Lease-purchase programs are offered by carriers and by leasing companies. Some are fair paths to ownership. Others charge high weekly payments, a large final payment and fees, with terms that make it hard to finish the lease.
Add up the whole cost
Multiply the weekly payment by the number of weeks, add any down payment and the final balloon payment, and compare that total with what the same truck sells for today.
Questions to ask
- Who pays for maintenance and major repairs, and is there an escrow or maintenance account?
- What happens if you miss a payment, get hurt or want to leave early? Do you lose everything you paid?
- Can you haul for other carriers, or only for the leasing carrier?
- How many miles or loads are you guaranteed, if any?
- Are insurance, plates, permits and fees included or extra?
Read it with help
Have an attorney or a trusted advisor read the agreement before you sign. A deal that cannot survive a few questions is not a good deal.
Our lease-purchase cost check adds up the total and compares it with the truck's value.
General information, not legal or financial advice.
This article is general information, not legal, tax or regulatory advice. Rules change; confirm current requirements with the responsible agency or a licensed professional.
