ADVICE for Lease Purchase Drivers! I’ve got the NUMBERS to Share. Know this before you Sign!
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- Опубликовано: 30 сен 2024
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#leasepurchase #leaseoperator #owneroperator
I’m sorry but that math is off if you’re at 19500 gross subtracting 8333 you get 11167. I’m lost
Yeah, I know. I said it wrong. The paper I was showing had the right info 👊
What about lease purchase ve company driver ? If I can make more money leasing and at the end maybe owning the truck be just driving for the company making less … per week ? I do understand the time off would hit your finance hard that is a big concern but I live in the Midwest I might be able to do some 34 reset at home and still make money … what do you think ?
I disagree, if you own your equipment, and you are paying to maintain it, you are making the bank payment,.. I don't care if somebody else is finding the loads for you, you are an owner operator... But, I have the right to have a different definition than you do and vice versa... It's my choice as an owner operator to pay somebody to find me the loads... It's your choice as an owner operator to save that money and find your own loads... Do you own the equipment? Yes, you operate it? Yes. That's all I need to know that I'm an owner operator, however, being an owner operator is probably why I'm about ready to fail..
I also take issue with your choice to call lease purchase programs a scam... If The driver is getting what they want out of the deal, then that should be all that matters... Are they overpaying for a truck? Yeah, probably... But there's nothing wrong with somebody making money on their purchase... When I sign The papers, and it shows me that I'm going to be paying Whatever for this amount of weeks, if I can't do simple math and figure out that the amount is more than the truck is worth, then I shouldn't be driving truck... It's common knowledge that most people selling something are going to be trying to make some money,... It's not a scam unless there's some hidden prints someplace that I can't see... It's my choice to pay $200,000 for a truck that's worth $150 k... I'm not currently in a lease program, but I have been, and there are some out there that are overpriced, I'm currently an owner operator by my definition, but might be considering lease purchase again
1500-1800….just get with a company that pays .60-75 cent a mile….. don’t say they don’t exist. Better go to Chicago !
Damn that lease is absolutely garbage. I’m running a lease purchase at Prime and yeah I don’t get much home time but I still Net 2500-3200 a week and after 3 years the truck is mine with a $100 ballon payment.
Isn’t no owner op money but it works for me and is a great start in the game with no credit check.
That's not to bad in my book . Yes might be a little low if you're not getting home on the weekends. But Prime I know they take out a good bit each week. You also probably started with a new truck also
@@BuckeyeFan-ty4vr yeah they take out a good chunk every week. And is Prime making out by me leasing? heck yeah with out a doubt they are making there coin off me but I add it up as the cost of doing business. They got me my license, they put me in a brand new Peterbilt ultra loft, they put damn near 100k net in my pocket my second year with them and I’ll own this truck in 2.5 years to take anywhere I want to. Your gonna pay the price and make the sacrifice sometime. And not to mention all the fuel discounts and national tire discounts etc.
@@Pokerhead1776
I hope it continues to work out for you. I wouldn’t want to hear later that toward the end of your contract, they had a reason to let you go (fire you) and the whole leasing contract is voided now & you out of a job and truck.
I’ve heard some of my friends go through this with Swift. They try to find anything to let you go once you close to the end of your contract. So be careful and keep moving forward brother!
God bless
Wow!!
@B-Smoove solo. are trainers are pulling in between 6-8k Net a week once the student really starts rolling. And the truck has to run 30k miles before the student can get his own solo truck. And I’m not going to argue about the numbers. I know everybody says no way you can make that much at a mega carrier but it’s the truth. Why would I lie? Yes even tho we are the slowest trucks out there we make good money on contracted freight. And it’s steady.
Not all lease purchase are scams. I'm currently checking out a company that only hires owner operators (no company trucks), they have trucks for lease also. It's a walk away lease. I don't plan on paying the truck off. I will be in that truck just 4 months while I save to buy a used truck in cash. At that point I will turn in the lease truck and lease on my own truck to the company. I will use their trailers until I can buy one of my own. When I do have the truck and trailer I will leave the company and get my own authority.
I know they're using me but I plan on using them to. As a stepping stone to get where I need to be.
That’s how you do it 🙌
Do you mind sharing the name of the company? I am currently trying to do the same thing, I’m figuring out all of my options right now.
Thank you for this confirmation. I was very skeptical getting in with this LP. But this is exactly what I'm going to do.
Bro you smart
Can you mention which company are you looking into ?
All these guys like to crap on LPs while they have already managed to get their truck. Im in an LP and it's great. All I do is keep doing what I did as a company driver. If I go to work the truck pays for itself. I'm not losing money because it's money I wouldn't have had to begin with. At the end of the week I usually make more that I would have as a company guy, I have held back for maintenance, taxes, and made my truck payment and all the other little stuff. I couldn't care less if the company makes money off it. It's mutually beneficial. They make some money and I get a truck, which still has some warranty on it as of now. Not some old beater. If you look at it the right way it's practically free. As long as you understand what you are getting into and don't sign with one of these crappy companies I honestly don't understand what the problem is. I think its just "true" O/O that are butt hurt that's it's not that difficult to get the title to a truck now. And I don't owe any bank any money. If it doesn't work out I'm not going to be filing for bankruptcy or ruining my credit. I turn the truck back in and go back to being a company driver.
Maybe you should finish the video :) I challenge you to go home for 4 weeks, then see where you're at for weekly pay. Use a LP to get you in your own truck and you wont be a slave to the truck every week of the year. There is just simply a better way.
Most of these comments are in here are saying i do good. i make $2000-5000 a week. Thats not good, because you have those weekly payments so you cant go home.
$8000-$12,000 a week and take months off at a time is waaaaay better.
@@MakeCentsTruckingsounds kinda lazy
But if you do end up owning it, you have a well used truck.
@@georgeperkins4171that you know through and through
I did a lease purchase in 2018 with the company I’m still with 825 a week all fixed cost for 3.5 years no down payment no balloon payment options to get my own plates or use there’s 100% fuel surcharge detention pay 125 hr..option to take the truck to another company just give a 30 days notice take home 3500 low week 6500ish great week 4 years later I have the title and I’m still with the company no complaints
What company
Company name?
