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Lease-Purchase Trucking: Read This Before You Sign
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Owning your truck through the carrier sounds like a shortcut to big money. Often it isn't. What to check before you sign.
In a lease-purchase deal, you lease a truck from the carrier (or its affiliate), pay weekly out of your settlements, and may own the truck at the end. It's pitched as a path to becoming an owner-operator.
Why many drivers end up earning less
- You carry the costs: the truck payment, fuel, repairs, insurance and tires come out of your pay.
- The carrier controls your freight: if loads are slow, the weekly lease payment is still due.
- Big repairs hit you: one engine or transmission problem can wipe out months of profit.
- Walking away can cost you the money you've already paid in.
Questions to ask
- What's the weekly payment, and what's the total over the lease?
- Who pays for major repairs, and is there a maintenance escrow?
- How many miles are guaranteed each week?
- What happens if I end the lease early?
- Can I haul for other companies?
A safer path
Drive as a company driver for at least a year. Learn your costs per mile. Then, if you still want to own a truck, compare lease-purchase terms with buying your own truck and leasing onto a carrier like Landstar.
A simple way to test a deal
Add up your expected weekly revenue at a realistic mileage. Subtract the lease payment, fuel, insurance, maintenance escrow, tires and permits. Divide what's left by the hours you'll work. If the answer isn't clearly better than a company driver's pay, walk away.
Signs of a bad deal
- You can't take the contract home to read before signing.
- The truck is old, but the payments are high.
- Maintenance costs are charged at rates you can't check.
- Recruiters pitch it in your first week of training.
Frequently asked questions
Do any drivers succeed with lease-purchase? Yes, especially experienced drivers who understand their costs and get fair terms. It's risky for brand-new drivers.
What's the difference from being an owner-operator? An owner-operator owns or finances their truck independently and leases onto a carrier. They can take it with them if they switch carriers.
Bottom line
Get a year of experience as a company driver, learn your true costs, and have someone independent read any lease before you sign.
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