Ep.#6 ...#1 Truck Lease Myth

Time to start debunking myths and bogus arguments against leasing a truck. FEAR is the main issue that hold a lot of people back in life. Don't let the fear of leasing a truck keep you from growing

[@MarkStaite]

Last truck payment made December 11th, 2019. A full 6 months earlier than my original plan. Title in hand!

[@cjtoomer123456]

Congratulations

[@roberthershberger6874]

Hi mark this is Robert hershberger I got my truck driver shirt leather jacket on

[@pxl_official]

Totally agree with you except 6 years is really long, I'm with knight and the lease purchase length is 2 years

[@MarkStaite]

Different plans for different people. Let's keep in mind I started with a brand new truck. 54 miles on the odometer. BTW... I've competed the 3 year lease, bought the truck at the end of the lease, and final payment will be sometime in November 2019. 6 full months ahead of the schedule I laid out in this video. I'm just giddy thinking about not having a truck payment anymore! Thanks for watching and thank you for your comment!

[@dieseldown]

You're clearing out the "Blurred lines" on truck leasing!

[@captaintim38]

leasing from the company you drive for is a serious mistake. 80% of lease purchase trucks are repo'ed. driving for 1.00 a mile is what is crazy. pay all the maintenance, repairs fuel insurance, whats left, next to nothing, you are not profiting 54 cents, pay yourself 50 cent and your profit is .04 cents. forget it.

[@busdriverben4549]

I like this. Your arguments are fully rational. And I like your style of making vids. Hope to see more of you soon!

[@rmahi17]

Very informative information about leasing a truck. This video has answered most of my questions about leasing. Thank you Mark!!!!

[@lymanfisher733]

very informative video mark , it's has made up my mind about leasing a truck . your are correct about making the truck payment as a company driver just as a lease operator does (but will eventually own it) once again great video , keep them coming

[@jay6157]

my biggest fear is fuel,maintenance,breakdown I'm thinking about leasing too

[@seanoleary1979]

See my post above!

[@348frank348]

yea I've been driving for 5 yrs as a company driver (I'm 29 right now) and I've had my fair share of breakdowns and shit hitting the fan

[@smedlydumpsterjuice8875]

jay_615 absolutely...wait until you need to replace an inframe. imagine the down time making no money. imagine the labor cost. most people can only afford a truck with near 1m miles. there are no quarentees you bought a good truck.

[@raulrobles2961]

If you lease do a full maintenance lease

[@get_understanding]

Most leasing companies set up a escrow account that comes out your weekly paycheck for repairs and maintenance

[@johnhull6363]

yeah and at the end of six years they'll tell you your truck is too old and you need to lease a new one if you wanna stay with them

[@markmiles4359]

You must have driven for Prime, lol.

[@123limelight]

then leave with your paid off truck and make your own choices where and when you want to go

[@get_understanding]

@@123limelight exactly

[@midninteranger4315]

Mark you make a lot of sense, and I agree with you on what you say..thank you for your input...

[@JohnOgren]

Mark - I've been enjoying your videos. I start Prime orientation 1/12. Thanks for the great info!

[@bigfox3023]

I can agree with you on this Mark. You made a lot of good points. I do know 1 company where the balloon payment at the end of your lease is $1 and the truck is yours......good video to straighten these myths out.

[@theenderboss5951]

You make a strong and good point. I've held back from getting into leasing. But I'll really look into it now. 👍🇺🇸 thanks bud.

[@heavenlyvibes5989]

thanks for the knowledge I'm new to getting my CDL

[@billchapel5248]

One thing for sure, do your research before singing any contracts, I know their many young people and middle aged people getting out of trucking school every day, and the first thing they think of, is I want to own my own truck with all the chrome, and chicken lights, and run with the big boys, they hock their sol to get into a truck of their own, and don't even know if that's what they want to do the rest of their life, some think this is so cool, see the country, like a professional tourist, well you do see a lot of country, mostly from the freeway, you don't have time to see the sights, if the truck ain't rolling, your most likely sleeping, it's a new life style for most, and most have no idea of how lonely it can be, if you need to have a social life, forget it, that truck is your life, your married to it. it takes a certain type of person to handle the trucking life, so when you get out of school, drive for someone elts for a while, to see if you can handle that life style, and trust it is a life style you half to pick up on quick, or your just going to wash out, and that's not bad either, at least you tried, and it will be a whole lot better, if you don't have a three year loan to pay off, and your not even trucking.

