Trucking Company Lease Purchase Programs appear to offer a tremendous benefit to truck drivers. New truck drivers in particular are targeted. The offer of a driver being able to own their own truck oftentimes with zero down payment and no credit check can be extremely tempting to many drivers. Undoubtedly, some drivers benefits from these programs. However, many more have been ruined both financially and professionally.
A typical lease purchase agreement through a trucking company requires you to work solely for them. Consequently, if the trucking company doesn’t actually want you to own the truck they can simply cut down the number of loads they offer you. You cannot take that truck and go to a different trucking company. If your budget was based on you having a certain number of loads each week and you don’t get them you can quickly find yourself short of the required funds to make the payments.
Another consideration is the quality of the truck. If you are purchasing a brand new truck the truck should be in good mechanical condition and under warranty. If you are buying a used truck that may not be the case. You could find yourself having to pay thousands of dollars for repairs before you can even drive the truck.
Some trucking companies don’t allow you to select your truck. Once they’ve talked you into the deal they tell you what truck is yours. You might not even be able to see the truck prior to signing the contract. This can happen even if the truck is located right at the terminal where you are.
What may happen is that once you sign the contract you may be directed to the location of the truck which may right on their lot. Imagine, you locate the truck and discover that it’s not even drivable. You inform the trucking company representative assuming they will make the necessary repairs. Instead, you are informed that it’s your truck now and you are responsible for all repairs.
Your truck may be located in a different state. Typically, the trucking company here will give you a bus ticket to enable you to get to the location of the truck. You might be in for a surprise to get to the location and discover that the truck is not even driveable. Again, you will be informed that the truck is yours and any repairs needed are your responsibility. You can argue all you want but it will be to no avail. Consequently, if you don’t have available funds for repairs you are certainly getting off to a bad start.
This is the typical situation many drivers find themselves in. They soon discover that the lease purchase agreement has put them in worst financial shape than they were initially in.
I suggest that if you want to do a lease purchase program you do so through a bank or finance company. That way you will not be dependent upon a trucking company to give you sufficient miles to succeed. You will be in control of your own success. You can drive as an in