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lease purchase program

Discussion in 'General Expediter Forum' started by allangrant75, Jan 18, 2005.

  1. allangrant75

    allangrant75 Expert Expediter

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    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.
     
  2. Glen Rice

    Glen Rice Veteran Expediter

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    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..
     
  3. raceman

    raceman Veteran Expediter

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    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.
     
  4. larrybadger

    larrybadger Expert Expediter

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    >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
     
  5. TryHoursRcrtr

    TryHoursRcrtr Expert Expediter

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    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
     
  6. Crazynuff

    Crazynuff Veteran Expediter

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    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.
     
  7. TryHoursRcrtr

    TryHoursRcrtr Expert Expediter

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    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.
     
  8. davekc
    Cloud_9

    davekc Senior Moderator Staff Member Fleet Owner

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    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
     
  9. gojack

    gojack Expert Expediter

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    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
     
  10. Tom Robertson

    Tom Robertson Veteran Expediter

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    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!
     
  11. geo
    Bashful

    geo Veteran Expediter Charter Member Owner/Operator

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    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
     
  12. Tennesseahawk
    Balanced

    Tennesseahawk Veteran Expediter

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    Geo... you're answering an 8 year old thread. I think there's medication you could take for that. ;)
     
  13. LDB

    LDB Veteran Expediter Retired Expediter

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    Geo is answering a one day old post. I think there's medication you could take for that. :)
     
  14. Tennesseahawk
    Balanced

    Tennesseahawk Veteran Expediter

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    Ahh... so Geo is back in 2005? Gotcha. :D
     
  15. Turtle
    Busy

    Turtle Administrator Staff Member Owner/Operator

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

    Tennesseahawk Veteran Expediter

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    That makes sense. But what's weird is that the post prior to Geo's is #10, and Geo's is #11. There's no evidence of Geo responding to someone. *cue Twilight Zone music* :)
     
  17. Turtle
    Busy

    Turtle Administrator Staff Member Owner/Operator

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    Because of my internet connection's hiccup during the move, one of Crazynuff's posts inadvertently got caught in the move. It got moved to the Truck Wash, too, and is now dated 1969, the same year that Rod Serling's Nigh Gallery first aired on TV. It's weird, because when it happened, I felt a tap on my shoulder and when I turned around there was Rod Serling standing there, smiling. Then the music started. I just woke up and, hey, there's something out there on the wing!
     
  18. Tennesseahawk
    Balanced

    Tennesseahawk Veteran Expediter

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    Funny you should mention that. I was watching a video on which celebs died in 2013, and Shatner's wife in that story was one of them. For such a small part? Weird.
     
  19. geo
    Bashful

    geo Veteran Expediter Charter Member Owner/Operator

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    i saw that , any way to sale new sprinter slide something in
     
  20. Bruno

    Bruno Veteran Expediter Fleet Owner US Marines

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    We offer a true Lease to Own Program and have five trucks out on this program now. We only deduct the owner operators truck payment and maintenance account money each week. The rest of the settlement goes to the owner operator. I will say the we had a lease truck before, it had a maintenance account that if we never used it we lost the money we paid into it. Ours is set up to where if you don't use it, the money can be applied towards paying the truck off sooner.
     
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