Buy, Lease, or Take over payments?

G

geckolyn

Member
Looking to lease onto Landstar. Have most of the paperwork done but need a truck. Credit shot, due to medical bills and chapter 7. Driving now for just under 2 years. Would like to lease or buy a truck with no money down, or take over someones payments. Last case, sign on to a company and lease/buy a truck through them. any ideas anyone?

P.S. I'm out of the Phoenix area.

Thanks for the help.
 
Why buy? If your credit is shot, you're just going to take a screwing. No reputable dealer will sell you a truck no money down. If you find someone that will, you'll take a beating on interest.

Lease purchase programs aren't favorable to the driver. You are just renting the truck, your name is never on the title unless you exercise the buyout. You also screw yourself on taxes.

There are plenty of shady "dealers" that cater to people with bad credit. You will pay through the nose for the privilege of calling yourself an owner operator.
 
if you are trying for Landstar I would suggest you have it in writing before taking on a truck, they are very picky and bad credit isn't something they think highly of
 
I never though of that. I just remembered a buddy did the same thing. He talked with Landstar and then went out and bought a truck. Landstar ended up not hiring him. Long story short he lost his truck after several companies screwed him over.
 
There is another option. There are 3rd parties that do a lease to buy deal. Lone Mountain Truck Leasing is one of them. May not be the most ideal way to get into a truck, but better than virtually all of the trucking company lease purchase games going on. And you are not tied into a carrier any more than a normal O/O would be. Not sure of what they require, but I know a couple of guys who have went this route and have not been disappointed.
 
Driving for 2 years, bad credit, no money to put down or repair it when it breaks, and he still wants to buy a truck? That is a recipe for success.
 
One thing that jumps right out besides the other points made, is how much money does geckolyn have in reserve for maintenance, repairs, fuel expenses, and to cover living expenses until the load settlements start getting paid?

I have seen this question presented here again and again, and what escapes me is how people get into a situation where they have no money, and think that they can arrange financing for a truck, and cover expenses for 2 to 3 months.

It takes at least $20,000 to $30,000 in reserves to make a decent start in trucking with your own truck.

If a guy just went bankrupt he isn't going to have the funds available to do it.
 
Racer X 69 said:
One thing that jumps right out besides the other points made, is how much money does geckolyn have in reserve for maintenance, repairs, fuel expenses, and to cover living expenses until the load settlements start getting paid?

I have seen this question presented here again and again, and what escapes me is how people get into a situation where they have no money, and think that they can arrange financing for a truck, and cover expenses for 2 to 3 months.

It takes at least $20,000 to $30,000 in reserves to make a decent start in trucking with your own truck.

If a guy just went bankrupt he isn't going to have the funds available to do it.
Click to expand...


I've said it time and time again.....They don't want to hear it!

Never let reality get in the way of your fantasy!
 
A couple of years ago a friend of mine said he almost called me to ask to borrow money to put a power steering box in his truck....I told him that I would have said no!
He was kind'a pizzed about it and said so. I told him that if after being in the business for as long as he'd been in it (a few months at that time) couldn't afford a minor repair like that, That he was "already out of business" and didn't know it!
This is a tough, expensive business! If you are not good with money and don't have a head for business.....You will probably fail!

Sorry to have to break it to you but....Bankruptcy, No money and No credit is a recipe for DISASTER in the trucking business!
 
I had to learn the hard way, never went bankraupt but had to take loans out for repairs and push payments back and then run like a mother f'r to catch back up and after all these years sometimes I get a reminder that you can never have to much money set aside(this 670 is a constant reminder). But like my Grandfather said about me "Boone, I can tell you are going to be one of those guys that have to learn everything the hard way"(boy he wasn't kidding), sometimes some people just have to learn the hard way.
 
Copperhead said:
There is another option. There are 3rd parties that do a lease to buy deal. Lone Mountain Truck Leasing is one of them. May not be the most ideal way to get into a truck, but better than virtually all of the trucking company lease purchase games going on. And you are not tied into a carrier any more than a normal O/O would be. Not sure of what they require, but I know a couple of guys who have went this route and have not been disappointed.
Click to expand...

Lone mountain requires anywhere from $3000 to $6000 down to get into a truck, and the payments are not that great, $1500 per month. You would have to live in the truck pretty much 7 days a week until you get it paid off. You make enough sacrifices being a truck driver, being home a couple days a month to me is unacceptable.
 
boone315 said:
I had to learn the hard way, never went bankraupt but had to take loans out for repairs and push payments back and then run like a mother f'r to catch back up and after all these years sometimes I get a reminder that you can never have to much money set aside(this 670 is a constant reminder). But like my Grandfather said about me "Boone, I can tell you are going to be one of those guys that have to learn everything the hard way"(boy he wasn't kidding), sometimes some people just have to learn the hard way.
Click to expand...

Is there any other way to learn, your grandfather could've very easily been talking to me. I've been a student of the school of hard knocks my whole life. I guess I still am, but I am getting a little smarter because of it or maybe my heads just getting harder.
 
rollzkinhardly said:
Is there any other way to learn, your grandfather could've very easily been talking to me. I've been a student of the school of hard knocks my whole life. I guess I still am, but I am getting a little smarter because of it or maybe my heads just getting harder.
Click to expand...

Ah yes....CHK! What a ride that was/is.

I had hoped I graduated some time ago but life, in all its glory continues to send me back for summer schooling, evening classes, weekends.........

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