Time to LEASE PURCHASE
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- Опубликовано: 17 май 2024
- Some things you need to know about doing a LEASE PURCHASE on a truck. Has your company switched for ABORDs to ELDs yet? We talk about these things and much more right here on Life After Trucking.
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I talked to a trucker once about buying a rig and getting in the business and he told me " If you want to make a small fortune in trucking, start with a large fortune".
Farming, a quick way to go broke. Diary farming, a slower way to go broke.
How do you make a fortune with horses? Invest a bigger fortune. An advise I got from my father after we stopped breeding.
Good to see you posting again. I miss your driving films.
Bravo, you're the first to tell the truth about leasing a truck. May keep some young misled drivers out of trouble.
I completed my lease purchase with Knight Refrigerated in 2018. Started with $5 in my pocket and they leased me a 2011 Volvo with 450k miles on it. Four things that really helped me was to keep the mentality of a company driver until you actually own the truck free and clear. Always buy new non recapped tires. (Besides fuel, tires are probably your next biggest expense) Buy your food at grocery stores and avoid buying stuff at truck stops, this will save you tons per week. And lastly DO NOT LEASE A BRAND NEW TRUCK!
That last bit - DO NOT LEASE BRAND NEW TRUCK - couldn't agree more... Just depreciation alone
War Beard, What a pleasant surprise, haven't heard from you in years. Thanks for your comment!!!!
@Disco Sucks $380
@@WarBeardTheRed how much were you averaging net weekly after expenses..?
@@yeb7997 Sometimes zero sometimes 2k. The big weeks help you out on the zero weeks. Just remember that Knight doesn't want that truck back so if you're a good employee Knight will bend over backwards to make sure your lease is a success.
I purchased my truck used 2017 ( Peterbilt 597 ) from a PeterBilt Dealer. Then leased on to a company, and unlike other comments you read it can be done. I like the fact that I get all the benefits that come with working with a major carrier. Cheaper fuel !00% surcharge. And quick no hassle payments, and the use of their Trailers. But I will totally back up what IndianaJack says. You must have money in the Bank as a buffer. I started with $25,000 I used $10,000 as a deposit and kept the $15,000 for working capital. Its not easy but it can be done, and it is really satisfying when things work for you. I still get a massive grin on my face when I have delivered my load with my Truck and put a few bucks in my pocket. Do not give up on a dream but please be realistic with the outcome..................Good Luck.
I appreciate being here Jack.
I think you offer good advice for potential lease-purchase operators. I’m watching this video from a motel room in Norcross, waiting on Freightliner to get my truck back up and running. Motel rooms, delivered meals, taxis back and forth add up over the course of a week. You HAVE to have money in a dedicated emergency fund. You have to have money to cover your overhead, that keeps on piling up. You have to have money to pay the bills that are accumulating back home. It all adds up, pretty quickly. $5000, is a minimum number. That is separate and distinct from a maintenance account, that will actually pay for repairs.
Personally, I didn’t go lease purchase. I went straight lease. It’s cheaper, for one. I am only paying for the use of that truck, and the depreciation, over the short term. The problem, as I see it, with lease purchase is this ... I do not see the long term benefits of a lease purchase. I do not want to lease a used truck with 250,000 miles plus, for three or four years. By the time it’s paid for, usually with a balloon at the end that has to be financed for additional time, it’s an old truck with more than 600,000 miles and little residual value, and high maintenance costs. Those maintenance and repair costs can be absorbed, IF you stay running. An older truck ... that’s what kills you. Lost revenue, waiting on repairs.
Greetings once again from Ohio .... Thank you, and Bless your heart for being open and honest with people with the WHOLE picture of lease/purchasing to enter the career of trucking!!! You told it straight forward and right from the heart!! You're 'old-school', and I hope what you shared will be taken as absolutely accurate!! Back in my time trucking, I saw many, many other drivers make that very mistake .... They jumped in, sometimes going belly-up in a short period of time. I'm glad you shared these things .... Thank you again for doing so. I myself ALMOST took the plunge in younger years, and weighed out the reality of what I'd seen happen to others, and what you just shared. If this great advice is taken, you've no doubt spared some people the heartbreak!! PS: Great to see you in video again!! Stay safe and be Blessed. You're a huge asset to the trucking industry.
Lease purchasing a truck is just something trucking companies do to avoid having to employ drivers and look after them. I just don't understand why anyone would do it.
If you want to own a trucking business save your money and go buy a truck privately or a from a dealer and haul your own or someone else's freight as an owner driver.
Just a big con really.
