@MuthaTrucker I met a guy at Prime about 25 years ago who told Me how they played with his loads towards the end of his lease , but little did they know , He had the cash to buy it out at the lease- end Anyway !
The FMCSA can stop lease purchase programs but they don't do anything about brokers price gouging! I guess the FMCSA wasn't getting a big enough kickback.
You're absolutely right. It's like they can do all this other stuff. But they are not addressing these brokers getting over. Drivers make this world go around in a major way. Without us, there would be nothing on the shelves. I'm not asking for alot just be treated fairly and make decent pay. Where I can afford to fix my truck when it needs it.
@MuthaTrucker still seeking litigation assistance... Reference referral to trustworthy people to help make depositions affidavits and FOIAs at minimum for posterity etc.. Fellow trkr... Ask about coercive efforts by x employer hostile business practices in conjunction with treasonous traitors terrorists authorities. ..🌎🧐
So many lease-purchase fleets just want some poor sap to pay for their trucks. Then, when they get down to 6 months or less to payoff, they find a reason to 'disqualify' (terminate) the driver, then lease that truck to another unsuspecting driver. Never do a lease-purchase. They are designed so only the company makes money, the L-O, if lucky, will squeak by, often making less than company drivers. Best test of a fleet, is to take a truck you already own, and try to lease it to them. If the have a l-o plan, they will find reason toreject your truck; i.e., too heavy, 5th wheel height too high, wheelbase too long, etc. You nailed the response, Alex.
The company refused to let me dispatch myself.Their loads were all paying @ $1.50 per mile only.I just parked their truck at a Pilot in Florida and texted them the address.
Whether its a used car, semi whatever if they say no credit check no downpayment your job is your credit they are going to be charging you through the nose. They arent doing it out of the goodness in their heart.
Leases are trash 1099 ain’t criminal tho! I prefer a 1099 job because it’s nearly impossible to find a good paying W2 trucking company! W2 most pay around 2k a week 1099 I was always making over 4k a week! All the benefits etc is absolute trash and scam! If I work 3 weeks I make 12k instead of 6! 1000$ a month for fam of 4 for high end health insurance! Ur left with extra 5k put 3k aside for taxes which is more then u need ur still left with more money! Now u don’t pay those taxes until end of the year! Find different ways to invest that tax money and u make another 5k a year or so that are not taxable if u don’t cash out and just keep earning % on it!
@c-w-hhow do you pay the companies taxes?? 😂😂😂 you only pay your own taxes. Granted they are a bit higher because the company is not paying any of them as a w2 would be forced too. 1099 i have always made way more money. Most years i didn’t even have to pay at the end of the year because of writing things off which can’t do when you are w2. I have only had to pay once. It all depends on your situation.
@c-w-hyou don’t pay anybody’s taxes while 1099. You pay your own taxes, than you pay your companies taxes. You actually pay less tax as 1099 because you can deduct your food, tools m, uniform and any other kind of deductions. Don’t speak on something you don’t know
99% of the lease purchase fail. The 1% lives in the truck for the duration of the lease and doesn't take a vacation, essentially, indentured servitude.
It's by design... let's say you lived in the truck and never took a break. By the end of the lease, you have a rag of a truck with high miles that you can no longer hire on with anyone.
elijahrose7913 I did a lease purchase and paid off my truck in 17 months. First thing I did was ask the mechanic which truck didn’t have def. You will have a hard time if your truck has def. 2nd thing is pay off your truck early. I had a 2 year lease/ purchase contract and NO prepayment penalty. I made sure of that. After I paid my truck off, I renegotiated my contract. They didn’t want to, so I left them 2 months later. I changed my own oil, I greased my own truck. I did as much as I could to save money. Keep your idle time to a minimum. That alone saved me $15,000 a year.
When I drove Semi’s in the 80-90’s, the biggest problem with that was the Company you leased through would give you great loads until the truck was almost paid off. Then you would lose the tractor back to the Company and the process would repeat with another prospective owner/lease 😎😈😎
@@NAVYABHAN They are doing it to company drivers too, charge escro, then once you pay that 2500 you start getting pissed off cause the loads are b.s. and they keep your escro cause you quit.
AGREED! I've always said that lease purchase programs through these mega carriers are voluntary indentured servitude. Absolutely no real benefits to these predatory programs!
You are right Alex! I lost my axx doing a contract! Maintenance kills you, no real profit. Dont get me started about brokers and Spot Market Freight, the rates ar low, delivery times are unrealistic! Keep up your good work Brother!
The people listening know you nailed it on the head. Maintaining a sense of autonomy is the biggest aspect in agreeing to be a lease driver. Not a slave to the truck or truck conditions sets the bar at mandatory. Great show Alex.
i nearly went to one and i realized that i shouldn't be getting CPM for being a 1099, i should begetting % of the load since i am burdened with everything cost wise of the truck.
@spardasquadspqr3535 yes, I've been around trucks for over 30 yrs and I'm 40 .. so I have ppl I talk to about these things .. soon as I heard cpm, I stopped communicating with them.
Hey Alex, I 100% agree with you bro. I’ve tried to warn a couple of friends of mine not to do it. But they did it anyway, and they got severely ripped off and actually abandoned the truck just to leave the company because they refused to give them a load going back home after being out for a month and a half straight.
I lease/purchased a truck through Sunflower Carriers. It was more of an outright purchase because there was no 'buy back' at the end of the loan. They carried the note on my truck and they treated me straight up fair and square. Escrow for repairs was 10% of gross to the truck. Best 'lease purchase' deal ever! They treated me straight up fair and honest. But I can truly say I would not have nor will I ever do that with any other company, unless they can deal the same way. I haven't found anyone else who does it fair and square. I just wonder if any of these lease operators even realize they have to pay a huge buy back at the end of the lease? But as far as using any outside load boards, that could be very dangerous territory. It depends on who is carrying the note on the truck in the end. I don't advise outside load boards under that type of arrangement unless you know who your dealing with and know their credit rating. It also depends on 'whose authority' you're running under.
I use to work with a guy who recovered their trailers and was partners with a Chicago company they starve those drivers from the gate and use the SAP as a way prey on those guys they even began hiring drivers with new CDLs no experience they couldn’t even use a Outside load board and didn’t talk with brokers or get actual BOLs the US taught these foreign companies how to rob their own people
@donaldolson8870 Crete bought Sunflower. I wasn't sure if things changed at Crete since Mr. Ackley is out of the picture. His late daughter Laura was a friend of mine. Great folks, I tell you. 🙂
My mom was never a trucker but she knows in and out about trucking since my dad was a trucker for about 17 years. She told me, "Be a company driver or save up to buy your own truck to be an owner operator. Don't do lease purchase."
If you lease purchase through a trucking company that does ANY ONE of the following things, you will probably fail to pay off the truck, and if you do pay it off, you will almost assuredly take home less money than if you were a company driver spending the same number of days per year on the road, pulling the same type of trailer..... A) has over 20 drivers, B) pays by the mile instead of a percentage, C) pays drivers recruiting bonuses D) requires an escrow account E) doesn't let you see the actual rate confirmations or speak with brokers and shippers about the rates F) if the owner has never driven a truck OTR G) If most of their trucks are company driver trucks. There are companies that don't do any of this, (not many) but you must find them by speaking with other truck drivers. Companies that advertise do so because so many of their drivers quit after they figure out their companies' lease purchase deals suck. There might be some decent companies with 21 to 100 trucks, but don't touch lease purchases from companies with 100s or 1000s of trucks, with a ten foot pole!
