Using a Ryder Truck Leasing to expand your trucking fleet is very popular. Trucking companies build their empire in partnership with Ryder Truck Leasing.
Not just Ryder Truck Leasing but also other big truck lease companies such as Penske gained a lot of popularity among trucking companies.
Continually, there are some pretty obvious reasons for that. That happened simply because those companies are very good at what they do.
Besides complying with the DOT and DOL regulations, they provide all kind of service to match all the needs of the trucking industry.
Over the years, the profit in the trucking industry is going down and it is now more competitive than ever.
For that reason, a transition has happened and focus switched from equipment to provide a better service.
Moreover, the equipment is taken for granted and if you want to have a one-stop shop for all of your equipment needs, truck lease companies seem as the perfect ones.
Continually, they comply with the following:
- Better Business Bureau (BBB)
- Transportation Security Administration (TSA)
- Bureau of Labor Statistics (BLS)
- Department of Motor Vehicles (DMV)
What is Ryder Truck Leasing?
Ryder is a company considered as one of the market leaders in the US when it comes to truck lease, sales, and rental business.
Incorporated in 1933 in Miami, Florida and having more than 33.000 employees indicates one of the giants of the US economy and one of the brightest stars of US trucking industry.
With $5B of annual revenue and more than 40.000 vehicles in their fleet Ryder portrays a rock-solid foundation in building a successful trucking business.
Now that you got the idea what is Ryder and how big they are, I’d like to go into more details about their truck lease and rental program that most of the trucking (especially long haul) companies are using.
When you start thinking about leasing a truck from Ryder, in most cases trucking companies operating long-haul semi-trucks (class 8 trucks) will think about getting a brand new or almost a brand new 18-wheeler truck in exchange for certain monthly payment.
And that is correct, this is exactly what Ryder is doing. They will offer you a brand new Freightliner Cascadia or Volvo at competitive monthly payment with in most cases maintenance and warranty (extended sometimes) included.
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So basically, you’ll get a brand new truck, brand new, with maintenance plan included and warranty covered.
This way you can calculate your monthly costs in the future and focus only on finding good loads and good truck drivers.
Everything sounds great. And it is, but sometimes it is not.
Therefore, read carefully the next few paragraphs and learn what you can expect and how to prepare for the situations that might drive you crazy sometimes.
What are Ryder Truck Leasing Rates?
Rates as in everything you see in trucking industry can vary. There is no simple answer for this. But let me share my experience and this could generally be your guide in terms of what to expect.
For a brand new Volvo VNL 670 or Freightliner Cascadia you can expect monthly leasing (3 to 5 years based) rates in the area of $2500 – $2700.
This includes the full warranty as all brand new trucks come with it anyway.
On top of that cost, you can add your maintenance plan and sometimes, there is some maintenance plan even included in this price.
But this price is only for the truck (tractor) and the trailer is not included in this. Add around $550 – $600 monthly for the trailer and you just passed $3k.
But this is just the orientation. Depending on a truck cabin, the mentioned prices can vary.
For instance, for the engine configuration, equipment, leasing duration, maintenance plan (is it full or partial) and the number of units you want to lease.
Use this number just to determine is this something your trucking company can afford to pay or not.
What is the Real Ryder Truck Leasing Cost?
Yes, sometimes the real and advertised cost can be different. Not just sometimes, I’d say in most of the cases.
So, it is very important to ask what is the total cost and what has included the monthly payment fee that is advertised.
Some of the costs that are not included in monthly payment fee can be these:
- down payment required for every truck
- approval fee or agent fees
- certain insurance fees and expenses
- closing fees
- additional vehicle equipment
By summing up all the costs mentioned above, we are getting the real cost of the Ryder truck leasing.
That cost as you can imagine is higher than just the vehicle monthly lease fees. It is worth mentioning that in some situations you can negotiate the price of the lease or the entire package.
If your trucking business and/or personal credit score is OK there is a big chance you can negotiate the truck lease even without any down payment required.
In some cases, they will ask for some down payment because you are a new customer for them.
Also, you might face a limit in a maximum number of trucks allowed to lease.
This is also usually set for new customers for the first year only.
Check For All Hidden Fees
One of the tricks sometimes used by truck lease companies and Ryder is not different. Actually, when talking about this I need to be honest that Ryder is really a great company.
But sometimes sales reps have a strong wish to sell and reach their monthly/quarterly plans and create a situation where they over-promise something.
Simply pushing too hard and trying to sell at all cost is not something Ryder trained them to do. But still, some sales reps are quite aggressive and try to do it on their own.