Many drivers want to live the American dream of being independent, having their own rig, selecting their own specs, managing their own business and having it their own way,” says Mike Norder, a spokesman for Schneider National.

“Lease-to-own programs can be a way to achieve that independence, but drivers have to be acutely aware of all the implications of the agreement they’re signing,” he points out. “Otherwise, being independent can feel more like being indentured.”

That is a pretty strong warning, but then taking the first step toward being an independent owner-operator is a decision major enough to warrant some extra care. Just for starters, signing a lease-to-own agreement does not make a driver suddenly independent, suddenly free. Instead, it is truly a first step, a commitment to oneself to begin the process of achieving real independence by successfully operating and building a business over time.

If you’re contemplating participating in a lease-to-own program offered by a fleet, here’s a checklist designed to help you in your decision process.

FINANCES:

• No matter how “good” the deal is, can you afford to do it now? How much cash is required up front? ‘What are the monthly payments?

• Who owns the truck at the end of the agreement? Is it really a lease to purchase, or are you actually signing a lease just to use the truck?

• What expenses will you have as an owner-operator that you don’t have now?

• How much will you have to earn every month to have enough money left over for business costs such as insurance, taxes, medical coverage, and emergencies?

• Can you drive as many miles per month as it will take to meet all your financial obligations? Do you want to do that?

• If you can afford to participate in a lease-to-own program, is it really your best business option— or would you be better off in the long run financing a truck through conventional channels? Might you actually end up taking home more money as a company driver?

• What happens to your deal if the carrier decides to get out of the lease-to-purchase business, sells out to another fleet or even declares bankruptcy? Would you be protected?

FREEDOM:

• What will the fleet require from you in exchange for their truck purchasing assistance? Even if you’re “sold” on the deal, compare their program to what other fleets are offering. If you still want to move ahead, read and understand every word of the lease-to-purchase agreement before you sign it.

• If you change your mind and want to move to another fleet or just get out of the trucking business entirely, what options are available to you? What are the penalties for opting out?

• What happens if you miss a payment? If you miss more than one?

• Do you really want the paperwork and responsibility that come with owning your own business?

SUPPORT:

• What support services are available to you as a program participant? Will you have access to discounted fuel, parts or maintenance services, for instance? How about insurance? Are financial and business management counselors accessible to you when you need them?

• How does the carrier treat owner-operators and drivers generally? Do you and your fellow drivers get the respect and courtesy you deserve?

• Are you working with a qualified financial advisor or are you working with someone whose “real job” is recruiting or dispatching or something else? Do they have trouble clearly explaining the details of the program to you? Even if they are a “nice person,” do you feel confident entrusting them with your future?

• What do other drivers say about the program?

• Does your family share your enthusiasm and are they prepared to stand behind you?
  Owner-operators play a critical role in trucking, and this list is not intended to discourage drivers from joining the ranks of the independents.
  On the contrary, it is offered to help illuminate the way ahead, especially that first thrilling, really big step of purchasing your own truck.