Back in September of last year I did a lease purchase on a 2011 International tractor and 2012 48' trailer, plus the chains binders, etc. The WEEKLY note was $1150.00 per WEEK. Well, for awhile, I made some money. However, don't ever take a day off because every week the expenses accrue. Then it happened. I ran over a ratchet strap in a dark rain causing damage to the wiring under harness etc. The truck sat at the dealership for 3 weeks and I had to rent a truck($850 per wk plus mileage). About one month later I was informed that for the next 4 weeks the entire rental payment would be taken out so now it was over $1700.00 per week. I tried to make a deal to extend it over 4 months and I could pay it off and still take home a paycheck. I was led to believe it was ok until I called for my settlement and was informed that payroll would not release any money because I was negative(about $4500) I had gone one month with no money and knew I would never get out of the hole. It was impossible to make enough trips in a week to ever recover. So we were in the process of moving, I put and the rest of our belongings on the truck and moved to our new home in Florida. TWO weeks I get a call noticing I have not taken any trips. WOW!!! They wanted me to return the truck and trailer to Nashville. Right, was I supposed to hitchhike back home?? I secured the equipment in a locked storage yard
and said it is all yours. The point I am trying to make is there is a NO WIN to this lease purchase no matter what. The expenses are too high, the revenue too low. It is like buying a Rolls Royce to go to your part time job at Walmart. Crunch the numbers folks!!!