all right ah I see I've seen a lot of videos about lease-purchase
I don't do loose purchase anymore unless it's for a specific business raising
reason which I'll mention along the way in these videos that I'm doing as a
group so I'm going to tell you what a lease purchase is and how it works these
videos are not gonna be long videos they're just gonna be explaining things
and the way they work okay now the lease purchase of a truck
this is not going and buy and leasing a truck from damn Laura Bobo or Peterbilt
this is when you go to one of these company sponsored leases that so many
people think are full maintenance leases but they're not and they fall into
several different categories if you go to to the majority of these companies
you're going to get a lease a truck that's newer you're gonna pay seven
seven two thousand dollars a month or even more in some cases they're gonna
pay they're gonna charge you for every a extra like if you have a an APU on that
on that vehicle they charge you for that they they charge you cents per mile now
what's good about it is if you have no credit or anything you can get into this
kind of a lease very quickly it's usually a false hope though because it's
it's called a lease purchase but nowadays and it wasn't this way in the
past most of these leases will never be paid for you know you you either walk
away or fail or whatever but they are all walk away leases they like they
might charge you a restocking fee or something like that but they're not
going to come and sue you if you don't finish the lease they call it a lease
purchase because at the end of that three year lease they'll go off they'll
let you buy the truck if you have the 50 thousand of a $75,000 cash some places
actually let we'll leash you a truck for a lot less
very few companies nowadays but there are some that will leash you those
trucks for three or four hundred dollars a week which is actually a better deal
but then that would be considered in my opinion it's all considered truck rental
you are renting a truck you're still doing all the as a you're still doing
all the work as an owner-operator or anything like that but you have actually
a much harder job when you're leasing a truck from a company you're under
they're their umbrella for everything unless you're at one of these companies
that will let you move your lease from company to company but you're still not
in charge of your money or anything because either any company you're moving
it to they're collecting your money upfront and sending it in for you to pay
the bill to the next company now if you want to know all the different aspects
of leasing then you're gonna have to go to the playlist and pick out the video
that pertains to you and so so you know because they're all different right some
companies that you may lease from will do that three-year lease with you and
then they may actually after you finish the three-year lease they will extend
that out and you can do it two more year lease and you'll still have a buyout
usually now what these drivers are not getting out of it yes it's a hundred
percent tax write-off for the full term of the lease but they're if you take the
amount of money you're paying for your lease copy your lease the company truck
and add that up for the full term plus the buyout usually you're paying double
for a truck I mean that's just what it comes down to you're paying double for a
truck the the real lease like if you go and lease a truck from from Volvo or
whatever is a much better option but that will be covered in a different
video buying a truck is the best option
usually and that's really what everybody wants to do but the numbers are actually
better on a Volvo lease or a Freightliner lease than buying a truck
unless you do this one little trick that I've always done and that'll be in the
next video in these truck leases that you do with these companies they also
inspect the truck pretty stringently and after if you leave the company they will
charge you back for any dings or mishaps or anything that's not perfectly exactly
like it was on that truck before you leased it and if you don't note it on
the original receipt that it was something was like they had a scratch on
it or something from the previous driver then they will charge you and they'll
charge every driver over and over again for that same scratch leasing is a
money-making opportunity for these trucking companies it's part of their
business model it's not done to help you you are 100% in charge of everything as
far as a charge back they will charge you back for everything and take that
money to help themselves at least purchase if you're not training is the
fastest way to get to a bankruptcy in the trucking industry it drives more
people to bankruptcy than anything else even their spending habits because you
dig in and you hang on too long and next thing you know you're broke