WhAt company
Dreamworks studios duh
What company you with and is lease purchase worth it driving 5 days a week
There is money in trucking I bout a 34,000 dollar wore out Peterbilt 379 worked payed truck off! Rebuilt the everything and even repainted the truck. So now I have a elog exempt truck. It’s payed off. It’s like brand new. And the once 34000 dollar truck is roughly worth about $100-$125,000. I had only been a driver for 1 year when I bout the truck. Now there is money to be made in truck. if you are not clearing at least 4500 to 6000 a week after expenses you were not reaching your full potential you should be able to get a little more on some good weeks. The Key to life that I have found is, Honesty, hard work, giving 110% every time you put your work boots on and Jesus Christ that’s it! And a cb radio and no flip flops in the truck! 😎
Why no flip flops ?!
Good breakdown Sammy.. only thing I would add to anyone that wants to go owner op but is still young in the game is to drive company for a year or two for a decent company build good credit and save cash with a long-term plan that's the secret to having a success if you can't save when you're not responsible for breakdown how can you save when you are responsible. In this business you have to make your money behave... trust me I've had four trucks
What breaks down the most ? That I would be able to up keep myself. Or preventable Maintenece.
@@vorutouzamaki2635 that's really a million dollar question, biggest simple thing I've always done is grease your own truck even if just driveline every 5k miles. While doing so examine everything. Shake your driveshafts before you grease look for movement ect. Always look for leaks. Keep your tire psi in balance . Good PM will reward you. If you neglect you will pay later on for it at some point. I keep a little notebook of everything and I mean everything I do to truck and trailer and the mileage it was done. No one will look as intense at your equipment like you will . You take off it... It will take care of you.
@@buckndoe74 awesome thanks for the advice
If you can't save enough for a down payment, and your credit score is so bad you can't get a lender to finance a truck, there's a reason for both. You have to be honest with yourself, understand you are the problem. Drive for a company, save every penny you can, get your credit straightened out, it might take a couple of years but in the end it will be worth it.
Yes, discipline. In this modern world, people want instant gratification. Long term work and a plan doesn't register for most.
Exactly, it is possible
No it's racism and because of my color,, LMFAO
@@davidoconnor393 😄😄😄😄😄 I'm chocolate and I know that's not true ❗️
You are speaking facts its levels to it. I'm the Tortoise in this rabbit race while everybody on elevator i'm on the stairs taking the steps.🏁
There are so many critical elements and figures I never seem to see you guys addressing / discussing. First, lets all understand that the trucking companies, (large or small), are also doing this to "Make Money" not "kick rocks down I-70". You, and other youtubers, always cry about the trucking company turning a profit and that is the simple reality. You sound like trainees who complain when the trainer makes money off of their driving. Otherwise, why would the trucking company even offer the program? Welcome to life in a capitalist economy. You never address the tax implications of lease vs. purchase with amortization scheduling vs. total lease write off, etc. You rarely discuss the overall payment schedule, lease payments, etc. as they apply to the truck value. Are there buyout options in a lease program? Is there a balloon payment at the end like 4 wheeler leases? Do they show you what the purchase price of the truck is and how each payment is applied? In general, leasing is simply a different means of financing. Financing a truck via conventional means also has interest, etc. that need to be calculated in the equation.
You are a carrier not owner operator. Owner operator is running under a motor carrier's authority. The lease operator is the same as owner operator except they lease their truck. Opinion
He’s technically both bc he does his own ifta quarterlies pays for own truck and trailer tags has own insurance etc.
@@timmay2k the motor carrier implies he controls the operations of everything under him including but not limited to ifta, driving etc
Also, both the owner operator and lease operator can lease onto a motor carrier, however a motor carrier does not usually want to lease on a lease operator due to risk. That is why usually lease operators are with the motor carrier who leases the truck.
No one, who's thought it through, compares Lease Purchase to true Owner Op as a good idea. Lease Purchase is a stepping stone from company driver, on the way to becoming fully Owner Op.
I was always told lease purchase is a tool to becoming an owner. Learn the business, get the money and buy my own truck.
I am about to lease on with a large carrier. My goal is to save as much money in the next year to purchase my first truck
If you're not paying for a place to live, sure, it's possible, but the carriers structure things so you'll fall short and likely end up buying the truck you leased from them.
Facts
As a guy who's work for swift for 14 years I always see that twinkle in the eyes of new driver wanting to be owner ops I try to always incourge them to wait a little bit and learn about it before just jumping into it
Same here 😎 Experience always makes for better choices, especially in trucking.
If u worked for Swift 14yrs and youre not an owner op u cant advise too much of anything.
Youve been reliably running all them yrs and leaving 3x or morenwhat u make on the table smh.
There is no way i would do the same job and accept less money than an owner op (anytime over 3yrs experience). Crazy.
Encourage
@@koollee I don't want to own anything. Freedom and peace of mind is priceless. Not once was I ever able to sell anything when I needed to. And the mere fact some large trucking companies want to make it easy for you to be an owner operator should raise the red flag.
@@warntheidiotmasses7114 how is it a red flag? If a company can maintain you as a driver that they still make a percentage off of you, it benefits them rather than you going and pulling freight 100% for yourself.
It gives you incentive to be able to make more than a company driver and still profits their business.
Me and my son bought two trucks through a lease purchase
With CRST. We were able to find our own freight on the load boards.
Why wouldnt u just save some money and go buy 2 trucks.. or 1 at a time.
Im sure u still paid hella mark up.
So crst let you move freight outside of using them?
@@shainemcbrady9918 yes it was a 70/30 company. And also they didn't care they would rather you stay moving than sit around waiting for there freight.
@@koollee why does it matter? They got where they wanted to be
@@koollee because my son went to there school. After a year when his obligation was over, we were doing great, so why leave ?