Great advice. We didn't have money aside and later shut down our business before it was to late.
My Hometown, thanks for sharing Jack, Y'all be safe out there, ya hear!
I love your channel Indiana Jack! I have a newfound respect for truckers and the trucking industry. Thank you for everything all of you do to bring us the goods we need everyday.
Another interesting video, Jack- keep them coming!
Love that old boat and Merc!!!!!!
Hammer down Jack!
Valuable information, thank you!
And now that winter is coming then it's time to share some useful tips like fresh batteries, anti-freeze check, some MREs, backup power, chains and whatever else you can think of to survive if you get stuck somewhere.
moonpies were a favorite of mine when i was growing up!
Miss your drama free episodes. Thanks for a new video Life after Trucking!
Good positive message from knowledge.
Wise words, great video! Thanks!
Thank you Jack for the new videos keep them coming and be safe Jack thanks again
@indianajacktrucker Here in the UK, we have had digital hours of service recording since 2006, our digital tachographs which record our hours of service onto a credit card sized chip card are mounted in a slot, usually above the windscreen next to where the stereo is mounted. The unit itself is the same size as a truck stereo
Cool !! .. I drove down 24 early this morning then drove through Calhoun down 53 .. now Im just north of there @ the FJ.. and I saw the new Loves coming back up 75 from Adairsville..
Thanks this is very good explanation many others dot have any idea what is lather and be hung up for many problems
Jack, I gotta say, I'm pretty sure I saw every video you and old Red made. This might be a credit to your film making abilities, but you did make it look easy. And yes I remember the new engine, but that being said, I don't remember you ever being down. I know that we saw only what you wanted us to see, but again you made it look easy.
This video was great!! Thank you for your comments about leasing a truck.please keep on showing interesting US landscapes and shops in your next videos. Kind regards for you from Argentina . I hope to watch a new video soon. Take care Indiana.🚛👍😊
Great job Jack thanks
Great video. Really good information about what to think about money wise involving lease purchase. My wife drives and she complains all the time about having to drive under 5 mph to avoid going to driving time.
Very good advice about the money in the bank before opening your business. That goes for any business. Thank you
A lot of this advice is just good in general and could apply to buying a car or a house too
Thank you that is great information.
Hey jack. Im mot a really savy cell phone operator but im getting better. I jjst wanted to tell you i bave been watching your vlogs for about 3 years. I like you . You seem to be a helluva nice guy and very smart when it comes to trucking and in some cases life in general. I miss you being out on the road doing these vligs but keep upmthe good work. These rookies oit here driving trucks really need to pay attention to you. God bless and have a great day. Look forward to more vlogs in the futurep
Welcome back Mr. IndianaJack, long time didn' post a video.
The truth is the truth and you told it how it is. And on top of that, you did it with Old Red, so you know first hand... Nice seeing you Jack.... Take care.
Had trailers Maine to Florida Oregon 25 years never changed straps or rebuilt reefer 26,000 hours still running,
Thanks boss great job 👍👍👍👍👍👍☺️☺️
I saw the Lonestar truck thumbnail had to check out the video I wasn't disappointed one bit
Jack it was good to see you hope all is well you sure told it right after seeing your video now i have to go buy some moon pies.thanks sam
THE BEST THING IS TO FIND A GOOD COMPANY WITH GOOD PAY AND BENEFITS AND BECOME A COMPANY DRIVER.LET THE COMPANY WORRY ABOUT ALL THE PROBLEMS.
Why do you write in caps? It's not like it makes the massage more beliveable.
Crete has an "On Duty Yard Move" that we can use when moving around customer property. Saves drive time at least. Also told in ELD training not to be afraid of using personal conveyance. Always enjoy your films.
You can't use personal conveyance for moving around a customers yard. That is personal use, non working time.
@@happypappy6371 Not 100% true. For example. I was dropping and hooking but needed rest room facilities that were on the complete opposite side of customer property. Went on PC with restroom notation and was good to go.
@@tampamac816 That was for personal use. Normally when anybody refers to moving around the yard, they are referring to moving to get another trailer or moving to a dock door. PC is for personal use, such as going to Walmart, the movies, the gym, or the rest room. Some ELD's have a line 5 for PC.
@@happypappy6371 you are correct sir
We have a "yard move" option .
My company has eld and recently started allowing the yard move option for use at a truck stop or warehouse yard, it should be used at that basic address. Now I know if you’re totally out of time you might be screwed, our driver’s use it for when you’re out of driving time and not on duty time. In my T680 the eld is mounted to the right of the guages and above the climate control knobs, I don’t have a touchscreen in that area as some trucks do
To think I thought you where going back on the road. Good video
Great video mate.
