Lease Purchasing a Truck in a Down Freight Market! Special Warning on How Mega Carriers Operate.
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- Опубліковано 19 жов 2024
- #CashisKingTrucking #dammitboy #Owneroperator
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Thanks!
Thank you.
@@CashisKingtrucking thanks for sharing your expertise it was helpful to me..
Wow thanks for explaining what goes on, every says don’t do it, but they don’t never explain why not…
I survived werner lp it took alot of no paychecks I was the cream . I stayed out 2 or 3 months no hometime ran recaps did 34 at odd places had no life it wasn't worth it but I did get the title. As soon as they realized it's payed off I went from 3200 miles a week to 1800 barely. I left too the truck to landstar
Damn solid vid from your experience....thx for the share.
Bought my truck cash 99 freight liner classic them lease purchases with them huge payments will put you under. Ain't nothing like paid off equipment dammit boy
And if I did you know whatever
That was so smooth XD
Best damn advice applied to this subject, and you gave No Quarter, Man. You called it. Especially in today's world. But this has been a real issue for at least 25 years, but drivers keep falling into the trap. Go figure.
ONLY LEASE, IF IT’S A WALK AWAY LEASE, SO IF THINGS DON’T WORKOUT JUST RETURN THE BIT(H
Or you can get your own truck through an outside lease purchase program and when that company your leased onto starts tripping you can find another company that needs trucks to pull freight. Never do a lease purchase through a mega carrier with their trucks. Always lease your own truck through an outside program.
Hey Cash, wife and I team for Schneider, few months ago we paid off SFI truck in 18 months. We were company drivers for 6 months before we leased, definitely a benefit. Your right about the business mentality, you want to be successful you gotta put in the effort. Can't skip the struggle.
That's awesome, congrats on the paid off truck
But but but my recruiter said.....😂😂😂
My recruiter told me #derderder 😅
Stevens recruiter told me id be guaranteed 1k a week
1k a week, with all the added responsibility, Headaches. Also, where at the end of the lease how many miles will be in the truck, what will its true value be? How many miles would you have to run every week in order to make that 1k take home? @indo3052
Does Cash give everyone great advice? Do bears waffle stomp in the woods? The answer is: yes! Trucking is a licensed profession, with training and competency requirements. But, it is also a job that some men and women get into with blinders on, because of the relative ease of entry. Truck lease purchasing has just been one way that unscrupulous trucking companies hook new owner/operators and bleed them dry of money, only to see the owner walk away from the lease and lose all of the money paid in. Some trucking companies know how profitable it is to lease out trucks to unsophisticated newbies, hoping that they can profit off of the inflated lease payments, and then when the revenues are lower than the expenses of the O/O business, they repossess the truck and keep the payments that the newbie O/O made, and maybe even sue the newbie for the defaulted future monthly payments.
Cash's advice about how to get into trucking is also important and excellent. Unless you have solid business experience and the financial ability to finance a truck purchase (and maintain a large cash fund for repairs), it's far better to hire on as a W2 at a decent company and work your tail off and make some money, without all of the terrible risk of being a newbie )/) that doesn't understand these leases or how to run a difficult business at a profit. Better to make $60K a year as a W2 employee at a carrier than lose $30K or more walking away from an unethical rigged lease. Once you've put in the years, built up some cash reserves, you can then qualify for a conventional loan and buy a used truck with a solid down payment (or pay cash for a 4-5 year old truck in decent shape) , and at least be the captain of your own ship.
I’m only truckin for the free coffee at Love’s. #Suck_it_TA!
💯% free coffee and roller weiners. 👍🏻
Good video. The guy has been in three different lease purchases and is currently in another one. I’ll see you were pretty spot on. Maybe I’m kind of stupid, or I just like the risk and the extra freedom that comes with being a lease purchase guy. it is nice to just ask off and you don’t have somebody say well man I really need you right now, or deny your home time. Or if I do want to take 4 to 5 days, nobody questions it. So long as they get the payment. So there are some perks. No if you’re not making at least 2000 a week close to it it’s gonna be hard with an older truck. A brand new one you can probably get away with 1000 a week. That and you need to have at least 5000 saved up if not 10 to 15. Because you’ll have bad weeks, and then you’ll have weeks for your contemplate suicide because you have a POS truck. Whatever trucker company gives you, go to a loves that first day and have them look it over. Pay for a DOT inspection. Because you’ll find out the shit that they’re not telling you. They’ll spit shine that motherfucker and make it look so clean, just for you to get out 50 miles, and the airline assembly comes undone, every light on that truck, lights up, And you find out your king pin comes loose. And then the company will say well man you got a fix it. Another thing, out of four leases that I’ve never completed thanks to truck problems and lack of freight, when they all say you don’t have any payments for two weeks, You can bet your ass you’ll probably sit around and do nothing those two weeks. Because they have to get you in the system. The most recent one I just did and eight days I drove 700 miles. Only made about 600 bucks. I won’t say that there’s no possibility you’ll succeed, but maybe it’ll give you an idea of what it’s like to be your own business
Also, if you want to lease purchase… Go to a Reefer carrier that has direct shipper contracts.
