We have often discussed the abuse and scam of the owner operator lease purchase program as practiced by many trucking companies. Although there are companies that have excellent lease purchase options for the owner operator wannabe, studies have shown that the failure rate for this program is extremely high. Those who fail in this option are often referred to as not being business savvy, thus the reason for their failure. I contend, that the owner operator lease purchase plan, as offered through a large majority of companies, is completely designed for the drivers’ failure.
A few years ago I stumbled on a report by a third-party service which had actually collected data on this issue. According to their research, this program showed to have an 87% failure rate. Finding that report again, or any other such data on this matter has proven to be impossible. Therefore, we would like to attempt in conducting our own survey into the success or failure rate of these most commonly known trucking companies and their lease purchase options.
We will let it run for a long period of time so to collect as many responses as possible, in order to reach as fair of a conclusion as possible. Although it is not 100% scientifically sound, perhaps we can gather more recent and current stats on this issue which has always been a big problem for the industry.
© 2009, Allen Smith. All rights reserved.