I paid 1,095.00 per week for a lease purchase at Prime Inc. the truck fully loaded w/ dinette & APU was 165k. I paid the entire truck off in 2years 10 months. Not one issue. I left to start my O/O career with a damn nice truck fully paid for, title in hand & still under factory warranty.
I did the same thing that you did, but with a different company, and I did that about fifteen years ago, and I don't know at the age of sixty five, i'm retired
Yeah now share the story of how you were in that truck more than you were home. You’re not helping anyone sharing the highlight and missing what’s he’s saying.
@@wolvendesire34 Yes I was in that truck for 3 years most of the time. News flash it takes a f^*k ton of work to buy a 165,000 dollar truck in 3 years & NETTING low 6 figures in my bank account. My three years of that truck I was 1099 for: 296,000, 299,000, 305,000. Once I was done. I had a completely paid off new truck & went on to be a O/O that could work only 6 months out of the year. I also bought a home during that period & since sold it for a 200k profit. Being successful requires a lot of effort & sacrifice. I didn’t claim it was easy, just that it can be attainable. Is everyone going to have that type of effort, NO. The point is, you can literally go from being homeless with Zero credit score & trucking knowledge , and change your life completely with the right company lease to own. Are you going to pay a premium for that assistance, absolutely. Is the trucking company going to make a decent profit off of you during that time, absolutely. But they will give you the opportunity to become successful in a matter of 3-5 years. I can’t name very many industries that will provide a person the opportunity to go from complete zero knowledge of an industry, with zero money down & turn that into a profitable business with the main asset completely paid for in full in a 4-5 years.
Alex!!! I did lease purchase. It was a lot of hard work and a learning experience. I traded the lease truck in and financed a truck and trailer through a finance company. A lot of the companies steal , one way or another. I eventually sold the truck and trailer and walked away from owner operator. I was able to have more "freedom" at times, but the headaches weren't always worth it!
I'm an eDiscovery paralegal. I did research years ago while pursuing a cdl. While attending orientation at a carrier, I did research on several lawsuits about the misclassification of owner operators who were actually employees. I bailed out. That was 10 years ago. I got my cdl last year to be an owner operator, but I'm buying my own equipment. I'm in a position to live on the road, though. Otherwise, I wouldn't if I had a lot of bills. Its a conflict of interest to lease from a carrier employer. It would be considered a civil violation in other business' where there is restricting of competitors from engaging interstate commerce. I personally think that the trucking business should be held liable under the same laws as trademark infringement, monopolies and unfair competition because the lease operators are being deceived as if they have their own brand providing services which is being palmed off by the carrier. ...
The problem with leases, is that the company calls you a contractor, but your not allowed to to offer your services to anyone one else. And or the company will stave you out if you don’t run the way, they want you to run.
I once looked up the difference legally between an employee and a contractor because of a situation I was in and found out my employer was probably breaking the law. When I learned about this shituation my first thought was "that definitely sounds illegal."
I’m currently in a lease purchase. I’ve done them before and yes a lot are very predatory and will cause you to go bankrupt. My first lease purchase was with CR England. They paid by the mile and after all the “expenses” I barely made more than the company driver pay with all the expenses and then the ballon payment was ridiculous.i never got to see what the rate con or had any say in refusing loads. I left before I was too far into it. Now I’m currently in a lease purchase program with the company I’m currently working with. They pay percentage of the line haul and fuel charges. 2023 I grossed $350,000 and took home $120,000 as a solo driver that’s good pay. After October my semi truck will be paid off with no ballon payment and a pay increase of $48,000 per year take home bumping my take home pay to around $168,000 per year. That’s very good income. I see all rate cons and can ask for more with absolutely no forced dispatch. So I’m curious how this might affect my situation
I do agree with you. I'm on percentage and I'm happy with what I make now. I don't get raped like I did when I worked for Navajo Express. I read my contact with a fine tooth comb and I was okay with it.
Fleece purchase is what it should be called. Ps financed a 4 year old truck financed 4 years 1420 a month 68,000 ish balance. Emission era truck a true lemon but paid it off. Next time I'm paying cash for a pre emission truck or glider. Pay cash no one can repo.
I have been an owner operator with my own authority now for 17yrs! It all was the result of a lease purchase program as a company driver with a company out of Indiana called, "Baylor Trucking!" Lease Purchase programs can and do work. I would of rather seen regulation developed to make them unpreditory as opposed to banning them altogether. You have to think banning them by the government has an agenda behind it. Surely!
Like Hirschbach, Prime, Navajo Express, Swift, KLLM. They are predatory. I have a friend that used to drive for my company and she's getting bent over at Hirschbach. They literally take everything from her.@@ReggieBurns-p5d
I’d never touch a lease with a 10ft pole! I have my own 2 trucks yet they are parked and not asking for money just due to how crap loads pay rn! But I work as an employee on W2 with all benefits and still make over 4k a week and I can work as much as I want and take time off as much as I want! I tend to do 3 weeks on 3 weeks off
Bro Appreciate you being Real.......no matter people's feelings.....most of the people doing lease purchase are not financially stable...Credit not good.....and trying to take the easy way to become a Owner Operator....I understand I get it...but remember nothing easy will be worth it and your really taking the harder path by avoiding the steps to get financially stable........as hard as people run doing lease purchase......they can run as hard company to get credit and finances in order.......[THE REAL PROBLEM IS LACK OF FINANCIAL EDUCATION]
Think about it as legal advice that didn't cost you anything, but may save you thousands. But then you should be able to reserve the right to be taken advantage off if you choose to. Lease purchase is an old game that's taken advantage of new players for a long time.
Alex, Great video! I paid off my lease purchase in four years, June of 2021. I wanted to own the truck and I think I was lucky at the right time with the right company. I made about equal to a company driver for those four years. I've been told very few people pay these off. I hope this helps
A lease operator is contracted to use the authority of the company they lease to. A lease purchase is similar to a rent to own. Completely different issues.
Agreed! But I'm just stating my opinion of things that would make lease purchase programs more fair to the driver leasing (rent to own) force dispatch among many other things make it unfair
@MuthaTrucker i bought my first truck through a dealer and the next three through lease purchase, but a different company than the carrier i was leased to. This allowed a more complicated issue than what you laid out. Not completely disagreeing but, several different issues to be discussed. Lease purchase is mostly too expensive to be worth doing if you have ok credit. However, I went that route because I don't have credit issues and needed to replace my truck, needed a inframe but couldn't get financing at the time. I mostly didn't have a problem with dispatch because they didn't send me very many loads that I objected to. I will leave it there because it will take too long to explain further.
Everyone is complaining about the company side of the situation, but how much of this equation is the driver's fault? Before deciding on this, there is a lot of information and ways to get it.
