Truck drivers seem to gain a lot from trucking companies’ lease purchase programs. Targeted individuals include new truck drivers. For many drivers, the opportunity to purchase their own truck with no down payment and no credit check can be very alluring. Without a doubt, these programs help some drivers. However, many more have suffered professional and financial ruin.
You must exclusively work for the trucking company under the terms of a typical lease purchase agreement. Due to this, if the trucking company decides they don’t want you to own the truck, they can simply reduce the number of loads they offer you. You are unable to take that truck and use it with another trucking company. If your budget was predicated on you having a specific number of loads each week and you don’t get them, you might find yourself quickly short on the money needed to make the payments.
The truck’s quality is an additional factor. If you are buying a brand-new truck, it should be under warranty and in good mechanical condition. That might not be the case if you are purchasing a used truck. Before you can even drive the truck, you may have to pay thousands of dollars in repairs.
You may not be able to choose your truck with some trucking companies. Once they have persuaded you to accept the deal, they identify which truck is yours. It’s possible that you won’t even be able to see the truck before signing the contract. Even if the truck is situated right next to the terminal where you are, this could still occur.
Following contract signing, you might be told where to find the truck, which might be on their lot. Imagine that after finding the truck, you find that it isn’t even safe to drive. The representative of the trucking company is informed, and you assume that they will make the required repairs. Instead, you are told that the truck is now yours and that you are in charge of making any necessary repairs.
It’s possible that your truck is in another state. Usually, the trucking company will provide you with a bus ticket so you can travel to the truck’s location. If the truck isn’t even driveable when you arrive at the location, you might be in for a surprise. You will be reminded once more that the truck is yours and that any maintenance requirements fall under your purview. You can argue all you want, but it will be for nothing. As a result, if you don’t have the money to make repairs, things aren’t looking good.
Many drivers frequently find themselves in a situation like this. They quickly realize that the lease purchase agreement has left them in a worse financial situation than they were before.
If you want to participate in a lease purchase program, I advise doing so through a bank or financing firm. By doing this, you will be less reliant on a trucking company to provide you with enough miles to succeed. Your success will be entirely up to you. You have the option to work for your preferred organization or operate independently while driving. You have more options and success prospects when you receive independent financing.