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Thread: lease purchase program

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    lease purchase program

    I'm in general trucking and I'm looking into expediting. It is not hard to find carriers who offer lease purchase prorams in general trucking. My question is can the same be said for expediting and if so could someone give me a list of carriers that do. My credit is less than stellar and carriers tend to be more forgiving when it comes to truck ownership.

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  4. #2
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    RE: lease purchase program

    There are contractors who have been very successful at the lease purchase option. Look into the EO sight for truck sales and do some research and interview prospective owner/sellers the same way you would applying for a job. Good luck..

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  6. #3
    Senior Member raceman's Avatar
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    RE: lease purchase program

    Go to www.WFassets.com click on trucks. That is a list of trucks Wells Fargo has repoed. They many times will take a chance on you in that situation just to get it off the books. Try them out. I have two trucks. One is in INDY getting a new tranny and the other is in Cincy with engine problems. I may take a chance on you right now but you would have to pay for the Transmission or the engine and get my driver out of the hotel. But at this point I would be willing to deal. :) Good luck. Take your time someone will take a chance on you.

    The Owner who once went by RACEMAN but due to the outcome of the Nextel Cup, am now just 6.

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  8. #4
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    RE: lease purchase program

    >I'm in general trucking and I'm looking into expediting. It
    >is not hard to find carriers who offer lease purchase
    >prorams in general trucking. My question is can the same be
    >said for expediting and if so could someone give me a list
    >of carriers that do. My credit is less than stellar and
    >carriers tend to be more forgiving when it comes to truck
    >ownership.

    Allan,

    Be extremely cautious of the lease/purchase agreements you may be about to enter in to. It seems every week when I check the latest Federal Court Published Opinions, therein is the ubiquitous opinion ruling about trucking companies violating a truth-in-leasing regulation(s). Okay, I hear y’all mumbling to yourselves about what a weird hobby this guy has to read formal court opinions, I’ll have to agree with y’all on this one. You may want to budget about $500 for an attorney to look over a copy of the leasing contract. I am guessing here, but a skilled attorney should be able to tell in a couple of hours whether or not the contract is legal in all matters relating to federal regulations. However, I may be playing the part of “chicken little” and the sky may not be falling when it comes to lease/purchases, I just happen to be reading about illegal contracts more than I have seen in the past. There probably is a very high percentage of legal lease/purchase agreements day in and out that are of a great benefit for both parties.
    Best of luck in your endeavors.

    Larry Badger


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  10. #5
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    RE: lease purchase program

    Allangrant, after you have received all the warnings. We have a lease purchase program. I would be more then willing to sit down and talk to you about it.
    My number is 800-334-0224.
    Christine

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  12. #6
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    RE: lease purchase program

    I'm surprised no one mentioned the much preferable option of starting with a fleet owner . Some of them will agree to sell you the truck but even without that option it's a far riskier way to get started . Panther II's ads state they need drivers for fleet owners.

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  14. #7
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    RE: lease purchase program

    Crazynuff, The lease program we have is like driving for an owner operator. It is a 60/40 split, driver is responsible for fuel tolls, and scale tickets. Everything else comes out of the 40%. After driving for two years, if the driver feels like he wants to purchase the truck, he is more then welcome to sit down and discuss the cost of the truck. I have had some drivers actually purchase the truck, I have other drivers that don't really want to purchase the truck, they just want to be able to drive and not worry about the tires.

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  16. #8
    Senior Moderator davekc's Avatar
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    RE: lease purchase program

    I tend to be a bit skeptical on this issue. There are many ways to purchase a truck prior to leasing. Terminology by some refer to it as "fleecing"
    If the deal is as good as some would have you believe, I would think they would be buying the trucks themselves and hiring drivers.
    As mentioned, before entering into this type of agreement, have a qualified attorney review it. You would be amazed at what they can print in small places and with small letters.
    Davekc
    fleet owner
    29 years
    Panther & Load One


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  18. #9
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    RE: lease purchase program

    I have no experience with lease/purchase agreements
    But be sure to look at the Owner Operator Independant Drivers Assoc., (OOIDA) web site at :

    http://www.ooida.com/legal_action/court_cases2.html

    There are a multitude of lawsuits over this issue.
    I called OOIDA a year ago , their rep told me it is very
    rare for the driver to end up with the truck (range of 5-10%)

    Good Luck
    Dave


    BillChaffey likes this.

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  20. #10
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    RE: lease purchase program

    you have some great advice from...
    Larry...Dave...and gojack take it!

    the lease arrangements are usually for used trucks...the lessor normally sets the price well above market value...then gives you an option to buy at a certain point, giving you some credit toward the purchase of the truck by taking a larger percentage of the revenue over the specified period of time...meaning you will forfeit any moneys paid toward the purchase price if you fail to exercise your option... no problem for the owner... he'll just re-lease it again... turning another nice profit from the next leasor.

    drive for an owner...do not lease...save your money for a sizeable chunk down on a NEW truck...or at least a very late model with lots of warranty left...if you like what your doing then spend your money...have the truck dyno'd...and enter the industry right side up... once you're upside down it's very difficult to get ahead with a truck that can and usually will cost you more in repairs than it does in payments...

    Try before you buy!



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  22. #11
    geo
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    Re: lease purchase program

    my sprinter is lease thru mb and got it at tysinger in hampton va
    send me a pm and give you more info
    also sale sprinter vans and we have some great plans you may like
    trouble has arrived


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  24. #12
    Senior Member Tennesseahawk's Avatar
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    Re: lease purchase program

    Quote Originally Posted by geo View Post
    my sprinter is lease thru mb and got it at tysinger in hampton va
    send me a pm and give you more info
    also sale sprinter vans and we have some great plans you may like
    Geo... you're answering an 8 year old thread. I think there's medication you could take for that.
    BillChaffey likes this.
    Freedom is free of the need to be free. - Free your mind and your *** will follow.

    When some wild-eyed, eight-foot-tall maniac grabs your neck, taps the back of your favorite head up against the barroom wall, looks you crooked in the eye and asks you if ya paid your dues, you just stare that big sucker right back in the eye, and you remember what ol' Jack Burton always says at a time like that: "Have ya paid your dues, Jack?" "Yessir, the check is in the mail."Jack Burton



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  26. #13
    LDB
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    Re: lease purchase program

    Geo is answering a one day old post. I think there's medication you could take for that.
    A wise man's heart directs him toward the right, but the foolish man's heart directs him toward the left. Ecclesiastes 10:2 NASB
    ---------------------------
    It's okay if you disagree. I can't force you to be correct.

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  28. #14
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    Re: lease purchase program

    Quote Originally Posted by LDB View Post
    Geo is answering a one day old post. I think there's medication you could take for that.
    Ahh... so Geo is back in 2005? Gotcha.
    Freedom is free of the need to be free. - Free your mind and your *** will follow.

    When some wild-eyed, eight-foot-tall maniac grabs your neck, taps the back of your favorite head up against the barroom wall, looks you crooked in the eye and asks you if ya paid your dues, you just stare that big sucker right back in the eye, and you remember what ol' Jack Burton always says at a time like that: "Have ya paid your dues, Jack?" "Yessir, the check is in the mail."Jack Burton



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  30. #15
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    Re: lease purchase program

    A spammer resurrected the thread. The spammer is gone, but the resurrected thread remains.



    The Doppler Effect means red lights will appear to be green if you drive fast enough.

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