@herbertjosephkrspyleg agreed, two different scenarios, one lease purchase from the carrier and the other would be from an outside company. Both have issues and Both are expensive. But with the right arrangement, can work.
100% agree I am glad your speaking out on this! I am a owner operator leased to a company and even that isn’t much different then being a employee with a truck. But lease purchases are scams! So I completely agree with you! You’re giving great knowledge!
I’m under a lease company right now. Things have been going well. It’s a business so things happen. I would like if they changed things about my lease . I have less than a year and how I’m planning it, I’ll have it paid off by this summer.
I realized in my first year of OTR (1990),that if you wanted to be an O/O,you could live in that company condo for a year and save your $$ and buy a used truck for cash. Drivers used to maintain their own trucks too.
The FMCSA just needs to go. They serve no purpose. I agree lease purchase for the most part is a rip off. But that’s between the individual in the company not the FMCSA.
My wife and I Got a lease truck from SFI and even tho there ridiculously high we just got our title. The best lease companies are the ones that allow you to take the truck anywhere Lone Mountain SFI LRM
I’ve purchased 4 trucks through a lease purchase program. Works great if you’re willing to work properly to make the payment. Know your industry, read ALL the contract, and you can change certain things if you don’t like them. No impact on my credit, low down payment, and the truck still has warranty after it’s paid off. All valid reasons to lease purchase
Paid off 1 Lease Purchase a few years back. Eventyally, sold that truck and bought the next Lease Purchased truck. Just paid it off Lump Sum at end of year 3 of 4, before this past Xmas. No issues at all. Warranty. Plenty of hometime. For Lease Purchase to work, you got to walk in with 40k to 60k down payment. New. Get out of it (Sell it.) before it starts taking back money. To manage that, you got to, as the Ol' time preacher use to say, "Stop buying everything your beady little eyes can see."
Older trucks easily make 3-5 million and still going strong, that new 2024 Pete? It's been in the shop 32 times in it's first 25k miles. If not a sensor it's the busted auto transmission 🙄 auto trans is not designed to nor will it ever be capable of sustained high weight loads. Autos are not for pulling, they burn up over and over. These new trucks are being designed in a way they are disposable just like a car, which keeps you financed the duration of your ownership. Save money, buy old, complete overhaul, and hammer down, you'll be a million miles ahead of that Pete because it can't stay out of the shop 🤦
Alex, you’re so right about this. I hear these young people get out of here and these managers of these companies talk them into these lease purchase deals they’re fresh out of school. They don’t even know what they’re getting into about two years into the contract. They lose everything they’re mad at the system and they’re quitting. It’s a predator class.😎
I bought my truck through lease purchase. I had no credit or money wasn’t forced dispatched and wasn’t able to get my own freight but was kept busy. I finally paid off my truck after 9 years but it’s now mine.
I was about to sign up with T Brothers. I have great credit. Building my lufe back aster raisi ng kids and am saving a few thousand a month. I thought the company would look out more because they said they are signing with me. Ive worked so hard to get back to where im at. Thank you so much!!!
If you can lease for a few years then buy it at fair market value, then it would be better. For the driver, it helps those with bad credit and build up cash for a new truck.( but doesn't build credit).I did lease 3 different trucks from a company and just did it because it was a walk away lease. I did take alot of time off with. But now I own my own. Leasing should be short term not a long term decision. Been in this business 27 yrs.
Honestly? I advised my kids not to. The money is not there. It makes it not worth the hassle.The environment is to hostel, and a lot of people out here are rude and uncaring. Over the road in not were it's at. Dump trucks, oil fields, or local work is a much safer bet. The owner operator is a dieing breed. Freight to cheep ant truck repair bills to high.But if you like to drive and meet new people it's fun. If you like that, then try it. This used to be a lifestyle and a lot more fun. Now it's a job, and the grind is real. With all that said I am buying one last truck next year. An ARI 156 big bunk truck. It my retirement truck.
@@robertbryant6493 Thank you so much dear.. And I’m happy that you get your retirement truck.. You deserve it dear.. Is it hard for new drivers to get a local job like dump truck or something?
Should also know the vehicles payoff value And compare it with what you are paying Figure a 200k loan with 20% down $40k you shouldn’t be paying 6k a month you can use loan calculator 1500 a week or 3k a month Where do you stand
Aint this the samething as that AB5 bullshit? Thought we was all against this a couple years ago? When is this fmcsa gonn rule on the broker transperancy?
Pretty much. This is a tax revenue issue. the only way I could see FMCSA moving on this issue is if congress and the irs starts getting involved. It’s someone’s personal decision if they do a lease. Nobody is forcing anyone to lease a truck and the government shouldn’t be telling ppl how to run their company. This is a slippery slope. The O/O want the lease guys and everyone else out of the way because they think it’s gonna help their bottom line. They might better leave this issue alone. Once you hit one domino they all start falling and they might start falling the way you don’t want.
@@MuthaTruckerDont wait. Write them. None of these people in government have ever hsd to hold a steering wheel. But they know how to read. Its the only thing they do.
So I completed a lease purchase in the semi I’m driving now. That being said I agree with you. It’s an extremely slippery slope completing it, even reading the contract. To those that are thinking of it. Do the math so you know what you’ll being paying jn total. Work as if you are a company driver.l, meaning don’t increase living cost if you can help, in fact calculate how much you need to make in order to break even that goes wit do the match, note permits fuel rent car payments vacation maintenance insurance and unexpected events should all be counted up. Plan how long you intend to work a month abs subtract 5 days for a rainy day then you’ll know how much you need to bring in a month minimum. Build up your maintenance account to at least $10,000, but preferably the value of the truck because it will break down around that 400k-700k mark and it’ll likely. If you can do all that and survive in a BEAR market, number add up then good luck!
Oh another thing change the oil and filters at LEAST every 25k, don’t listen to no mechanic saying 50k. Even if you gotta pay out of pocket. It’s only $300-$$600 at worse and doing otherwise is a sure fire way to blow that engine
Well I don’t have amazing credit and I could never get a loan, and lease purchase IS MY ONLY OPTION. I know it is a predatory situation, but I’m cool with it cuz I see no other way to get a truck. As long as I get the truck in the end, I DONT CARE!
My recommendation is to stay company driver till your ready to make the move and buy your truck. But again, if you have a gameplan and stick to it, I wish you the best 👌
lol I only know of one lease to Owen that is a good deal. You must work for the company for 5 years and have 10 OTR experience to Qualify as a minimum.
I can see the FMCSA setting up in Chicago as I type this comment 😂😂😂😂 we all know I’m all seriousness they need to work together and find a middle ground if they can do it with TikTok they can do it with these legit companies get the predatory ones ouuuuuuuuuutttt.
Another option is to make a rule stating that if the driver leaves the company that the company must reimburse the driver for 50% of the amount the driver had paid into the lease/ purchase up to that time. Why should the driver be left holding the bag ? I once worked for Prime. What a mistake! I forgot the name of that system, but the whole thing is designed to take all the control away from the driver and put all the financial risk onto the driver! Then if you decide to leave, they keep the truck!
Bro, people are dumb. You can tell them straight out that they are getting robbed, and they will still sign the lease. Lease purchase is worse than a company driver. If you have bad credit that means you can't even pay your own bills. Being a o/o will be even worse.