[@stevengriffith436]

+willibill c just wanted to say even the trucking news media is anti leasing for simple reasons you need to read the article on lease operators. I started driving in 96 and always as company driver. In a nutshell company drivers have more rights under the law, the company pays all the trucks bills so they get the first and best loads to pay the bills and lastly they are talking about paying drivers by the hour in a bill in congress. lease contractors are the most dangerous because they put people that never been out here give the used leased trucks that never where properly maintained and also companies like prime ect. are collecting payments from more then one driver sometimes

[@elmerluzero3puertastechito501]

you my friend, are the biggest pussy in the country.

[@R32LMedition]

He said small truck payments 😂😂 i checked primes website and payments are around 800 to 900 bucks a week!!! That's almost 4gs a month for a crapscadia...and you're not an owner operator, you're lease operator..

[@cowboytrucker7218]

R32LMedition the freightliner is not a bad truck I’ve got one

[@get_understanding]

You must slave for a company lol

[@onehourworkouts]

I work for usf Holland I make more than that as a company driver

[@wkhristafer]

Holland is one odd the highest paying companies out there tho.

[@Charles77598]

Your awesome explaining things! Makes total since!

[@loriwingfield3650]

my husband was just watching this video when you mentioned you location, Lake Providence, Louisiana!! we were born and raised 15 miles from there. spent lots of time swimming and fishing when we were younger. beautiful lake no doubt. the town itself, on the other hand...not so much.

[@fredlynch1750]

Good info...Thanks Mark!

[@bigtimetruckerj2209]

I was watching your video. Noticed when you made that turn in town. Then said wow look at that lake. I said looks like lake providence. Lol

[@JayDaTrucker]

I agree on this video. Good video

[@coreyhinojosa5989]

finally someone who knows what he's talking about. I own my own truck from swift, best thing i've ever done. I've got a 2014 Kenworth T680, i'm home every other night and off on weekends. I run from washington to Canada and with all done i still bring home 1800 a week. Talk to a owner to get the real deal not a company driver who doesn't know

[@stevengriffith436]

+Corey Hinojosa you mean still paying for it you don't own it yet lol... just wanted to say even the trucking news media is anti leasing for simple reasons you need to read the article on lease operators. I started driving in 96 and always as company driver. In a nutshell company drivers have more rights under the law, the company pays all the trucks bills so they get the first and best loads to pay the bills and lastly they are talking about paying drivers by the hour in a bill in congress. lease contractors are the most dangerous because they put people that never been out here give the used leased trucks that never where properly maintained and also companies like prime ect. are collecting payments from more then one driver sometimes

[@RecordTrance]

+steven griffith haha so true., wait until they lay him off, he will be in some rude awakening. And even IF, and I do say IF he makes it to the Buyout segment of the contract, he's gonna wish he was never born.....LMAO

[@truckerlife1015]

I love your videos you really do speak the truth I do plan on coming to prime Inc next summer and join the lease program Im glad you like the lease purchase program with prime keep on trucking driver

[@raulrobles2961]

The only way to do a lease is if you get a all maintenance lease. Meaning all repairs such as headlights, brakes, engine are covered in the lease. You pay a little more but have a piece of mind not worrying about break downs and how much it will cost you.

[@rmahi17]

Well said Mark!

[@romerryllfisher2687]

This is a great Prime recruiting video.

[@texomatic]

Good info and....... a good time of year to be in Louisiana

[@dallasaggie1004]

This is the best way that works for him and his situation is may be different from everyone else.. There's so many different ways to make money in this industry.

[@mikeybgoode]

Let's see if you feel this way at the end.... not saying you won't but the odds are against you. ... but I REALLY hope it works for ya. Good luck and stay safe brother.

[@HappyCabbie]

Thanks for the info

[@pilotman322]

For someone going into this industry brand new, would you recommend going company first then switching to lease? Or just go right into lease? I was thinking about just going to lease...

[@MarkStaite]

Company first for no less than 6 months.

[@samuelb332]

Hooah! Sergeant! High Speed, Low Drag Video. Stay Safe.

[@bigeleonard]

I hope so..I enjoy your video's

[@gcnewd]

I agree with you about the truck payment, the one thing i don't like about leasing is you have to take the load they tell you to take. However if you purchase a truck on your own the first time, you likely don't go all out with your own authority so you lease on to a company and they make you go where they want, the only leaway you have is you don't have to drive as much as their company driver.

[@MarkStaite]

At Prime... If I don't like the load offered, I can refuse it and be offered a different load. 99% of the time though, the load being offered is what's best at the time. What's really nice is that your fleet manager's paycheck is directly tied to your paycheck. So the more you make each week, the more he makes too. There's a big incentive for him to stack revenue on you each week.

