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WHY WE HAVE ONE OF THE BEST TRUCK LEASE PURCHASE PROGRAMS
Lease Purchase Programs (LPP) are one of the main ways a company driver can take the next step in their career to becoming an owner operator, which allows them to make more money, own the truck they drive, and start their own business.
When drivers enroll in a LPP, they are immediately reclassified as owner operators. ÂThat means they make owner operator pay from the get-go, but it also means they have to cover owner operator expenses, including truck payments.
With the truck lease purchase programs some carriers have put together, the terms and the lack of miles they give their LPP Drivers can sink that driver pretty quickly.
With our Lease Purchase Program though, we've tried to put together a realistic package that is a win-win for both the drivers and the company.
For one,Âthe monthly payments are minimal (as low as $250 a week).
Second, there aren't any hidden costs, and no trailer rental fees.
Third, it's got some great perks to minimize expenses, such asÂeligibility for Metro's Corporate Fuel and Shop Rates.
Lastly,Âwe give our lease drivers good, steady work throughout their leases. We want our drivers working just as much as they want - because that's when Metro makes its money too.
Here's a rundown of how theÂMetro Lease Purchase Program - one of the best Truck Lease Purchase Programs in the business, works:
Low Monthly Payments Plus Regular Miles
Let's start off by looking at the costs of leasing a truck from Metro vs. what a truck will run you with other LLP's.
Most other companies lease a truck at $750Â-$800 a week for older models or $1,100-$1,200 per week for new equipment. At these rates, the goal of their LLP is really to make money off the lease contracts with the drivers.
Bottom line: We're not here to profit on the backs of our drivers. ÂWe only make money if the trucks are on the road, in which case - our drivers make money too.
We put you in trucks that have been well maintained and with low miles. Feel free to check the odometers, lift the hoods, and kick the tires on every truck in our yard - you get to pick the one you'll drive away in.
Once your lease term is completed - You OWN the truck, along with any unused maintenance escrow in your account.
No Hidden Costs, unlike other Lease Programs
So you're probably thinking: OK, if Metro is cutting its drivers sweet deals on their leases, they're probably charging for other stuff to make up the difference. That's simply not the case.
Let's take a look at some of the areas where other carriers add on expenses for drivers enrolled in their LPP'sÂand talk through how MetroÂhandles these items differently.
No Trailer Fees
We also don't charge trailer rental fees.
Some companies charge drivers in their truck lease purchase programsÂanywhereÂfrom $15 to $50 a day.
Fuel
First off, there's fuel. You pay for it - And it will be your biggest expense. The good thing is, you can buy diesel at any of our preferred fuel stops at the Metro Corporate Rate. Â-Â Or, shop around and find the best price you can.
Insurance
As far as we're concerned, the trailer and what's in it is our financial responsibility. Therefore, our drivers don't have to pay cargo insurance. We cover it for you. Good thing, too, since it can be as high as $200 a month.
When you own your own truck, you have to carry liability insurance. You will also need physical damage and bobtail insurance. Physical damage insurance protects your truck and trailer if they are damaged. ÂBobtail insurance covers you anytime you are driving the tractor without a trailer.
Also, because you're effectively your own business as an owner operator, the federal government requires you to pay your own Occupational / Accident Insurance (basically your worker's compensation insurance). At Metro, we already have a program in place for your Occupational / Accidental Insurance.
And you won't receive health insurance from the company you're hauling freight for. You'll have to buy it yourself. At Metro, we have partnered with a company that provides a Great Health Insurance Policy for our Owner Operators at an affordable price.
Licensing, Permitting & Use Tax
As a contractor or independent business owner, you'll also have to pay for your own licensing and permitting, as well as a federal use tax.
At Metro, we make it easy for our lease drivers, by paying their licensing and permitting fees up front. We then charge it back to you at $50 per week, interest free, deducting this amount from your settlements as we go along.