You’re the third you tuber to talk about this in the past week. I’m glad you’re expressing this opinion on the matter. The truth hurts. The fact is this is the worst option for any truck driver. The company makes out not the driver.
Nobody with great credit is signing a lease/purchase agreement with a trucking dispatch company.. It’s nothing but zero experience and bad credit applicants with no business experience or ability to understand what they are signing up for. The bigger question is who’s writing insurance coverage on those lease drivers, if the mother company is insuring them then that’s where is ban should come into effect, if you can’t get independent insurance on yourself then you shouldn’t be allowed on the road as an OO .
He is right...but there is more to the story. First off you have to be a lawyer to understand the contract, 2nd, I think most people know the LP programs are crap but they don't want to take another route (or can't) and don't know what they are getting into. And, finally the FMCSA needs to limit brokerage to a single broker to cover the load. If you have a $1000 load and 5 brokers take $100 each that doesn't leave you with much except getting the load delivered, paying for fuel and maintenance but the 5 brokers didn't do anything except get off the couch to send an email.
You're right depending on the contract though I would say a lot of the contracts actually state that the driver that is doing the pre-release purchase has to pay for the maintenance the the company may do the maintenance but then later on take so much out each week but you would still be responsible to for that payment to be completed back to the company that's the problem. Second is forced dispatch.
I did Ace Lease with Prime, then took the truck to another carrier and paid it OFF! I now have my own MC. I went lease purchase because I had bad credit and read the contract before I made the down payment.
They have been trying to ban companies from lease purchase the company is still the owner the details R in the fine print, I've heard drivers say they need them plus they been made to b afraid of the responsibility of total ownership, Im a independent owner operator, I agree with U Alex, I can drive loaded unloaded ,bobtail because I pay for my tags no company.
I agree with you 100%. The government is cracking down in all industries on the difference between employees and independent contractors. To be an independent contractor some of the criteria is you have your own tools. If the truck is not in your name, you don’t own your tools.
The never never plans are over. It took a while now we’ll see who is going to get bred in all them businesses where the never never plans were used for driver retention amongst other revenue generating plans they used to hold the majority ransom.
Some of the big companies lease purchase program is not really a lease purchase. It’s just a lease program however I drive for Liberty transportation out of Greensburg PA they buy older trucks & when the lease is up the truck is yours, there’s no bloon payment in the beginning or the end, however, you are signing on to pull their trailers & be dispatched through them & you can refuse loads find your own off the Load Board but it has to be run through them so that they get paid for the use of their trailer & of course the truck payment, however, if you use their dedicated accounts, you will make more money. Also, you can take off whenever you want to so long as you work with them within reason, some drivers have complained about them, but I have had a very good experience. It was an easy way to buy a truck even though it was a little more expensive, but it was a whole lot less stress & headache & worry, it has been paid off for over a year but I’m still driving for them because I choose to Be fair to them and they will be fair to you
Do you agree with the FMCSA TLTF to Ban All Lease Purchase Programs? How was your personal experience??
Just the ones like Werner ect that never lets the driver pay the truck off to get the title.
It’s a scam anyway
It’s a scammm RUN VERY FAST
@MuthaTrucker I met a guy at Prime about 25 years ago who told Me how they played with his loads towards the end of his lease , but little did they know , He had the cash to buy it out at the lease- end Anyway !
DAMN GLAD YOU FINALY SAID IT
The FMCSA can stop lease purchase programs but they don't do anything about brokers price gouging! I guess the FMCSA wasn't getting a big enough kickback.
Yup brokers are another problem
All You Dumb Azzes have to do is "Park" those Mofo's and Make the Rules , but You Dummies want do it ! It's Your Fault !
I believe they were talking about dealing with that a couple of days ago.
@@marlinbrandon1044 most brokers operate illegally by 'double brokering'.
You're absolutely right. It's like they can do all this other stuff. But they are not addressing these brokers getting over. Drivers make this world go around in a major way. Without us, there would be nothing on the shelves. I'm not asking for alot just be treated fairly and make decent pay. Where I can afford to fix my truck when it needs it.
This is the best News I've heard in my 31 years of trucking . They have been ripping drivers Off for Decades !
Let's see what happens
@MuthaTrucker still seeking litigation assistance...
Reference referral to trustworthy people to help make depositions affidavits and FOIAs at minimum for posterity etc..
Fellow trkr...
Ask about coercive efforts by x employer hostile business practices in conjunction with treasonous traitors terrorists authorities. ..🌎🧐
Nothing but a Scam from the start of lease
Im sure there’re few good ones but the vast majority of them are predatory and make you slave to these companies for 2-3 years
Most of them are European own companies based in Chicago.
So many lease-purchase fleets just want some poor sap to pay for their trucks. Then, when they get down to 6 months or less to payoff, they find a reason to 'disqualify' (terminate) the driver, then lease that truck to another unsuspecting driver. Never do a lease-purchase. They are designed so only the company makes money, the L-O, if lucky, will squeak by, often making less than company drivers. Best test of a fleet, is to take a truck you already own, and try to lease it to them. If the have a l-o plan, they will find reason toreject your truck; i.e., too heavy, 5th wheel height too high, wheelbase too long, etc. You nailed the response, Alex.
They need to get rid of foreign brokers and drivers with no CDL
Why don't the task force take these foreign truck drivers with no CDL or the right to be in the country out of here. All smoking mirrors!
It’s been 6 days, guy. Less than a week. A lot has been done so far, but it takes some time.
Now get rid of foriegn drivers and brokers
@@stuckgrenadepin.225
These people are the very ones who will take a load for less or nothing. Which is a negative for others. Period!!
They make up 60% of the industry. Majority of Americans refuse to do trucking
@@marcusgray2799 most refuse because the industry is terrible and over regulated now. I'm sick of it and looking for other things to do.
Alex, I love to hear you giving a straight out opinion. You telling it like it is, even though people might not like it, you're doing a good deed.
❤️❤️❤️
I did a lease purchase through Prime paid it off in three years now I own the truck. It’s been very profitable for me my brother.
Truee grinder and hustler right here! Congratulations
Its like anything else. Its all money management.
It's one of the best ones cause of the Revenue on loads they get.
What's "profitable" for you?
@@theoBaba773 to be transparent and I never usually do talk business online revenue wise. I do about 12 to 14 K per month after expenses.
The company refused to let me dispatch myself.Their loads were all paying @ $1.50 per mile only.I just parked their truck at a Pilot in Florida and texted them the address.
LoL... I've done that before.
@@Menye5573 if you do that would it be hard to get a job any else? I
I was getting $1.50 per mile 30 years ago fuel was about $1.25 per gallon
Yes back in the Old days , you were making money if the load paid more per mile than a gallon of fuel!
@@alfonsohouston9045 Your fuel was 18cpm on 150cpm, not bad.
Whether its a used car, semi whatever if they say no credit check no downpayment your job is your credit they are going to be charging you through the nose. They arent doing it out of the goodness in their heart.
💯 agreed
Your are a high risk and should be charged..