[@mildot5482]

thanks for the video and the correct English. . i'm from France and I understand everything. . kind of lesson of English. .good video bravo

[@hd87sportster]

Up front - I don't drive. I've always stayed close to the industry though because even as a kid (I'm 55 now) I wanted to drive OTR. Spec'd my truck at 18, then got a college scholarship and now own a small business. My family however Trucked. My Uncle got in a lease agreement "back when" with a company out of Ft. Scott KS: Midwest Distribution. Bought his truck for a buck and hauled 48 ft dry vans all over the lower 48, 6 weeks out at a shot. Maybe what alot of guys don't get about the lease gig is that you're a small business owner as an O/O. There's a ton of responsibility that goes with that, not just goin from point A to point B. You gotta watch fuel costs, permits, maintenance, PLUS, be cognizant of all the regs that tie drivers hands at the end of the day. Runnin a small business, ANY small business is tough work. But the pay day is worth every penny. And the term "pay day" comes in a variety of forms other than cash money. Get established and a good O/O with their own eqpt and a good broker can pull down some good scratch and ultimately turn down business they don't want or don't need. Get a good freight lane and it gets even better. Tryin to, at this stage of the game, talk the wife in to Trucking as a retirement vehicle. We'll see. Thanks Mark - keep up the great work.

[@falasha1st]

Now you are in a good place. Money management is key. Most of us can live comfortably off of 1k a week its not great but your good. Pay yourself then put up half of whats left over in savings dont touch unless absolutely necessary. The other half of whats left goes towards taxes. So if your netting 1800 pay yourself 1k put $400 to $500 in saving thats 2k a month $300 towards quarterly taxes which should more than cover taxes.

[@charlestait5303]

Thank you Mark, sounds great. All these nay-sayers forget that at the end of lease they get an automatic raise of 700/800 dollars (no more lease payment) and a 50,000 dollar truck! Money in the bank. If I were younger I'd jump at that opportunity. Thanks for all you do, Bill

[@johnhull6363]

Charles Tait until they tell you your truck is too old for them to keep you....or give you the shitty loads cause you don't have a lease payment like the other drivers they manage

[@FirebirdCamaro1220]

John Hull true, Knight I know won't let you lease on a truck that is more than 7 model years old with them as an example

[@mjpthetrucker9485]

This argument only works if the truck never loses value. Or am I missing something? 😂

[@charlestait5303]

@@mjpthetrucker9485 yes the truck will lose some value, That is a great tax deduction!

[@jeffperkins1587]

But most companies won't let you drive a truck over 5 years old or am I wrong?

[@javantedavis1999]

Hell yeah u wrong wtf

[@falasha1st]

After last quarters taxes are paid whats left move over to savings thats $15-$30k you could save. I say 15 cause shit happens. Thats also outside of your companies maintenance and escrow account so you can either buy out or work on that motor and rear end now your in the paint so to speak. A paid off truck with new motor and rear end. It takes alot of discipline and sacrifice. Pay the cost to be the boss. Also dont ever tell no one your plans.

[@tevinistherealistful]

Great video, I want to start a fleet n get a business started. Lease is the way so I can get my feet wet to see what I'm getting myself into. I'll be at prime soon thank you Mark.

[@MarkStaite]

+Tevin Young ... You need to go check out Casanova Roar channel... He also has good info on starting your own fleet.

[@tevinistherealistful]

+Mark Staite thank u mark I should be at prime next month but I'll be pulling flatbed lease and I will check him out

[@tevinistherealistful]

+Tevin Young can u send a link plz so I can find him

[@MarkStaite]

+Tevin Young ... Casanova is the next comment below

[@dapro2524]

+Mark Staite 6 years? I though it was 3 years then you'll have the truck paid off.

[@RIOSWAG]

Exactly what I was thinking!!! He's crazy

[@johnm5855]

Mario Brown I would tether lease a truck from a company like lone mountain I was there 2 weeks ago and there was a $5000 down payment and the monthly payment under $1500 on a freightliner with under 300 k miles so still under the factory warranty until 500k and that's not just cheaper but if you want you can get your own authority and be truly independent or lease on to a company but if you lease and the company doesn't treat you right you can leave and sign on with another company so you have more leverage I would ever lease direct with a company lease is not bad but to depend on any company is like a marriage sometimes it works sometimes it doesn't

[@TheMrusso2]

Mark how do you get your work? I have noticed that Schneider Trucking has there own board where you pick your own loads. Does Prime have something like that? thanks

[@FRANRIOS]

Absolutely!!!

