That's sound advice. This is my 3rd truck, each time I have gotten a little nicer truck. If I buy another truck I will be in the position to buy a brand new one, but this has taken me close to 15 years to get to this point and I still will only have payments around $1,600- $1,800 a month not the $2,500 to close to $3k i hear some guys are doing. And I have never put any money down, only trade in vaule. You have to go about this whole thing is a slow methodical way, no need to make these ripoff companies any richer. I was reading on the Prime board over there and I can't believe what some of those guys are paying in weekly payments......just stupid. Don't be one of them.

No I have never worked for Central and can't give you any first hand experience, but I have been driving for 23 years now and I have seen and talked to plenty of guys that have lost it all doing these flease purchases and the only ones that come out ahead in the end is the companies.

 

Now, I don't own a truck, and I have never leased a truck, however..... My business experience is extensive. I have owned three businesses, and was in corporate management.

I got out of the rat race when I was 44, 15 years ago......

I will tell you this: There is effectively no valid reason to "lease a truck" from a company. You are merely footing the bill for the company, and you are taking all of the risks. All of them....and you have absolutely no control over when or where or how. Leasing a truck basically makes you an indentured servant to a company....and because they "own" the truck, and you are renting it from them....you are entirely dependent on them for your revenues. In other words....they have a set of visegrips clamped on your scrotum.... which is not an enviable position to be in.

If the lease deal was so "beneficial" to the driver....providing so much wonderful income to the driver....why, or what would be the motive for a company owned and run by a capitalist to line the lease operators pockets.....when that owner could enhance his own bottom line and reap the profits by using a company driver? Simple.....you as a lease driver pay ALL of the expenses, take virtually ALL of the risks, and when things fail, you suffer ALL of the loss! The company that leases you the truck retains ownership of the truck, the customers, all assets and skims a profit off of you....and they even set the amount of money you can make....

My advice to you: Listen to people like mike3fan and others who have been in this industry as "OWNER OPERATORS" who have successful track records!

If I had a buck for every lease operator that "failed"......I'd be in the Caribbean sampling any number of sumptuous libations fishing for my dinner and have nary a financial concern in the world....on my yacht.

 

Looks like I sturred up the hornets nest on this one, but that was GOOD.:bow:

I want to thank all who responded. Great inputs, great leadership by many who have been there and have many years in the business. Advice all should take in.

Your comments were a wake up call and does make one think a little harder. I agree that with the many Good used trucks for sale, that would be a more financially safe direction to consider and work at. Any comments on looking at Arrow Truck Sales?

On haviing your own truck & leasing on to a company. Any good advise here on what to look at, for or do?

One more item. In looking at a Used truck what are your thoughts on the most important items to look at before doing a purchase. Mechanical?

Again to all thanks for your guidance and advise.:clap:

MR BILL

 

There is a lady here where I work that told me about the status of here lease so far this year.

As of 6/1/09 she will have made 82,000 dollars...

After everybody gets thiers share (Payments,Fuel,plates,etc)...she will have pocketed 14,200 bucks.

.... thats pretty scary

 

Yes a little scary. Looks like she is on schedule to a little more then $28K for the year.

Makes for a tight family budget.

Thanks for your input.:thumbsup:

MR BILL

 

Run your lease, before you sign, by a certified financial planner and let him/her run the numbers for you. I bet they run screaming from the building.

Do not lease a truck from a company and then lease it back onto them. I have not run across one person that made more than a company driver without the increase in headaches. That's if they make it at all as a lease/purchase driver.

 

Hey Mr. Bill!!

Any other irrelevant questions? .......errrrr Would you prefer to just creep quietly back to the dark hole from whence you emerged?:clap:

AZZHOLE!!:moon:

 

:thumbsdown:

Mr. Bill,

I heard all the horror stories about the lease/purchrape programs here.I even have talked to other truckers about it.
So I asked my recruiter and he said don't,even one of my traiiners in San Antonbio said it was a rip-off.
Straight from the horses mouth so to speak.
I'll stay a company driver and keep the $$ in my bank and not thiers.
Here's only one example.....2007 KW T2000......about 104k from them,from a dealer about 50k or less depending on milage etc.Can you say anal lube?

 

Why not just get a decent used truck for 40 to 50 K and hook on with Landstar
(or similar) and have a go at it.

Leasing sounds like someone who has an independent spirit but just goes about ownership
the completely wrong way.

There a many ways to skin a cat.

I wonder what are the stats on someone who begins a lease and bails out on it ?

Where I work only a small percentage 'go the distance' and make the balloon payment of 30K or so
and end up with a truck of their own.

 

How much cash on hand do you have free and easy sitting around in the bank that you could use for this adventure other than lets say a down payment? Down payment money does not count you need a reserve cash for the truck.

If were to do this :deal: LOL I wouldnt think about it unless I had around 5 grand reserve money for breakdowns, tire repairs, misc repairs so forth and so on. NO or little reserve money equals fail!!!!

What happens you may ask is this No cash reserve means if you have C Cards you put it on that with an absurd interest rate, going into the hole bad. Then you max out said cards now what? A huge hole to start.

Second is you borrow money form friends if you have any left, and from family, more debt on top of the debt you are already in from the max out cards, member that outrageous interest its still adding up.

OPPs no c cards to fall back on your family and friends have cut you off, now maybe a payday loan to see you through another month LOL 500% interest on top of all that other debt your into.

Dang now you gotta somehow see if the company your lease to can help somehow make the repairs for you which they will take out of your settlement if your lucky each week which means less money to pay back all the other debt your into.

Sooner or later your going to be so broke that no matter what you do legal or illegal you wont be able to run enough miles in a week to make it. 24/7 no sleep, no breaks, no hometime and living like a rat in your truck and still lose it all.

Lets not even talk about how your going to pay the bills at the house yet

Then you will be another lie'n no good poor attitude lazy bad business driver post'n your woes on the internet.

But then again you maybe you will get through a less with zero breakdowns no flats no unforeseeable added expenses:deal: LOL