STPS

Should I do a Lease Purchase with my Trucking Company to Become an Owner Operator?

Thinking of doing a lease purchase with your trucking company to become an owner operator? Ask these 5 questions first:

1.) How many drivers signed lease-purchase agreements three years ago and how many of those ended with the driver owning the truck?

If they don’t have data or hem and haw a lot, that’s a problem for you. I wouldn’t expect them to immediately have an answer, but they should be able to look it up.

2.) Can I talk to a driver that is midway through his lease purchase contract?

Must be an option. Surely they can find one driver that is happy about it. Ask that driver if they’d do it again and what they’d do differently.

3.) Can I talk to a driver that successfully completed his lease purchase?

Same as #2.

4.) Do I get to waive payments for the truck if the motor carrier does not give me loads?

The carrier wants guaranteed money from you, you should want guaranteed work from them. If they say “we always have loads” then get them to say it in writing and what you get if they don’t. Making them define loads by pay and other terms is good for you too.

5.) Will the motor carrier guarantee that the truck is fully maintained and will warranty any unknown issues?

You don’t want to buy a lemon. You will have maintenance costs but you should get a warranty on the motors and other major items.

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Written by Gentry DeWinter

Gentry graduated from Grand Valley with a Bachelor’s Degree in multi-media journalism. She is an artist who loves videography, and writing, and hopes to one day own multiple dogs.

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