Hi all so what i got going is im a new O.O. i qualified after 6 month after completion of truck driving acdemy. After 7 1/2 months i finally got into my own truck 2014 kw t660 studio. 13 speed. In the first three weeks the truck had to go into shop 3 times 2 times at terminal and 1 time at kw dealer the truck was getting 4.7 mpg. the dealer recalibrated ecm and its much beter now. but i'm around -3,000 because of it. i lease from the company and i complained alot telling them they need to compensat me for at least the fuel loss dearing those 3 weeks and dearing that time i felt like the company was setting me up for termination so 1 week after the truck was fixed the company hit me with over speeding and gave me 5 day suspension witch helps back up my suspitions so my 5 days were up yesterday and now they trying every thing they can to get me to terminal i believe it so they can repo the truck and terminate me. i just keep telling them sorry i cant stop because im to far behind do to every thing. i got to keep on rollin im telling them. but after thinking about it and looking at lease agrement i dont have to complie with there request. But they dont have to keep me rolling eather. I really dont wanna give up the truck but after being put through 8 months of sweat shop trucking company. Any help or good apinion or option would be helpfull.
thanks for your time

 

You'd be better off turning that truck back into the company. A new truck is a big nut to start off your career with. If you've got high-paying freight, it's ok, but these deals usually don't work out that way. I would almost guarantee that you'd take home more money as a company driver and with a lot less stress. Get a little working capital and then chase your O/O dreams. The odds won't be quite so stacked against you.

 

Sometimes, it is best to cut your losses and regroup. It is very difficult to make it as a lease operator. Payments and costs are much too high, especially starting out. If you don't have money or credit, I would recommend that you find a company driving position and start saving your money. If your credit needs work, then spend time building up your credit. The best way to become an owner operator is to actually buy your truck with your own resources. The failure rate for owner operators is high. It is extremely high for lease operators. I prefer paying cash. If you are disciplined, you could pay cash in a year or two of saving your money. If you don't want to pay cash, then you can save enough in a year or two that you can have enough for a good down payment. Most lenders will want to see about 20% down in order to finance class 8 equipment, depending on credit. Don't make the mistake, like others, who think you need a new or nearly new truck to make money. No one needs to spend that much on a truck, starting out. The name of the game is to make money. Older trucks are often more reliable than most of the newer trucks and more affordable. If you do decide to finance a purchase, try to keep your payments less than $1,000/month. Believe me, the lower payments will be much appreciated during the slow times. Besides, you can always double up on payments and get the title free and clear much faster. Once you pay off your first truck, you can always trade up. Some of prefer driving older trucks. I would rather stick the extra money in my pocket than make payments.

There are some leasing companies that will finance trucks for those with less than perfect credit. It isn't much different than buying through a conventional lender. I don't think that anyone should try to buy a truck until they have at least a couple of years of driving under their belt. Experience gives you a better perspective on what to expect when you actually buy a truck. Many drivers get in too big of a hurry to buy a truck before they have a good understanding of this industry.

 

I'll say one thing GMAN, you certainly have patience. It seems like an endless amount of people that fall into this trap. The info is out there yet they ignore it. I don't mean to insult anyone but it just seems rare that people actually basically pay these companies to drive their truck and then call themselves an O/O. I mean they don't own anything. I have never ever seen anyone come away with the truck. There should be a law against this; it seems like there's one for every other thing so this scam should have one too.

 

Thanks Guys/Gals
I Contacted the Company and had a chat with them I told them if they compensate me for the fuel then I will Stay and i did not care about the time lose! I informed them of the - $5,000 i am burdened with do to Fuel + Time + Taxes I informed them that I am going to access my options and will most likely be contacting them to ether Bring back the Truck or Arrange for them to pick it up in a day or so! I sent the message over the Qualcom and I called talk to a Driver Leader who put me in contact with company's terminal fleet manager. I called but only got answering machine i left the message and am waiting on reply/response.
I think this was a good choice, what do you think?.

 

I already know the answer but why did you sign a lease with something like this in it?
It's going to hurt but dump that thing ASAP! Hopefully the company will be happy with just keeping your escrow accounts and let the rest slide (or find another sucker). Clean the truck up REAL good inside and out and take pic's and have it inspected and signed off off on when you turn it it. Good luck.

 

Sounds like that company is just getting you to buy them a truck, to me.