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Cargo Van Any good lease purchase options for CV w/ Panther

Discussion in 'General Expediter Forum' started by Rogue205, Dec 21, 2017.

  1. Rogue205

    Rogue205 New Recruit Driver

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    I am signed on (again) with Panther in a cargo van. With a fleet owner, but the way the van is set up and the stuff like the split and accessorials are a little lacking. My hope is at some point to have my own van and eventually a fleet, but have bad credit at the moment.

    Anybody know any leads to programs, or even owners that offer lease purchase
     
  2. Moot
    Confused

    Moot Veteran Expediter Owner/Operator

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    There are many good lease/purchase options for cargo vans and trucks. Good for the lessor, not so good for the lessee. Start saving money and get your credit repaired, then buy a van.
     
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  3. Grizzly

    Grizzly Veteran Expediter Owner/Operator

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    I'll go one step further ... look for the needle in the haystack & buy a good used van outright. No monthly payments. Only way to make any money in this business imo ...

    Sent from my VS987 using EO Forums mobile app
     
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  4. BlindSquid
    Crappy

    BlindSquid Active Expediter Owner/Operator US Army

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    With no original content to add I can only totally agree with two previous posts.
     
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  5. geo
    Bashful

    geo Veteran Expediter Charter Member Owner/Operator US Navy

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    MB has a good lease program, I have always lease them, as you take payment as a business expense, every month. this last one I lease it and then bought it, so I wouldn't have a large payment. I got a loan and had it for 72 month's and a smaller payment, then sold it for what was owed on it.
     
  6. Grizzly

    Grizzly Veteran Expediter Owner/Operator

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    How many miles per year on that lease? A lease may work for local deliveries for some people.
    But how can that even be remotely feasible for what the majority of us do? We drive 8K-10K miles per month .. not per year.

    Still say look for a good used van ....
     
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  7. geo
    Bashful

    geo Veteran Expediter Charter Member Owner/Operator US Navy

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    I had 8 lease with unlimited miles, thru the dealer's.
    do not lease from Penske, Ryder, as they run $.10 a mile, even with discount, there still high . plus what ever the monthly payment is. short term is a expense to, but if insurance is paying for it . because of accident that is not so bad. running local I ran any where from 60,000 to 80,000 miles per year. when I ran over the road for 11 year's it was 86,000 to 90,000 a year. there are many type's of leases, just have to find one that works for you.
     
  8. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    If I were to buy a new Sprinter ready to do the Expediting thing, what would one cost ?

    What kind of financing would I see with mid 800 credit score and 20% down ?

    What would I pay on an unlimited mileage lease for same van ? Total over the full term, and monthly.
    How much would I have to bring to signing ?
    How would the buyout work ?

    Your response should answer seven questions.
    If you can’t I’d look for a salesman that could give me straight answers.
     
    Last edited: Dec 30, 2017
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  9. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    Not trying to be too rough on Geo.
    I don’t like salesmen that can’t answer simple questions. Or won’t.
    I don’t shop as a hobby. ( Maybe here, as an educational tool. Although there has been discussions at home about buying a Transit or Straight truck to hobby truck. Relax, I won’t truck cheap.)
     
    Last edited: Dec 30, 2017
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  10. geo
    Bashful

    geo Veteran Expediter Charter Member Owner/Operator US Navy

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    I don't talk price, that is what my partner does he does all the paper work I just introduce people to product.
     
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  11. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    You don’t talk price ?
    I imagine more people than me are interested in what an unlimited mileage lease costs.
    If I get 4 likes you should give us the numbers off your last unit.
    The sticker when you bought it, any add - ons, what you put down,what you paid monthly, for how long, and what your payoff was.
    Most of us can’t imagine what a unlimited lease would cost.
    You can’t pimp this lease if you can’t tell us what kind of program it is.

    If you want Geo to give us numbers, please respond and /or at least give this a like.
     
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  12. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    3 likes already.
    GEO, I should get one more curious person by the end of the day.
    Time to start looking for that paperwork.
     
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  13. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    I got 5 likes in less than 24 hours.
    I think all these people would like to see numbers on an unlimited mileage lease.
    The most interesting thing is that the 5 likes came from people that have not posted in this thread.

