The UNTOLD TRUTH about Lease Purchase Programs! 🚛💸 | The Good, The Bad, and The Ugly Exposed!
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- Опубликовано: 6 июн 2024
- The UNTOLD TRUTH about Lease Purchase Programs! 🚛💸 | The Good, The Bad, and The Ugly Exposed!
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Join Ronen as he uncovers the truth about Lease Purchase Programs in the Trucking Industry! 🚛💡 From the good to the bad and the downright ugly, Ronen shares his honest opinions on programs in the USA and Canada. Learn how to spot red flags, avoid getting caught in a Never Never Lease, and discover the FMCSA's efforts against predatory agreements. If you're considering a Lease Purchase, don't miss Ronen's valuable insights, including the crucial need for a Diesel APU or Battery APU! 🛣️💰
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📚 Chapters
00:00 Introduction - The Ugly Truth of Being a Lease Operator
00:36 Ronen's Honest Opinion on Lease Purchase Programs
01:19 How do Trucking Companies Hook Truck Drivers into singing a Lease Purchase Plan?
01:43 Lease Purchase Programs are Designed as Rentals
01:59 Lease Purchase Program Buyouts
02:33 FMCSA Names Panel Targeting Predatory Lease-Purchase Agreements
03:46 Lease Operator VS Company Driver
04:26 What Should a Lease Operator Be Earning?
04:43 Lease Purchase Program Red Flags
05:22 Lease Purchase Programs are Meant to Help Truck Drivers
05:42 Never Never Plan
06:04 Who Should NOT Sign Up for a Lease Purchase Program?
08:04 Lease Purchase Programs that Sound too Good to be True
09:17 Refinancing or Getting a New Truck
09:56 Paying Off your Semi Truck Early
10:06 Checking Trucking Companies Online Google Reviews
10:49 Conclusion - What is a REAL Lease Purchase Program?
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Авто/Мото
You didn’t mention the most important 😅 90% from the company are stealing from your load! Don’t let you looking for your own load or talk with the broker about money! If the company don’t let you talk with the broker about money stay away 10000% scam
Lease ops is modern day sharecropping. All the risks of an owner op and none of the freedoms.
Super Ego is Number 1 on the Hit list 😂
If you can’t put at least 10% down and a minimum of 10k set aside for a maintenance account you’re not ready to be an owner operator.
Lease Purchase? Give me your wallet and your checkbook. You will NOT need either one till the truck is paid off IF!
1st year you are ding good. First time you are down with a repair! that $1000.00 note just put you on the hole. Truck is in the shop for 6 days? 2nd $1000.00 now the hole just went from 10 feet down to 20. Get the picture? Back in the 90's I did a l.P and 4 friends did too. 14 months later I bought out mine and got another truck from a dealer. Company went bankrupt. My friends lost their trucks. Get a truck with YOUR name on the cab Card!
3:15 Great answer on that!
Great video! Keep them coming!!!
You just described prime inc’s whole lease program 😂😂😂😂
If I owned a trucking company and could get drivers for 65 cents per mile, why would I pay a lease operator a penny more, unless I could scam the driver with a high lease payment and make the driver pay for repairs and fuel?
So let's get this right you have a lease purchase program so what makes your lease program any better than somebody else's because at the end of the day the company will still make more money than that lease purchase driver or the owner operator will best way to be in trucking industry is do what I have said for years is get ur own authority and work for urself and get ur own customer base or shipper base then u know exactly what the rate is truly going to be and it's so simple to understand
Thanks for the information, have a good new years 🎉
Thanks! And same to you!🥂
Thanks for the video
Wish I know all this information before I signed on my lease purchase program. Been on the truck for a month and a half now finally made a $3,000 check. The last couple of weeks have been 500 or less
😮🤯🤯
company name?
No way you made $500, you MUST tell us the company to help others run
Love the video Thanks
Thank you Ronen, it's a good tip to talk to people that have been going for a while with the compagny I want to go with. I did not thought about that.
You're welcome!
No one was complaining about lease purchase when the rates were high lol
Thanks for the video. Would like to humbly ask you for tips on preparing to complete a lease/purchase. If a driver is about to complete a lease/purchase that truly did make it thru the program. What should the owner of the truck be prepared to do? For example how does the driver get his own tags for the truck? How does the registration process look like for them in his/her own state. Just the basic stuff that a new owner is about to embark on after all payments are made. I think this would be super helpful. Thanks again for this video.
12:13 Thanks Ronan. Seeing truckers signup on 72 months non cancellation leases that they will return after 3 years. Jzs its so predatory here in Canada now. Current rates as of Dec 2023 are 8.99% per year too. My first step is i signed up with a carrier thats consistent gross revenue pay. Next i am looking at going straight to financing banks which is going to offer installment and decreasing interest as the principal gets paid over time, much like a mortgage. Then final step is go to the dealership for a new truck. The company owner of the company where i woek now as a driver also adviced with the warranties, labor and parts EW4, TC4, clutch,CPCA. Really appreciate your videos men. Happy New Year.
