New Panther Lease-Purchase Program

[chrisv]

Good afternoon!

Panther is officially unveiling its new Lease-Purchae Program for tractors. Upon meeting Panther's qualifications, everyone is guaranteed to be approved for the program.

There is no down payment! The trucks are 2007 Freightliner Columbias with less than 400,000 miles. If you've dreamed of owning your own tractor, this is a great opportunity to make that dream a reality.

If you'd like more information, please don't hesitate to contact me directly.

Thanks!

 

[AutonomyRex]

Hey Chris,

Can you post more information here online? Is the driver or truck treated any different than an owner bringing on his own equipment? Exactly the same....not freeze driver out for a load turn down?

What is the term of lease?

Monthly payments?

Driver carries his own Ins or must take Panther?

Solo or teams?

Do you have pics to post on your Album??

Warrenty in place?

Any ballon payment...or O/O owns equipment at end of lease?

Any early termination fees?

What type of long term partnership is Panther seeking?

Any info you can post will help quite a few drivers decide to call...
Thx
A-Rex

 

[chrisv]

Hey Chris,

Can you post more information here online? Is the driver or truck treated any different than an owner bringing on his own equipment? Exactly the same....not freeze driver out for a load turn down?

What is the term of lease?

Monthly payments?

Driver carries his own Ins or must take Panther?

Solo or teams?

Do you have pics to post on your Album??

Warrenty in place?

Any ballon payment...or O/O owns equipment at end of lease?

Any early termination fees?

What type of long term partnership is Panther seeking?

Any info you can post will help quite a few drivers decide to call...
Thx
A-Rex

AutonomyRex,

The lease is a 3.5 year term. I can give out information about the payments directly to anyone who contacts me regarding the program. The insurance will be supplied through the program, and the program can benefit solo drivers or teams. I don't have pictures at this time but I am working to get them. The rest of the information is available to anyone who qualifies to drive with Panther. Please feel free to contact me anytime.

Thanks,

 

[greg334]

Well don't take this wrong but you know there isn't a reason why you can't tell us what the terms are. It looks like panther is going to treat this as an individual deal with each one.

I am wondering about two things;

when there is a slow down with work, will panther push those owners up on the food chain in different "express" centers so they can generate revenue?

Can the owner leave panther if they can provide the least payment and if there is a maintenance fund, the revenue to support that fund?

Opps, OK three - will panther allow an owner to provide their own insurance?

 

[Bruno]

Well don't take this wrong but you know there isn't a reason why you can't tell us what the terms are. It looks like panther is going to treat this as an individual deal with each one.

I am wondering about two things;

when there is a slow down with work, will panther push those owners up on the food chain in different "express" centers so they can generate revenue?

Can the owner leave panther if they can provide the least payment and if there is a maintenance fund, the revenue to support that fund?

Opps, OK three - will panther allow an owner to provide their own insurance?

Greg

I was told the lease is $375.00 a week plus .10 a mile for up keep like tires and pm services. The terms will be for 3.5 years with a dollar buyout.

 

[greg334]

That's what I heard too, wonder who told me that?

But the point is that he can say it, it won't hurt him to disclose a bit more than "we have this...".

The three questions ARE very important, and it should be talked about because if the first one isn't true, what is the use of being stuck with a payment and no work - a lot like another company who had a habit of screwing lease to own owners and repo'ing the trucks.

 

[Bruno]

That's what I heard too, wonder who told me that?

But the point is that he can say it, it won't hurt him to disclose a bit more than "we have this...".

The three questions ARE very important, and it should be talked about because if the first one isn't true, what is the use of being stuck with a payment and no work - a lot like another company who had a habit of screwing lease to own owners and repo'ing the trucks.

Some good questions Greg. Our one tractor driver is checking into it. He said the rate he would get would be $1.40 per mile plus FSC. So we now will be looking for a driver for our tractor or we may have to move it to another company.

 

[greg334]

Another good question - can you pull your own trailer?

Dave, $1.40 a mile, is that after the PM money is taken out?

 

[Tennesseahawk]

Some good questions Greg. Our one tractor driver is checking into it. He said the rate he would get would be $1.40 per mile plus FSC. So we now will be looking for a driver for our tractor or we may have to move it to another company.

Can you say 'sucka'? I did the math for this, and it's 68k+ when everything is said and done.

 

[greg334]

Well T-Hawk, it brings up another question ... what about paying it off early?

 

[Tennesseahawk]

That would be a good question. I suppose if you CAN pay it off early, it would make for a decent deal. But half of that interest has to go. Also makes me wonder what the principle is.

 

[Bruno]

Another good question - can you pull your own trailer?

Dave, $1.40 a mile, is that after the PM money is taken out?

Don't hold me to it, but our driver was told you get $1.40 per mile then your lease payment and everything is taken out.

 

[greg334]

Well it seems to stink a bit to me. If you have high interest rate, locked into a 3.5 year contract, not being guaranteed a minumal amount of work (BIG assumption that the economy will hold its own in 2011), no stated exit and you end up with a 6 year old truck at the end of it all, makes no sense why anyone would bother outside of having horrible credit.

What happens when the owner has a high CSA 2010 rating? Will Panther allow the owner to continue driving even if they are a high risk?

 

[highway star]

Well it seems to stink a bit to me. If you have high interest rate, locked into a 3.5 year contract, not being guaranteed a minumal amount of work (BIG assumption that the economy will hold its own in 2011), no stated exit and you end up with a 6 year old truck at the end of it all, makes no sense why anyone would bother outside of having horrible credit.

