In this episode of The L.D. Sewell Podcast, we focus on why lease-purchase agreements may not be your best option - especially when you are brand new to trucking and just starting out.
Often lease purchase programs contain all kinds of restrictions, and you are at the mercy of the company for your loads - yet you take on a tremendous portion of the costs and liabilities of running the truck under the illusion of being an owner operator.
Is your name on the title? Can you take the truck and leave that carrier and go wherever you wish so long as you continue to make the payments?
In many cases, the answer is no - and if you can't do that then you need to take a hard look at reality.
The reality is that some carriers allow you to have the illusion that you are somehow an "Owner Operator" when the truth is that you do not own anything at all. Even worse you can end up working harder yet making less than most company drivers make!
So, do yourself a huge favor - hold off on signing that agreement!
Start as a company driver and get a few months experience under your belt, learn the job, the business, the lifestyle first while you do your research into whatever program you are considering and then only proceed once you have enough information and experience to make an informed decision.
Be sure to check out our new Youtube Channel Trucking Business Success.
It should be up and running in a day or two and we will begin posting regular videos there too on all things related to Trucking Careers and Trucking Business Success.
If you are serious about building your career and or trucking business you may also want to join our group on facebook. You can find it on facebook by clicking the link below;
Trucking Business Success