The lease purchase program

[Truckerswife]

Greetings all!

My husband is thinking about becoming an owner operator through the lease purchase program with Crete Carrier. Has anyone out there purchased a truck through Crete's lease purchase program or is in the process of a current lease? We're trying to get information through personal experience. Thanks!

 

[krelithous]

since you have the interwebs google is your best friend. I would google crete carrier on rip off report.com and pissed consumer you might get some eye openers.

How long have you been driving.
why would you want to do a lease purchase vs getting a bank loan?

 

[Truckerswife]

my husband viewed those sites before he even accepted the company driver position with Crete lol. He's been driving for Crete for a little over a year, and has been driving trucks for almost 4 yrs. Getting a bank loan is on the top of our list, but of course that requires much more up front money than the lease purchase option does. Crete is a good company and my husband hasn't had any real issues with them, but we're just trying to get information about the lease option from other drivers and compare it to what the company has given us.

 

[mndriver]

I bought my truck with $3500 cash. I got that with a loan on my wife's car.

I used that $3500 cash to secure a SBA microloan for the downpayment on a lease. There's a list of lenders in a link on the bottom of the page.
Microloan Program | The U.S. Small Business Administration | SBA.gov
I leased a $30,000 truck and a $15,000 reefer from these guys on a purchase buyout. It was a 36 month lease.
Check with Jessie, he might have something he's trying to sell.
West Bay Leasing Services, LLC - Welcome to West Bay Leasing Services, LLC

That was in July of 2012. In July 2013, I got my own authority with another SBA microloan and a $1000 cash. In Oct 2014, I bought out my lease and rebuilt my Transmission and rear structure with a loan from my bank and 6 months later, that same bank helped me buy a 2016 Reefer. I wanted the equipment in my name after investing THAT MUCH into it.

It's not all about lease purchases.

 

[krelithous]

my husband viewed those sites before he even accepted the company driver position with Crete lol. He's been driving for Crete for a little over a year, and has been driving trucks for almost 4 yrs. Getting a bank loan is on the top of our list, but of course that requires much more up front money than the lease purchase option does. Crete is a good company and my husband hasn't had any real issues with them, but we're just trying to get information about the lease option from other drivers and compare it to what the company has given us.

LOL it tells me a lot that your husband took the company job. Well the reason I asked how long you guys have been driving is a lot of noobs that have no clue of what's involved and the recruiters have $$ painted in there heads and that's the first thing they want to do is to go lease a truck and drive off into the sunset putting the buggy before the horse. but the only thing going through there heads is I don't want to be told what to do where to go or being forced to drive tired ect ect ect. they have no common sense to go learn the business in someone elses truck on someone elses dime since theres things they won't learn until they get some time behind the wheel. yes we all on here understand that. but if they have no clue about the freight lanes and the freight game they will be busted in a month and back on here crying. shit some of them have no clue how much it is just to fuel a truck up and that opens there eyes real quick. if it was me id'e rather go get a bank loan vs doing a lease. if i'm buying a truck I want the brand of truck I want and the model and I also would want it spec'd out to how I want and not what someone gives me and says pay for it. and what happens when the carrier has no freight or has low freight and you can't make the payment on the truck you can't take the truck elsewhere and go haul there freight. then your screwed they will take the truck and put it in the shop change the numbers and lease it to the next sucker!! to be blunt your nothing more than a company slave paying there bills and taking most if not all of there liability. I would stay as a company driver until I could afford to get a bank loan and become a true O/O vs an L/O yes it may cost you more up front but it will be worth it in the long run. I would never lease a truck from the company I was running for

 

[Truckerswife]

Absolutely! We are definitely aware that lease purchase options through an employer is not the only route to purchasing a truck. We have looked into some companies that offer loans for truck purchase, but of course the interest rates were ridiculous! I don't think my husband has looked into the SBA, or West bay leasing service so thanks for the info! We'll definitely check both of those options out!

 

[Truckerswife]

I'm not sure what you mean with your opening line, but my husband is not the type of idiot to jump into purchasing a truck without learning about the trucking business first, who would do that? So yes, he stayed a company driver until he felt he had the knowledge and finances to move forward (which is where we are now). I don't drive trucks. yeah, we have read plenty of those stories before. My question is just in relation to Crete's lease option. Just curious to see if there were any professional drivers within this forum/community that may know specifically about them. Thank you for your response! Have a great evening.

 

[mndriver]

I'd also suggest you take and record and make your own books on running a truck as a company driver for 3-6 months. All the little things he buys, pays for and uses. Oil changes, repairs, tires, lights, trailer items etc.

Then look at your cost to license, insurance etc. There are some HUGE checks that he's not likely looking at that will shock him.

And you.

 

[Truckerswife]

Actually, he has. And that's one reason he even considered the lease purchase option, an actual option. He knows its no walk in the park when it comes to financing your own truck but getting a loan through a financial institution to buy his own truck is what he really wants, so I think that will be ultimately what he will do. But I will pass on those links to him and he can go from there. That has been the most useful information I have received thus far, thanks again.

 

[krelithous]

I'm not sure what you mean with your opening line, but my husband is not the type of idiot to jump into purchasing a truck without learning about the trucking business first, who would do that? So yes, he stayed a company driver until he felt he had the knowledge and finances to move forward (which is where we are now). I don't drive trucks. yeah, we have read plenty of those stories before. My question is just in relation to Crete's lease option. Just curious to see if there were any professional drivers within this forum/community that may know specifically about them. Thank you for your response! Have a great evening.

