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Originally Posted by JLKKLJ777  I would like some input from other drivers in regard to lease purchase programs. |
they pretty much stink....you never benefit from leasing someone else's truck...THEY do because you're paying thier huge note on that equipment.
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I know many drivers aspire to be "their own boss" and start a business for themselves. Alot of companies are offering "no money down, no credit check, even no payments for the first 2 weeks" to get drivers into these programs.
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i think many people aspire to be thier own boss, not just truckers........that no money down, no credit check, no payments........
first, the payments are usually "deferred" to a later time. so you will be paying sonner or later..
as for the no credit checks, believe me, once you provide your social security number, they will run a credit check on someone, they just "usually" meant the long drawn out applications.
no money down, this i got on my home mortgage, it works for me in that respect. it even works for when you buy a brand new car...........
BUT...........you had better have excellent credit FIRST.....because if you don't, you WILL BE putting down some money........
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I have my own thoughts and biases in regard to this topic but would like others to offer their views.
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read the fine print, read the disclosures, go with your GUT feelings........don't be swayed by o/o's that "claim" to be making over $100,000 per year....that's only Gross earnings....what did they actually earn AFTER paying all the expenses...?? betcha thier paycheck is "about" what an ordinary company driver makes right now.
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Do you think these programs will work?
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YES they DO WORK......for the company. they lease out (or buy) the equipment, they get someone who can't afford to be in business in the first place (like people buying homes they couldn't afford.....remember the sub-prime debacle?) then when a person fails, the company simply takes away the rig, and re-lease's it to some other schmuck ready to go broke.........only this time, the truck is older, it NEEDS repairs, and the new schmuck gets to be the idiot that has to pay....
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Have you any idea what it takes to actually run a truck as in a cpm breakdown of every cost?
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a long time ago when I WANTED a truck of my own, i had the numbers, but i do believe that in today's world, a person would need to garner at least $1.80 per mile........(???) to cover the day to day operations.
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Have you considered the tax implications?
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there are no implications...you get a very good CPA, you have quarterly tax payments to make, you set aside money from each load to your bank account, you pay what you owe. the only implications are when the IRS seizes your equipment because you don't pay them, and any other back taxes owed.
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Will you choose to forego benefits to try and make a go of it?
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a young healthy person can do this....an older person, maybe on medications, and maybe a family, and maybe a home mortgage, and maybe car payments, SHOULD NOT forgo any health benefits. one sickness, and not having health insurance can wipe out the older, more stable operator before the younger, healthier guy.
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Are you willing to sacrifice home time and work on your truck to save money?
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NO.....other than a wash, and "air dry", and vacuuming it out and washing the inside, when i park that truck, i don't even want to know its there.........my life, my family, my free time first and foremost...this is why there are repair garages, and dealerships.........and a tax write off for the repairs.
seriously, if you're thinking about getting your own truck, make sure you have good to excellent credit, then buy it on your own.........then lease on with a company, or get a brokerage account.........stay away fro lease to own deals..........you'll never win...........
Lease Purchase Programs Good or Bad and Why? 
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