Need advice on leasing a semi truck.

Lease Purchase Program | United States - Greatwide Truckload
At Greatwide We Turn Drivers Into Owner Operators With Our Lease Purchase Program!

 

I know someone that left Averitt and did well at Greatwide

 

I know probably 3 dozen or so in Goodlettsville & Nashville area that did real well at Greatwide.
The nicest trucks some of them got were from the Volvo dealership in Nashville, which were trade-ins on the Volvo dealership used truck lot.

 

Didn't Lone Mountain have an easier process for getting a truck rather than leasing from the companies that have lease-to bankruptcy plans of their own? I kid, I kid, but do I kid???

IMO, Leasing a truck is just too risky, especially in a slow freight market and with interest rates above rock bottom.. I'm glad you aren't considering a trucking company's lease-to-own program.

 

another donkey ready to carry someone else load.

 

If you think this is accurate you’re naive. There are many places you can break 6 figures annual gross as a w2 driver and not have the risk of being responsible for the overhead of running, maintaining, and repairing the truck

 

Define Lease. There’s monthly open end Leases through Penske or Ryder. I hear you get a discount the longer you Lease. I’ve heard the term “Long term Lease” used. Plenty of Large Corporations do this to avoid paying for repairs. Truck breaks down, swap it out. It’s usually expensive but also has the advantage of fixed cost. Then there’s closed end leases. They can take any form. Usually just another form of financing, in lieu of a Bank loan. The regulations are less, allowing non Banks to offer financing. Often they’ll have a $1.00 buyout at the end, to make it technically Legal as a Lease. Dealerships used to offer Leases with 20% residual buyouts at the end. This keeps payments lower, saving interest. Roughly speaking, a purchase can be depreciated on a schedule, usually over 3 or 5 years. Maybe all in 1 year through accelerated depreciation. Check current tax rules. No telling what current rules are. Typically depreciating down to 20% of purchase price. So $100k truck, had $80k worth of deductions. Lease payments in comparison are usually 100% deductible. A Lease with $1.00 buyout at end will usually always have a buyout amount throughout the Lease term. Just like a regular loan. Read the fine print. Not regulated like Bank loans. Tax codes constantly change. Find out the current rules, to help compare your options.