    If you need help from your partner, get him involved.

    Who knows, it may help you sell some Sprinters.

    Inquiring minds want to know !!!!!!
     
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  14. Grizzly

    Grizzly Veteran Expediter Owner/Operator

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    In my experience salespeople "don't talk price" because they don't want you to know that you're paying $58K for that $40K vehicle. I sold cars for a little bit when I moved down south. Good times, made decent $ .. left a bad taste in my mouth.

    Salesperson directs the folks to the finance guy. The guy that distracts the customer from the overall price & focuses on the monthly payment .. by playing a game of three card monte.

    What % of your sales have been repos?

    Sent from my VS987 using EO Forums mobile app
     
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  15. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    Grizzly is right on.
    A legit dealer CAN let you know what you are paying.
    In the Finance Office they can use your affordable payment to help with upsells.
    Most dealers do the three card monte thing.
    I’ve had lots of vehicles, one time having seven nice running cars,pickups in my stable.
    Later in life I got less materialistic.
    You must know what you are paying and what interest rates are involved or you don’t have a chance.
    Geo I believe had three sales. I believe his leased van to himself, his leased van to another person for the payoff, and probably one actual sale.
    And it sounds like he’s more a birddog than an actual salesman.
    Which is OK if it works for him.
    We’ll see if he can sell anybody on this unlimited mileage lease.
     
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  16. geo
    Bashful

    geo Veteran Expediter Charter Member Owner/Operator US Navy

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    I took it off of lease and bought it, and sold . sold it to a person, for what I owe on it. reason I took it off of lease at end of lease it is worth x number of dollars if it doesn't sale for that price you have to make up the different. or you can buy it. I bought it for what was left on it, than got payments down to where they would be lower. so I could retire when I wanted to. have a lower payment, would be easier to handle.
     
  17. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    I spoke recently to a guy buying a $150,000 truck off the owner he was driving for.
    Asking him about how that direct sale worked, he was very forthcoming.
    Until I asked him if he was paying any interest in the deal.
    HE DID NOT KNOW !!!!!
    I’m curious if you even know or understand what you did . Or did you do it because your trusted salesman told you it was a good deal ?
     
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  18. geo
    Bashful

    geo Veteran Expediter Charter Member Owner/Operator US Navy

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    these are ball park numbers, interest rate would depend on credit rating, depending on bank or credit union you use.
    if you lease who you use to lease vehicle from. the type of lease, I have use trac lease, you agree how much vehicle will be worth at the end of lease. you may turn it in, or keep it, or buy it depending how lease is set up. all the lease I have done I was responsible for keeping up and paying for the maintenance .
    this is estimate for a loan
    price $46.701 , 10,000 down , $36,000, monthly payment around $663., plus sale tax, Virginia sales is %4, or what ever state you are from is. plus fee's for deliver of vehicle are. also at time of buying the unit there may be program's they you may take advantage of. does your company have any discount for from MB .these are only ball park numbers. also if every $1000. down you lower your payment by $17.00 or so. this price could be higher or lower depending on taxes and interest rate.
     
  19. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    I’ve learned ZERO about an unlimited mileage lease in this thread.
    If you must buy the vehicle at the end, for a predetermined price, mileage doesn’t matter.
    After the term, they don’t care if you pay $10,000 for a 400,000 mile Sprinter or an 800,000 mile Sprinter. That’s your problem.
    Let’s say it’s a $49,000 vehicle OTD.
    You put $15,000 down. Balance $34,000.
    Your buyout at termination is $10,000.
    You’ve actually given them $25,000. ( $15 before, $10 after).
    Your lease gained you $24,000 in value.
    So whatever you gave them over $24,000 in payments would be comparable to finance charges.
    You get a write off and they get depreciation.
    They hold title so you don’t show an asset.
    Is this about it ?
     
  20. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    I just reviewed your post , and you said you’d have the option to turn it in.
    With unlimited miles, I would guess they’d have to prepare for a turn in value of a few hundred dollars.
    That means you’d have to pay in basically the full value, plus finance costs, and fees.

    NOW I’M REALLY CURIOUS WHAT AN UNLIMITED MILEAGE LEASE COSTS. As are nine others it appears.
     
    Last edited: Jan 3, 2018
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