Thanks for sharing! Happy New Year!
In short, you're helping companies pay off their equipment while they let you pretend to be a O/O
Thank you so much for these videos. I am doing research to get my own truck and I spot way to much scams. What I want to know is, are there any legit lease-buy programs out there?
No none stay away
Question, I was on a lease unfortunately had to let it go because of health issues, but at the end of 5yrs the truck and trailer were going to be mine for a 1 buyout, flatbed trailer and it was like 1200 bucks for week
Do your homework! Read the contract! Everything is in writing. If you were buying your own truck, wouldn’t you want to make sure you were getting a fair deal? Why should it be any different with a lease purchase.
Today I saw my 2nd ET truck in a few years
I haven't been paid in 2 weeks. I run every load they give me.
My pay period runs Friday to Thursday ok.
Now by Wednesday I have 2 loads in already.
Then I will ask for a short load then I get a 700 to 900 mile load to deliver on Thursday before 11pm
But most receivers are not open at that time then it goes to Thursday morning and it's on next week check
And it will take me 2 weeks to get that check
One time was asked to run 990 mile trip over night
And my dispatcher was gonna give me a full clock
I physically tried and couldn't do it
One word of advice? Don't give them more days if they aren't paying
@@NorthAmerican-Trucking-News you mean quit right??
I was in a rental program they was taking 18 percent plus .15 per mile plus fuel plus the truck note was 895
Ive leased before and took home about 28k per month because i have experience and know what im Doing but not contract but spot market again owning a truck at 500k miles is a burdain
If i won a bajillion dollah megabuck game, and found i`d reelie rather live awn ramen noodles, eyed get inn a lease purchase truckin` deal and rate away i`d need to float a low`n for a box a noodles, ehh...
Ive always been a owner op with my own equipment and would never do any of lease program bs
Unfortunately not everyone is able to become an owner operator right out of the gate.
You absolutely right it’s a scam
Hi Ronan, In canada if start a small company of few trucks and if i Own the trucks and dont finance them.... Can i only get Liability and Cargo insurance? Is this an option in canada? I know one guy in USA who is doing this... and saves like $500 each truck per month on insurance...
I want to do this because my trucks are only worth like 20k ...
Yes Paji I am sure you can escape bobtail because bobtail is required once financing as per my knowledge.
The Zero Down Payment/$tart Money Leases is great for companies after truckers sign lease to transfer $1000/payments, high trucks insurance to trucker, truckers paid maintenance/repairs/accident $$$$$, and trucker pray .65/cpm is paid by companies.
COMPANIES FROM CHICAGO ARE ASKING $1600 WEEKLY PAYMENTS ON A 2023 OR 2024 VOLVOS 860 🙌🏼🙌🏼🙌🏼 😳😳😳😳 THEY OFFERED ME SOME TRUCKS AND I TOLD THEM!!!…COULD YOU TELL ME THE WEEKLY PAYMENT ONE MORE TIME PLS!!!!!….THEY TOLD ME $1600 WEEKLY PAYMENTS. 😂😂😂😳😳😳 😳😳😳
Guy wants to sell me a truck for $30,000. He says its been paid off. How can I be sure the truck has no payments left has a loan on it?
I think it should say it on the truck title if it's lease or owned by the owner.
the lady with the pink truck was taken of dedicated run and given no milles at the end of her lease so she could not make payment and lost her truck not aloud to pay cash only load pay
Owning a truck is not important its just the weekly taje home that matters ive owned my own and nit abke to save anything because of paying to fix my truck or maintaine Ive owned and leased the only thing important is to have the access to a new truck with no maintenace. Ive also owned a new truck and trailer abd still not able to make enough but as long as you can make a profit thats all that matters because its times ive made more leasing than owning my truck because a lease us maintenace free.
The problem is truck drivers are not business people they are truck drivers so they know know better .
Hey Ronen, what happens when the lease truck breaks down , who chooses the repair shop at ET Transport?
I inquired about that, and as far as i can remember, they'll try and fix it themselves or find someone who can, at times it comes down to a matter of costs
@@John-kr7iz That's what I thought, but let see if Ronen to responds to that one. Let's see who's got the freedom of choice while the driver paying for the truck.
i think it came down to the lease agreement itself to where it gets fixed, i do believe they do monthly inspections as well on the trucks @@Artur_Khazin
There should be warranties on parts and labor am guessing.
@@jmj48 Exactly you simply don't know what you are getting and who gets to say how often the service is done on the truck. According to the manufacturer recommendations the oil changes on today's trucks need to be done at 40.000 miles. If you choose do that , most likely that engine will not make it to the end of your lease term. So the question is who gets to say where and most importantly where the truck gets serviced.