I think you might want to update your update by watching the videos of some of the folks actually IN current lease purchases from other companies. If their numbers are to be believed - they have a lot better deals than you are trying to sell. YES, they are paying a little more for the truck than market value, but if you buy one on a 5 or 6 year loan - so are you.... And from what I've seen, the ones from Swift and Prime are not paying to use trailers. YES - the companies are making out on both ends, but it's really not as bad as you make out for those that need or want to take this route. But just like in any facet of the trucking industry - it's on YOU and your ability to hustle to make it work.
Thank you.
Yup, and not sure how it is in the States but here in Canada we get to write off all the payments on the truck on taxes and get all the money back.
Where do you get 6k out of 19500-8000. After fuel its 11500
Go back to that part of video. The paper I showed was correct. Why I said what I said 🤷♂️ lol I say the wrong shit all the time if you listen close
I called a yellow pole, red once on video and didn’t catch it until it was a week later hahaha
You said $19,500 - $8,333 is $6,447? I'm not a math teacher, but I got $11,167. You also said $800 a week for the truck payment is $3200 in 4 weeks, but then said adding $500 a month for insurance is $4,700? I got $3,700 there, a $1,000 difference. That calculates to a monthly net of $7,467 and a total weekly net (based on 4 weeks) of $1866.75. That's a little different from the $1616.75 you said. A yearly net worth of $97,071, which is a lot better than $70,000 as was the number you came up with.
@@corywalls7315 in your calculations, that is decent pay
I asked the question but found the answer here so my math I was coming up with as a little closer to the break down here I appreciate that I was lost like hell there for a min 😂
You hit the nail on the head … I jumped into mine with only 2 years experience. It was a 3 year contract on a brand new truck . Can’t wait to not be a slave to the truck. . 2 year company 3 lease purchase. I make pretty good money. I only think they’re good if you jump into one like I did . Early into my trucking journey. I wouldn’t do it with the experience I have now. I have no regrets.
You should get all your facts straight first before you start flying off the handle about lee's purchase, not all companies. Are out to s**** y**. I can name several off the top of my head. That actually want you to succeed and be an owner-operator not only that, but you've been contradicting yourself from the very beginning of the video. Get it together boy
How much have you made and hows the ability to be home?
@@AmandaAnderson-h2v will TEL be a good leasing company IYO
I'm currently In a lease purchase at the first company you mentioned. The best advice I can give someone is if there is an option don't get a brand new truck. I have a 2017 prostar. My weekly is 460.00 plus insurance trailer rent is 185.00 a week. My total expenses before fuel is about 900.00 a week that includes the 200.oo I put in escrow every week and my lease term is 82 weeks. Yes it's not a new truck and it has some minor issues but still making around 3200 a week. I typically run 3500 miles a week.
Hometine?
Sounds like Roadrunner really is a scam. Glad I'm in a lease purchase that is transparent and I'm taking home 8 to 10k a month without being a trainer. I honestly don't care what the company pays for the truck because they sell it to me for market value. Only payment at the end is 100 for title transfer fees. I've got 50k in the bank and with the wife about to be getting her CDL,I should be able to buy a new truck cash in about 2 years.
Oh and I'm also at a mega.
Thats pretty Awesome 😎 Thanks for sharing man!!
@@MakeCentsTrucking no worries. I've been through a couple of those predatory ones and some are atrocious. That's why u tried not to discredit what you said. Just sharing that they aren't all the same. At this company (deliberately not sharing because I'm not recruiting), I took 10 days off at home, went 1200 in the hole (weekly fixed) and the next week took home 2k.
lol i don't blame you. Also there is so much that goes into it as well. Are you business savvy, responsible? Having good work habits, are you a runner? Do you have networking skills and get set up on a dedicated gig? Do you live in a good area for what you wanna do? Does your company enjoy you being a driver for them? So many variables aside from the expenses vs costs as well! Glad yours is doing well and working out! You're definitely doing something right :):)
@@MakeCentsTrucking I can only hope there are others like me and fewer that are stuck with companies like Swift or JB. I also hope mine keeps up. But that's why I'm stockpiling money. If it goes wrong, I'll still be good
swift gets rid of its trucks by 300k miles for the CEO stated freightliners start falling apart so they lease them out
The real difference in mileage pay the way I see it is any company that's paying 1.05 to 1.10 a mile is an automatic Rex flag considering what these loads are paying 3-5 bucks a mile plus surcharge. I'm doing a lease purchase deal now and get 70% plus 100% fuel surcharge and make a decent living. I have a friend who bought a w9L and first words out of his mouth were when this warranty is done so is the truck
Here’s a fun fact for money management:
Pay your bills on the same day of the week, every 4 weeks and not on the same day of the month each month. If you do this on a 6 year loan you will pay it off 6 months early
Interesting 😎🙌
@@MakeCentsTrucking yeah man. Learned that a while back. 52 weeks divided by 4 is 13.
As far a a weekly lease vs a monthly payment you could look at it like this
Say your payment is 650
650*52= 33,800
650*4=2600*12=31,200
So in a weekly lease you are actually paying an extra 2600 bucks a year vs if you had the same number broke out over 12 months. It’s like paying an extra month every year for a truck whose price is already inflated and people don’t understand that. People also don’t understand that if you want to get out of a lease by financing what you owe so that the title is in your name, it’s very hard to do is less you have a huge down payment because the truck prices are over priced so much that no bank will finance it because a bank will only finance equipment on what it’s worth not what you owe. And in leases typically you’re gonna be upside on it until you get into your last year of the lease term
The whole industry is a scam whether you’re o/o, LP or company. People have to do what’s best for their situation. LP can get you where you wanna be, it’s just a stepping stone
RIGHT!
Not all lease are scam ,I will say those companies charge oo 35 %% are the scam.you can dispatch yr self for away less fee ,drive less ,make more ..don't fool everyone and advertise to 35 %%
Disclosure: Lonemountain requires at least 10k liquid after all expenses
This guy seems to be worried about how much a company is making off of you who cares as long as you're making more money than you would have had at a regular company that you're just driving for
Haha 👌
@@MakeCentsTrucking I'm glad you could learn that lesson
I got a lease purchase program from Artur Express and it is the best lease purchase program ever I transitioned myself from owning my own truck into this great opportunity here Arthur Express .......