I like your video keep up the good job😅
I have no problems saying I am in a lease purchase with R.E. Garrison and things have gotten pretty rough over here the last 2 months but I have to say my team has really taken care of me. I call them a team because I work with everyone on my team. The CSR that handles my groups loads the load planner that sends them out my dispatcher and my payroll person and my safety guy are all in my contacts list and I talk to them all.
Spoken like a true company driver 😂😂😂😂😂😂😂 NO CLUE
I'm in cowpens south Carolina... can I get a green light already!!! I mean hot damn!!!!! #damnit boy!!!
Cash is right i ended up completely broke hoping from company to compnay doing leases no money at all
So much wisdom... you are the best.
I appreciate that
Thank you for the information it really makes sense
Cash You rite, it happened to me! At the worst time might I add, they starved me!
Thank you, Cash I took your advice and I parked and I worked for a company. I make more per week Than I did it for myself after expenses great as always bro
Don't ever walk away from a Lease purchase!...RUN!
Why? Arent u allowed to walk away whenever u want?
@@indo3052 Don not get into a lease in the first place.
Straight to the point love it 😊
It's math not Magic! Good video
The only lease purchase I'd ever agree with someone doing is if they want to live in the truck. Then it's a great idea. If you can't be a company driver for 2 to 5 years and save up some cash to buy a truck then you suck at trucking or life in general. Not hard to make 100k a year out here. Live on 50k and pocket 20k a year minimum. 5 years you have 100k and can easily get a decent truck, trailer and pay for insurance for a year with some capital put back. 45k truck, 15k trailer and 15k cash for insurance. 25k in the bank for breakdowns. If you keep your record clean after 5 years you can probably get 15k a year insurance
The cockiness factor is very true right now. Gone are the 10k sign on bonuses and all that job security, I applied to over a dozen places recently and only got a solid response from one company and I have a good record with 8 years experience.
If your going to lease, go to a dealership or outside truck sales that way when feelings change you take your truck and find another company. You give one company that kind of leverage in our line of work we all know how that’ll end.
Talking to a couple that had 3 more years left at $3000/month for their payment. Current market rates make this almost impossible to cover driver, fuel, insurance. I feel bad for them. They are trying to get someone to take over the truck payments but just doesn’t make financial sense.
Sitting on $250k. Probably will do 2 to 3 years with Schneider or Hunt. Touch all the bases. Reefer, Van, Intermodel, Hazmat. Figure I will become an O/O or just buy a rental and live happily in my bunker.
Awesome video
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LP mega super truckers really just need a good daddy!
Who would be crazy 🤪 enough to wait 4 to 5 weeks to call In and complain about negative weeks, you should be calling In after the first negative week.
Cash laying down the line.. 🦾🦾
Usually what I have noticed is that the "terminal flies" or the so-called 'truckers" that think lease/lease purchase is the best way to work 9-5 mon - fri "business owner" 😂😂😂 are the ones that went bankrupt or will walk away and lose it all.
There are rules to be successful on a lease purchase
1srt control the asset...most important never break rule 1
Truth and knowledge will set you Free! But leasing a truck in this market will not happen to me mindset is hitting HARD with 0.00 settlement and CANNOT GO Home lifestyle.
My lease purchase will be paid off next year and after that I'm done with LPs
Triggered me
He hurt my fealings....so I went and bought my own cash is king hat!!!! 🤴
Macho man is very triggering
I have been with SFI for two years and three months and I’m almost finished with a three year lease. I will pay the 50k buyout in about 9 months and get my title. Then I will reap the fruit of my labor with a paid off truck. I’ll have about 390-400k miles on my truck when I’m finished so I see myself at least getting another two to three years without any major issues. I bought my truck new from SFI by the way. It had 1500 miles on it when I picked it up.
Glad to hear that. Hard work for the win.
Ooohh yeaaaah snap into it.
What is your opinion on sfi or schneider truck lease. You are purchasing the truck but can take truck to any carrier i believe..
I don't know much about it honestly.
When i had 3 month expirence i asked the mega carrier i with that time about they lease purchase program... After bafk and forth few times i got the answer. They can't provide program to California resident becouse thag AB5 law or some other complicated law matters, that might be few good thing california have done
Ab 5 saved you.
