Lease purchase programs are becoming more and more popular amongst truck drivers.
What is a lease purchase program? Moreover, how does the lease purchase program works?
Well, most successful trucking companies nowadays have started implementing this type of programs, which in fact is a combination of elements of a traditional rental agreement and the right to later on purchase the truck.
The lease purchase contract is way too different from the regular lease.
In general, the lease purchase contract can be structured in two parts.
The first part represents the lease term, whereas the second one represents the contract of the sale.
Thereupon, what makes the lease purchase programs so attractive to truck drivers, especially to rookie truck drivers, is the fact that at the end of the lease term, the truck driver will have the option to purchase the truck.
Hence, the lease purchase contract might include a fee as well a monthly payment.
So, if you are looking forward to buy a truck, I would suggest you to take the lease purchase program into consideration first.
Further in this article you will have the chance to read all important details about the lease purchase program, as well as which the 10 best lease purchase trucking companies in the USA are.
Let’s take a look!
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How A Lease Purchase Program Works
You are not familiar with the lease purchase program that trucking companies are offering?
Well, you will not have to worry about it anymore, because in this sub-heading I will reveal you how the lease purchase program works.
In general, if you are looking forward to buy a truck, you should know that the lease purchase program can relatively lower your upfront costs, and by that lower the monthly truck payments.
Thereupon, once a truck driver signs this type of contract he will have the chance and the right at the end of the contract to purchase the truck.
As well there is the option to return the truck to the company that you have leased the truck from.
So, the most common lease purchase contract are being formed for a term between two and four years.
Moreover, truck drivers should be as well informed about the fact that the residual value of a leased vehicle is being determined at the very beginning, when one is signing the lease purchase contract.
Yet, although truck drivers find this type of contracts highly attractive, still, they should gather as much information as they can in order to take their advantage when signing a contract with a lease purchase trucking company.
Types Of Lease
The lease purchase program comes in few types.
When one is signing a lease purchase contract with a lease purchase trucking company he/she will have the choice between a capital lease and an operating lease.
The capital lease is the type of lease that includes the liability as well as the asset for the lessee.
On the other hand, the operating lease includes expenses that are kept off of the books. With this type of lease the truck driver assumes no role in the ownership of the truck.
Truck drivers should take into consideration both typed of lease.
How Can Truck Drivers Purchase Their Leased Vehicle
Once the lease purchase contract comes to an end, the person who has signed this contract will have the opportunity to purchase the truck from the lease purchase trucking company, or to simply return the truck to the trucking company.
Still, this decision is no simple.
Except in the situation when the truck driver who has leased the truck is satisfied with the performance of the truck and wants to keep it.
Truck drivers who will want to purchase the truck at the end of the lease purchase contract should have accurate pricing information so that they will be in the situation to make an appropriate offer to the lease purchase trucking company.
Later on, you should not be surprised if the lease purchase trucking company declines your offer.
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It might be due to the fact that you have set a price which is lower than the one that they have determined that their truck is worth for.
Nevertheless, you should try to make the lease purchase trucking company an offer and save more money.
Lease Purchase Programs for Commercial Vehicles
Lease purchase programs are ideal both for truck drivers who want to purchase an affordable truck, as well as for businesses that need more commercial vehicles.
The best lease purchase trucking companies in the USA are usually leasing in volumes.
Moreover, the ones who want to take the advantage of the lease purchase programs should make an informed decision with whom they are working with for the commercial lease.
If you make an informed decision, you might find yourself in a beneficial situation where the lease of the truck will come with no mileage restrictions, a high residual value, as well as no wear and tear conditions.
Which means that some commercial vehicle lease companies can allow you to install additional equipment on the truck during the lease period, as well as to paint it or put decals without penalty.
Hence, lease purchase programs for commercial vehicles should have a set value at the start of the lease.
1. JB Hunt
JB Hunt besides being one of the leasing trucking companies in the USA, it has as well become one of the 10 best lease purchase trucking companies.
This trucking company is part of the trucking industry for a long period of time, which straight proportionally means that they know the interests of truck drivers, as well they are well aware what can attract more and more truck drivers to join the trucking industry in this time when the trucking industry is in lack of truck drivers.