I started driving as a part time fleet driver back in 1993 for a small regional company. One reason for this was to supplement the pay from my full time factory job, so that my wife could achieve her dream of becoming a nurse practitioner, and have no debt when she got her degree. The main reason though, and my wife new this, was that I eventually wanted to be an owner operator. Once the bills were paid and we had a decent bank account, we bought the first tractor, through payroll deduction, from that same company in 1999. The first tractor is a 1995 Freightliner FLD12064, it was supposed to be one of their fleet tractors, but I'm the only one that ever drove it, so I knew the history. We still own it today. We also own 4 other Freightliners, all leased on with the same company, and employ 3 drivers. The old FLD is in semi retirement, pun fully intended, but is still used as a backup. All of our drivers learned the ropes in the FLD, and we all love taking the ol girl out for a run now and then. Your advice on these lease purchase plans is spot on. There are many ways to lose on them. A good friend of mine almost lost everything because he didn't understand the real financial obligations. He was eventually able to "right the ship" and is now doing well. However, he says if he knew then what he knows now, he'd never have signed the lease agreement. He told me that his lease payments alone through the "finance company", which the carrier also owned, were over $600/wk on a then 5 year old Cascadia! That's just the truck note, not fuel, maintenance etc.
I made a delivery to the Moon pie factory once and the guy there was really nice and he gave me a box of moon pies and they were still warm,right off the line.
They also supposed to have opened a National Trucker's Museum in Chattanooga in April of 2019.
When you're in Nashville some time check out the Goo Goo Cluster. Have a good day.
nobody special GooGoo clusters are amazing!!
I know you're tired of hearing it but I sure miss your over the road videos.
Keep the good work up
Great video
when you do a lease purchase make sure you can get the nicest truck you can for better resale value like a peterbilt or kenworth
I use to scarf down moon pies as a kid here in Pittsburgh back in the 60s.
My company uses Big Road eld it has a yard move option. It gives you 5 miles no speed restrictions
Moon pie..we have a moon pie store in Downtown Mobile,Alabama home of the original Mardi Gras..yes it started here before New Orleans..the moon pie is the staple item everyone wants to catch at Mardi Gras..so if your ever going down I-10 stop at the battleship and take a 5 minute Uber to the birthplace and the moon pie store..
Jack
You and Make Cents Trucking" " think a lot alike when it comes to getting into the trucking business. And he gives the same advise as far as having Plenty of Bank set aside before you jump in. You show more on the road action then his videos do. I like that type of subject matter. Stay safe. I have a place in Clearwater Florida also, so might see you in the Road South.
Ya have to plan for the "rainy days" ahead. They happen to us all in life and in trucking.
good advice Jack, ...is that the new loves they were building ?
Mr. Jack, you are one of my main influences to starting my truck career. I’ve watched you for seems like a decade. I have much respect for you. Just had to share my story a bit. I pull the trigger march of 2016 & chose Prime Inc. I leased my first year, then lease purchased. I will own my truck in October 2020. When started trucking I had less than 1,500.00 in the bank. Now I have 6 figures in the bank and will own my truck in 11 Months. I will agree it takes hard work to buy a 165,000.00 truck & put 100,000.00 + in the bank in 4 short years, but I’m living proof it can be done. The choices that I have made since 2016 has completely changed my life ten fold. (Positively). I just want to say not all “new” truckers come into the trade with no life skills and will automatically struggle. Yes, my previous skill sets in life allowed me to become a trainer right away & that extra revenue has been key to my financial success. But I know I can’t be the only one. Many of my students have become trainers themselves and have followed the footpath that I helped layout. In fact 3 of them have purchased their own trucks and are set to own their trucks shortly after me. I guess my point is, I don’t think truckers should automatically default to the mentality of putting new drivers in the category of driving for .35-.45 per miles 800.00-1,000.000 grind for years, wasting away in a truck, because it hard to explain &teach. I know I’m thankful everyday that I didn’t choose the company driver path.
However, I will add that it does take hard work, dedication and not every person can find such success. There have been many that have failed at lease & lease purchase. Each individual needs to have an honest evaluation about themselves. Some people do not possess the skill sets required to succeed with the required responsibility. Everyone has to know what lane is right for themselves.