Wouldn't the folks with bad credit be the only one's doing lease/purchase in the first place? What other reason could there be to do it?

 

[AutonomyRex]

Don't hold me to it, but our driver was told you get $1.40 per mile then your lease payment and everything is taken out.

Hey Bruno, From what you were told...

Is that $1.40 based on ALL miles or Loaded only?? ( what does MTY miles pay in the program??...and is the .10 deducted on all miles or just the loaded...cuz empty miles not paid for still rack up those .10 maint miles, I'd think.
Did your driver by chance learned what the FSC rate is...what PPG the carrier strives to achieve fuel costs for the O/O.

I agree with the other fellas and thier questions/concerns..

To any drivers out there, as an example....

For instance, a buddy of mine drives for a larger carrier, specialized van TL, not expedite, and is leasing his tractor from company as well, It is/was a zero down. He is Paid $1.45 Loaded and $1.05 MTY, his maint account is .085 per mile ( all miles of course ). It came re-furbished as well...10 new virgin tires/alt/starter/oil/lube/ warrenty included, etc.....
His FSC is based such that he never pays more than $1.14/gallon ( not sure as I write if this includes fuel discounts as well...but still.... )
His lease is only 18 months on a 2006 Columbia as well, She came with about 425k on her.
( he is in his 13 month I think ), can be paid off early, Can be terminated with NO penalty, can carry his own Ins or company ins, No Trailer fees at all, he can keep the truck at end of lease for a buck or something...or can trade it in for a 2008 in 5 more months, or Lease a New one from company or go outside and get his own elsewhere.... PLUS gets a lease completion bonus at the end.
Oh, and his payment is under $1k per month.....and the completion rate is HIGH...and he had to pass a credit check...it is also a 100% O/O outfit.

He works when He wants, time off when he wants...has set up an escrow account to pay his bills when he takes a vacation...I think he is in the ball park of 2100 loaded and 300 mty per week, or close to that... avg lenght of haul is around 950-1000miles and preplanned loads....that is a pretty sweet lease.

I wrote that as a comparison for anybody thinking of leasing anywhere, with any carrier....compare and do your homework. NOT all leases are equal....just don't jump in blind-folded, make sure the long term relationship is gonna be there as well....have your carriers back, and make sure they will have yours as well.

 

[AutonomyRex]

Wouldn't the folks with bad credit be the only one's doing lease/purchase in the first place? What other reason could there be to do it?

Not really Highway...not having the downpayment large enough is a huge factor. It's a great way to break into being an O/O.

Most financing these days....20% to 25% down, and if a 1st time buyer...state sales tax as well, along with about 12% interest rate. Oh, and your credit score best be OVER 725 minimum.

The GOOD leases all require a credit check. There are decent leases without one, but probably fewer and farther between.

Thing to look out for, is the company in the business of moving frieght or repoing trucks and recycling them to another fella. And whom does the lease really benefit....if it is NOT win-win, and is very lopsided, Than walk away....cuz maybe the carrier is hedging themselves as they really don't know if they have the freight for a driver to make it....more risk, higher lease.

And not picking on Panther here, as I am glad to see some expediters offering leases...but $375 a week is a bit steep for a 2007 columbia...That's about $1625 a month for 42 months....

 

[Bruno]

Hey Bruno, From what you were told...

Is that $1.40 based on ALL miles or Loaded only??

It's a $1.40 for loaded miles only. The .10 is for every mile the truck does I was told. The FCS would be what ever the customer gets charged. Panther gives the O/O 100% of the FSC.

 

[moose]

? What other reason could there be to do it?

IF this is a walk away program ,then ,
for DRIVERS that are perspective O/O ,it will be a nice school ,along with a bit of money making before buying into their own truck ,and making a long term commitment .
Or for O/O with a paid for St.Truck ,that are looking into a TT.(same as above)

Beside ,there are ONLY 2 rezone for a carrier provided lease (any carrier),is to allow the carrier to move freight for free ,and help with the recruiting effort .

 

[greg334]

But see the issue isn't with the lease to own option but the fact that maybe Panther is not in the main stream of trucking to begin with. We operate differently, we can't have all the options that a tractor has unless there is an open understanding that if Panther can't provide work, the driver can move somewhere else.

I see it a problem simply because of the already assumption that this is a great place to make the big bucks and not work as hard. Many will be sold on the idea that the move to being an owner without saving is the right way to get into the door of the "success" club.

Nevertheless it is also another reason to seek out a lawyer who will protect their client from the hype and BS related to carrier driven 'deals'.

 

[Moot]

Wouldn't the folks with bad credit be the only one's doing lease/purchase in the first place? What other reason could there be to do it?

Not really Highway...not having the downpayment large enough is a huge factor.

I agree with HighwayStar. I realize that traditional lenders are up to their nostrils with repoed houses, trucks and cars and are requiring larger down payments. But if you don't have the 20% to 25% down payment stay out of the O/O side of trucking. You are the desperate ones driving down rates, making unscrupulous carriers extra profits and causing global warming.

It's a great way to break into being an O/O.

Yes it is. With the key word being "break." Past tense of "break"; broke.

Once again to quote Rex Campbell: " Don't lease from the man with the strings in his hand."

I can't seem to get the term: indentured servitude out of my head.