more per week.
I still have a couple questions for him, such as per-stop pay, if there's any refund on the maintenance fee if, by chance, the truck doesn't need any major work during the l/p period and if there's a refund of the security deposit.
Ok - enough from me - bash away. I'm really starting to lean towards this simply because I'm tired of being a company driver. 10 years in the business is plenty of time for me to know that I either need to take the next step or simply get away from it completely.