[@micmic612]

Well said Bro, you DJ don't you. I used to DJ. But to pay for the new toys, I need real money. Thanks for this encouraging and common sense video!

[@Listen2Like]

Good video Mark .

[@jamieooh]

did you get that check from prime?

[@GROVER10-4]

great point ....

[@rogerthornburg8794]

How about this myth that I've heard....Some companies will "starve" a lease purchase driver? That is when a company will starve a lease purchase driver to a point that they cannot make the payments cause they aren't given loads or enough miles. This is what I heard.

[@MarkStaite]

+roger thornburg ... Neither confirmed nor denied. We all hear stories from a friend of a friend who heard that her brother's sister's husband had a co-worker who heard about a guy that this happened to. From a business stand point it makes no sense because if they reduce miles or loads, then the company is also hurting themselves by cutting their own revenue. On top of that, should a company actually have some form of this policy... word would get out fast and hurt their ability to recruit. Now... What IS plausible is a company starving out a driver (lease or not) due to terrible driver performance (late on loads, too much home time, short daily miles, etc) and force them to quit and move on. So, when I hear a story about a "Starve Out" ... I usually think to myself, "How big of a fuck-up was that guy?"

[@rogerthornburg8794]

I guess not too smart lol

[@rosannashaun193]

Great point, but the bigger point is, how much more PROFIT are you making than a owner operator. I bet you are making more profit as a owner op than a company driver. But I have one question, as a owner op for Prime, do you still get all the benefits being a owner as a company driver?? i.e.: health insurance profit sharing 401(k) etc...

[@Arcamean]

I'm a student at the moment at Bates Technical College in Tacoma,WA. I'm slated to test for my Class A in mid/late july but I'm already looking ahead at my options. About the only reasonable "Don't Buy" reason I've heard so far is "If the company decides they don't want you anymore all the money you put in is lost". Now I don't know if those saying this are bad/unmotivated drivers or what but that is a good reason to be nervous I'd think. That said, I'd really like to consider the lease/purchase option as I doubt come August I'll magically come into 160-170k. edit: Another question to pose here is how is maintenance handled? Let's assume I'm rolling through the Siskiyous and the transmission decides it's had enough. Is the company going to help me or am I pretty much screwed until that trannys fixed?

[@enryque]

thank you

[@MrWinstead]

good video, I have leased twice also purchased cash out before, and yes all your facts are true....

[@mbekka1]

Depends on ur dispatcher , I got that lease cause u wanna train u r smart and u get the warranty that's my plan lol hopefully 3 years plan ,,, u can save a bank

[@scotmackenzie5858]

At the end of the lease is there a 1 dollar buy out or is it a balloon payment? Do they run your credit to qualify?

[@RecordTrance]

+scot Mackenzie its a 20 grand to 40 grand buy out. and a 7 grand processing and transferring fee of all documents and corporation legal documents transfer as well as all federal transfer like IFTA, Heavy Duty Transportation Tax, Federal Heavy Vehicle Use Tax Form 2290, Road Transportation Tax, D.O.T License, Motor Carrier License, among so many other licenses and fee's has to pay if they even get to the point of actually buying out a truck from the carrier. Right now people just making sound great with "ooh you make a lot of money your gonna get rich".... you have to realize the reality of it all. and thats all the legal documents involved, all the legal transfers and fee's and payments and maintenance costs one you actually make it to buy out the truck. All these young kids hear is & "You can make money, lots of money. money than you can imagine." - but they are not being told the entire truth or even the whole story.

[@joshramirez5013]

....ok thank yu mark....more than likely I'm gunna do the lease deal.....I dnt have any bills really.....once that time comes & I did my homework & research on all that..... would yu mind if I got with yu to get some tips & pointers....I know key thing is don't spend yer first 3weeks of lease pay & stash back& keep stashing back for fuel& repairs & refuse any advances if at all possible..... but I just want to make sure that I'm doing everything like the way I'm supposed to be doing...do you know if I can go anywhere to find more info on knowing yer Lane....or freight lanes

[@bahromhushorov3882]

I agree vs you sir, same thing im doing Im happy vs it

[@waynesworld2086]

anyways,i feel more comfy stickin with yes cheaper rates at times between buck 60 to buck 80 mile but alot of 2.30 to 2.60 mile,that .90 something cents a mile wont cut it

[@radok99]

Wayne Dearman

[@ernieeltiburon7592]