Take it from me I will Coach you to be the best lease purchase owner operator on the planet this company is so great you don't even have to pay a payment for the truck if you don't work......🙄
😂
That’s not a lease purchase lol
Loan mountain where I got mine in 2020 a 16 Cascadia 3500$ down 1200 a month 48payments with 410k on it.
Don’t listen to this compony drive 800-1500 a week’ lease 2500-5000 a week plain and simple
Everything he said was TRUE! And I am class of 99 and I must add you will have to go hard for probably a year a little longer than 6 months he required and MOST DEFINITELY PRAY!
What does praying have to do with anything?
@@MrMunoz-xp2ry well, God is the creator of heaven and earth. Everything is in God’s control
@@TamaraLindsay true so when there are human traffickers and pedophiles on the loose I guess that’s your god too right? Don’t fucking back out now
I'm at VL trucking we are balling over here. Info hit me up
How much you making? Whats ballin to you?
So I’m like a month and a half away from finishing a lease purchase program and I’ll say if anything it’s basically owner ops on training wheels. The perks are you can drop trucking and quit when ever you want for a small fee usually. Because technically you’re breaking a contract. Also I went with a used truck and a 3yr lease and I was paying around 1100 a yr. Finally was able to get on a board to run spot market which is a whole other conversation lol but you’ll make ok money I was smart saved my money while before the spot market balloon popped. So I have my balloon payment saved up and I have my taxes paid and I have shop money. I don’t run 3k miles a week at all I barely get 2500 most weeks. Probably make around 6-8k a month again I live my life differently than most I’m not as committed to truck as most mainly because I’ve made my mistakes and I’ve learned quickly that trucking will chew you up and spit you out literally leaving you on the side of the road. But anyway after expenses and all that stuff prob bringing home about 1100-2000 depending on what I do that’s after expenses but before taxes. And that’s using the spot market now. I will say when shit goes down hill. You will go negative which is a good thing with lease you can go negative but it doesn’t necessarily negatively impact you. You just have to work your way back out and sometimes you can do that easily sometimes it takes a couple weeks. I’m home almost every weekend which is why I wanted the spot market option with my carrier. Some times I’ll take a trip to Portland or Washington or Texas but that’s rare these days they don’t want to pay you for that action anymore lol. But yea do what you’re going to do but don’t let trucking consume your life. Honestly if the market doesn’t change I plan to park my truck and go drive company with a tanker to flat bed company just to learn something new. And I’m definitely not sacrificing my home time. I also don’t live beyond my means I just bought a motorcycle and I’m trying to be home to ride it I have a wife and I’m trying to be home chilling with her. This shit is actually really easy. How ever you plan to do it it’s doable. There are horror stories on both all ends lol but trucking as a whole in the next 5 yrs maybe soon is gong to be very different than it is today. That’s one thing we should all know right now.
How much is spot load paying now for dry and reefer ?
Tanker is the way to go. Easy money and less nonsense with the shippers. All my customers are the same people that I deal with everyday, so basically they become your coworkers. Home everyday.
@@pointnIaughcan you explain how to be an owner for tanker work? Do you have to own the tanker or just the truck? Help greatly appreciated
@Goodboy0953 You can own a tank, or you can just pull the company tank with your truck. However, you would be responsible for the insurance and stuff like that
Dunno about the lease purchase numbers but the other numbers are dead on, been at it for a year, 3k for the truck and 700 for bobtail insurance. I'm heavy haul(110-140k gross) so I get about 3.2 mpg. On average truck grosses 10-12k a week and I spend about 3500 a week in fuel. 70% cut I get steady checks in the 42-4800 range every week
Who you work for
Who you work for
Hope your wife does numbers for ya. Your explanation of the numbers is messed up. 9:40 in video $19500 - 8333 is $11,167. Not $6447. Had to stop there as the rest doesn't matter. But thanks for trying. Your right the big companies love to get people off their W2's not to mention all the extra expenses the driver has to pay for along with buying the company that truck.
Ok ok I admit. I forget to sub the fixed cost.
Now sub the fixed cost and do the math. Now you’re on point with video… we are human, we make mistakes during the process.. if you had finished the video you would have noticed your post is dumb… 🤷♂️
Well done Cents,
Well done.
Bottom line. The industry better get it's act together.
My line is this, "you can't fax freight! "
Beam me horizontally Scottie!
11:37 this can be fixed with proper planning and money management. You plan ahead and save to cover the expenses you’ll have for the off week
I bought my. Truck . Now I want to lease . I don’t want to own a depreciating asset . Once I hit my investment amount. Iam out .
I run across a so called leas purchase deal . It wasn't bad. Basically the guy sold me a truck at market value nothing down financed though him at 8% the only came out was the weekly truck payment which was 300 a week. Everything else was on me. I could do what I wanted as long as he got his 300 bucks. And if I wanted to take off . He didn't even charge that week. . That's the only leas purchase I ever thought was a good deal..
Not bad at all 😎
I wish I can find a deal like that
OK, dude, I can already think of at least 3 holes that I can poke into your little calculation there. Number one, there are a number of companies that do not charge a weekly trailer rental fee. So that's already a thousand dollars a month you can knock off that expense list of yours. Second of all, unless you're strictly running California or something, I don't know where in the f you're getting your $5.00/gallon diesel price from. Average price of diesel nationwide last time i checked, which was a couple months ago, was $4.13/gallon, and there are still a lot of areas of the country where it's more like the $3.40, $3.50/gallon range or thereabouts-nowhere even remotely close to $5.00/gallon. So there's at least a good $310 a week in fuel that you're NOT going to be spending ($1,240/month) right there by us NOT going by your $5.00/gallon figure. Third of all, if you're a lease purchase driver with weekly expenses, then obviously you're not going home for a whole week. 3 days might be the max, like a company driver. You're running a business; you have bills to pay. To stay home for a week when you have a business to run is stupid; you're just asking for your business to fail. It seems very much to me like you're inventing these worse-case scenarios to scare people away from lease purchase programs; maybe because you feel you got a bad shake from one yourself. Now, is every lease purchase program out there legit? No, of course not. There probably are SOME scams out there. But not ALL of them are. You just have to use some intelligence, do some research, read EVERY piece of paper you are given, ask questions and make sure you know EXACTLY what you are getting into and that you're okay with it BEFORE you sign on that line on the bottom of the page. You know, I usually don't comment on RUclips videos, but in this case I felt I had to, because you're really spreading a lot of misinformation out there, and you're going to prevent a lot of people from getting into the business because of it who otherwise might be able to get into a pretty decent arrangement if they just use their brains and a healthy dose of common sense.