Why should you get a good interest rate if your credit is bad or limited
THESE COMPANIES ARE CRIMINALS, EVEN THE 1099 B.S. IS CRIMINAL.
Leases are trash 1099 ain’t criminal tho! I prefer a 1099 job because it’s nearly impossible to find a good paying W2 trucking company! W2 most pay around 2k a week 1099 I was always making over 4k a week! All the benefits etc is absolute trash and scam! If I work 3 weeks I make 12k instead of 6! 1000$ a month for fam of 4 for high end health insurance! Ur left with extra 5k put 3k aside for taxes which is more then u need ur still left with more money!
Now u don’t pay those taxes until end of the year! Find different ways to invest that tax money and u make another 5k a year or so that are not taxable if u don’t cash out and just keep earning % on it!
@@dailyrandom5308
Simply put. 1099 makew you pay their taxes and yours. But you own no ownership in the company. Knowledge is protective power.
1099 is amazing
@c-w-hhow do you pay the companies taxes?? 😂😂😂 you only pay your own taxes. Granted they are a bit higher because the company is not paying any of them as a w2 would be forced too. 1099 i have always made way more money. Most years i didn’t even have to pay at the end of the year because of writing things off which can’t do when you are w2. I have only had to pay once. It all depends on your situation.
@c-w-hyou don’t pay anybody’s taxes while 1099. You pay your own taxes, than you pay your companies taxes. You actually pay less tax as 1099 because you can deduct your food, tools m, uniform and any other kind of deductions. Don’t speak on something you don’t know
I tried it twice. Both companies stole from me
You mean Prime Inc is the worst in stealing from driver and they fleet manger are the worst
99% of the lease purchase fail. The 1% lives in the truck for the duration of the lease and doesn't take a vacation, essentially, indentured servitude.
Lease purchase is a polite way too say . May I f_ _ K you.
@@casteel765 Yep!
@@robertpolkamp Stright up slave!
Tried 3 separate times over 10 years. Thousands in debt and no truck.
That’s stupidity on your behalf.. can’t blame the scammers when you fall for the same scam time and again 😂
Sorry
It's by design... let's say you lived in the truck and never took a break. By the end of the lease, you have a rag of a truck with high miles that you can no longer hire on with anyone.
Research research research. Talk to other drivers about said company. The pro’s and cons. The good, the bad, the ugly!(sorry Clint)!
elijahrose7913 I did a lease purchase and paid off my truck in 17 months. First thing I did was ask the mechanic which truck didn’t have def. You will have a hard time if your truck has def. 2nd thing is pay off your truck early. I had a 2 year lease/ purchase contract and NO prepayment penalty. I made sure of that. After I paid my truck off, I renegotiated my contract. They didn’t want to, so I left them 2 months later. I changed my own oil, I greased my own truck. I did as much as I could to save money. Keep your idle time to a minimum. That alone saved me $15,000 a year.
I became a lease owner operator because it paired well with my timeshare.
😂
Allstar comment!!!
Dude don't forget to sign up for TVC to protect those valuable assets.
When I drove Semi’s in the 80-90’s, the biggest problem with that was the Company you leased through would give you great loads until the truck was almost paid off. Then you would lose the tractor back to the Company and the process would repeat with another prospective owner/lease 😎😈😎
@@NAVYABHAN They are doing it to company drivers too, charge escro, then once you pay that 2500 you start getting pissed off cause the loads are b.s. and they keep your escro cause you quit.
AGREED! I've always said that lease purchase programs through these mega carriers are voluntary indentured servitude. Absolutely no real benefits to these predatory programs!
You are right Alex! I lost my axx doing a contract! Maintenance kills you, no real profit. Dont get me started about brokers and Spot Market Freight, the rates ar low, delivery times are unrealistic! Keep up your good work Brother!
@@jimjones7912 that's why alot of 1099s run a clock with unlimited time
The people listening know you nailed it on the head. Maintaining a sense of autonomy is the biggest aspect in agreeing to be a lease driver. Not a slave to the truck or truck conditions sets the bar at mandatory. Great show Alex.
Thanks!
i nearly went to one and i realized that i shouldn't be getting CPM for being a 1099, i should begetting % of the load since i am burdened with everything cost wise of the truck.
Oh yh thry love to scam people with that. Best part is that they say "owner operators prefer to get paid by mile and not gross"😅
Bunch of scumbags
@spardasquadspqr3535 yes, I've been around trucks for over 30 yrs and I'm 40 .. so I have ppl I talk to about these things .. soon as I heard cpm, I stopped communicating with them.
Hey Alex, I 100% agree with you bro. I’ve tried to warn a couple of friends of mine not to do it. But they did it anyway, and they got severely ripped off and actually abandoned the truck just to leave the company because they refused to give them a load going back home after being out for a month and a half straight.
After watching your show for the past five years, Alex you kept it 💯 the entire time. Keep being yourself.
To top it off, the truck lease company will fire you for any reason and take the truck back
Yesss
Exactly
I lease/purchased a truck through Sunflower Carriers. It was more of an outright purchase because there was no 'buy back' at the end of the loan. They carried the note on my truck and they treated me straight up fair and square. Escrow for repairs was 10% of gross to the truck. Best 'lease purchase' deal ever! They treated me straight up fair and honest. But I can truly say I would not have nor will I ever do that with any other company, unless they can deal the same way. I haven't found anyone else who does it fair and square. I just wonder if any of these lease operators even realize they have to pay a huge buy back at the end of the lease? But as far as using any outside load boards, that could be very dangerous territory. It depends on who is carrying the note on the truck in the end. I don't advise outside load boards under that type of arrangement unless you know who your dealing with and know their credit rating. It also depends on 'whose authority' you're running under.
Great insight
@MuthaTrucker thank you.👍🏻🙂
Crete Carriers does it that way
I use to work with a guy who recovered their trailers and was partners with a Chicago company they starve those drivers from the gate and use the SAP as a way prey on those guys they even began hiring drivers with new CDLs no experience they couldn’t even use a Outside load board and didn’t talk with brokers or get actual BOLs the US taught these foreign companies how to rob their own people
@donaldolson8870 Crete bought Sunflower. I wasn't sure if things changed at Crete since Mr. Ackley is out of the picture. His late daughter Laura was a friend of mine. Great folks, I tell you. 🙂
My mom was never a trucker but she knows in and out about trucking since my dad was a trucker for about 17 years.
She told me, "Be a company driver or save up to buy your own truck to be an owner operator. Don't do lease purchase."
Yes. She is right. I am a company driver for 5 years. I clear $75,000/year. So far I saved $156,000 in my savings. I'm only 28 male
@marcusgray2799 oh man, I'm 29 and I am just about to start. I already started to apply at several mega carriers for the CDL and experience
I've done very well with lease rentals
If you lease purchase through a trucking company that does ANY ONE of the following things, you will probably fail to pay off the truck, and if you do pay it off, you will almost assuredly take home less money than if you were a company driver spending the same number of days per year on the road, pulling the same type of trailer..... A) has over 20 drivers, B) pays by the mile instead of a percentage, C) pays drivers recruiting bonuses D) requires an escrow account E) doesn't let you see the actual rate confirmations or speak with brokers and shippers about the rates F) if the owner has never driven a truck OTR G) If most of their trucks are company driver trucks. There are companies that don't do any of this, (not many) but you must find them by speaking with other truck drivers. Companies that advertise do so because so many of their drivers quit after they figure out their companies' lease purchase deals suck. There might be some decent companies with 21 to 100 trucks, but don't touch lease purchases from companies with 100s or 1000s of trucks, with a ten foot pole!
