3 Signs You May Need To Call It Quits | Lease Operator Challenges
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- Опубликовано: 10 июн 2024
- 3 Signs You May Need To Call It Quits | Lease Operator Challenges
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The trucking industry, like any other, has its fair share of challenges, and especially for lease operators, some of these may be dire enough for them to call it quits. With lease purchase programs having a nature where drivers work over a steady period of time to pay off the truck, having a worthwhile income is essential, but with freight rates being at an all-time low, many drivers are now turning in their keys and quitting or switching to being a company driver. Join Ronen as he explores 3 key signs that you may need to call it quits as a lease operator.
3 Signs You May Need To Call It Quits | Lease Operator Challenges
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📚 Chapters
00:00 Introduction- How to tell if you should call it quits
01:04 Sign 1: Going Through Three Pay Periods
01:30 Sign 2: Coming Out At A Loss | Expenses Added To The Back Of Your Lease
02:57 Sign 3: Your Mental And Physical Health Is Impacted Negatively
03:44 ET Transport's Mentorship Program and Its Benefits
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I have a 2019 Kenworth T680 I bought for $32,500. My payment is $934 a month. I bought a Wabash trailer for $7k and it’s paid off. If you want to be successful you need to plan your loads accordingly and have your week setup and stick to it. Rates I’m getting are about $2.40-$2.70 per mi. With my fuel discount of .80 cents per gallon it helps a lot. It’s all a numbers game. Keep your truck payment under $1k a month, shop around and find a decent used trailer. Use your APU and don’t idle your truck. Shop for cheaper insurance. Use your whole 70 hours and maximize your loads. Run hot lanes. Reduce your tax liability. Stay on top of your business daily. Know what’s coming in/what’s going out. Plan your week knowing what backhaul is gonna set you up for success next week. Your mileage may vary. Peace.
Definitely agree that it's a numbers game!
so in average what you NET?
I successfully finish my Lease to Own program on May 18th. Paid the truck and trailer off in 3 years and 2 months. AMA
What company
Doesnt matter.. his first year he killed it
3 years, whew 😮💨
how many miles a month you ran. just average it out from the truck odo i guess
@@jimromanowski6966 A shitty local one in Minnesota
First if you cannot afford to buy a truck you should be a company driver. There is no way in hell can you make an $3000 -$4000 monthly payment and that’s just the damn truck, your going to loose money to the company for pulling their trailer as well. There may be honest companies out there but i truly think most (lease plans) are designed to make you fail so you will go back to being a good little company driver. If you’re going to be successful purchase your own truck and your payments need to be less than $2000.00 in this market and your trailer should be much less than that.
Makes no sense to lease if your payments outweigh your earnings. But too many people tend to be swayed by the "We'll just add it back into your lease." and end up in a predatory never/never program
like OMEGA FREIGHT they charge $950 Weekly payment just for the Truck Insurance payment they charge $685 Weekly payment and that’s Only the Beginning 😂😂😂😂
I used to lease trucks 30 years ago is how i started but today i would not do it the numbers and the contracts agreement is for the carriers.............
company drivers and lease operators really need to get a different job than being an otr driver. This is an owner operators game (paid off equipment/ own authority) if you are a lease driver or company driver you are a sucker.
Honestly, company drivers are hanging in there surprisingly well, from what we see. It's really the lease operators and owner operators with poor financial management skills that are getting the short end of things
@@NorthAmerican-Trucking-News Yeah idk about that maybe your market is different than mine but honestly you can still turn a good profit as an owner operator as long as you know what you're doing you'll be fine. Of course if you're new with no savings, high insurance, truck/trailer payments, using a dispatch service, taking your truck to the stealership then yeah you're not going to last long in this market.
@@NorthAmerican-Trucking-Newshow do u suggest to improve financial management?? Things that are not in ur control like fuel, maintenance, insurance , repairs?? How do u reduce those??
I have an ex business partner who is in the trucking industry. He owes me thousands of dollars and every time I call him to ask about the money he gives me every excuse in the book as to why he doesn’t have the money. Why he hasn’t just called it quits at this point is beyond my comprehension.
Because he owes You!
That's probably one of many reasons he hasn’t quit! If I was in your shoes, I would give your “friend” another option!
Like find him a different lane he can pull freight! Because when he succeeds you get PAID!
Just saying!
I hope you get paid soon
i can answer that. when people invest so much into something, they cant let go. you keep hoping it will turn around, you just have to ride out the rough. and probably on top of that, he has nothing else to fall back to. this is all he has... all the more reason to keep trying. the death spiral of proprietorship business....
