5 lease purchase red flags you should know

Here are a couple of things to look out for before you enter into a lease purchase agreement.

Lease Purchase

Lease purchase can be an amazing opportunity to advance your career in trucking — but it is important that you find a program that’s right for you.

Before you enter into any lease purchase program, here are 5 warning signs you should know.

  1. You don’t understand the terms of your lease. Lease purchase can be incredibly complicated, but it is important that you understand every aspect of what is expected of you in terms of maintenance, fees, and payments before you commit. You need to read and understand all of the fine print. Period.
  2. The penalty for missing a payment seems excessive. Trucking is unpredictable and it is possible that you could miss a payment due to an unforeseen circumstance. Make sure that the penalty for missing a payment seems fair before you sign on.
  3. The company doesn’t want you to get a second opinion. You should be free to consult a lawyer or other expert before you sign on to a lease purchase program, so be wary if the company seems hesitant to let you do so.
  4. They’re rushing you. If anyone pressures you to make a lease purchase commitment before you have all of the information, walk away.
  5. You’re not sure you’ll be able to get enough miles to make your payment.

Finding the right lease purchase program is an important step in advancing your trucking career and there are great opportunities out there!