Glad you decided to, or felt you had to comment. I said in the video, there are some good ones out there.. just hard to find. I’ve been helping and talking to drivers about this for past 10 years, the majority fall for what I spoke on 👌 again, there are some good ones out there.
Next, you should check time of upload. This video was uploaded in June of 2022. Check those average fuel prices then.. they was reaching $6 per gallon.
Finally, you’re right about the rest and keep doing what you’re doing 👊
and for you comment about trucking for money that's bs i do am not there for the money is a passion i want to be a truck driver since am 3 years old so there is people that want to be a truck driver cause that's what there met to be
I love trucking too and am passionate about it. But, if it didn’t pay the bills I wouldn’t do it. It’s all I’ve done for 25 years. Half way in between I went to college for hvac/r. Graduated with that and bought a truck and became an owner op lol
What's up MakeCents,
Love the content you put out in your videos. By no means is this comment meant to be negative, and if I'm incorrect I'm cool. Just want to make I heard correctly, you may have miscalculated. You subtracted roughly 8k from 19k, leaves 11k. Don't want someone who's negative and try to slam you for minor miscalculation. Keep doing what you do and help other drivers out here trying to make it!
lol to late bro, already been pointed out. I forgot to sub the fixed cost. All Good :)
He didn’t mention Landstar takes 35percent?
@@MakeCentsTruckinghey great video. I know this is an old video. But in your miscalculation…….should it have been 11K or was the 8K correct and you just mistakenly left out the particular expense that made up that difference?
I'm A Company Driver And With My CPM Rate I Can Make Up To $ 2200 USD In A Good Week After Taxes. I'm In A W-2 Company. I don't Have To Worry About Fuel, Truck-Trailer, Permits And Maintenance Payments Guys. Owner Operators/ Lease Purchaser Drivers, Do Your Math, You Guys With Your Own Truck Should Make A Least A Double Of What I Make in a Week . $ 1600 USD A Week after All Expenses For A Lease Purchase Drivers And then On Top Of That From Those $ 1600 You have to deduct Taxes . Yes Sure is a Scam And Something is not right. Brain Up !
🙌👊
Okay, so I know we’re a year past you posting this video, however there are some flaws to what you’re saying.
1.) Too many of you guys are hung up on the fact that a company pays one thing for a truck and turns around and makes a profit from you. My thoughts on that are who cares? It’s none of your or my business. From their point of view it’s just good business sense. It’s no different than you going and renting an apartment or house. You are making their mortgage payment for them plus whatever profit they decided they wanted.
2). It astounds me how many drivers are hung up on the title of owner operator. “You’re not a real owner op because you lease” or “you’re just a glorified company driver.” Again, who gives a shit if it provides me with the opportunity that suits me and gets me to where I want to be in my career.
3). Again, I’m astounded by how many drivers will go out and buy these old raggedy ass trucks just so they can say they are a “true O/O”. It should be downright embarrassing to throw figures out there that include a fuel mileage of 6 mpg this day and age. With the figures you provided, the difference of what you would pay for fuel and what I would pay over the three year term of my lease would be $130,000. That could be a life changing amount of money for some people.
The fact that as a lease purchase operator I can step into a brand spanking new truck with one helluva warranty getting anywhere from 9 to 11 mpg and have that truck paid in full in three years with title in hand and no balloon payment and still have a great warranty left should make more people want to do it.
I used to think like you until I had a guy ask me to keep a very open mind and listen to what he had to say and showed me his past tax records and pay settlements for several years. It actually blew my mind and made a shit ton of sense. Enough so that I climbed on board until I achieve my goals.
Anyway, just my two cents. Everyone is going to have different objectives and desires and you have to do what gets you there.
The point you're missing is that there is a better way to do it.
Folks fall for the Trucking company leases because they don't know how or where to go for a better deal :)
You can use one blanket lease to cover everything out there, I have a lease right now it’s $800 a week and $400 a month for insurance, $120 a week for a loaner if you want one when your truck is in the shop and I run a dedicated account and gross 8k a week before expenses and have 7k a week guarantee if there is no work. The best decision I made for my trucking career, not all leases are the same so do your research
🙌🙌 yes!
What company is this ??
What company please?
What is the name of the company
We would all like to know the company please
“I’m not against lease purchases” but “they are scams” in the same breath lol
What happens if you lease a truck and then in 3 weeks there’s a major malfunction with the truck? Who’s paying for it?
With no warranty, it’s on you in most cases
Never do A lease purchase program EVER too much risk! Buy a 2000/2007 truck and pay cash for your first truck!
Steps:
A - drive company
B - lease purchas is ok with a good return policy (youre makin more than company driver, doin the same work.
Save some dam money!! Lol
C- buy a good truck somewhere else.
Cash or a good finance deal for 50k or less
D- Give the lease truck back.
I bought mine cash but spent double what i paid repairing all kinds of shht on it.. but i did make money.
Ive always been against financin shit but i do wish i wouldve financed a good truck (to save me some headache) at the time i bought mine.. July 2020.
Back then i couldve found a truck, ready to rock for 30-40k and financed it.
Those truck, fuel, etc. payments are also tax write offs
@@koollee exactly! It’s a process. I hate people who try and turn people away from LP
Being an owner operator anywhere is garbage!Right now trucking sucks!!Right now working for a trucking company is a better bet.I’m about to sit my truck it’s not worth it.
Should have been saving these past 2 years of high rates bro 😎 Highs and lows as expected.
I like your statement, but I found errors? You need to remember that the larger carriers are supplying the lease operators with fuel savings cards and a lot more savings on repairs and or tires, seeing that they are purchasing a large amount at a time. I agree that being an owner-operator will make more money over time, but the other option is allowing people to break into the job much easier.
