Is Lease Purchase Trucking a Good Idea?

Lease purchase trucking is becoming an increasingly popular way for truck drivers to get their start in the industry. It can be a great option for those who want to own their own truck but don't have the money to outright buy one. However, there are also some drawbacks that should be considered before making a decision about whether or not lease purchase trucking is right for you. In this episode, we will discuss the pros and cons of lease purchase trucking so that you can make an informed decision about whether or not it is the right choice for you.
To learn more about a career in trucking and see if lease purchasing is a fit for you visit Chief Carriers.
chiefcarriers.com/

[@alanlewis7924]

Honestly is the best policy. Thank You for your video.

[@justcrusin4633]

Sure if you get miles or good loads that pay

[@lamontdavis3838]

Well said interview

[@jamrocktrucker5400]

This was very informative thank you so much for shedding light on leasing. I’ve been having doubts transitioning from company to lease but now I’m certain about my decision…

[@BigDog-oi5ls]

This is the only video that makes sense!

[@freedomworks3976]

Doesn’t seem to matter how many lease purchase nightmares you read about , the poor insist on getting poorer.

[@SSFINC660]

Ive done at least 5 WalkAway Lease purchase program. All of them have been the same Old Song. They Never never give you Enough miles to pay for that truck. But they do Pay them selves before they Pay you so that leaves you Almost nothing every week 😢SAD!!!

[@jpw7598]

company names?

[@BigDog-oi5ls]

Broke it down correctly!

[@obiflex]

If there's a balloon payment, run!

[@chiefcarriers]

If you're leasing a newer truck, there will always be a balloon payment. It's the residual value of the truck that is due at the end of the lease term. Just find a company willing to finance the "balloon" at the end for you...

[@acmckeithen8857]

Whats a balloon payment?

[@trukngal]

H​@@acmckeithen8857 maybe no equity, or in the negative at end of contract, sounds like missed pymts or something?

[@CForged]

@@acmckeithen8857it’s the remainder of the loan. To make payments smaller over the first few years that float it with a balloon 🎈 at the end of the term

[@bradmyers3327]

I would work there….. they have nice equipment

[@PhucYuBich]

Havent finished the vid yet but i would say never go for any type of lease that is mileage based aka paid per mile. Always look for the percentage based pay.

[@chiefcarriers]

Pro's and con's to both approaches. In today's market, percentage based plans are struggling. Percentage works well in the drivers favor when freight is busy. Mileage base seems to be a better long-term play and supports the drivers in a down market. Leaves the carrier to absorb the brunt of the cheap rates.

[@sarfrazsae9226]

If business is not stable, while drivers do not like any stress but looking to pay what is required then nothing wronh going by pay percentage out of rake home earning because idea is one person has investment while other person put his effort, skill, labor then earning goes into 50% 50% while keeping 25% for equipment (truck and trailer) that all you need. So if truck broke down then no payment till it back on the road, may driver got sick etc or took given days off per year. So no sress and any one can enjoy with trucking not suffering with maintenance, old truck, or looking a different one.

[@moderngunguy3666]

No I did not have to pay any extra money at the end of my car payments lol 🤣 is this how you try to convince people that a balloon payment is okay lol

[@craigsmith1068]

So they would own the truck after they hit 750,000 miles😮

[@chiefcarriers]

Yes, that would be about right. Probably why the walk away lease has gained popularity so drivers never operate a truck out of warranty

[@monkmoto1887]

No. It’s not. You’ll pay way more and the company doesn’t give two shits if you starve in the truck or not. And that’s ANY company with more than 10 trucks

[@SSFINC660]

There's No truck Worth 200K because there No Such thing as a New Truck!!!! Only thing that's new is Engine and Transmission. Lease Purchase Renting All A SCAM.THAT'S WHY THEY CALL IT WalkAway. No WHY would someone want to WalkAway from their Investment? Mmmm 😢

[@marklevin3491]

Pies of sgit

[@thegoodkidshow]

All the same BS. No matter how you cut it, it’s still shit… Save $30,000 and get a pre emissions truck and pull for Land Star…

[@moderngunguy3666]

Your company is selling a used truck? Lol there's companies out there selling you brand new trucks that you specifically order for yourself on lease purchase deals

[@jpw7598]

Basically New truck $200k-$225k = 5yr contract & $1000 weekly payment Fairly used truck $50k-$80k & 200k-300k miles= 2yr contract & $600 weekly payment Better to have cheaper truck & pay the it off asap because a down freight markets happen every 3-7 years; during those down times you will be living check-to-check or in the negative with a new truck. Maintenance & repairs for the used truck will be cheaper in 6 years than the total payment of that new truck. Own the truck asap, Dont let the truck own you

[@moderngunguy3666]

@@jpw7598 No they're three year leases. For $1,000 a month brand new trucks But yes I agree it is better to get a cheap truck and paid off quickly.

[@mistyfinney5292]

Older truck...more issues and no warranty