truck financing

idtrans · Sep 13, 2010

Does anyone on here know where to call for truck financing or lease programs. I would rather lease my truck with a small buy out instead of a financing so I can deduct the lease payments the entire time.

I found a real nice straight truck at elenbaums trucks and seriously thinking of getting into the truck.

Thanks everyone ahead of time.

Either pm me the info or post on here I am sure there are others that would like to know where to get financed for trucks as well.

Lawrence · Sep 13, 2010

John Lalonde is doing a whole workshop this week on this and related topics:

Expediters Online Workshop Series - Preparing for the Long Haul

idtrans · Sep 13, 2010

Lawrence said:
John Lalonde is doing a whole workshop this week on this and related topics:

Expediters Online Workshop Series - Preparing for the Long Haul

Thanks great info.

nightcreacher · Sep 13, 2010

I got audited one time on a lease purchase.The IRS said the key word was purchase.If you lease the truck,no buy out, then you can write the whole lease payment off,but if there is a buy out at end of lease,you can only write off depreciation and interest,so you may as well just buy the truck,and get the equity for your next truck That audit made aa believer out of me.The company that I had the deal with,lied thru their teeth.

idtrans · Sep 13, 2010

Thanks for the info. I may have a deal for a lease with $1 buy out and its at the area of 10% interest so no matter what it will work out "I hope LOL"

nightcreacher said:
I got audited one time on a lease purchase.The IRS said the key word was purchase.If you lease the truck,no buy out, then you can write the whole lease payment off,but if there is a buy out at end of lease,you can only write off depreciation and interest,so you may as well just buy the truck,and get the equity for your next truck That audit made aa believer out of me.The company that I had the deal with,lied thru their teeth.

Dakota · Sep 13, 2010

I lease my truck through Penske and all maintenance and tires etc are included. At the end of the lease I turn it in and don't get the option to buy it. For me it works, getting a truck with a sleeper might get expensive though

idtrans · Sep 13, 2010

but do you run far and also do you sleep in the truck? I have rented in the past the 26' intl penske and they are not bad I just have no clue how to sleep in the truck I am 6'3" 300 pounds I need me some space. But I have thought of the penske idea for teh reason you listed no bills for repairs and just a deposit on the credit card and your in buisness. LOL just no where to sleep that I can see.

Dakota said:
I lease my truck through Penske and all maintenance and tires etc are included. At the end of the lease I turn it in and don't get the option to buy it. For me it works, getting a truck with a sleeper might get expensive though

Dakota · Sep 13, 2010

I run local so I sleep in my own bed every night. I'm 6'2" and if I want to take a nap I have to open one door LOL
You can order any truck you like at Penske ie extended cab, sleeper etc, but that is where it gets expensive. My truck is a basic Intl that is spec'd like their rental trucks, I've added a few extra on mine in the box. The cab and chassis is basic Penske rental fleet. I opted for air ride on this one though.

idtrans · Sep 14, 2010

Dakota said:
I run local so I sleep in my own bed every night. I'm 6'2" and if I want to take a nap I have to open one door LOL
You can order any truck you like at Penske ie extended cab, sleeper etc, but that is where it gets expensive. My truck is a basic Intl that is spec'd like their rental trucks, I've added a few extra on mine in the box. The cab and chassis is basic Penske rental fleet. I opted for air ride on this one though.

This will be a option I will seriously consider. I like the thought of not turning wrenches on my truck.

moose · Sep 14, 2010

Elenbaum normally works with a local bank .
if HE think you can make the payments - the bank will approved you .

Dakota · Sep 14, 2010

idtrans said:
This will be a option I will seriously consider. I like the thought of not turning wrenches on my truck.

It's not a cheap route to go, but in my book alot less hassle and the whole payment is a tax deduction.

idtrans · Sep 14, 2010

moose said:
Elenbaum normally works with a local bank .
if HE think you can make the payments - the bank will approved you .

seems like he deals with another outfit now . I am calling his people tomorrow because I am getting a weird feeling about this leasing outfit.

The guy at leasing company is trying to get me to believe that IL will drop the license plate fee from $565 to $300 for them LOL

Well we will see heck worst case I just by a box van with a duramax have seen a few at pretty good prices or lease a penske and honestly I like the penske idea more and more as I think about it LOL

Dakota · Sep 14, 2010

idtrans said:
seems like he deals with another outfit now . I am calling his people tomorrow because I am getting a weird feeling about this leasing outfit.

The guy at leasing company is trying to get me to believe that IL will drop the license plate fee from $565 to $300 for them LOL

Well we will see heck worst case I just by a box van with a duramax have seen a few at pretty good prices or lease a penske and honestly I like the penske idea more and more as I think about it LOL

If you going the box van route Penske sells used ones under 100K for about 10,995 Something I was considering at one point

idtrans · Sep 14, 2010

Yes I saw that but I want Diesel I like the diesels they last longer spend less fuel and run smooth. And the best part everything cost more to fix so I am feeling good I can support usa LOL.

Seriously I am just getting a weird feeling on the truck I want so I am flushing the whole deal and just waiting for a truck close I can see in person first and finance localy or at the dealer with no headaches like I have had these past 2 days.

greg334 · Sep 15, 2010

If you want to get a box van/cutaway or what ever - get a gas engine in it.

jjoerger · Sep 15, 2010

I bought our truck from Ellenbaum. I sent them a deposit, flew up there from Florida, they picked me up at the airport and the truck was exactly as described. Overall it was an outstanding experience and the people there were great. I highly recommend them.
I did not finance so I can't answer anything about that.

idtrans · Sep 15, 2010

jjoerger said:
I bought our truck from Ellenbaum. I sent them a deposit, flew up there from Florida, they picked me up at the airport and the truck was exactly as described. Overall it was an outstanding experience and the people there were great. I highly recommend them.
I did not finance so I can't answer anything about that.

Thanks yeah John seems like a honest straight shooter I like him. I decided to wait 2 months to get my bigger truck I went through hell this week not my credit just the bs the commercial lenders try to pull on drivers / owners. heck my credit is very good I got approved by 1 lease company for upto 3 trucks at a max of $75k just on my signature. but they want $800 paperwork fee for each truck WTF forget that I will wait my van is my baby and so far I havent found a driver close to run her so I will be patient for now.

idtrans · Sep 15, 2010

greg334 said:
If you want to get a box van/cutaway or what ever - get a gas engine in it.

Why should i get a gas engine model ? here is a nice diesel cutaway 2006 Chev G3500 Duramax 06 Cube Van I got him down to $10,500 I am seriously tossing it around as a back up truck for me. I have a duramax programmer to bump MPG up and its not a bad looking van at all.

greg334 · Sep 15, 2010

Yea but I think you may be missing something.

What's that, a 14 or 15 foot box?

The weight of the chassis alone is 400 lbs extra, maybe 600lbs - I'm too lazy to pull my GM manual off the shelf. The box weight and personal stuff factored in, you will end up with about 1600 lbs usable cargo capacity.

9660 - 6000 chassis = 3660

3660 - 1800 15 foot box = 1860 payload

person with clothes - 260 lbs leaves 1600 lbs of cargo payload.

The engine and the extras are what the problem is. It may seem to be a savings with fuel but over the long run, the savings may be eaten up by other factors - maintenance is one, repairs are another.