It does make it easier starting out I agree. But fuel cards and a national tire account is easily acquired 😎 I get some pretty good deals with both. Comparable to big truckin companies 👊 also discounts for pms.
Give me a tire price and a fuel price you have and I’ll show what I have at same place 👊 my fuel prices are ta/petro. Tires are Bridgestone. For pms, I get a $40 discount at ta/petro
What do you think about leasing on with Bruce Oakley Trucking out of Littlerock, good or not ?
Not sure. I don’t have any info about them
Leasing from the mega carrier right now with these fuel prices and saving any kind of money is hella tough I ran for 6 months straight averaging 11k miles a month and at the end of the 6 months I only brought home 13k without surviving so that 15k thousands savings is almost impossible because you have to eat, pay for scales etc. and taxes so I agree it’s a scam I give up. Honestly if the examples you’re giving was how it is today I would still be rolling.
I dont know why so many of u guys wont save 20k and cash out on a truck, or put 15 of it on a 30-40,000$ truck.
The prolem is most of yall dont know how to handle money
@@koollee well I agree with you I wouldn’t argue that at all. That’s currently the step I’m taking, I can save a little money that’s truthfully how I lasted 6 months. Now I’m just taking a reset and saving more to go buy one out.
Finally someone who’s making sense of the nonsense of lease purchase thanks great video
😎🙌
I manage our IC division at Jordan Carriers which is 285 trucks. I can honestly say that the drivers who don’t make money are the ones who don’t run. They call me about a low paycheck running 5500 miles in 30 days. Our drivers average $2500-$3000 per week take home after all expenses paid if they are doing what they are supposed to do. Also, if it doesn’t work out, they have the option of moving to the company side. This guy is talking about getting in a 5 year old truck which will completely eat their profit in maintenance. Too much to type but I could combat everything negative this guy is saying about lease.
Why would one driver listen to another driver now a days? All we do is tear each other apart
Go back through my channel bro. I don’t do that, not once.
I’d encourage them to get as far away from trucking as possible . This career is dog eat dog . You’re going against the government cheap freight truckers and brokers . Oh yeah and everybody’s hand is in your pocket .
Couple of points here.
1. If you're using their truck, with no credit check and no down payment, they absolutely deserve a cut and are not absolved of liability at all.
2. There is nothing wrong with them wanting to make money and spend less. Especially if it allows you to make more money than if you were a company driver.
3. If you're only getting 6 mpg, you're doing it wrong, with the wrong equipment.
Bro u put me into a truck and I'll give you 60% of the gross until I can save enough to buy my own rig. I'll run 3500 miles ez. You give me $2k a week and you keep the rest.
how in the F do you subtract 98
8000 from 19000 and get 6000
WTF???
yeah i said it wrong, but on the paper it was right
I nearly signed on to Landstar several yrs ago but did not like the 65/35 revenue split. Thought that was way too much for them to take, but I didn't know they did lease purchase tho. My first truck as an Owner Op was a million mile Volvo that I bought for $6k on a credit card (Ebay). It was a nickel and dime truck for sure but it made money. I leased to a local carrier and that truck got me into a nicer & newer truck after a couple yrs. The bottom line was I did not want a truck payment being as I was new to the owner game & didn't want to be shackled with long term debt in the event I washed out of the business.
Oh no. Landstar doesn’t have a lease purchase. They lease on owner ops with their own trucks 👊
65/35 for landstar is a good deal because I've contracted to them and have been here for 5 years now our over head at the 65/35 is not as high as the guy with his own authority and plus our rates are alot better. Plus if you have your own trailer depending on which one you have it's any where from 72,73,75 percent
@@robertjackson7969 what do u think about a 80/20 walk away lease? No cred check, no money down, no balloon payment? The trucks sounding like it transformed from a 2016-2018 pete to a 2015 international tho so im not sure about the whole kick right now..
@@jesseredfield8194 well I've done a walk away lease for about a year then I turned that truck back in and was able 2 go and get a monthly payment from a dealer and I was also able to get a brand new truck. Just know that the lease truck if you keep it will be alot more than it is actually worth but it's nothing wrong with a lease truck because I had one. And it's true with no credit check no down payment but they will have to charge you at least a dollar $1.00 at the end of the completion of the contract
@@robertjackson7969 thank you for your information man. I appreciate it
Some outfits are predatory in nature. They polish up their business and make you feel all fuzzy about your new career. It's not until you get rolling that you see the down side. Remember that if you are buying (leasing) a truck from the same company that also gets you your loads (dispatches you), they have complete control over you and your livelihood. From MY experience, I would recommend that any prospective lessee go work for another outfit that owns and maintains their own equipment and hires you as a driver. Get a feel for the trucking business without going deep into debt. Some companies will train you to get your CDL then hire you as a driver. You'll usually have to repay the cost of your training by staying on for a set amount of time. For instance, you might have to work for them for a year to get your student debt wiped clean. You won't make a lot of money (by comparison for the time you are babysitting the truck) but you will gain experience. And that experience will pay off later if and when you decide you want to own and operate your own truck. That's when the decisions about getting your own authority or leasing to a carrier come into play. And there are all sorts of RUclips videos that address those choices and just what is involved. If you DO go for a lease/purchase with a company that is supposed to keep you loaded and running, check out the mileage on the truck they are leasing to you. If it's a year old and has a lot of miles on it, 100,000 or more, rest assured that you are not the first person to "own" that truck. Somebody else was there first and tried but since you have the truck, failed. Even 50,000 on a "new" truck would indicate someone else tried before you. Use your head. Ask questions from them then ask other drivers you trust for their opinion. Ask if your attorney can review the contract first. There are truck leasing outfits that are just that...they lease trucks and don't run a freight company, too. You are NEVER too far in until you sign on the dotted line.
It always was a scam..never designed for driver's to profit it's only for companies to lesson there liabilities.
Lease purchase is a scam I make from 2000 to 2800 a week as a company driver at 30 %
For what company
11:45 are you talking about walk away lease purchase.?. Some companies you sign a lease an you work your ass off for 6-12 months then you can walk away from the lease whenever you want. That way u have enough money stacked to get an almost new rig.
