I do not drive a truck, but I hang out at these boards for interesting reading, always been a dream, but I am still looking into it.

Any who I was looking at everyone's favorite company C.R. England and was reading their "fleece" program and was really taken back at this:

This program is a great opportunity for drivers to own their own business.


TRACTOR LEASING PROGRAM

There is no down payment and no credit requirement with this program. You can lease a Freightliner Classic, Century Series, or other available up-spec equipment form six months up to 36 months. Qualified drivers may become their own boss as an independent contractor. This lease avoids the hassles and initial expenses of buying your own truck.

$443 - $480 per week lease payment — NEW & IMPROVED PAYMENTS
14 cents variable mileage payment (1 cent paid back as completion incentive)
$10,000 Maintenance Reserve (7 cents a mile capped at $10,000)
Priority Dispatch
Many dedicated runs available

POTENTIAL INCOME

Potential Independent Contractor Solo Weekly Truck Lease Income
* Below figures are only projections; actual income will vary based on individual performance. Projections do not include quarterly income taxes or health insurance.

Weekly Mileage 3,250
Annual Mileage 169,000

Revenue
Base @ 90 ¢ $ 2,925.00 Weekly
Expenses
Truck Payment $ 459.00 Weekly
Fuel @ 6.3 paid mpg w/ England Fuel Cap of $1.251 $ 644.84 Weekly
Maintenance @ 7 ¢ mile2 $ 227.50 Weekly
Variable Mileage Payment @14 ¢ mile3 $ 455.00 Weekly
Insurance $ 138.04 Weekly
Fuel/ Road Tax @ 1.5 ¢ per mile4 $ 48.75 Weekly
Total Expenses $ 1,973.13 Weekly

Weekly Income $ 951.87 Weekly
Annual Income $ 49,497.24 Yearly

I am not an accountant, but is it me or can you make this by just being a company driver, after experience of course, with a "better" company?
And that company would pay for fuel, taxes, maintenence to truck when needed. This weekly income does not account for living expenses while out, course I guess you just could sell everything you own and live in the truck :shock:

 

Good luck running those kind of miles. :lol: :lol: :lol: :lol:

 

You really have to be a complete idiot to fall for a fleece-purchase scam:

They are basing 169,000 miles on running 3,250 miles per week for 52 WEEKS OUT OF THE YEAR!!?!?!?

 

If I ran 3250 miles a week as a company driver I darn sure made more $950.00/week without the hassle of being an O/O/. For those kind of miles I grossed better than $1100.00/ week and all I did was drive and send in the receipts.

 

That is what I was getting at, if you look at the numbers, it just does not make sense. To me the "variable pay", looks as if it is a second truck payment, but you only get "one cent of the 14 cents" paid into the deal, returned to the driver after lease completion. :shock:

 

Leasing= :twisted:

I looked into a lot of lease programs a few years ago, and they all added up to going out of business slowly, just run the ####'s. Maybe there are a few out there that you can make a good profit by taking part,...but I have not seen them.

 

You can make a hell of a lot more being a company driver! Plus Benies, 401k, retirement, and a 800 number you call when you break down. :twisted: I know a driver works 5 days a week 9 to 10 hours a day, 80,000.00 a year! and he wants to become an o/o lol

 

Being an independent contractor you would think that you would get a 1099 at the end of the year. In that case you would be eligible for a myriad of deductions like maintaining a home office, using your personel vehicle and mileage to get to and from the 18 wheeler, electric, phone bills,laptop, prescriptions,health insurance etc. I would rather take a $49000 1099 and all my reciepts to an accountant and let him deduct away until it looks like I made next to nothing on profit rather than have a $49000 W2.

 

You would.

#1. You wouldn't be using your personal vehicle at all, because you would be constantly driving to achieve that 169,000 miles a year. NO home time. Ever.

#2. Electric? That falls under a home office deduction, and is a very small deduction anyway. My home office deduction was about $450 last year. Wowee. Besides, can you really claim a home office when you never get home to use it?

#3. Phone bills, laptop, prescriptions are all deductible as a company driver.

Showing constant loss year after year will get you a really nice audit. The IRS isn't stupid. If you are showing no profit or a loss with receipts, it means you spent the money to obtain the receipt. I would rather not take the tax writeoff for something business related, and instead pay the taxes on it and have it in my pocket. After all - a $3000 tax writeoff for a repair means that you don't have the $3000 anymore. Paying taxes on that $3000 means you get to keep some of it. That's the difference between you working for the truck, and the truck working for you.

Unless, of course, your receipts are bogus, and then the IRS will have a field day with you, and Bubba will have a new girlfriend in Cellblock A.

 

You are so right Rev. I would much rather PAY taxes on 3,000 that deduct 3,000. I hear that so many times;" it just a write-off for the company", " they'll just write it off". :roll:

Doesn't anybody understand that a write-off is a LOSS???