@@johndonovan7018 you’re right, but I’d rather feel like a total failure, and pick my self up. Than to drag others with me into my failure. Yes giving up on a dream is hard, and shameful, but the reality is most of America is struggling at the moment. You can’t just go around assuming that no else has it worse than you.
@@abmtz8537 to make that claim you have to know he was planning on deadbeating on it..... how can you return money you dont have that you took with good intentions and in good faith. come on dude. you seem to be salty he isnt repaying. you knew the risks, you loaned the money to make a profit on it since you say he was a business partner... and now you want what exactly. magically to get them back. you do understand your only hope of getting your money back is if he turns things around... i've loaned to friends... took one 2 years to repay. and it was interest free. ive had many ppl try to get me to finance stupid business ventures. food trucks are my faves. ugh
Love your videos, and i appreciate the work you put into them, it are informative.
Glad you like them!
Even as a company guy I’m stressed. I’m making money, but they’re working me 69 hours a week. I’m home daily and never home. I’d almost rather run in the hole with my own truck right now to run how I want vs doing 2-4 loads a day and working 14-16 hours a dsy
Seems we've all got our struggles in these trying times
i did 2 years of local and a little otr.. that was back in 2003-2005. sorta. thats how long i had the cdl but it was less than that me actually doing it. heh back then 12 cents a mile that was it.. and you were still making decent money. being an op was like a fat cash cow at 5$ a mile usually... and trucks were 50k new or so. having your dedicated route like with a port authority.. man you were set. you were milking it! with paper logs everybody lied as fuck about hours. ppl ran around the clock and the biggest concern was swift governed at 62 holding up traffic for the 389s wanting to hammer at 95 down the straights of florida...
You can't have 2 cars , mortgage, 4 kids , and and trying to own a truck,
In today's cost of operating a truck, you are correct, and if you do, you can't go home 34 hours restart done on the added to the home time is to many days off.
Lol I literally got everything you just mentioned and 180k in the bank and a paid off truck in two years
@@iamgroot1402I doubt it. Unless your doing something illegal
Prolly Not Affordable at most jobs.jus sayin
Unless you don't plan to make the truck your sole source of income
Never/nevers were bad in the 80s. I worked for a company that started this stuff. Record re-lease.Same truck"6 times"😮Then outright sold it to a company driver.😅 When I saw an N/Nr truck against the fence Sunday. That meant put paint tires on it for Monday morning sandblast and paint. Get new wheels&tires ready for Friday. Back on the road Sunday afternoon.
Wow
Thanks Ronan
It's Ronen 😞
Another good one but for me i own 1 truck and 1 trailer she is older model equipment but thats my preference im greatfull to have served in service before trucking and greatfull for my va benifits i call my pillow cash but def no car note no mortgage very minimum debt utilities and what i earn from truck i set on it and only spend when needed might sound like a boring life but when i started 23 years my trainer told me 1st it a lifestyle 2nd earn yout pay and dont spend but it couldnt be possible if i wasnt for my military pay
Thanks for sharing 💙
Thank you for making informative videos for the freight industry. I really appreciate your attention to financial information. I analyze everything with numbers. literally every decision I make involves numbers and math so I find your videos useful to make decisions. I think many owner operators and truck drivers in general lack financial knowledge and basic math skill so they get taken to the cleaners😢
Thanks for watching!
Thanks
You are most welcome!
Do what he says.
Pull the pin. Save yourself. He is not far behind you.
Hey, if a situation warrants a quit, it warrants a quit. Makes no sense to sink deeper and deeper into a hard to navigate situation. Not so sure about the not far behind bit but
Monterey Jack cheese and rice is delicious 😋
We'll try it out!
_Too much personal overhead is the number one reason why you shouldn’t get it to lease purchasing, unless you fully own the truck and don’t need to make payments on it and it’s your truck purchased from the dealer outside of the company._
_Even beyond that, making less money is psychologically depressing when you analyze the amount of work you put into it_
True that
Im a lease op, 3 yrs. I just had my worst week. 2850 all in miles and i brought home $1900 after all expenses. 2 years ago that would have been a $4k week. But, my houses and car are paid for. My biggest expense every month besides truck note, insurance, and fuel is.......fOoD 😢
Well, we can at least be grateful that you don't have any house and car payments outstanding, but inflation is on the rise so that's definitely a harsh drop
I called it quits from super ego and signed up for a lease purchase with a new company, just found out they are currently in bankruptcy court. I’m now considering calling it quits and going back to being a company driver. These lease purchase companies are rediculous.
Right now companies are making more money from Lease purchase drivers than company drivers…
Lease programs are best taken when you have a clear financial vision of whether or not rates will enable you to pay off your truck
@@NorthAmerican-Trucking-News yep, I’m learning the hard way 🤣
Load king transport in Woodbridge is going out of business. They have no contracts and robbing from every drivers pay cheque.
