Purchase Programs Operate in Trucking?

Select One, Inc., is a McCook, IL, freight transport and logistics enterprise with a commitment to superior service. Maintaining a dedicated fleet of late-model tractors with reefers trailers, Select One, Inc., offers contracted drivers lease-to-purchase deals that combine competitive financing with full logistics support.

Lease purchase programs enable independent truck drivers to ultimately become owner-operators. A lease purchase truck driver holds the same basic responsibilities as a company driver. These include delivering a set quota of freight to a specified destination on time and following the safety protocol of the contracting company.

In general, the amount paid for this work is at the higher owner-operator rate, which is designed to accommodate the driver’s fuel, insurance, and repair and maintenance costs. This allows the driver to make agreed-upon lease payments on the vehicle, through the carrier.

One thing to be aware of is that lease operator and lease purchase programs are not the same. The former typically do not have any money-down requirements, and the vehicle is returned to the carrier after the contract ends. Lease purchase agreements, on the other hand, typically involve a substantial down payment coupled with higher continuing payments. The long-term benefit of this more capital-intensive approach is full ownership of the truck when the contract ends.