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WHY WE PROVIDE ONE OF THE BEST PROGRAMS FOR TRUCK LEASE PURCHASE

WHY WE PROVIDE ONE OF THE BEST PROGRAMS FOR TRUCK LEASE PURCHASE

Here’s a short excerpt from the article “Why We Provide One of the Best Programs for Truck Lease Purchase”:

“At our company, we understand the aspirations of aspiring trucking entrepreneurs and the challenges they face in acquiring their own commercial vehicles. That’s why we take pride in offering one of the best truck lease purchase programs in the industry. Our program is designed to empower individuals looking to own and operate their own trucks, providing them with the resources and support needed to succeed in the competitive world of trucking. In this article, we will delve into the key reasons why our program stands out, from flexible financing options to comprehensive support, all aimed at helping you achieve your dream of truck ownership and business success.”

طوبیٰ Tooba 9 months ago 0 0

WHY WE PROVIDE ONE OF THE BEST PROGRAMS FOR TRUCK LEASE PURCHASE

One of the main methods for a company driver to advance in their career and become an owner operator is through vehicle lease purchase programs. As an owner operator, they can start their own business, earn more money, own the truck they drive, and have some scheduling flexibility.

Upon joining a lease-purchase trucking company, truckers are automatically converted to owner operators. This implies they profit from the start for the owner operator, but they also have to pay for the owner operator’s out-of-pocket expenses, such as vehicle payments.

No matter how high the firms claim their CPM is for owner operators, the terms and lack of consistent work they give their lease-purchase drivers at other truck leasing companies can sink a driver rather quickly.

However, with our truck leasing program, we’ve made an effort to put together a practical package that benefits PAM as well as drivers.

  • There are no additional charges for Qualcomm or renting a trailer.
  • It has some fantastic benefits to cut costs, like shop rates and corporate fuel eligibility from PAM.
  • Throughout their leases, we provide our lease drivers with decent, consistent work. Since PAM also produces money when the wheels are turning, we encourage our drivers to work as hard as they do.

But when it comes to the financial benefits of leasing with PAM, that’s only the top of the iceberg. We are pleased to provide our brand-new, affordable lease options for our 2018 trucks. Drivers now have a choice between fully equipped 2019 and 2020 trucks and 2018 trucks, with weekly rates for lone drivers as low as $379.

This is a summary of the operation of one of the top truck lease purchasing programs available: the PAM Overdrive Lease Program.

LOW MONTHLY PAYMENTS PLUS REGULAR MILES

First, let’s compare the price of leasing a truck from PAM to the price of leasing a truck from other truck lease purchase programs.

The majority of other businesses lease trucks for $700–$1200 a week for newer vehicles or $1,100–$1,200 for older versions. Their truck lease buy initiatives essentially aim to profit off the driver lease contracts at these prices.

Bottom line: We’re not here to profit on the backs of our drivers. We only make money if the trucks are on the road, in which case our drivers do, too.

We may place you in low-mileage trucks that are no older than two years. You are allowed to inspect every truck in our yard, including the ones you want to drive away in, by popping the hoods, kicking the tires, and checking the odometers.

You can choose to buy it out or sell your truck after its useful life is over. No obligations exist. 

NO HIDDEN COSTS, UNLIKE OTHER TRUCK LEASE PURCHASE PROGRAMS

So, you’re probably thinking, “Okay, so they’re charging for other stuff to make up the difference if PAM is giving its drivers sweet deals on their leases.” That isn’t true at all.

Let’s examine several areas where competing carriers impose additional costs on drivers participating in their truck lease purchase programs and see how PAM manages these matters in a unique way.

No Qualcomm Fees

For PAM lease drivers, there is no hardware rental charge from Qualcomm. We provide you with a Qualcomm so you may work, but the onus is on us. Additionally, there are no Qualcomm usage fees. You won’t ever have to pay a cent for your Qualcomm device unless it breaks.

No Trailer Fees

We also don’t impose any fees for renting trailers. Some charge $15 to $50 a day to drivers in their vehicle lease buy schemes.

