By: Allen Smith
On November 9th, 2009 we began our Owner Operator Lease Purchase Program survey, in order to collect data on this issue which has caused many drivers to fail within the trucking industry. I have always proposed that this program is one that is designed for the truck driver to fail, having noted that past studies have shown that this lease purchase option resulted in an 87% failure rate for drivers.
I will continue to let this survey run further, to collect as much data as possible. Consisting of ten questions, as of today, the following are the results of our truck owner operator lease purchase program survey:
- Was the Owner Operator Lease Purchase Program you were under require any money down or credit check?
YES – 30%
NO – 70%
- Were you given the opportunity to choose the truck of your choice, or did the company choose for you?
Driver Choice – 52.5%
Company Choice – 47.5%
- Which of the choices below best describes the amount of gross income the company said you would be able to make as an owner operator under their lease purchase plan?
$35,000 to $45,000 per year – 7.7%
$46,000 to $65,000 per year – 15.4%
$66,000 to $100,000 per year – 38.5%
Over $100,000 per year – 38.55%
- What was your ACTUAL gross income?
Overall Average – $36,545.77
- How many miles did the company say you would average per week as a lease purchase owner operator?
Overall Spread – 1800 to 5000
- What were your ACTUAL miles per week average?
Overall Average – 2000 to 2739
- How would you rate the company’s overall support system, in assuring your success as an owner operator?
Excellent – 2.6%
Very Good – 15.4%
Good – 7.7%
Poor – 59%
No Support at all – 17.95%
- Overall, how mechanically sound was the truck you were placed in?
Excellent – 7.5%
Very Good – 22.5%
Good – 27.5%
Poor – 27.5%
Piece of junk – 17.55%
- Once started, how soon thereafter did you experience your first serious mechanical/safety issue with the tractor?
Overall Average – Within 4 months
- Based on your experience, what is your overall view on these “No Money Down – No Credit Check” Owner Operator Lease Purchase Programs?
Legitimate – 11%
Scam – 57%
Don’t Know – 32%
Our survey for the trucking industry’s owner operator lease purchase program will remain open. If you have been involved with one of these lease purchase deals, please take the survey. We will continue to update on its progress.
Furthermore, we are working “behind the scenes” to move forward with our Stop False DAC Reporting petition. Signatures received thus far: 1,243. An update to this important issue will be noted at the appropriate time.
Truth About Trucking, LLC
© 2010 – 2014, Allen Smith. All rights reserved.