C K If you have to be a “ trainer “ to make the payments and you think that is a good deal,you completely missed the point of this video. Call me silly but I have heard too many starved to death stories about PRIME to ever believe that anyone operating one of their fleece trucks, even training every mile , put back that kind of scratch. While I think training new drivers is a great and worthwhile endeavor it strikes me as just a little bit slimy that companies like PRIME put team based freight on trainer trucks and convince the fleece operator to be a salesman to talk the newbie student into signing on as a fleece operator and continuing the cycle of sweatshop trucking. Just an opinion. Enjoy your ride.
Joseph Mann you can slap your lips and bang away on the keyboard all you want. I can see my bank account, I’m very happy with my choice. My point was not everyone in the world has your whiny pessimistic view on this type of trucking. I don’t have to train to make the payment, I train for many reason. I enjoy training (helping people), I like having 2 clocks with the current hours of service regulation, I like the EXTRA pay that it brings. You sir, missed the whole point of my comment.
Joseph Mann 100k a year is not a sweatshop job. Just because the people that failed blamed the company instead of themselves doesn’t mean it true.
C K I agree. If you are talking about $100000 NET income before taxes. While working five days a week. HOME two days every week, three weeks paid vacation every year running freight that does not require two logbooks “ under todays HOS regulations” I do it every year. In a company truck. NOBODY AT PRIME is doing that. If you think you got a good deal and you are happy with it, more power to you. It was my opinion. I have been in this industry for more than thirty years . I saw the fleece operator business model come into existence and it has not been good for anyone except the sweatshop companies that have an endless stream of newbies who must learn the hard way. As long as companies like PRIME exist I will continue to offer my “whiny pessimistic “ opinion in an effort to keep young eager hardworking entry level drivers from being prayed upon by them.You will never change my mind on that.
Joseph Mann, that is my net (before taxes) I am not home 2 days a week, but I don’t mind. It not a lifestyle for everyone but works fine for me. Will I do it this way for 20 years? No. But I’ll have a my first truck completely paid for and enough money in the bank to make the next step. Any trade (carpenter,plumber,mason,electrician,etc.) takes 3-4 years to complete a true apprenticeship. To be able to own a 160k truck and 6 figures in the bank in the first 4 years of any job, would be considered a success by most humans. Some people take 30 years to buy a 160k house. I’m not trying to say I have the best paying path in the world. I’m just here to say, not everyone hates lease and blames their company for failing or struggling. You can believe whatever your mind tells you to believe. I just don’t see the point of me writing out a well thought out comment, just to try and scam some unknown RUclips reader into leasing a truck. That would be pointless, right?
Good info
The Pipkins “Gimme Dat Ding” song
No elds for us yet.good vlog,id like to go od state side
How many years does someone typically set-up a Lease Purchase ? Thanks!
Best thing to do if you have a house with eqidy built up borrow against the house to pay the truck off because the interest on your house is lower and you don't have to pay it off in five years you have ten to fifteen to twenty years BUT ,,,,THINK ABOUT IT ,,,,WAIT FOR IT ,,,,,,THE TRUCK IS PAYED OFF RIGHT OFF THE BAT ,,,,you can make a mortgage payment for 1000 dollars a lot Easter than a mortgage payment and a truck payment ,,,,,then you make a extra payment ,,,ONLY ON THE PRINCIPAL OF THE MORTGAGE 3 OR 4 EXTRA TIMES A YR AND YOU WILL HAVE IT PYED OFF EARLY I KNOW I STARTED THIS WAY WITH ONE TRUCK ENDED UP WITH 6 AND MY OWN COMPANY CALLED A LA TRANSPORT 38 YRS ,,,,,it works just got to pay attention to what you are doing.
Yes "give me dat" is a song by De La Soul....lol
here in the UK, I started using "Tacographs" (the round paper disc ones) when they came out in 1978!.paper Log books before then. The USA seems to be well behind Europe in this respect?, all been Digital here for some years now. Great informative video as usual, but where's the "Choo Choo"?? (as in Chattanooga Choo Choo!).
Tacographs since 1941 that I know of, maybe earlier. How exactly does that put us behind?
Interesting video agan thnx.
If you have a house payment, car payment, and a wife and kids, you have no business buying a truck. You will make more being a company driver.
So, what should a driver do in an emergency situation? Should they use zip ties or maybe strapping tape? How about some lamp cord?
Jack, I always wanted to ask you, do you think you could have done a lease purchase successfully, if you had a wife, children, a mortgage? I've been tempted to buy a truck, maybe a lease purchase( with the right company) but I have responsibilities at home.
Go honest advice!!!
The Company I lease to has Omnitracks Omnitracks.
I had to buy .
Its was $560.00 but it was complete came with mounting bracket s .
The ELDs will kill our time .
I do not like it . But I know there's nothing I can do about it .
