Lease purchase - I'm CONFUSED!

[NashSing40]

I am looking very serious for a very good lease to buy a truck or a very good place to finance a truck with no down payment. yes a person can make a little money to live on out on the road is to have the truck payments not get over 300.00 a week then a person can make it as long as its a long lease with a low % rate.Would like to get with someone who is serious in a very small company or someone who does have a truck.Thats the problem today is no one really wants to help out right either all ripoffs or money takers with bad leases and take all your monies.need some help please from a Pro(no second hand either).tks again.

 

[j911brick]

TO be honest with you: If you cannot put money away and save for a down payment and buy your own truck, and secure a contract under normal business terms and principals, then your probably not going to make it as a O/O anyway. There is a reason why down payments are required by legitimate lenders. Don't kid yourself.

 

[Racer X 69]

My husband doesn't have mechanical experience when it comes to tractors but my dad used to work for South Eastern Truck Lines as a mechanic and he would charge a lot less to work on my husband's truck. Or at the very least he would walk him through how to do it.

Will your dad be able to go wherever the truck is to fix it when it breaks down?

Keep in mind that the truck won't break down at your husband's convenience. Or anywhere near a repair shop.

And road service costs a bit more than work done in a shop.

 

[Racer X 69]

Totally off topic.bite me..why is it that you can not deduct the time you work on your own truck at taxtime? Shouldn't there be some knd of deduction?:faint:

Why not? Write up a repair order, keep track of labor and parts, tack on the usual fees and taxes, and fold it all into the paperwork at tax time.

You have Iroman Trucking.

And you ave Ironman Truck Repair And Maintenance.

Easy Squeezy.

 

[boone315]

Don't flame me yet. I did go and read through some of the posts in here and I think my head is going to explode. Instead of answering my questions it just brought on MORE questions. (Call me stupid if you want. I blame the pregnancy hormones.)

First off what the heck is a fleece? I thought it was just something warm and fuzzy to wear...

I've heard a lot of good things about lease purchase programs. And lease programs in general. I've heard guys making bookoo money once they own the truck. But I've heard only those with no sanity and nothing to lose do a lease purchase...

So what's the big deal?

And if you could put it in "simple" terms so someone who has never been in the trucking industry can understand I'd <3 you for life. I've still got a lot of learning to do.

Being a young family and having kids(?) strongly recommend (very strongly) that if you love your family and like money, do not let your husband do a lease purchase. It rarely ends well.

 

[j911brick]

Will your dad be able to go wherever the truck is to fix it when it breaks down?

Keep in mind that the truck won't break down at your husband's convenience. Or anywhere near a repair shop.

And road service costs a bit more than work done in a shop.

Furthermore: is hubby going to have the experience to diagnose the problem correctly to somebody else to get the correct solution, and then have the correct parts and tools to solve the problem? This only comes with experience.

 

[boone315]

I am looking very serious for a very good lease to buy a truck or a very good place to finance a truck with no down payment. yes a person can make a little money to live on out on the road is to have the truck payments not get over 300.00 a week then a person can make it as long as its a long lease with a low % rate.Would like to get with someone who is serious in a very small company or someone who does have a truck.Thats the problem today is no one really wants to help out right either all ripoffs or money takers with bad leases and take all your monies.need some help please from a Pro(no second hand either).tks again.

Again, somebody being distracted by shiny objects, think about it, if you don't have the money for a down payment, where are you going to get the money for repairs? And to pay the household bills when you have no money coming in. If you are trying to get a truck for $300 a week, that is $1,200 a month, I pay less then that for my truck AND trailer through my bank. Now you might be saying what is the difference? well the difference is I get $2.50 plus a mile, you will be hauling for what $.90 or whatever those companies pay. If I get ****ed or freight slows down, I can take my toys and leave. I can take a couple weeks off when I feel like it. I can have a home life where a guy doing a l/p can't. and again, my advise, work like a slave for a year, save every penny you can, go to a dealership, pick out a decent truck WITH a warranty and you will be much better off.

 

[GAnthony]

Again, somebody being distracted by shiny objects, think about it, if you don't have the money for a down payment, where are you going to get the money for repairs? And to pay the household bills when you have no money coming in. If you are trying to get a truck for $300 a week, that is $1,200 a month, I pay less then that for my truck AND trailer through my bank. Now you might be saying what is the difference? well the difference is I get $2.50 plus a mile, you will be hauling for what $.90 or whatever those companies pay. If I get ****ed or freight slows down, I can take my toys and leave. I can take a couple weeks off when I feel like it. I can have a home life where a guy doing a l/p can't. and again, my advise, work like a slave for a year, save every penny you can, go to a dealership, pick out a decent truck WITH a warranty and you will be much better off.

and that guy you responded to ain't even thinking fuel, insurance, brokerage/load fee's, etc,etc...i think that $300.00 a week is just a bit too unrealistic.....

