Would this work?

[guest]

Here is my case.

I was offerd funding through the dealer to get a truck. The questions I have is follows.

I would like a true answer before I commit

I will be running solo.

The payments for the truck are going to be 2,300.00 a month due to my credit bumps. Is that possable to make in a month plus fuel. and tolls?

I am looking at eaither Bolt Express / All-State Express/ or Tri-State.

witch of them companys can make this happen? I just need some good info before I get a commit to do this.... Thanks for the info

 

[targuard86]

no, no, no!!!

Find a fleet owner and enjoy the ride untill you can save a large amount for a down payment.

 

[LDB]

I would never suggest committing to such a high payment as a solo starting out in this business. If you have prior experience that will help but that's still too high a payment. If you average 9200 loaded miles a month that's 110,400 loaded miles per year and 25cpm just for truck payment. Anything over 12% of your loaded mile pay is too high for a truck payment in my opinion. You'd need $2.08 per loaded mile to cover that payment. Others will have differing opinions and if you take my opinion and add a dollar then it's maybe worth a cup of coffee. I haven't sent anyone to bankruptcy yet though. Good luck.

Leo Bricker, 73's K5LDB, OOIDA Life Member 677319
Owner, Panther trucks 5508, 5509, 5641
Highway Watch Participant, Truckerbuddy
EO Forum Moderator
----------
Support the entire Constitution, not just the parts you like.

 

[RichM]

Ditto on the no. You can earn the $2300 plus fuel and tolls,but you have insurance,Q Comm.cell phone,food,oncein a while a motel room,health insurance,maintenance charges and it goes on with very little left for your self. Sounds like you have very little to put down and are also being charged a high interest rate due to your credit bumps.

 

[davekc]

I would agree with the others. That number is too high for someone just starting.
The advice of driving for someone looks like the best. After a period of time with your carrier of choice, you can then plug your personal financial numbers in and see if it is to your liking.

Be weary of dreamy millionaire stories. They are just that, unless you are looking through rose colored glasses.









Davekc
owner
22 years
PantherII
EO moderator

 

[guest]

Would this be a better option... found a 1998 Freightliner FL 70 for 16,500.00 OBO. The Milage is EXEMPT not sure what that means. 72" Alumi-Bunk. I called the bank to see about a loan but the owner said they would do a lease purchase. I am thinking starting out maybe that is a better option. than if I suceed I can go bigger. I have nothing holdinf me at home only bills I have is about 300.00 in bills a month so I can live on the road if need be.

 

[LDB]

You will certainly find it easier making a 3 digit a month payment than a $2300 payment but a 98 truck is going to have a much higher maintenance and repair cost than a new truck so you have to figure that in too. You also need to be sure to carefully and fully check any lease purchase paperwork and have an attorney go over it as well. You should also read back at least one year in the general, newbies and recruiter forums here where you'll find all this already discussed in detail and pick up a lot of good info.

Leo Bricker, 73's K5LDB, OOIDA Life Member 677319
Owner, Panther trucks 5508, 5509, 5641
Highway Watch Participant, Truckerbuddy
EO Forum Moderator
----------
Support the entire Constitution, not just the parts you like.

 

[lanier1]

I agree with all of the above but will add this. When I was doing my research prior to getting into this FedEx gave me enough information to conclude that what you first proposed was not feasible. I would hope Bolt, TriState and anyone else would give you enough information to realize the same if you ask them for the right information. If not I would take a hard look at them as a carrier. Just my two cents.

 

[terryandrene]

I would add that I think it would be to your benfit to get a tentative agreement from a carrier ,or two, to accept you as a lessee.

It would be a shame to get a truck first and then find out you can't get a lease agreement with a carrier that can't help you reach your financial requirements

 

[guest]

The 1998 is Exempt miles. it is a Auto shift. Would it be a good Idea to save for a new motor and tranny soon? How long do them trucks last? I called the bank I will know tomorrow if I get the loan but they are saying 390.00 - 450.00 a month payments and I can swing that much. I know I can make that in a month.. I want an Auto so it is more money..

 

[cheri1122]

tbeyer: I can't tell you how long them trucks last, but while you're waiting for that, & an answer from the bank, PLEASE read the fora, especially the posts about having money in reserve when you get started. Don't forget that the bills keep coming in, even while you're not moving, and if you're not moving for an expensive repair, you can be doomed. Good luck to you!

 

[guest]

My father gets a Vets Pention and is willing to help out if needed. He wants to see me get off on a good note and not pay my way until I have tried everything to get the money needed. I know I will be living on the road alot but from what bills I do have the rest of the money is going for the truck and that is all.. I would put honor in owning a truck and if it ment slaving on the road to survive I would!!

 

[Tennesseahawk]

If you decide to go lease/purchase, DEFINITELY get the contract looked over by a lawyer. I won't go into details on my experience, as my case is pending court. But a simple drawn up contract is too open to interpretation, and spells disaster if one party is crooked. You could very easily end up with no truck after thousands invested.