Lastly, as an owner operator, you'll also have to pay the IRS's Heavy Highway Vehicle Use Tax, which is $550 per year. We pay it up front for you and then charge it back at $20 per week interest free until it's paid off.
Maintenance & Repair
As a truck lease holder, you'll pay for your tractor's upkeep and repairs. All maintenance and repairs are your responsibility.
THE METRO DIFFERENCE: To handle repair costs, we maintain an escrow account for our lease drivers. Each week, $0.25 per mile is deducted to pay for maintenance and repairs. It provides you the Peace of Mind that you won't have to pull money out of your own pocket to keep your truck running. All unused maintenance escrow will be given to the Lease Driver upon completion of the Lease Term.
Perks to Minimize Expenses
At Metro, we've made some arrangements to help our LPP drivers minimize expenses. We also like to advise them on running their new businesses so they can keep the most money in their pockets.
Get Our Corporate Fuel Rate
As we mentioned above, your biggest cost as an owner operator is going to be fuel. To help reduce that expense for our drivers, we've negotiated with Pilot/Flying-J so you can fuel-up using the Metro Corporate Rate.
Use Our Shop Rate for Maintenance and Repairs
Same thing goes for maintenance and repairs. We give our LPP drivers a discounted rate of $95.00 per hour on all work but you are free to go wherever you want. However, since the dealerships are charging $140.00 per hour - getting repairs done at our shop can literally save you thousands of dollars.
Write Off Expenses on Your Taxes
Lastly, let's talk about taxes. Working as a company driver, any company you work for will simply deduct what you owe the government from your check before it is cut.
But when you're an owner-operator, your check won't have any taxes taken out. You'll have to file your taxes yourself. ÂÂÂIf you're smart about it, you'll deduct a lot of what you spend during the course of the year as work-related expenses, which will reduce what you owe the government. ÂAnything you pay for related to your truck included lease payments, fuel, and repairs is eligible. At Metro, we have partnered with Equinox to help you prepare you tax return.
A Lease Purchase Program You Can Count On
Now that we've run through our LPP features, let's look at an example so you can see how it works and get a sense of how much money you'll have in your pocket at the end of the work week.
At METRO, our Cents per Mile (CPM) is $1.32 for OTR owner operators - Plus a fuel surcharge, which is based on the DOE average each week and is paid on all loaded miles.
Let's play it conservative and say you're running 2,350 miles a week at that rate, which is pretty low, and that diesel costs $0.44 per mile, which is on the high side of the going rate. Here's how you're take-home would shake out if you took a lease at $250 per week.
Sample Weekly Settlement for an OTR Metro Lease Driver
REVENUE
Â
Â
CPM
2,350 miles x $1.32
$3,102.00
Fuel Surcharge
2,350 miles x $0.28
$658.00
EXPENSES
Â
Â
Lease Payment
Â
$250.00
Fuel
2,350 miles x $0.44
$1,034.00
Maintenance Escrow
2,350 miles x $0.25
$587.50
Heavy Highway Vehicle UseÂTax and Plate/Permits
Â
$70.00
Prorated Required Insurance, excluding health insurance
Â
$120.00
WEEKLY TAKE-HOME PAY
Â
$1,698.50
UNUSED MAINTENACE ESCROW WILL BE GIVEN TO LEASE DRIVER AT END OF TERM!
Click here to see the list of available trucks!
That's over $88,000 a year - (On a conservative 2350 miles a week). ÂNot bad!
It's a great program. It really is designed to help our drivers succeed and to take the next step in their driving careers. Unfortunately, that's not true for many truck Lease Purchase Programs out there.To learn more, fill out the form: Âhttps://intelliapp.driverapponline.com/c/metroexpediteÂand one of our Lease Program Coordinators will reach out Or, callÂ(423) 745-8100 x8101 or 813-777-6945 (General Manager)Âto speak with us during normal business hours.
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