TRUCK POWER SEMI TRUCK LEASING FAQs
WHEN DOES IT MAKE SENSE TO LEASE A TRUCK INSTEAD OF BUY?
To begin, ask yourself: are you planning to stay with your current carrier until the truck is paid off?
If your answer is NO, the you should consider being a company driver or you should try to buy the truck yourself so you can move the truck to another carrier, if needed. *
If the answer is YES, then semi truck leasing could be a good choice for you. It allows you to preserve cash reserves, gives you the ability to upgrade into a new truck more frequently, and this option also places the risk of obsolescence and declining truck values on the Lessor.
- Driver will need to have a 10 to 20 percent deposit for bank financing, a FICO credit score that exceeds 650 as well as other criteria specific to the lender (past truck purchase, etc).
IS A DEPOSIT REQUIRED FOR SEMI TRUCK LEASING?
Yes. Deposits can vary depending on the program, the age & value of your truck & your credit situation. However, lease deposits are often more affordable than the down-payments needed to buy a truck.
HOW ARE SEMI TRUCK LEASING REPAIRS & MAINTENANCE HANDLED?
Your lease will require a maintenance contribution based on your mileage (cost per mile). Truck Power Leasing is positioned to assist you in controlling your maintenance & repair costs. We understand the repair process and our focus is to improve your efficiencies. That’s why we focus on warranty and standard repair times as well as keeping diagnostic time and downtime to a minimum.
HOW ARE SETTLEMENTS HANDLED?
All semi truck leasing payments will be deducted from your Carrier settlements. A two-week grace period is granted before the first Lease payment is made however, Maintenance deductions begin the first week of the lease.
WILL THE TRUCK BELONG TO ME AT THE END OF THE SEMI TRUCK LEASING CONTRACT?
That is up to you! There are several “end-of-lease’ options, including:
- Walk Away: you will not own the truck, however, all maintenance funds remaining after the truck is brought to “trade terms” will be paid to you after 45 days. PLEASE NOTE: If you terminate prior to the last day of the lease, you will forfeit all maintenance dollars.
- Pay-Off: you can arrange to pay the residual amount due at the end of the contract and you will receive the title of your truck.
- Trade-In: most of our lessees find it beneficial to replace their truck at this point. We determine the market value for your truck and we get you into a new truck complete with new warranties, new technologies, and better fuel economy.