I paid 1,095.00 per week for a lease purchase at Prime Inc. the truck fully loaded w/ dinette & APU was 165k. I paid the entire truck off in 2years 10 months. Not one issue. I left to start my O/O career with a damn nice truck fully paid for, title in hand & still under factory warranty.
I did the same thing that you did, but with a different company, and I did that about fifteen years ago, and I don't know at the age of sixty five, i'm retired
Yeah now share the story of how you were in that truck more than you were home. You’re not helping anyone sharing the highlight and missing what’s he’s saying.
@@wolvendesire34 Yes I was in that truck for 3 years most of the time. News flash it takes a f^*k ton of work to buy a 165,000 dollar truck in 3 years & NETTING low 6 figures in my bank account. My three years of that truck I was 1099 for: 296,000, 299,000, 305,000. Once I was done. I had a completely paid off new truck & went on to be a O/O that could work only 6 months out of the year. I also bought a home during that period & since sold it for a 200k profit. Being successful requires a lot of effort & sacrifice. I didn’t claim it was easy, just that it can be attainable. Is everyone going to have that type of effort, NO. The point is, you can literally go from being homeless with Zero credit score & trucking knowledge , and change your life completely with the right company lease to own. Are you going to pay a premium for that assistance, absolutely. Is the trucking company going to make a decent profit off of you during that time, absolutely. But they will give you the opportunity to become successful in a matter of 3-5 years. I can’t name very many industries that will provide a person the opportunity to go from complete zero knowledge of an industry, with zero money down & turn that into a profitable business with the main asset completely paid for in full in a 4-5 years.
You are 100% correct on that
Alex!!! I did lease purchase. It was a lot of hard work and a learning experience. I traded the lease truck in and financed a truck and trailer through a finance company. A lot of the companies steal , one way or another. I eventually sold the truck and trailer and walked away from owner operator. I was able to have more "freedom" at times, but the headaches weren't always worth it!
Thanks for sharing Bill!!!!
Im on my second truck on my lp..same company. Very transparent and honest.i love it❤❤❤❤❤❤
I'm an eDiscovery paralegal. I did research years ago while pursuing a cdl. While attending orientation at a carrier, I did research on several lawsuits about the misclassification of owner operators who were actually employees. I bailed out. That was 10 years ago. I got my cdl last year to be an owner operator, but I'm buying my own equipment. I'm in a position to live on the road, though. Otherwise, I wouldn't if I had a lot of bills. Its a conflict of interest to lease from a carrier employer. It would be considered a civil violation in other business' where there is restricting of competitors from engaging interstate commerce. I personally think that the trucking business should be held liable under the same laws as trademark infringement, monopolies and unfair competition because the lease operators are being deceived as if they have their own brand providing services which is being palmed off by the carrier. ...
@@RealSoapForRealPlagues 🔥🔥💯🔥🔥
The problem with leases, is that the company calls you a contractor, but your not allowed to to offer your services to anyone one else. And or the company will stave you out if you don’t run the way, they want you to run.
I once looked up the difference legally between an employee and a contractor because of a situation I was in and found out my employer was probably breaking the law. When I learned about this shituation my first thought was "that definitely sounds illegal."
They need to be Sued!!!
I’m currently in a lease purchase. I’ve done them before and yes a lot are very predatory and will cause you to go bankrupt. My first lease purchase was with CR England. They paid by the mile and after all the “expenses” I barely made more than the company driver pay with all the expenses and then the ballon payment was ridiculous.i never got to see what the rate con or had any say in refusing loads. I left before I was too far into it. Now I’m currently in a lease purchase program with the company I’m currently working with. They pay percentage of the line haul and fuel charges. 2023 I grossed $350,000 and took home $120,000 as a solo driver that’s good pay. After October my semi truck will be paid off with no ballon payment and a pay increase of $48,000 per year take home bumping my take home pay to around $168,000 per year. That’s very good income. I see all rate cons and can ask for more with absolutely no forced dispatch. So I’m curious how this might affect my situation
I’ll take things that never happened in 2024 for $400 Alex..
I do agree with you. I'm on percentage and I'm happy with what I make now. I don't get raped like I did when I worked for Navajo Express. I read my contact with a fine tooth comb and I was okay with it.
If you don't mind me asking, who are you with?
@@charlesmyres4346 Gulick Trucking
What company are you working sir
Fleece purchase is what it should be called.
Ps financed a 4 year old truck financed 4 years 1420 a month 68,000 ish balance.
Emission era truck a true lemon but paid it off.
Next time I'm paying cash for a pre emission truck or glider.
Pay cash no one can repo.
I have been an owner operator with my own authority now for 17yrs! It all was the result of a lease purchase program as a company driver with a company out of Indiana called, "Baylor Trucking!" Lease Purchase programs can and do work. I would of rather seen regulation developed to make them unpreditory as opposed to banning them altogether. You have to think banning them by the government has an agenda behind it. Surely!
Leased drivers are just company drivers who are taking on the payments insurance and maintenance for them
Yeap
And tires...🤣😂😅
If they are predatory, then yes. I know my companies isn't a predatory lease.
That's good!!!!
Companies Who are the Name ok ???
Like Hirschbach, Prime, Navajo Express, Swift, KLLM. They are predatory. I have a friend that used to drive for my company and she's getting bent over at Hirschbach. They literally take everything from her.@@ReggieBurns-p5d
But won’t say the source gtfoh
I’d never touch a lease with a 10ft pole! I have my own 2 trucks yet they are parked and not asking for money just due to how crap loads pay rn! But I work as an employee on W2 with all benefits and still make over 4k a week and I can work as much as I want and take time off as much as I want! I tend to do 3 weeks on 3 weeks off
The FMCSA has no constitutional authority to make any rules.
Maybe not but the rule makers look to them for recommendations for new rules.
Yet they have power to implement regulations?
Uh they do.
The Motor Carrier Safety Improvement Act of 1999 literally allows them to make rules.
IF you are going to do a lease-purchase, get a lawyer to go over the contract, AND keep the receipts, in case the company goes belly up.
Great advice
A lawyer and a tax accountant!
Get rid of dam dpf filters or let government pay when clog up
Supposed to clean your dpf filter a least every. 200,000 miles long idling clogs it up
Bro Appreciate you being Real.......no matter people's feelings.....most of the people doing lease purchase are not financially stable...Credit not good.....and trying to take the easy way to become a Owner Operator....I understand I get it...but remember nothing easy will be worth it and your really taking the harder path by avoiding the steps to get financially stable........as hard as people run doing lease purchase......they can run as hard company to get credit and finances in order.......[THE REAL PROBLEM IS LACK OF FINANCIAL EDUCATION]
They have no authority on this . If people want to lease purchase then thats their business
Think about it as legal advice that didn't cost you anything, but may save you thousands.