I work for Transam. Before you say anything I’ve been here for about 8 months as a company driver on a dedicated route. Pays good home time is great. But Bruh the lease purchase program is a straight SCAM! They have our lease drivers paying 6k a month for a KW T680 2023 lol. And 8k for 2024… This is a MONTH!
That is so dumb man
Wild. What are they thinking about ?
Lease purchase programs are old term. What is it? From the driver's point of view; he is paying 25% of his total booking for tractor and trailer (20%+5%) basically whatever he booked after fuel. Then rest 25% for insurance, registration, whatever parking etc so the driver takes home 50%. This is according to the driver's point of view but if you look at by the carrier's point of view he makes money either by cheating the driver's or trucking manufacturer being too lucky that he has no repair work to bother him. Another issue is? Cash flow; what is it? Individual interest that is required by social activities so people by-pass costly repairs but others get hit and unable to succeed. At 3rd place the manufacturing point of view; who want low cost of transportation but they have to deal with cash flow, so driver hurt, carrier has maintenance problems, DPF not working (otherwise who needs 1000 degree temperature to burn particles on the road). Besides all other issues i.e. tax, licensing, log book, road inspection...
Can/how do you sue these companies that get you into these shitty contracts?
Everything makes cents🤔
I feel like 95% of people that get on lease programs... are just trying to find the easy way out... often end up 2x worse than when they first started off.. sl@ving for that company with no benefits. 5 years of grinding to get that truck and don't have s*** the show for it... truck d@mn near in it worst conditions... cuz they put all the good years and miles into that company..... one thing California got right is there ruling on lease operators... it is the one thing all truck drivers should support, out of all the individuals in the trucking industry lease operators are the least that on actual trucker side... lease operators are the definition of every man for themselves... cuz they ultimately benefit Mega companies that are making it harder for individual truck drivers than anyone else including themselves in Hope that they can one day call themselves real owner operator
The old saying. If it looks too good to be true...
Bottom line; if your paying for fuel, you lose. Conversely, anyone in the trucking circles, NOT out of pocketing fuel, is doing best.
Driving/fuel is never a good business model. Sure there are programs providing temporary financial comfort, but failure is just delayed. Many are faking it, masking failure with credit, loans, title hock, and a supplemental income to cover the O/O bleed. Foolish how some might say, my wife's income, or my pension, SSA etc keeps my truck running. So I'm doing good. NO YOU'RE NOT!!!
If you want to enjoy travel and some financial comfort as an O/O, then eliminate most heavy debt, save for a cash rig, and run it on a shoestring budget. Again, little or no overhead. Don't let anyone talk you into financing a bunch of showy stuff, that's excellent for the shipper/brokers/carriers, but a diminishing business venture for you..
Your objective is to earn and enjoy your money. Not to move freight for the industry by maintaining the flashy equipment they prefer to load you in.
“APU unit”…… auxiliary power unit unit??? it’s just called an APU
Truckers aren’t smart, quite the opposite. They get into these leases and bitch about it not working.
Stay away from panther and expedited services in Mississippi
So, we need a government entity to help stupid owner operators to get out of their own mistakes instead of owner operators reaping what they had sown? - that is one way to keep stupid people stupid…
Bro don't lease unlease you have dedicated work if you lease for Load Board you will lose 100%
If I give you a number to one of these scam lease places will you tear into them for me? She says her name is Stacy. She can barely speak English tho so listen carefully.
TransAm trucking company owner also owns kenworth dealer, during initial training they trick new drivers into leasing claiming they will be owner operators! Florida itself is a disgusting scammer State!
Lease purchase programs are old term. What is it? From the driver's point of view; he is paying 25% of his total booking for tractor and trailer (20%+5%) basically whatever he booked after fuel. Then rest 25% for insurance, registration, whatever parking etc so the driver takes home 50%. This is according to the driver's point of view but if you look at by the carrier's point of view he makes money either by cheating the driver's or trucking manufacturer being too lucky that he has no repair work to bother him. Another issue is? Cash flow; what is it? Individual interest that is required by social activities so people by-pass costly repairs but others get hit and unable to succeed. At 3rd place the manufacturing point of view; who want low cost of transportation but they have to deal with cash flow, so driver hurt, carrier has maintenance problems, DPF not working (otherwise who needs 1000 degree temperature to burn particles on the road). Besides all other issues i.e. tax, licensing, log book, road inspection... So what is lease purchase by driver's point of view? It is to get a truck ir trailer by paying 25% whatever he or she make after fuel. Like if he or she book 4000 dollars a week that means 16,000 dollars a month then 25% is 4000 (3200 + 800) per month. If truck broke down then no payment because if driver makes no money then you have no percentage.