I really believe that most of the time it’s the driver if you can’t manage your regular bills at home how can you manage a business don’t matter what you do you have to no how to manage before you do anything if your credit bad that right there tell you that you shouldn’t do it into you get your credit right cause if not you starting off wrong yea people manage to still pull it off but how many let’s say you got bad credit and still want to do it ask the company how much the truck how many years will it take to pay it off work that many years with that company and by then you should have the money to buy the truck out right if you don’t then you just saved yourself that’s the best way to go if you ask me cause if you can’t save to buy one then you don’t need one cause that means you lack discipline
Hell some companies starve you out.
Yes but if. They don’t have a driver in the truck. They have a truck payment each month
They can sell that truck.
Big companies do variable lease payments. Based on mileage. Run 2,000 miles your truck payment is based on those miles. $300 dollar payment.
Specifically which ones? Most I've seen do not.
👏👏👏 Bravo 👏👏👏
Where is your empty jug of snake oil?? C'mon.. I'm gonna lease purchase a big BBQ grill and sell food at the truck stop 👍 My lady friend is offering hernia checks to drivers for $20 in her van🎉 c'mon.. T's and P's and RVT's🙏🍻
Wats up cash
Rent to run is a joke. If you can't buy, you ain't ready for o/o.
Hey man have you heard of a lease purchase program use national fuel average as a payment ?? If so how does that work?
Yeah it's fuel surcharge. Typically they will set a base rate for fuel at like a $1.20. then anything above the $1.20 will be divided by agreed upon average fuel economy. Example if the national Fuel avg is $4gal. So $4-$1.20 base= $2.8 / 7mpg = $.40 per mile fuel surcharge. That's the basics. The agreements have a different base cost or a different MPG they divide by.
@@CashisKingtrucking thanks
I thought I was a member here, but the UA-cam is telling me to "join" again. Have other people here ever had that problem?
Yes, UA-cam dismembers people from time to time. 😁
@@CashisKingtrucking Damn, I hate being dismembered.😄
I'd rather purchase and finance my own truck
you mean lease purchase isn't a get rich quick scheme like the recruiter said lol??? Some of these young drivers do leasing right off the bat with a company, they're gonna fall hard
Yeah wish we could talk em out of it.
Every business starved out people they don’t want. Saves them on unemployment.
Comment on Dept of Labor new rule set for March 11 2024
id'e buy a decent used truck before i ever let a carrier have that much control over me
DONT. DO. IT. NEVER.
Horrible The Truck Is Making More Money, Than The Driver
No disrespect… lease program is the modern day plantation. Not very many people make it out. And no, you don’t have to go through the struggle. Not sure why people promote this, it’s designed for the megas to make money and keep you in the loop. But I guess people have to go make the mistake and learn the hard way. Schneider guy I ran into talking about he pays $1500 a week… you are better off financing on your own. If you do go, READ YIUR CONTRACT BEFORE YOU SIGN IT.
#BETHECREAM
LoL 😂
My "lease purchase" is almost complete! Found out the other day I'm the only guy left out of 42 that are all now company drivers. I've learned alot in these 2 years. My company isn't a mega carrier but I can guarantee u I will never do another lease purchase. They tend to weed the weak guys out super quick lol anyways thanks for your time bro!!
Why not anymore lease purchase? What did you learn? What makes you say the "weak" ones were weeded out? Thanks in advance 👍
@rogerg0834 well Roger I tell you having someone other than your self with 100% full control over your biggest asset is challenging 24/7. Until the trucks paid for its THERE truck. I've learned that if your only option for buying a truck is threw a lease purchase then more than likely your not ready to buy a truck. That's what several people that's knowledgeable about owner operating had tried to tell me but oohhhhh nooooo I wouldn't listen i had to figure it all out the hard way lol. I'm glad now that I didn't give up and kept pushing bc now I have a newer truck with lower miles but all along the way there is all sorts of situations that can arise that will put the truck back into the companies hands and all in all its a risky situation that can be avoided by simply company driving and SAVING and either buying a truck out right or putting down a pretty decent size down payment so that way you have a lower monthly payment. If something ever happens and I'm back company driving that's what I will do... won't ever do a lease purchase again.. there is better options point blank!
I have heard the occasional success story such as yours. The only way to be successful in trucking is to work hard and keep that left door closed. It doesn't matter if you are an O/O or a company driver.
@@David_Richard_241 Exactly, 💯👍👍. And this is what most do NOT understand. Keep the LEFT door CLOSED!!
@killianstrucking5575 Excellent. Thank you for your insight from your experience.
DER DER DER
I always tell people only lease if your teaming. That’s the only way your going to make money.
Super Ego 0% recommend!!! STAY AWAY. ... BEWARE
Why don't you in you're mud flap ads . Videos. You don't show your tattoos.
What?
My grandmother did a lease once. Once.
Loan mountain and go to Landstar
I am doing lease the truck going to run for big carrier it's not worth it also the lease I signed is really bad n I just got lawyer n he laughed when he c the lease I signed ill send you the lease I signed give me ur email.