But then you should be able to reserve the right to be taken advantage off if you choose to.
Lease purchase is an old game that's taken advantage of new players for a long time.
Alex, Great video! I paid off my lease purchase in four years, June of 2021. I wanted to own the truck and I think I was lucky at the right time with the right company. I made about equal to a company driver for those four years. I've been told very few people pay these off. I hope this helps
A lease operator is contracted to use the authority of the company they lease to. A lease purchase is similar to a rent to own. Completely different issues.
Agreed! But I'm just stating my opinion of things that would make lease purchase programs more fair to the driver leasing (rent to own) force dispatch among many other things make it unfair
@MuthaTrucker i bought my first truck through a dealer and the next three through lease purchase, but a different company than the carrier i was leased to. This allowed a more complicated issue than what you laid out. Not completely disagreeing but, several different issues to be discussed. Lease purchase is mostly too expensive to be worth doing if you have ok credit. However, I went that route because I don't have credit issues and needed to replace my truck, needed a inframe but couldn't get financing at the time. I mostly didn't have a problem with dispatch because they didn't send me very many loads that I objected to. I will leave it there because it will take too long to explain further.
Everyone is complaining about the company side of the situation, but how much of this equation is the driver's fault? Before deciding on this, there is a lot of information and ways to get it.
@herbertjosephkrspyleg agreed, two different scenarios, one lease purchase from the carrier and the other would be from an outside company. Both have issues and Both are expensive. But with the right arrangement, can work.
100% agree I am glad your speaking out on this! I am a owner operator leased to a company and even that isn’t much different then being a employee with a truck. But lease purchases are scams!
So I completely agree with you!
You’re giving great knowledge!
I’m under a lease company right now. Things have been going well. It’s a business so things happen. I would like if they changed things about my lease . I have less than a year and how I’m planning it, I’ll have it paid off by this summer.
Congratulations
I realized in my first year of OTR (1990),that if you wanted to be an O/O,you could live in that company condo for a year and save your $$ and buy a used truck for cash.
Drivers used to maintain their own trucks too.
It’s not the job of the FMCSA to regulate business. Their job is to regulate compliance.
They can make recommendations to the law makers and influence the process so they are in a controlling position over your industry.
That part!
The FMCSA just needs to go.
They serve no purpose. I agree lease purchase for the most part is a rip off. But that’s between the individual in the company not the FMCSA.
I agree
I agree with this. In my opinion, they serve no purpose but to keep pushing stupid regulations on us that don't make sense.
If you want to own your own truck then work hard save up and pay cash. If you can do that you prove you can do it.
If they are predatory yes!
My wife and I Got a lease truck from SFI and even tho there ridiculously high we just got our title.
The best lease companies are the ones that allow you to take the truck anywhere
Lone Mountain
SFI
LRM
Big Ego has done this. It's better to get your own truck as most of lease purchased are located in Chicago.
I’ve purchased 4 trucks through a lease purchase program. Works great if you’re willing to work properly to make the payment. Know your industry, read ALL the contract, and you can change certain things if you don’t like them. No impact on my credit, low down payment, and the truck still has warranty after it’s paid off. All valid reasons to lease purchase
Paid off 1 Lease Purchase a few years back. Eventyally, sold that truck and bought the next Lease Purchased truck. Just paid it off Lump Sum at end of year 3 of 4, before this past Xmas.
No issues at all. Warranty. Plenty of hometime. For Lease Purchase to work, you got to walk in with 40k to 60k down payment. New. Get out of it (Sell it.) before it starts taking back money.
To manage that, you got to, as the Ol' time preacher use to say, "Stop buying everything your beady little eyes can see."
Thanks. I needed to hear this. I feel informed by the recommendations of the task force and your opinion. I won't be doin this ever
They say it's cheaper to have an older truck that nickels and dimes you than have a brand new truck today.
Older is always better
Older trucks easily make 3-5 million and still going strong, that new 2024 Pete? It's been in the shop 32 times in it's first 25k miles. If not a sensor it's the busted auto transmission 🙄 auto trans is not designed to nor will it ever be capable of sustained high weight loads. Autos are not for pulling, they burn up over and over. These new trucks are being designed in a way they are disposable just like a car, which keeps you financed the duration of your ownership. Save money, buy old, complete overhaul, and hammer down, you'll be a million miles ahead of that Pete because it can't stay out of the shop 🤦
Alex, you’re so right about this. I hear these young people get out of here and these managers of these companies talk them into these lease purchase deals they’re fresh out of school. They don’t even know what they’re getting into about two years into the contract. They lose everything they’re mad at the system and they’re quitting. It’s a predator class.😎
I bought my truck through lease purchase. I had no credit or money wasn’t forced dispatched and wasn’t able to get my own freight but was kept busy. I finally paid off my truck after 9 years but it’s now mine.
Congratulations!!!!!!! 1% right here!!! Awesome to hear that you were not forced dispatched!
9 years ? Damn they sure saw you coming
9 yrs😂😂😂
@@shoveah1 ya payments were extend to keep them low. These car haulers ain’t cheap. But it’s done and paid for.
My man u worked a decade for not 5 nor 3 or 2 but 1
ONE TRUCK....
I was about to sign up with T Brothers. I have great credit. Building my lufe back aster raisi ng kids and am saving a few thousand a month. I thought the company would look out more because they said they are signing with me. Ive worked so hard to get back to where im at. Thank you so much!!!
No regulations could be bad but good regulations can solve problems
You’re right Alex ! Never worth the hassle !
Put them all in jail...
If you can lease for a few years then buy it at fair market value, then it would be better. For the driver, it helps those with bad credit and build up cash for a new truck.( but doesn't build credit).I did lease 3 different trucks from a company and just did it because it was a walk away lease. I did take alot of time off with. But now I own my own. Leasing should be short term not a long term decision. Been in this business 27 yrs.
Do you recommend trucking?
Honestly? I advised my kids not to. The money is not there. It makes it not worth the hassle.The environment is to hostel, and a lot of people out here are rude and uncaring. Over the road in not were it's at. Dump trucks, oil fields, or local work is a much safer bet. The owner operator is a dieing breed. Freight to cheep ant truck repair bills to high.But if you like to drive and meet new people it's fun. If you like that, then try it. This used to be a lifestyle and a lot more fun. Now it's a job, and the grind is real. With all that said I am buying one last truck next year. An ARI 156 big bunk truck. It my retirement truck.
@@robertbryant6493 Thank you so much dear.. And I’m happy that you get your retirement truck.. You deserve it dear.. Is it hard for new drivers to get a local job like dump truck or something?
Should also know the vehicles payoff value
And compare it with what you are paying
Figure a 200k loan with 20% down $40k you shouldn’t be paying 6k a month you can use loan calculator
1500 a week or 3k a month
Where do you stand
I would talk to you about success stories about lease purchase Alex!!!!
I thought about driving but idk
Aint this the samething as that AB5 bullshit? Thought we was all against this a couple years ago? When is this fmcsa gonn rule on the broker transperancy?