Additionally, we cover the cost of repairs if something on the trailer you’re towing breaks, like a light or a tire. You shouldn’t have to worry about it because it’s not your property.

No Cargo Insurance

From our perspective, the trailer and its contents are our financial obligation. As a result, our drivers are exempt from cargo insurance costs. We take care of it. That’s a good thing too, because the monthly cost can reach $200.

STANDARD OWNER OPERATOR EXPENSES

Before you become a lease-purchase driver, you should be aware of the increased expenses that come with becoming an owner operator if you have spent your whole driving career as a company driver. These apply not only to PAMs but to all vehicle lease purchase programs.

Fuel

Let’s start with fuel. It is your expense. It’ll also be your largest outlay of funds. The good news is that PAM corporate rate diesel may be purchased at any of our preferred fuel stops. Alternatively, look around to get the greatest deal possible.

Insurances

Having your own truck necessitates having liability insurance. Bobtail insurance and bodily damage insurance are the two kinds you’ll require. When towing a trailer, physical damage insurance functions similarly to auto insurance. You are protected by bobtail insurance when operating a tractor without a trailer.

Additionally, as an owner-operator, you are essentially running your own business, thus you are required by federal law to pay for your own occupational accident insurance, which is essentially worker’s compensation insurance.

Additionally, the business you are transporting freight for will not provide you with health insurance. It will need to be purchased by you.

Licensing, Permitting & Use Tax

In addition, you will be responsible for covering the cost of your own permits, licenses, and federal use tax as an independent contractor or business owner.

However, we make things simple for our lease drivers by covering the cost of their permits and licenses up front. We then return it to you at a weekly interest-free fee of $50, withholding this amount from your settlements as we go.

Last but not least, you will also be required to pay the $550 annual Heavy Highway Vehicle Use Tax to the IRS as an owner operator. We pay it forward for you and then deduct $20 every week until the balance is settled.

Maintenance & Repair

It is your responsibility as a truck leasing holder to maintain and repair your tractor. You are accountable for all upkeep and repairs.

We keep an escrow account open for each of our lease drivers to cover repair expenses. You can use the money that is placed into that account to cover any maintenance or repairs; $0.06 per mile is subtracted from each settlement. Your money is allocated to your tractor exclusively; it’s not a pooled account.

PERKS TO MINIMISE EXPENSES

At PAM, we’ve put certain plans in place to assist our lease purchase program drivers in cutting costs. Additionally, we enjoy giving them advice on how to manage their new companies to maximise their own earnings.

Get Our Corporate Fuel Rate

Fuel will be your largest expense as an owner operator, as we just discussed. We’ve set things up so that our drivers may fill up at any of our recommended fuel stations and use the PAM corporate rate to assist them save on that expense.

Use Our Shop Rate for Maintenance and Repairs

The same holds true for upkeep and repairs. Our lease purchase program drivers receive our corporate rate for all services, including labor and parts, but they are free to go wherever they like. However, you can easily save thousands of dollars by having repairs done at one of our locations.

Write Off Expenses on Your Taxes

Let’s discuss taxes last. If you are a company driver, your employer will simply take money out of your paycheck before cutting it off for you.

However, as an owner operator, taxes will not be deducted from your cheque. It will be up to you to file your taxes. If you’re careful, you can write off a sizable portion of your annual expenses as being related to your job, which will lower the amount you owe the government. Your truck-related expenses, such as fuel, lease payments, and repairs, are all covered.

A LEASE PURCHASE PROGRAM YOU CAN COUNT ON

Are you still dubious now that we’ve gone over the characteristics of our vehicle leasing program? Simply inquire about the wellbeing of any of our lease drivers. We’ve only experienced 16.3% turnover in three years. And that includes those who completely gave up driving or lost their driving privileges due to bad choices like unreported collisions or failed drug tests.

Because of what? Yes, it’s a fantastic program. It is genuinely intended to support our drivers’ success and advancement in their driving professions. Sadly, this isn’t always the case with vehicle lease buy schemes.

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