Lease To Purchase

I see big numbers being posted but don't know much about everything involved with Lease Purchase or Rent to Own.

Edgar, the first rule is that everything you hear or see advertised about leasing or rent to own is deceptive or a downright lie. Unless you can 100% verify something you are told, don’t believe it. There are many who entered into these agreements that are now underwater with the financials. These arrangements are completely designed to benefit the carrier or equipment owner at the driver’s expense. I started to learn about lease/purchase schemes about 6 years ago when I became a company driver and the company was pushing their lease program. The viability of these schemes only get worse when there is a bad economy like we are in now. Thankfully I received solid advice and guidance here from the experienced drivers and avoided that pitfall.

Edgar, just don't believe everything you hear. The whole leasing thing was developed by trucking number crunchers to put more money in their pockets, not yours.

I could say a lot of things about this, but usually people ignore my diatribes and do what they want anyway. So... I will just share this little conversation I had yesterday with my dispatcher...

I am a long time driver on a dedicated account. I have top seniority, and I get treated like a King. We recently got a lease/operator on our account. I noticed right off he started getting the best loads. That had always been my territory for years, and I wondered, "Have I done something wrong?" I asked my dispatcher about it. He said, "I know what you are talking about and I don't like it anymore than you do." I pressed him further wanting to know how this new guy got bumped to the top like he did. His response was disturbing. Here it is... "My hands are tied. The corporate managers insist that I give the lease/operator the best load each week because the company makes more money off him than any of the company drivers on this account."

Now, you have to ask yourself how you plan on making more money as a lease/operator when the company is convinced they have less offsetting expenses than they do with a company driver. They made the case in that five minute conversation, easier than I have done in ten years on this forum.