Hi mark, My name is Greg and I am going into CR england, with my written permit that I obtained on my own. How do advantages work in my favor? I want to know, if your making .55 mile, Hoe much are you taking home a month, does it fluctuate? I have been watching your videos amd learning a whole lot. But, as a company driver how long before I can make those payments for a truck I'm a company. what other expenses are included? Also, can you make a video about the different type of routes you can take in trucking career wise?!. explain how intermordal works amd the benefits and home time, same with OTR, and dedicated? I am eager to do this, I want all the info I can consume before entering into the phase of my life. thank you for your time ~Greg

[@charlestait5303]

Mark, One question if you have time. If you lease/purchase a new truck and you get title in what seven years? You then own outright a truck with 700,000 miles. How long can you run it free and clear? Thanks, Bill

[@MarkStaite]

Timeline on a L/P with a brand new truck is about 5 to 5-1/2 years, not 7.yrs. Warranty will be done at the end of year-5. I can run that truck for as long as I want with an expected in-frame rebuild around the 1.2M to 1.3M mile point.

[@yeremy7144]

Charles Tait lq

[@truckerscoobedoo9521]

Mark what's the speed set at on prime trucks for lease drivers tks

[@MarkStaite]

Jeffery Quinn 62 on the pedal, 65 on the cruise control.

[@garyblakely2684]

I am a old school driver I here about automatic trucks and electronic logs , which I have never done . Coming back into the business ,my question for you is ,have made a video on this topic or how do you feel about it?

[@MarkStaite]

Gary Blakely Gary... No. Have not done a video on either topic. Having started my career on paper logs, I was hesitant to the switch to E-Logs for many reasons. Within a month of the switch-over, I had done a 180 in my thinking. E-Logging today, in my opinion, has actually allowed me MORE time to run as flag-points are done down the the minute instead of 5-min blocks. Also, the carriers can now go "Shove it" when they start 'hinting', 'suggesting', 'nudging', and sweet talking you into fudging your log book so you will get moving sooner, or stay running longer. With E-Logs, carriers now cannot push anymore. As for Automatics -vs- Manual transmissions.... Even today, Auto's are still not wide spread, but are creeping into fleets for many reasons. Personally, I'm against them as there are MORE moving parts to fail causing MORE down time. As I see it, it's the difference between pizza for dinner or cheese burgers. Both fill you up and get the job done, just different flavors.

[@garyblakely2684]

Okay thanks for getting back to me , yeah I don't know if I would want a automatic truck,as I was watching your video watching you drive I was wondering if you were driving a automatic lol, I watched other videos on E-logs and not saying I didn't believe you but other drivers "seasoned" not just rookies seem to like them . As you stated they can't force or manipulate logs .

[@richardmiseljr2413]

Until that truck is paid off, You are still a company drive in all reality .

[@bigmanTEXAS]

Hey Mark, I am about to use my CPAP in the truck but unsure about what size of inverter, what size do you use? Talk with you later.

[@MarkStaite]

Steven Blackshear Just a simple $40 ... 300 watt unit that plugs into the 12v cig-plug at the back of one of the cabinets.

[@MrMarine1963]

If leasing a truck was a great idea and or a great business move everyone would do it .. PS percentage pay of the line haul, is the best way to go for a company driver ..

[@MarkStaite]

+Thomas Day ... Thomas, I agree ... but not everyone has the basic business knowledge to succeed. That takes time and motivation to go back to school for just a little bit of education. We can barely get people to graduate high school. The odds of getting them to go back, at any point, to a local community college to further their knowledge base are not good.

[@smedlydumpsterjuice8875]

Jarhead 05 i agree with your premise, but if we are regulated by the hour, we should get paid by the hour. that's the best system. sadly though, truckers after 1980 will not ban together for change like we did prior to 1980. today, truckers pay does not reflect the cost of living. i made $500 a week as a company driver in 1978. i was making $1500 a week as a company driver 10 yrs ago when i retired. company drivers should be making at least $100k per year to stay with the economy.

[@ande701]

My dad is an o/o and he says the only downside to owning it is repairs. Tires, transmission repair, tubro repair, tie rods, alignment. Just wait til your apu takes a shit in -10 weather. I guess his main gripe is taking it in for repairs, paying them only to find out two weeks later he paid for work they didnt do. I dont know how many times hes had to call up repair shops and ring them a new asshole only to have to wait a week to get a load back up to where ever so they can do the work they claimed to have already done. But they made good money last year grossed 250,000 but after fuel and repairs they really only made i think 33? So i guess who ya buy from and knowing what the trucks already been through would be a lesson from him. Oh and always take care of it

[@mikespain8655]

Drew Eze-If you gross a quarter of a million dollars, and after fuel and repairs, it cuts down to $33,000, something is very , very wrong. What about health insurance, food, incidentals, and don't forget taxes. By the time you take out all that, you are working for free.

