Lease-purchase programs: read this first
In a lease-purchase, the carrier you drive for also leases you the truck, and takes the payment out of your settlement each week. No credit check and no down payment sounds like a shortcut to ownership. For many drivers it is not.
Why these deals fail so often
- The same company controls your miles and collects your truck payment.
- The weekly payment and fees are due whether or not you had freight.
- If you leave or are let go, you usually walk away with no truck and no equity.
- A balloon payment at the end can be more than the truck is worth.
If you still consider one
- Get the full contract and take it to someone who is not on the carrier's payroll.
- Add up every weekly charge: payment, insurance, maintenance account, escrow, plates, ELD.
- Ask how many drivers have completed the program and now hold the title.
- Ask whether you can take the truck to another carrier. If you cannot, you are renting.
A bank or credit union loan on a truck you choose yourself is usually the safer path.