As far as the original post is concerned... $2300/mo is what they call "driving for the truck". It's how ppl go bankrupt, especially when they don't know the business. Just because you have a pretty truck with a high payment doesn't mean a company is more obligated to keep you loaded. I'm guessing here, but a newbie solo with said truck payments is probably looking at around half his net or more going to the truck. As Bob Dole's drug campaign states: Just don't do it! Get your feet wet before deciding if you want a truck, then find a good used one.

"If I claim to be a wise man, it surely means that I don't know." - Kansas

 

[flatbedin]

Research, Research, Research!!!

Find out the average DH per load. Look at the average LH per load. Find out if the company does primarily automotive, or if they are not afraid to go after "other" freight. Ask them their freight lanes. Talk to drivers and find out how often they actually see 48 states when they say they have 48 state authority.. Ask if the per mile amount they offer is for all loaded miles, or if you have to take a cut rate to "keep you moving". If it is a "cut rate", find out how often the cut rate actually happens. Find out if the company actually has a dispatch team that works 24/7/365. Not a on call person for the weekend that really doesn't care where your sitting or what your going through.. Pm, call, talk to every driver you can with any said company.. No matter what company it is.

Research, Research, Research....

No matter how much "business" experience you have, expediting is a whole different ballgame. Talk to the veterans and actually listen to their advice. Don't just listen to a recruiter that's sitting on the other end of a phone telling you what you want to hear.. Realize that to MOST people sitting in the office, get paid whether you are sitting, or if you are moving.

Good Luck!!

 

[silverdollar]

You need to find out if a company will accept a truck that old.

 

[SWTexas1]

Listen to the old timers on this one. I was going to buy a truck when I started also. Thank god I found a good owner by pure luck, Between Rookie mistakes and things that you can not control. I would have been broke in the First month. It has been five months now and I am just geeting to the point that I can control the Rookie Mistakes.
Work for a good owner for a year, Learn on his money. and then look at buying a truck.
All the companies have a list of owners looking for drivers, and they will be glad to help find you Find one.

Steve
TRI-STATE #368

 

[joker]

what engine does this truck have and how many miles are on it? has it had an engine rebuild or any thing? I'm not too crazy about that auto shift either. The old Eaton/Fuller 6 speeds are bullitt proof and anyone can shift those so don't rule them out when looking for a truck.

 

[mrgoodtude]

>Here is my case.
>
>I would like a true answer before I commit

I think you got it, no bad advice here...
Have you run for anyone else yet to test the waters?
Not trying to be a smartazz but why invest anything into somthing you don't fully understand??
The 16k truck sounds totally possible if you can sign it with a carrier, understand how and where the carrier operates and most important "Have a reserve fund"!!!!
Case in point, a friend of mine just had a 3 axle alignment, 2 steers and in the process was found to have 3 leaking seals (diff and wheel). Expected to shell out $1700 and wound up with a total unexpected total of over $3000 when it was said and done and his truck is a 2002 model.
These were not elective repairs or upgrades these were things that could have shut him down in the middle of a load or worse yet cost him in excess of 10k if not dealt with.
Mike

 

[Broompilot]

Let me add this. I have a friend going thru Orientation with a carrier (do not care to put names down here). He was telling me all about his expierence and some other drivers in class.

One guy has a beautiful new truck kinda common top of the line expediter truck. He is right now going on 2 months behind on those payments in less than one year, now he finds out (I guess from not asking up front and maybee assuming) that there is not going to be any pay for more than a couple of weeks.

Killing his plan on trying to run hard to catch back up until cash flow begins rolling in.

I post this as to warn others, even in the good times until January, with this high of a payment your DOOMED. This business will not support that kinda committment vs our income even if you are a top dog and generate at the lowest 10K a month on average. Its the crap months that I promise will wipe you out.

So here is the solution please feel free to add in.

Find another sucker to just take over the payments, he has already committed 20K towards payments and barley reduced the loan balance, after the truck has tanked in value.

Walk away destroy ones credit

Hope and pray that things pick up and one is able to catch back up (stasticly speaking) more than one payment behind its gona get real difficult to catch back up.

So if your thinking or for future refrence when one is over exteneded these are the results and one is gona wish to god they never saw an expediter truck. Have no less than 10K in reserves before entering into this when buying a new truck.

Instead of taking others advice of driving someone elses truck, buy down a notch say 35-70K range you can find many excellent trucks and not have the pressures or worries of $. I am sure if asked nice enough some expierence from others here would be offered in such a search.

 

[x06col]

Good post Broom. The one thing I will add is, don't wait until you are broke to make a change. When you don't have fuel money,your cell is about to be disconnected, or, are staying a couple steps ahead of the repo man it is double jeopardy. That places an immediate strain on your new relationship. If, you are in that position, be up front with your new Carrier about your situation. They don't like surprises. Honesty may cancel your opportunity, but, better now than later. I won't even consider anyone grasping at straws, because, it has been my experience that when you are in that position you have shot yourself somewhere along the line, whether it be work ethic, or some other reason.