[@miguelrobb5719]

Mike Spain i was thinking the same thing. a quarter million for the year, and it got chopped down to $33,000? if its like that, might as well work as a walmart greeter lol. i dont believe that

[@air1986]

Good video.

[@idiotcbluegoo5509]

Do you pay for repairs on the truck while your on straight lease or dose the comp pays for it

[@MarkStaite]

Scotty Middleton With a brand new truck, pretty much anything that breaks is usually covered under warranty.

[@louisfumbanks7589]

After 3 years isn't it probably time for a $20000 overhaul plus whatever you spent during the 3 years you have been leasing. Do You get the tax wright off for depreciation or does the co leasing the truck get it? I have no idea just asking Thank You for any reply.

[@MarkStaite]

LOUIS FUMBANKS ... 10yr before the motor needs an in-frame. initial depreciation is taken by leasing company, but I get to take 100% of lease payment as a deduction. When I buy the truck used, then I will also be able to depreciate my cost over 3yrs.

[@jamesdestefano6041]

Hey mark it's me james destefano I have a huge question I talk to arrow truck Sales in Illinois and they said for a semi it would be a down payment of 55 hundred dollars I dont understan that

[@kingdomseeker88]

Is there an update video? The lease is over now right? Did you get that completion bonus? #leasepurchase = company driver with a payment

[@MarkStaite]

Yes. 3yr lease completed. Bought the truck and moved over to the O/O Logistics Division.. Last payment is in November. Plan I described in the video is finishing 6 months early!

[@michaelkineard5965]

I'm getting ready to start with Swift Trans. here in two weeks. I've heard positive and negatives behind it what i intend to do in do 6 months as a company driver. Taking a look at what i'm making and then seeing the potential as a Lease Operator. then later as an OO. Is That an okay way to look at it. If you could can i have the various expenses that go into a Lease excluding the lease. i Understand that your responsible for gas, insurance, and other things that i don't know about. I would like to make a Well informed decision before i commit 2-4 years of my life to an end goal.

[@MarkStaite]

Michael Kineard There's 9,000 ways to make money in trucking. You just need to do the hard work and learn which path will work best for you. As for the various expenses... While you're a company driver, ask your leasing department for a copy of the current lease agreement with all attached payment schedules. Let them know you want to study it and do some homework on it before signing anything in the future. If the company has nothing to hide, they'll give you a blank copy of their lease agreement.

[@TheSuperagent999]

Good video after your lease is up and you own the truck say after 6 years prime must pay you more per mile being that you own the truck out right and no longer lease it. How much does prime pay owner operators per mile?

[@bohunt9596]

+TheSuperagent999 Prime doesn't pay you less because you are leasing. You get paid the same, they just take their payment for the truck out of your settlement. Once you own your truck (or you bring in your own with outside funding), then they don't take that payment out of your settlement. So the increased income boils down to whatever the payment on the truck was that you no longer have to make, that is where the big profit comes in.

[@TheTomrowland1]

looking at prime hard best deal I have heard so far and called them bc you said there name in your video

[@dorsaishinryoshi7957]

At Stevens Transport you ARE basically paying for TWO trucks. We went Lease operator at Stevens. And what sucks, is you don't even GET that truck you are paying on. I hated the Lease Completion Bonus trap. We never got to go home on hometime, because for 3 weeks after we'd be getting paychecks with a big fat zero on them. I plan on leasing through a truck company, not a trucking company, then driving for either Celadon or Panther. That way the truck is ours afterward. I've heard from a lot of Prime lease drivers that they aren't treated well.

[@MarkStaite]

I hear the same complaints. 99% of them are those that have no business experience or any exposure on how to treat their lease like a business. Most bitching and moaning from failing lease operators is due to their own failure to plan: Too much home time, too many cash advances, and not having any form of fuel purchasing strategy. Those at Prime who take time to educate themselves and run their truck like a business gross average $1.39 or higher per mile netting them around $0.60 to $0.65/mi profit. As an example: I average a net weekly profit of $1,350/wk. (2016 numbers are lower due to freight drop this year).

[@dorsaishinryoshi7957]

We were only paid .88cpm and hometime was every three months. We did a lot of price searching fuel wise and kept our mpgs usually 8.0-8.5. But our weekly set payments were about 1300. We could have done better on when to send in our load paperwork just before hometime, but it never seemed to work right. And they wouldnt let us lease an older truck because we are a team.

