Truck Lease Purchase SCAM? 10 Questions Every Driver Must Ask. — Transcript

Full transcript

1. 0:01FMCSA Truck Leasing Task Force told
2. 0:04Congress to ban carrier lease purchase
3. 0:08programs, call them irredeemable tools
4. 0:11of fraud and driver oppression.
5. 0:15Fewer than one in 100 lease purchase
6. 0:18drivers ever end up owning the truck.
7. 0:20Fewer than one in 100.
8. 0:23In a few court cases, some drivers kept
9. 0:25as little as 11.3% of their generated
10. 0:28total generated revenue.
11. 0:30>> [snorts]
12. 0:30>> Roughly 200,000 drivers financially
13. 0:33harmed.
14. 0:34Carrier controls your loads, your pay,
15. 0:38your repairs, your insurance.
16. 0:41They control everything. On paper, it
17. 0:43seems like you're an owner-operator, but
18. 0:44you're getting yourself into
19. 0:47dark, deep hole.
20. 0:50Let me tell you about the difference
21. 0:51between good lease purchase
22. 0:53and a bad lease [music] purchase. And
23. 0:55here are the questions that you should
24. 0:56be asking.
25. 1:01>> [music]
26. 1:03>> All right, question number one. Is there
27. 1:05a purchase price on the paper?
28. 1:08An actual dollar figure on the truck,
29. 1:11not a payment, not a term, a price.
30. 1:15So, a good one would be yes, stated
31. 1:17price plus comparables. And if it
32. 1:20There's There's no price anywhere,
33. 1:22that's a fail.
34. 1:24Question number two. Is that price fair
35. 1:26market value? Pull your comps. Same
36. 1:30year, same miles, same specs. A $50,000
37. 1:33truck priced at $150,000 is the whole
38. 1:36scam in one number.
39. 1:38Three. What is the buyout at the end?
40. 1:42A dollar buyout means the truck is
41. 1:44genuinely yours. A five-figure balloon
42. 1:47means the finish line always moves. So,
43. 1:51$1 buyout good.
44. 1:53Big balloon payment at the end,
45. 1:56red flag. Question number four. Can you
46. 1:59leave with the truck?
47. 2:01So, the single most important question
48. 2:02ask if I want to leave in let's say 12
49. 2:04months, do you give me a payoff number
50. 2:07and I take the truck?
51. 2:09That's how real finance companies works.
52. 2:11So, pass
53. 2:13payoff
54. 2:14and you keep the truck. It fails if you
55. 2:17if truck reverts, equity gone. Question
56. 2:20number five, do you get an amortization
57. 2:23schedule? Every payment, every balance
58. 2:26in writing up front.
59. 2:28If they can't produce one, there's no
60. 2:30real loan, just a rental with a story
61. 2:32attached to it. So,
62. 2:35you get the full schedule, that's a
63. 2:37pass, that's good.
64. 2:38If well, if they say we'll figure it out
65. 2:40or something like that, obviously that's
66. 2:42a red flag. All right, question number
67. 2:43six, who controls the repairs?
68. 2:47If the carrier owns the shop and sets
69. 2:49the price
70. 2:51and deducts it from your check whenever
71. 2:53they feel like it, from your
72. 2:54settlements,
73. 2:56they can zero out your check
74. 2:58whenever they want, that's a red flag.
75. 3:00If they allow you to repair anywhere
76. 3:01else,
77. 3:02that's good. Question number seven, how
78. 3:05long is the term? So, 36 to 48 months on
79. 3:08a late model model
80. 3:11is honest. 60 plus means you hit the
81. 3:14expensive years while still making
82. 3:17payments.
83. 3:18And expensive years meaning obviously
84. 3:19maintenance and repair. Red flag, 60
85. 3:21months plus.
86. 3:2336 to 48 months, good. Question number
87. 3:26eight,
88. 3:28can you drive the exact truck first?
89. 3:32Not a truck like it, the exact VIN. So,
90. 3:3530 let's say 30 days minimum.
91. 3:38You need the real fuel economy and its
92. 3:40problems if they come up
93. 3:43before you sign anything.
94. 3:46Test that actual unit. It's rare, but
95. 3:49good decent companies will let you drive
96. 3:51the truck first.
97. 3:53All right, question number nine, is
98. 3:54there a real down payment?
99. 3:57Counterintuitive, zero down is the
100. 3:59warning sign. Remember, zero down is
101. 4:01usually the warning sign. No money down
102. 4:03usually means no equity, no ownership
103. 4:06path, and nothing stopping them from
104. 4:08taking the truck back. So, good down
105. 4:11payment
106. 4:12means you have skin in the game.
107. 4:14Red flag, zero down sign today. All
108. 4:16right, question number 10, show me the
109. 4:18completion rate uh of everyone that
110. 4:20entered the program in the last 3 years,
111. 4:23how many finished and drove away owning
112. 4:26their own truck? Ask for the number and
113. 4:28watch their face.
114. 4:30If they have a number,
115. 4:32that's a good sign. Red flag is they're
116. 4:34changing the topic, deflection, coming
117. 4:36up with something.
118. 4:38So, those are your 10 questions for any
119. 4:41lease purchase program that you can ask.
120. 4:43If you have any problems or you have
121. 4:46questions or if you're in a lease
122. 4:48purchase program and you need help, you
123. 4:51can join our free group. Click the link
124. 4:52below. We're always there. I'm always
125. 4:54there helping drivers and owner-ops.
126. 4:56But, that is pretty much the summary of
127. 4:59all these purchase programs that will
128. 5:00get you in
129. 5:02somehow just to get you in, sign the
130. 5:04documents, and then you're stuck with
131. 5:06it.
132. 5:07Obviously, the easy walk-away leases are
133. 5:09not really worth much,
134. 5:12and you most likely will not get the
135. 5:13truck at the end of it. But, if you have
136. 5:15any questions, we are always in the
137. 5:17group. I'm there helping everybody
138. 5:20either become an owner-operator, a true
139. 5:22owner-operator, or figure out a way out
140. 5:24of your lease purchase program. [music]
141. 5:26Click the link below. Go to
142. 5:28truckyou.com. We have a link for our
143. 5:29group there. Thank you so much for
144. 5:31watching. I'll talk to you soon.
145. 5:39>> [music]