I never said your husband was an idiot. but your screen name looks new so i was just thinking that your a new member is all and you never said how long that your husband has been driving in your original post so how are we supposed to know if he's a noob right out of school or if he's been driving for a while we just want to give you the best advice possible. who would jump right into doing a lease with no exp youd'e be surprised but then again if you heard all of them stories before then maybe not. we hear it everyday then they fail nothings there fault the companies all to blame the company held a gun to there heads forcing em to sign the contract..
has your husband asked about leasing on to crete and running under there authority with his own truck that might be an option to. then if it don't work out then he can move on..

 

[krelithous]

he might want to try these people to they seem pretty decent in getting people financed

Semi Trucks, Commercial Trucks For Sale | Arrow Truck Sales

 

[Injun]

Neither of you guys are answering her question.

Ms. @Truckerswife

I don't know how Crete's leasing program works. I have leased twice. The first time, I leased at Prime. I had less than optimal results. The second time, I leased at Swift.

With either of these companies, it was either a lease or a purchase, not both. I completed my lease with Swift and opted to enter the purchase contract, which is exclusive of the original lease. I will be getting title to my truck in May.

Without knowledge of Crete's program, I can't answer specific questions about it, nor give any opinion as to likelihood of success. All I can say is Swift's program has worked well for me.

 

[ayran993]

Everyone I know who has done the lease program got royally screwed. Hope it works out for you OP.

 

[Blood]

Everyone I know who has done the lease program got royally screwed. Hope it works out for you OP.

There are some decent ones.
I don't know anything about Crete's either but they have a pretty good reputation among their drivers.
I'd be surprised if it was a really crappy deal [relative to others in the industry].

 

[Blood]

I'd also suggest you take and record and make your own books on running a truck as a company driver for 3-6 months. All the little things he buys, pays for and uses. Oil changes, repairs, tires, lights, trailer items etc.

Then look at your cost to license, insurance etc. There are some HUGE checks that he's not likely looking at that will shock him.

And you.

+1

Another thing that might be a real eye-opener is to get a history of the service and repairs then try to get a shop to ballpark the out-of-pocket on a truck without warranty.
Personally I would probably never consider owning a truck newer than 2003 that was out of warranty because there are too many owners out there spending too many dollars chasing gremlins and never solving the problems.

 

[mndriver]

One needs to understand service life on the different components in a truck too. Brakes, 250-300,000 miles, Clutch, 700-800,000.

Depending on the miles that you find on a truck you are looking at, you could really set yourself up poorly.
Tractor Purchase - Crete Carrier Jobs

I'd have issues with trucks coming off of the warranty program. Typically, fleets dump a truck at 400-500,000 because they are getting ready to become major money pits.

but then again, ALL trucks are money pits.

 

[Duck]

but my husband is not the type of idiot to jump into purchasing a truck without learning about the trucking business first, who would do that?

Lots and lots and lots and lots of idiots would. Good thing your husband isn't one of them and actually has done some homework.

Companies like CR England make millions on these fleece programs.

 

[GAnthony]

Greetings all!

My husband is thinking about becoming an owner operator through the lease purchase program with Crete Carrier. Has anyone out there purchased a truck through Crete's lease purchase program or is in the process of a current lease? We're trying to get information through personal experience. Thanks!

like someone else said, i do not know how the Crete program works, but all i can advise is, go to a bank and get a loan for a purchase, and then see if Crete has a policy in which if they have no loads, you can find your own, and of course, they may want a trailer rental fee, since it would be thier trailer.

for me, i nearly never buy used, as i'd want to know any vehicle from the day it came off the assembly line, rather than having about 27,000 other owners. plus the fact that i'd have a full factory warranty, on up to 1 million miles on some components. but this is just me.

plenty of great used trucks on the market, just be sure to get a full DOT inspection and a mechanic to go thru it for you.

my opinion is that it is best to purchase yourself, rather than to have any company hold him by the "short hairs" and be very controlling of the freight, miles he will earn.

then he can "jump ship" and take his OWN truck with him.

as someone else also mentioned, continue to drive as a company driver for several more months, and KEEP RECORD of every purchase, even if it is a candy bar. if the expenditures get out of hand, he may have problems paying for things much needed, like a PM service.

 

[Mike]

my husband viewed those sites before he even accepted the company driver position with Crete lol. He's been driving for Crete for a little over a year, and has been driving trucks for almost 4 yrs. Getting a bank loan is on the top of our list, but of course that requires much more up front money than the lease purchase option does. Crete is a good company and my husband hasn't had any real issues with them, but we're just trying to get information about the lease option from other drivers and compare it to what the company has given us.

If you can operate your business without going into California, look into a Glider. Good credit can get you into these trucks with zero money down.

 

[GAnthony]

If you can operate your business without going into California, look into a Glider. Good credit can get you into these trucks with zero money down.

mike, (and others), please explain to an old dog...

i once "knew" glider kits to be that they sent you the truck (kit) but you had to supply ALL the running gear, as you already had that, you just wanted a new body/frame.

is it (today) that you can get a truck built from the glider company, and THEY supply ALL the running gear now.>???...is it NEW or USED running gear..????

being a company driver now for 30+ years, i really have had no real need to keep up with the "glider kit" story.

thanks to all that respond....