[@dorsaishinryoshi7957]

But there were drivers doing a LOT worse than we were.

[@JCortes001]

I'm a local driver(almost 8yrs, w/tanker). I want to go OTR, but still trying to figure if I want to stay as company driver, lease, or finance a truck. I consider myself a rookie because I've only been a local driver(300ish mile trips). I would appreciate any information and or advice. thanks.

[@jamesstrippling5783]

J Cortes Good for you for being honest and admitting your still a rookie, good luck

[@FirebirdCamaro1220]

J Cortes I wouldn't consider you a rookie. In fact, us local drivers (I'm local as well) hit more docks in a week than an OTR driver will hit in two months, and backing is the hardest part of this job and also where 90% of accidents occur But then again, driving tanker, you don't do as much backing

[@peopleschoicemobilellcmobi2545]

Here's the thing... as a lease owner you are bound to the company. If something doesn't go well then you have to walk away from that truck also. And in the trucking world that is a reality. Imho it is better to get with a company that has an outright purchase plan or either buy your own truck. That way your name is on the title and if you decide to move to another company the truck comes with you. So if your credit is ok buy a truck. Lease ownership limits your options.

[@j.tamazingcichlidman5033]

Thank you for this informative video, It Aided me to make my decisions from company to lease. Just like you said, you are paying that truck off. It doesn't matter if you are company or lease.

[@GoldGunsandGolf]

Ok but one critical piece of info.... How many miles were on the truck when you started the lease? and what was the agreed price? I heard this is really where the lease option screws people over... .they get sold a 120K truck for 180K....

[@MarkStaite]

GoldGunsandGolf Moot point... Not buying this truck. I'm on a straight lease, no option. When I do buy a new/used truck, it will be through a dealer and NOT from the carrier.

[@DieselTrucker2018]

The Truckers Coach even states that Lease/Op is NOT the way to go. You have a 40k buy out and will never gain the keys to that truck. If you are leasing a FreightShaker or InterCraptional and don't have a warranty... you are Screwed! There's a lot more to go along with this, as well.

[@MarkStaite]

DT... You go ahead and keep taking business advice from a guy who have never completed a lease, purchase, or financing of any commercial truck. He's failed more in trucking than anyone I know. Is my path correct for everyone? No... Not by any means. The path I'm taking works for me for where I am at, but by no means is it the only path. Start listening to business leaders who have an open mind, and stop listening to the shit-bags that say their way is the only way. Stop listening to "Coaches" that shit on everybody else just so they can try and make themselves look good. Go do your own homework that fits what YOU are looking to do. 9,000 ways to make money in trucking: You just need to find ONE way that works for you.

[@jesuschrist2616]

Ok in short leasing means dipping your toes in the water before getting in buy a truck your jumping in. The first year of business you will make little to no money leasing you make little money but you get a little perspective of how the business world works if you know how to do business then go for it and get a truck but if your scared and or whatever your excuse is just take the lease. But i do disagree millions of business have started with loans some fail some succeed it all goes down to how well you know how to do business and how are your money magment skills remeber once you want to go solo its not just a job its a business and you have to treat it as is Remember your business comes first so don't expect to make money all your profit save it because there will come a time when you crash or something breaks so do not pay your self only keep enough for essentials and thats it My recommendation would be Save 200k Buy a used truck (but not cash finance it and keep the money for the truck in a separate account) Use the reminder for insurance and other misc. Expenses and what ever is left keep in an emergency fund and add 8%-15% of net profit to that account But dont take my word this is just my opinion

[@Venom2U]

That's a nice protank mini you got there LOL

[@falasha1st]

If you last and buyout your high mileage tractor have the money put up to overhaul the motor and get rear end done

[@reginaldmorton3938]

true talk

[@traceyvillani758]

Hey Mark, Is there any thing you can add about this subject? I read some info from what I think is a reputable site, and who has videos, and ripped apart lease/purchase plans.

[@MarkStaite]

send me the link to the content and I'll go take a look.

[@traceyvillani758]

Mark this is one that I read www.smart-trucking.com/lease-to-purchase-deal-a-good-idea.html

[@traceyvillani758]

Here is the one www.smart-trucking.com/profitable-to-be-an-owner-operator.html

[@MarkStaite]

Read both of those links. Neither of them, "...ripped apart lease/purchase plans." Both of them advised that driver EDUCATE themselves to the business model. Just as buying a new car... there are good deals and bad ones to be had at the car dealerships. When it comes to Lease operating, there are good ones and bad ones. How much homework you do BEFORE you commit will determine if you're successful or a failure. "Fail to plan. Plan to fail".