When I was a child I had a dog named “Blackie.” lol
Good, relevant info for those that are dreaming of being an owner-operator. > Awakening them to the career's realities and drawbacks without scaring them away. There was a radio financial guru that said you should have enough money to live from for 2 years in the bank - as if the business is not going to pay you until then, because making one successful requires turning the money back in TO the business so that IT has a chance to prosper and not be raided to fund your life along with its own. At two years, you should know if this is gonna fly or not and you can 'cut your losses'. If it flies, you have it pay you a salary that you, the boss, can't be relieved from.
Cannot agree on two years money in the bank. But a minimum of $25,000 is a must if you want to have a better chance of success. Plus this is a guide line for a single truck O/O. If you want to grow into multi trucks then that is a completely different proposition.
I'm going out to buy some Moonpies!
Indiana Jack's Trucker Tips! :p
Lease purchase is ALWAYS a bad idea!! Just purchase straight up.
Any fool knows you should use at least 3 bungee cords for that strap repair. lol
That’s only if they are brand new, used requires five.😁
Best Comment Ever!!!!!
Lol lol
@@indianajack or you coulduse duct tape! that stuff will stick to anything.
Nice 👍 video my friend Peace ✌️
All depends on what company you lease on to, there is money to be made.
please explain the acronyms. ELD? ABORD? UK dude not know these terms and I'm planning to come and drive in the US if I can.
I totally do not agree that a lot of these companies skim money with these lease programs and they do not feel any shame doing it, along with hidden fees with double charges, I have trust issues after my 19yrs of driving so I'll stay driving company truck for small private outfit I been at lol
moon pie truckin story. i was driving my truck and ate a moon pie. it kicked in my diverticulitis and for a hundred miles my butt trumpet was in was going on like Louis Armstrong during Marti Gras.
ELDs are easy I drove 2 years with them and no violations. I love them it keeps trucking companies from being as greedy and forcing drivers to compete to can sleep the least for the best load.
NICE TO SEE YOU IN A TRUCK. DON'T GET LOST SIR.
long time no see or hear from you
I just watched the short tour of Chattanooga, if you have time a short tour of the national Cemetery would be of interest to Vets and possibility others also. I have been there several times.
I have a very nice 2015 Kenworth T680 with a Cummins ISX, 10spd, and Thermo King APU, bunk heater. Completely loaded up with new Visio 24" smart TV, xnew Blueray DVD player, microwave, K-cup coffee maker, new Bearcat CB radio, new mattress' 10 aluminum wheels, 4 brand new Interstate batteries just installed, and more. I am planning on selling by the end of this month. I wanted to let you know if you were planning on adding another truck to your fleet. I was looking at 45k. Thanks and don't be a stranger to your channel.
I put on duty yard that I may drive above 5mph cause still in someone else's yard
What do they have fuel tanks on trailers for? I thought the fuel tanks were on the tractor?
To keep the contents cold, it is like a giant refrigerator / freezer.
Maybe best question" IJ" on moon pies is? How did moon pies & RC Cola came connected so closely? Long I remember is like 50+ years when little kid. Was all ways buy moon pie with a RC Cola ? How did that start? 99% time I eat or drink them products they been together. RC Cola own moon pie company? Or other way around? Interesting question I don't know?
Check out the song by Big Bill Lister " A RC Cola And A Moon Pie" from the 1950s. I was curious to and I looked it up. Have a good day.
I couldn't believe my eyes....there in the Moonpie store was a spud gun! Thought they were long gone. My last spud gun was in the mid 50's and I was shooting my sister with it!
You're down to your last hundred bucks. You need a tank strap when a lot lizard knocks on your door. What do you do?
There you go Indiana and black Jack trucking👍👍😎😎😎🇬🇧🇬🇧🇬🇧
i think you might mean indianalostjack where did you get off tooooooooooooooooo
Holy smokes driver.....you have got some serious a d d lol i want to buy a truck with cash and then lease on?
That's y it should have a warrenty to cover repairs.
Hey warranty combined with savings would be the best.
Perhaps he should have duct taped the fuel tank instead, hahaha bungie cords that was crazy!
Apocyl Doomer Maybe that's all he had!
U just put it in 2nd or 3rd gear and don't press the gas just let it pull it self...
NEVER lease-purchase through the company you drive for. Usually they will gouge you on the lease rate.
Hate the new eld. Now I want to go back to paper logs.
Jack need u back in the driver seat
He’s done enough of that . He’s a happy guy
I now watch shot gun trucking he does a lot of ice and snow mountain driving he also is a great driver .
Riding shotgun.
👍