Socking away 3K a month as a company driver. Investing in real estate and paying off the farm first, then in a few years go buy my dream truck and go full Owner Op. Doing it the hard way. ✌️
True. Buyin the truck first would get u there quicker
@@koollee Bingo!
I can't see the company being able to buy trucks at or near cost just because they're buying in volume. If so, the dealer would be basically foregoing profit, or taking very little per truck, and at the same time lessening the number of units in the market on which they can make a profit. Nah. Especially with these numbers you're throwing out - buying for $140k and "selling" for $240k??. A dealer would be foolish to let someone else profit on the very stock in trade that they deal in.
Who says they go through a dealer? If they are big enough they set up a “separate” operation with their own dealer license.
I think there is some truth to what you say about Lease purchase when it comes to the companies that provide lease purchase as far as making money off the lease operator they are a business at the end of the day the job is too still make money. But if you're new into the trucking game and do have good credit you still cannot get financing for a truck. However if you run a lease for a year or two years now you have history of making a truck payment to some creditors and we'll count that as experience and be more able to get a finance on a truck. The biggest trick with it is keep expenses low and save as much as possible.
All lease are not bad! U have to commit to that lease ! Focus on running that truck! Finishing that lease!
19,000 minus 8000 does not equal 6000. How do you stay in business?
clearly not from what i say lol Check paper in clip, it had right numbers
Do not lease. Just buy used affordable truck with in ur budget.
Why do you advise so sir?
The majority of drivers go for that lease purchase scheme because they have no money, and they can walk away from it if it doesn't work. This is not the business to get into with no money (or access to a line of credit). There are acceptations, some guys end up with the truck, and find a way to make it work, but it's rare. There's so many ways it can go bad, and you won't even see it coming (9k cam replacement : ) ) We all need a head exam : )
Companies make it too easy, taking advantage of drivers. I think its cruel. Its a shame that money smarts are not taught to people better.
@@mbjasondify You're right...preying on peoples "dreams", all the while it's win-win for them, whatever way it works out.
This is really bullshht u talkin when it comes to easy walk away lease purchases.
The prolem is folks that dont know how to handle money.
I bought mine cash by the way.. for the low, but i did spend over double fixin shht on it, so i hit my head a few times too
But as far as the lease purchase drivers that fail as u mention.. they r the blame if theyve made money.
At CRST, the lease purchase drivers made decent to good money and had a good give back option to return the truck.
All u got todo is save some money in that situation, and go buy a good truck somewhere else.
These drivers just cant control the monkey in em when it comes to money lol
@@koollee what is CSRT like ?
Your model that carriers are selling trucks for $240K is not accurate. I am in my last year of LP for a flatbed company and I bought my truck for $87K, 2019 T680 with 150K miles, no trailer rental, Payment $588 weekly + permits, ins, electronic equip and .15 per mile for maintenance.
Maybe yours was that. But what I was speaking on was what I witnessed in the past. They’re are good ones. But…. They are also some really nasty ones. Just trying to bring light on situation and not fall into a predatory lease. #knowyouroptions
In any accident the Lawyers will still go after company, and whatever shipper is in trailer. Find any discrepancy on logs. Also a number of other factors of driver and his or her life outside of trucking.
I have to disagree with the I don’t have my own customer” comment. The Brokers are your customer. Don’t think for a minute that because the broker may not be the end user of what you are hauling, that you don’t have your own customer/s. I’ll bet the person who hauls potato chips to the gas station thinks the gas station is his/her customer and not the person buying by the bag of chips….?
Always great videos, thoroughly enjoy watching them!!!
I don't think I'm over paying for my lease purchase. Brand new Cascadia for 142k. 686 a week 4 years. Operating a lease truck is tough solo you have to hustle can't be a lazy flip flopping driver. The best way is to team drive with someone you trust with the same buisness approach splitting the expenses in half. Solo I net 1500 to 2000. As a team both could make 2000+ net a week and not have to run hard. Operate on recaps work 8.5 hours a piece daily run like that for 2 weeks take a reset. Run another 2 weeks recaps go home for 3 to 4 days. It's really not that bad. 6mpg is low I'm averaging 8.1 but I also don't drive over 60mph. I don't want to tear up my equipment and fuel is expensive.
Just by running 60mph I'm saving $400 a week in fuel. 6mpg because you run over 70 you will use around 400 gallons of fuel to go 2400 miles. Operate at 60mph average 8.1mpg you will use around 300 gallons to travel the same distance. At $4 a gallon average that's a savings of $400 a week just from slowing down. It's also a long term savings. Tires, engine, breaks, ball joints, ect. Just from slowing down you can save 20k plus a year.
Companies with Lease Purchase have ZERO incentive to let you keep the truck.
They have EVERY incentive to let you pay the truck off to almost the very end, then cut your miles down so you can't afford the payments.
And then they keep the truck you just spent years paying off for them.
They also lower their liabilities with a lease truck. Now you’re a “independent” in the event you wreck and kill a family.
This is literally exactly how I've been trying to explain it to people.
Sammy Davis I don't need to hear anything from you lol
Turn it up 1 time 😎
That lease purchase sounds terrible. Multiple companies where I live are $30 - $37 an hour with overtime after 40 hrs. We're all making $110k - $125k at my job annually. On a 5 day work week, home daily.
Where
@@solvsg1977 I'm working out of Warren County in New Jersey. North West on PA border.
@@goldentrucker7921 What companies pay 💰 125k ? What are their names
Biggest bunch of bullshit I've heard all year lol
Good luck to you 🙌😎
Absolutely they benefit it's called a free market , WTF are you talking about ( liability) ??? I've been LP for 6 years I have never grossed under 218k , if you lease under loan mountain is exactly the same as any LP and absolutely you will make more money if you buy your own truck but you have higher risk of failure, I get huge fuel discounts and I a average 2.48 per mile as of 10/03/22 LP is not a same its merely a different way to do things .... I drive for ATS my fixed cost are 950.00 per week no trailer fee I net to me 3300 - 4200 paid to me after all expenses if I stay out , you sir just do not understand how to drive a lease. I see all you owner operators crying at the fuel cost and low rates , I dont face any of that ..... people dont listen to this dude he has no clue what he is talking about ... it made absolutely no sense.