Can you send us an email with the details to sponsorship@ettransport.ca? We'd like to look into this further.
Dude, your “paid mentorship program” has been FREE right here on RUclips for YEARS. I understand, you want to make a buck. Nothing wrong with that, but, trust me pal, it has been doomed at the conception.🙂
Time is also a commodity, so it's available for all those who value the time Ronen spends devoted to consultations! There's no doubt that there's tons of free resources, but there will always only be one Ronen :)
@@NorthAmerican-Trucking-News this is hilarious 🤣. “There will always be one Ronen”🤣🤣🤣🤣
Come one dude, even Elon Musk can be replaced😂😂😂😂
I hope you don’t remove this comment.
People need to read this back and forth between the two of us . It is epic.Talking about “cult of personality “ much??? You are acting like you have just invented the wheel, or, for God sake, you are somewhere in the vicinity of Edison or Einstein. Perhaps … Napoleon??!?!!!?!😂, man, your response cracks me up. It took me two weeks to understand the route and navigate my way of being a TRUE owner operator (not leased to anybody), but, hey, perhaps there is a “category” of wannabes who are dumb enough to pay for your “tutorial “.😂 And, if that’s the case, it is sad and very concerning. Good for you if you can monetize on morons. 😉
Lease on the carrier program is only good if you have bad credit and you can't finance, direct to the dealer , even that if I don't have credit I do not get into the truck I keep being the company driver
Sometimes, being a company ain't so bad!
You can feel and hear the desperation in Ronen's voice....
He needs you to sign up to his mentor program and he wants you to hand over your last dollar in your pocket so Ronen can pay himself... 🤦♂️
Well, we certainly aren't forcing anyone to join but it is our community that requested our course and provide all the lovely questions that spark these videos, so we're only providing what the community has requested! You can have any question addressed by Ronen directly, or if you're trying to learn to dispatch others, or yourself, have access to the course whenever, wherever!
People who do lease purchase, should aggressively pay if off and work to the legal limit until it's less than 50k
As long as they ensure that it's manageable!
I think this trucking is not the same it's screwed up by the government. Respectfully when I see this or smart trucking I say why don't they turn the page it's not trending anymore. U pay more for diesel than what your making per loads. Go get into electrical for Tesla 😂 that's where the money at.
Maybe going green is the best option!
His mentorship is a paid version of a aft dispatches live lol a bunch of truckers asking questions but for free🤣
?
It’s only gonna get worse, shippers are hooked on these low rates, they won’t be raising them anytime soon.
Yeah, that's what we expect to occur as well
Dang, 7 seconds from upload...
Ouuu!
If u don't own ur truck or trailer
And u do not have any capital
For ur business it's going to Be really hard at this time
A payment on ur truck could be
Up 2000 and more plus if u just bought ur own trailer ur payment
Going to be an other 1000 Dallas
Plus insurance on uu truck and trailer that another $ 1,500 to 2000
That about 5,000 dollars right off
The top so if ur just entering the trucking industry double check
Ur finase frist all of truck drivers
Have family and unexpected experience to all truck God bless you all and be safe out there
You're right!
Brokers and big companies do not pay you properly. The national average per mile is BS. Get your Own customers. I’m on a run that’s 63 miles and I’m paid 600$$. Not every day, but I refuse to run for Free😂
Respect it!
By all means quit. If enough quit, then there will be enough freight to go around, and the rates will go up to where they belong.
You're not wrong
The three signs
1. Not making any money
2. The making of money is not happening
3. Money ain’t making it to your wallet
Haha, good one!
ofc. on a lease or payment you are just workin for the payment! never do it
That's a neverending hell right there!
Blame it on global migration compact and other policies that canada along with all western governments signed and agreed to do. They are all in it together.
So we hear!
I Quit 3 Times a Day,for 31 Years. BWAHAHAHA!
Haha!
For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord. (Romans 6:23)
Know ye not that the unrighteous shall not inherit the kingdom of God? Be not deceived: neither fornicators, nor idolaters, nor adulterers, nor effeminate, nor abusers of themselves with mankind, Nor thieves, nor covetous, nor drunkards, nor revilers, nor extortioners, shall inherit the kingdom of God. (1 Corinthians 6:9-10)
And the times of this ignorance God winked at; but now commandeth all men every where to repent: (Acts 17:30)
Thank you for the word!
Load king transport in Woodbridge is going out of business. They have no contracts and robbing from every drivers pay cheque.
Can you send us an email with the details to sponsorship@ettransport.ca? We'd like to look into this further.