We gotta wait to see what the new administration is going to do
@MuthaTrucker not a damn thing. 😂😂
Pretty much. This is a tax revenue issue. the only way I could see FMCSA moving on this issue is if congress and the irs starts getting involved. It’s someone’s personal decision if they do a lease. Nobody is forcing anyone to lease a truck and the government shouldn’t be telling ppl how to run their company. This is a slippery slope. The O/O want the lease guys and everyone else out of the way because they think it’s gonna help their bottom line. They might better leave this issue alone. Once you hit one domino they all start falling and they might start falling the way you don’t want.
@@MuthaTruckerDont wait. Write them. None of these people in government have ever hsd to hold a steering wheel. But they know how to read. Its the only thing they do.
So I completed a lease purchase in the semi I’m driving now. That being said I agree with you. It’s an extremely slippery slope completing it, even reading the contract. To those that are thinking of it. Do the math so you know what you’ll being paying jn total. Work as if you are a company driver.l, meaning don’t increase living cost if you can help, in fact calculate how much you need to make in order to break even that goes wit do the match, note permits fuel rent car payments vacation maintenance insurance and unexpected events should all be counted up. Plan how long you intend to work a month abs subtract 5 days for a rainy day then you’ll know how much you need to bring in a month minimum. Build up your maintenance account to at least $10,000, but preferably the value of the truck because it will break down around that 400k-700k mark and it’ll likely. If you can do all that and survive in a BEAR market, number add up then good luck!
Oh another thing change the oil and filters at LEAST every 25k, don’t listen to no mechanic saying 50k. Even if you gotta pay out of pocket. It’s only $300-$$600 at worse and doing otherwise is a sure fire way to blow that engine
Well I don’t have amazing credit and I could never get a loan, and lease purchase IS MY ONLY OPTION. I know it is a predatory situation, but I’m cool with it cuz I see no other way to get a truck. As long as I get the truck in the end, I DONT CARE!
My recommendation is to stay company driver till your ready to make the move and buy your truck. But again, if you have a gameplan and stick to it, I wish you the best 👌
lol I only know of one lease to Owen that is a good deal. You must work for the company for 5 years and have 10 OTR experience to Qualify as a minimum.
I can see the FMCSA setting up in Chicago as I type this comment 😂😂😂😂 we all know
I’m all seriousness they need to work together and find a middle ground if they can do it with TikTok they can do it with these legit companies get the predatory ones ouuuuuuuuuutttt.
That's why I'm company driver. Your right. I trust you fam. Keep doing what you do. I appreciate you. 🙏 🙏🦾🦾
Keep pushing. Nothing wrong with being a company driver!!!!
You would LOVE how Greenmiles is set up! This carrier has all the good stuff you mentioned.
Well i just paid my truck off so... im good lol
Congratulations!!!!!
Another option is to make a rule stating that if the driver leaves the company that the company must reimburse the driver for 50% of the amount the driver had paid into the lease/ purchase up to that time. Why should the driver be left holding the bag ?
I once worked for Prime. What a mistake! I forgot the name of that system, but the whole thing is designed to take all the control away from the driver and put all the financial risk onto the driver! Then if you decide to leave, they keep the truck!
All of them are scams bro, not even one are truthful.
They will simply change the term to "rent to own"
Even if you read it most cant understand it
Definitely!!! It's meant to be confusing
One of the major trucking companies make every driver's lease purchase their truck's then , make them buy a new truck when they say so ?
Bro, people are dumb. You can tell them straight out that they are getting robbed, and they will still sign the lease. Lease purchase is worse than a company driver. If you have bad credit that means you can't even pay your own bills. Being a o/o will be even worse.
💯 agree!!!!
You’re the third you tuber to talk about this in the past week. I’m glad you’re expressing this opinion on the matter. The truth hurts. The fact is this is the worst option for any truck driver. The company makes out not the driver.
Coach n Tim need to stop 🛑 SELLING FOR REFERRALS
At the end of the day it's about taxes. As a lease driver you get tax write offs. As an employee you pay up to 35% in income tax to state and fed
Nobody with great credit is signing a lease/purchase agreement with a trucking dispatch company.. It’s nothing but zero experience and bad credit applicants with no business experience or ability to understand what they are signing up for. The bigger question is who’s writing insurance coverage on those lease drivers, if the mother company is insuring them then that’s where is ban should come into effect, if you can’t get independent insurance on yourself then you shouldn’t be allowed on the road as an OO .
A Glorified Company Driver. I AGREE Alex. Thx 🙏 Ed in Atlanta
Why don't they work on stuff like parking.brokers etc lease purchasing is like you said read the contact i did on 2 trailers and pay them off.
He is right...but there is more to the story. First off you have to be a lawyer to understand the contract, 2nd, I think most people know the LP programs are crap but they don't want to take another route (or can't) and don't know what they are getting into. And, finally the FMCSA needs to limit brokerage to a single broker to cover the load. If you have a $1000 load and 5 brokers take $100 each that doesn't leave you with much except getting the load delivered, paying for fuel and maintenance but the 5 brokers didn't do anything except get off the couch to send an email.
You're right depending on the contract though I would say a lot of the contracts actually state that the driver that is doing the pre-release purchase has to pay for the maintenance the the company may do the maintenance but then later on take so much out each week but you would still be responsible to for that payment to be completed back to the company that's the problem. Second is forced dispatch.
Agreed!!!!
Alex your 100% right on lease purchase.the company makes all money you pay all expended.no money left for you.poor way to be come an owner operator
I did Ace Lease with Prime, then took the truck to another carrier and paid it OFF! I now have my own MC. I went lease purchase because I had bad credit and read the contract before I made the down payment.
Excellent job, MuthaTrucker! Keep up the great work.
Your are 100% correct . I went Bankrupt leasing, the company i worked for was a scam.....
They have been trying to ban companies from lease purchase the company is still the owner the details R in the fine print, I've heard drivers say they need them plus they been made to b afraid of the responsibility of total ownership, Im a independent owner operator, I agree with U Alex, I can drive loaded unloaded ,bobtail because I pay for my tags no company.
I agree with you 100%. The government is cracking down in all industries on the difference between employees and independent contractors. To be an independent contractor some of the criteria is you have your own tools. If the truck is not in your name, you don’t own your tools.
Lease purchase has always been a big scam. Too many people thought it would never happen to them,,,but it did.
The never never plans are over. It took a while now we’ll see who is going to get bred in all them businesses where the never never plans were used for driver retention amongst other revenue generating plans they used to hold the majority ransom.
You don’t get the chance to read the contract until you asked to sign now
Some of the big companies lease purchase program is not really a lease purchase. It’s just a lease program however I drive for Liberty transportation out of Greensburg PA they buy older trucks & when the lease is up the truck is yours, there’s no bloon payment in the beginning or the end, however, you are signing on to pull their trailers & be dispatched through them & you can refuse loads find your own off the Load Board but it has to be run through them so that they get paid for the use of their trailer & of course the truck payment, however, if you use their dedicated accounts, you will make more money. Also, you can take off whenever you want to so long as you work with them within reason, some drivers have complained about them, but I have had a very good experience. It was an easy way to buy a truck even though it was a little more expensive, but it was a whole lot less stress & headache & worry, it has been paid off for over a year but I’m still driving for them because I choose to
Be fair to them and they will be fair to you