Husband buying truck for Fedex contract

Hello, I am new here

My husband has been driving for a contractor who has several contracts with Fedex Ground for the past 8 months. (He has been driving professionally for over 10 years) Just recently he saw they had an open contract in our area and inquired about it. Now he is going to buy a truck and take the contract to be an O/O.

I have been reading this forum about leasing, etc. He found a truck, a 2003 International with 340,000 miles on it I believe. He doesn't have the greatest credit (around 600) but finally found a place (R & K financial out of Florida i believe) who would finance him with 18% down. They are saying the payments will be around 1250 a month and in 3.5 years he will pay $1 "payoff" at the end of the lease and own the truck outright. I asked him if he was sure it was a "lease" and he said that is what they told him but this doesn't sound at all like what everyone is talking about in this forum.

I am a little nervous about the whole "life change" but once the truck is paid off in three years we will be doing much better. Has anyone heard of a Lease like this? Thanks in advance!

 

Hi thanks for the reply. I believe the truck is 43,000 double axel with a bunk sleeper/condo area. That is really about all I know, he had a mechanic check it out from Fedex and the guy thought it was a good deal. I know we will be paying more than the asking price with the lease, but we are pretty much doing the same with our house and car payments as well right now, I guess it's the price you pay for not having a ton of cash! LOL. He has worked for contractors O/O's for many many years and they haven't treated him very fairly so this would be a great opportunity for us to get away from that and have a little more control.

 

Yes, it has to be 2004 or newer and white, so it was difficult to find a decent one we could afford with the contract!

 

Actually the truck lot contacted two companies and my husband applied to several others, with his credit and past BK everyone turned him down but this one. The alternative to not getting this truck is to keep working for other people which he is getting frustrated with.