 

[Tn. Truckers Wife]

Being an o/o is really tough and I don't think we would have made it through the last couple of years with a truck note..
Plus the insurance and tags and repairs, oil changes, tires, none of which are cheap..Plus when the truck breaks down, not only are you out for the repairs but your not making money either...

 

[coachman]

Well I know my husband at one point was thinking about doing a lease purchase program through Covenant where he would own the truck in 2 years. I don't think that they push it so hard there because I've been having a lot of trouble getting a hold of the woman who handles the lease purchase program. I told my husband that I wanted the lease in my hand to go over with a fine combed tooth and then we were going to take it to a lawyer to have them look over it as well and explain it in further detail. But with all the issues that we are having with Covenant already I'm more then weary to even take a step towards a lease purchase program with them.

And with him having his 1 yr of otr experience done around April I would rather find a better company for him to go with and then eventually just lease a truck through a dealership or buy one out right versus going through a company to buy a truck. The companies make it sound... shady to say the leasst.

She may be hiding from the ones she screwed!!

 

[Sinister]

Having actually survived a year in a lease program I can say they are very difficult. ATS told us flat out in orientation that 60+ percent of us would fail. ATS is reputed to have one of the better lease programs. I would not attempt one again. The only reason I did was because the company I'm currently at had NO freight, and I had to go where the freight was...and that was at the big companies.

I paid my bills at home, and never once went behind in the lease program in payments of any kind...but overall it was a very thin year. I lived in the truck 8 weeks or more at a shot, and starved for three weeks when I did go home to take a day off.

If you're in your 20's with no family and it doesn't matter where you go or where you end up at the end of the week or month, then by all means, do a lease program. If you don't need steady money, and have a small cash reserve, do one. If you're paycheck to paycheck, and on pretty thin ice, or have a family, I recommend against it.

And I certainly wouldn't do one with Covenant. If I HAD to to a lease again, it'd probably be with ATS. Like terry did, you CAN actually make it over there, and come out with a paid for truck. Plus you can work your way through various types of specialized freight. There's thousands of guys that have gotten paid for trucks through ATS, that will never work anywhere else. They live in their trucks, and never go home...but there it is.

 

[AsphaltRodeo]

If I wasn't pregnant and I could be on the truck with him we would do a lease purchase.

The way we had it planned out before I got pregnant was that I was going to get my driver license back. (I let it expire), wait a year while he worked with a company and I was on the truck with him as a book keeper, route planner, and in general his personal secretary with GREAT benefits. Tee hee. Then after a year of holding a valid license I was going to go through C1, get on with the company he was working for. By that time he would have the experiance to be a trainer through the company and I would get back on the truck with him. I would be trained and after 6 months we would lease purchase. Drive teams. And it wouldn't make a difference if we were living in the truck 365 days of the year.

But I got pregnant. So seeing as how I value my family and having money I think we'll take ya'lls advice and avoid leases like the plague.

 

[boone315]

If I wasn't pregnant and I could be on the truck with him we would do a lease purchase.

The way we had it planned out before I got pregnant was that I was going to get my driver license back. (I let it expire), wait a year while he worked with a company and I was on the truck with him as a book keeper, route planner, and in general his personal secretary with GREAT benefits. Tee hee. Then after a year of holding a valid license I was going to go through C1, get on with the company he was working for. By that time he would have the experiance to be a trainer through the company and I would get back on the truck with him. I would be trained and after 6 months we would lease purchase. Drive teams. And it wouldn't make a difference if we were living in the truck 365 days of the year.

But I got pregnant. So seeing as how I value my family and having money I think we'll take ya'lls advice and avoid leases like the plague.

There is no 'tee-heeing' allowed on here.

 

[boone315]

I have heard of third party leases where you lease/rent to own and are able to operate like a true o/o. I think they are through venture capitalist investment groups. I can't actually name any but have seen them advertised and don't know their requirements. How ever I think saving your $$ and getting it on your own is best though it will be hard to save with a baby.

 

[AsphaltRodeo]

There is no 'tee-heeing' allowed on here.

Bite me.

Tee-hee

 

[Racer X 69]

But I got pregnant.

Funny how that affects the things we do in life.

 

[AsphaltRodeo]

Funny how that affects the things we do in life.

I don't regret it one bit either.

 

[Gypsy1973]

Couldn't you bill yourself like a mechanic would if you wanted to?

Actually, the Democrats would call that "Imputed Income".
You did the work yourself.
A mechanic would have charged you $140.00.
You saved $140.00.
That's $140.00 income to you.
Now you owe income taxes on $140.00.
Hand it over.

I'm not joking. Hillary wanted to do that with homeowners who's houses were paid off. Not paying rent? That's income! Pay up!

 

[ironmanwife]

It is the same with the farm..if you buy a horse and it dies you can deduct this plus vetcosts (if any occured) now if a foal dies or a horse that was born on the farm NO deduction since you actually never paid for it..(yeah right!)