[@traceyvillani758]

Absolutely!!

[@TheCandel34]

U start off in debt every week. Build business credit. Prime truly is a good big brother in some aspects. A good training company in all aspects. With proper research of business credit building etc one could be in excellent shape at the end of their lease especially holding funds in their bank and obtaining a great bank rating.

[@jamey48]

Yea I got confused also when at first you were talking about 3 yrs and then 6 yrs, so your saying lease for 3 and then put a down payment on a truck and pay off in another 3 ? Ive been reading on TTR about leasing at prime and it all sounds good. anyway good luck Mark love the videos. Thanks !!! an thanks for telling us where you were I was wondering very pretty.

[@MarkStaite]

jamey48 Yes. When you complete the 3-year lease, you get a sizable completion bonus. Use that bonus as a down payment on whatever truck you want from whatever dealer you want. Most trucks can be paid off in a very short time if you budget your business to pay off that truck note FAST!

[@markusjvera80]

How is lease OP through Prime Inc working out

[@Kirkinho1]

You don't even have to lease from a company, you could go directly to a dealer?

[@johnnyphillips4406]

You can always sell the old truck the buy or lease a new one.

[@williamvinet9134]

do you have to stay with them while you are still making payments

[@MarkStaite]

+William Vinet ... No. You have the option to place two truck payments in escrow. You also need some other administrative processes in place as well. Small stuff really, but you can take a Prime lease to any other company you want. It's all spelled out in the contract.

[@tommycoutee7673]

I live if Louisiana and thank you

[@Skullitor]

Mark, Why no more videos???

[@hectorgarcia-zv1wi]

It’s an industry meaning there soo many ways to make money it’s not a 9-5 you’re not working. It’s a lifestyle.

[@stephengamble1445]

hey mark i drive for prime also hey i figured your the go to guy for a question i have i have been looking at Lone Mountian truck leasing to lease purchase a truck from them and possibly bring it to the logistics side of prime i just wanted to know if you have any insight on them or what your thoughts are on them thanks in advance ttyl drive safe

[@MarkStaite]

+stephen gamble ... I've heard about Lone Mountain. Looked at how they spec their trucks and I'm not impressed. When it comes to bringing in an outside truck... man.. that's some homework you really need to do for yourself as everyone's goals are different. Do some digging on the web about Lone Mountain. Hit up the BBB and such. Good luck.

[@stephengamble1445]

+Mark Staite ty sir

[@rrpstpie]

my only question is, what happens if the company cancels your contract before the truck is payed off?

[@MarkStaite]

richard x Don't know. I'm not 'paying off' this truck. This is a straight lease and not a lease-purchase. What I do know is that with a straight lease, I can walk away and suffer no penalties.

[@cannabisnewsandeducationch5172]

My step dad leased a truck and the company only ran him enough miles to make his truck payment.

[@cannabisnewsandeducationch5172]

But it was a well known mega carrier. So that says it all lol

[@nothingfree3524]

makes sense to me , don't borrow , even get any job first and put that money away for the biggest down payment you can , that will make that lease payment smaller which means moe money in pocket, then with money saved put dat away too and reinvest in same truck to keep going. and who knows maybe do another lease and hire driver and make even more profit . do da math first. good bideo!☺

[@Kc-yp3yj]

Mark...Thank you for your valuable information I sign up for became a cdl student I write down your name on my application so now I am waiting for them to call me after they receive my application my only concern is if I will be able to attend the school if I am from California.. I don’t mind to pay for my own hotel and food for non-training period I just I would love to be on their school please replay to me and let me know what is my next step to do thank you in advance take care and be safe!!

[@stevengriffith436]

+Kc2015 just wanted to say even the trucking news media is anti leasing for simple reasons you need to read the article on lease operators. I started driving in 96 and always as company driver. In a nutshell company drivers have more rights under the law, the company pays all the trucks bills so they get the first and best loads to pay the bills and lastly they are talking about paying drivers by the hour in a bill in congress. lease contractors are the most dangerous because they put people that never been out here give the used leased trucks that never where properly maintained and also companies like prime ect. are collecting payments from more then one driver sometimes

[@Listen2Like]

Mark I have been on Schneider choice board for 8 yrs I seen your post on Ike's page if u have any questions just get ahold of me I will answer any questions if you have any. Be safe.