I’ve always learned towards, take advice from those who have what you want. If they have it, they can show you how to get it too.
All you’re saying is you love you job. Now go home for a month! Oh wait! You can’t because that $950 will rack up hefty.
I’ve been home for a month now so I must be doing something right.
Listen to what I said in video. Not all are bad, they are some good ones. Just do your DD
@@MakeCentsTrucking It's easier to Fool People than convince them they're being fooled
I would rather make 1600 then the 600-800 my husband and I are making as a team cause they leave us set all the damn time waiting for shity 300 mile loads we don’t want to take
Yall should make way more than that as a team!! You need long runs 🙌
Unfortunately we work for welfare express honestly my husband hates it I love it but everything local wants a lot of experience
You telling us All the Bad ……!!!! What are we supposed to do stay broke as company driver
Save and do it like I mentioned.
In a recent video
Great video. Wish I had this knowledge when I started driving. I think according to your numbers it would be better off a company driver on the lease purchase. Again KNOW YOUR NUMBERS be safe driver
His numbers are off. He used very old data.. im not dissin him but he hasnt worked company for many years
and also u got to factor in todays market and whats going on.. did it get any better or??
Mine has been parked since April (paid cash for it 7/2020.. ran 11/21 til late April 2022.. the spot market got real sour for dry van giggin (load boards)
Im not ready to sell, stay parked and go company (that pays decent).. or bring mine back out if i see / find some good action poppin
I’m a company driver … 30% off the rates 1099 n I’m loving it!!!
Make sure the rates they show you are the REAL rates. Some brokers are known to take 30% or so off the top then present you with a confirmation that is already stepped on. Not all, of course, but SOME do. they'll doctor up the form and copy it with the new "rate" which is actually 70% of what the load paid. I had a guy cover the rate line with a pen or piece of paper when he sent it (the confirmation) to me in a text. I asked him why and was told that they use "quick pay" which is factoring. I didn't stay much longer after that.
@@stevenredman1582 facts
You are right my brother, lease purchase is nothing but a scam. I've been doing it twice and it has been nothing but a nightmare. Thanks brother for that information. Blessed you heart ♥ and intentions.
Not all lease are bad.i know friends doing walk away lease from small companie Russian owned from Chicago, he take home 4500 to 6 k aweek after truck payments and 12 %dispatch fee .doing better than most ooo running there trucks an mouth.
What are the names of the trucking companies?
What do you think about super ego lease purchase
Not sure. Haven’t seen their lease open. Send it over to Makecentstrucking@gmail 👊
Big time scamming
Its a business agreement.
Going into any contract requires due diligence.
Leasing falls a highly specific niche for those specifically looking for more control but does not have the liquid funds to become own/op.
It (can be) a stepping stone transition from company to own-op
Do not become hyper focused on money only.
Make sure to conduct your due diligence on all aspects of your career. If the money is better, but youre not mentally built for other aspects of full ownership (or dont have the experience) going straight from company to full own just might be really bad for you.
Bubba, I work at Walmart…. If I could net 1600 a month I’d be happy! 😂
You bro, need a raise 🙌🙌🙌
@@MakeCentsTruckingno she’s probably part time I was making like 1000 a month in a grocery store in Texas average 30 something hours
I have 15,000 lift on my truck but it's hard out here and I'm doing a lease but I can see that they starving me out with the loads.
Great breakdown for lease to purchase sir thank you as I am getting ready to become a owner operator
It’s only a scam if you enter into a fixed contract with a balloon payment. There are walk away leases available and to simply put it, you’re renting a truck and you’re not bound to it. I’ve going into a walk away lease purchase with prime inc and I’m planning on staying for about 6 months enough to save up for a downpayment on my own truck.
Exactly... Annoys me how many ppl just say "scam!"... Would be like saying Penske is a scam. Of course they wanna rent it to you at a profit
hey brother Great video. Planning to get a leasing truck job 1099 in chicago. No ones wants to hire me because of my recent dui. went to rehab and finished my dui classes and court fees. I really wanted to go back in trucking again, This company "okay" me on their trucking insurance.
Through out the years before i had the dui, Just working for company drivers.
This is my 1st time trying it out ~as a lease company driver.
Do you think. im making a good decision 😐
Whose paying $3 a mile?
During the time of this video, a lot lmao
But for shits and giggles.. currently, in Aug 2024, I’ve had 6 loads over $3 in past month.
Now Sam that make sense to me!!!👍
Ummm, you forgot about the 35% that landstar takes off the top. Please tell the truth, and tell it all. Landstar is a good company, but you have to give all info.
I'll try my best to watch the entire video but your numbers are cooked loll use real numbers and real person ....not all drivers are equal .....there is no way a company is grossing 400k a yr ...the video should be don't lease per milage pay ...
They're are good lease programs out there. Company I'm leased to will loan you a truck making 3k a week net. Plus you can book your own backhaul . All for 70% free behind 5th wheel. Pulling Reefer. $100 stop $80hr Detention . Lease Drivers make the same as OO leased to carrier. Landstar lol is the biggest double booked scam in trucking imo
Who are you with?
So u think u doin it big nettin 3k a week(?)... lol
@@koollee shit I’d be cool with 3k in my pocket every week. What would you consider “doing it big” per week though and how do we get there I’m curious
What about lease purchase 3rd party companies? Like SFI i personally know people who paid trucks off with them and now they are doing way better than me lol
Nvm lol I asked the question to early in the video
They’re way to high
Leasing through a company is like going to a buy here pay here car dealership that says no credit no problem. The same 2k car is sold, repossessed, and resold 10x. Charging you 300 a week for a car yhat barley works
19000- 8000 for fuel is 11000 not 6000
Never mind what I said.. I say the wrong thing a lot lol the paper I posted up in video has the right info 👊
Dude you didn't compare apples to apples you arbitrarily added more than a dollar a mile to landshark without explaining why.