Prime Inc tanker - How does leasing work? 

A clarification on the tank washes ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-TwP2VlGZiWg.html

some people just don't understand a lease! it is a way for a person to get into a brand new truck with all the warranties. these people wouldn't be able to walk into a bank and do that. Most people! the truck is a tool. you more than likely will never own it, but every 3-4 years you can always get a brand new truck. if you are smart with your money and go into it with a plan then yes you can make money. Breakdowns are always going to happen in a new or used truck, but there are excellent warranties on new trucks compared to a truck that is 10 years old and needs a $20,000 fresh overhaul with papers. a lease isn't for everybody, but for the individual who is ready to improve his quality of life and needs some help with financing a dream which he could otherwise accomplish I think it's a great idea. I would much rather take the risk of leasing a Brand new truck with company support than buy a truck that is 10 years old. A lease is a good way to get your feet wet and find out if you want to be a true Super Trucker. I'm not hating. I'm just open minded! yall be safe and God Bless all of you!!!

Thanks a lot for sharing. I appreciate it a lot because a lot of people don't want to talk about pay or lie about what they make. Im glad you made this vid and went into detail

This was the best video I've seen on this subject. Thank You! Good Work!

Great video buddy, best one Ive seen on this subject so far. Prime is very transparent on those settlement sheets. My boss keeps all freight rates a secret. Im a company tanker driver non hzmt, dry bulk (no washouts) same product every time and im at 39.5 cpm for all miles + 40 to load and 40 unload. Seein as your freight rate is about 2.76 or so then 71 % I know where Im at.

Thanks for the breakdown on lease. Im coming to Prime next month in this video was very informative

Hey man thank you so much I am currently in school to get my cdl and was looking around about leasing info and this was so informative. Thank you

18 or 19 pages holy cow sounds like they have alot of people working in accounting! Thanks for making this video! Learned alot!

Holy crap, have you done radio before! Love the vids man.

Great Video, with a lot of information that you broke down... Thanks for taking the time to help other people out!!!

thank you sir for detailed description , i run flat bed for boyd, been thinking about doing lease purchase and this help explain some things , i know each company is different but over all good information to know about , truck number 8559 is me if you ever see me roaming around , 2014 white pro star with boyd livery

Thank you for breaking all this down, I'm considering joining Prime and I'm trying to figure out how the whole thing works. I appreciate the info.

Thanks for the video. I am currently TnT with Prime and am seriously considering leasing in the Refrigerated division. This is the best video yet that breaks down the actual settlement. I know that OTR vs Dedicated is different so maybe these questions don't apply but 1). How did you determine your operating costs per mile and 2). What is your utilization rate and how does that compare to the average ? Thx for the great info on the vids.

Amazing video John. Thank you for explaining it all. ill be starting orientation on 6/4

I'm a brand new trucker and I'm coming to prime in a couple weeks as a tanker driver .... I have family driving for prime in diff divisions and I've been working in education for the past 13 years .... I was nervous about coming into trucking and trying to decide if I wanted to lease or go company .... your videos have given me alot more confidence coming into the business and I'm considering even more into becoming a lease operator .... I know it's one of those things until you get into it you'll never fully understand .... if you have any tips to give a new guy I'd greatly appreciate it .... you've been a huge help and I look forward to more of your videos

Thanks for the great vid...I was looking all over the place for a plain explanation on how a lease works. I am considering a lease and any information is good...thanks again and be safe out there "Driver"!

this answers my question firmly on weather I should go lease or remain company. well explained 🖒🖒

I figured hauling tank would be better money. But hell thats better money than I make a week on 40 hours pipefitting after union takes their part. This is something I'm looking forward to as Iam switching careers to trucking. Thanks this is good insight on what I want to get into. Dad and uncle are owner ops.

This one put me ahead of the curve. The numbers make sense now

Best explanation yet on how the $$$ stack up between company and leasing settlements. I could be wrong but I do believe the taxable rate for a company driver will be a little less than 30% since their income is less than a self-employed driver who may initially pay a higher tax on revenue before their income is adjusted for taxable deduction. Again, this was very helpful.

thx for video,,my son,two brothers and myself as truck drivers...you explained very well..

Well done great information thanks for sharing, stay safe out there and keep us posted

Well done video, sir. Much appreciated.

Great information and video. Thank You for sharing. The only questions that I have is how much is the insurance for your truck, what is the amount of coverage you carry, comp and collision?, and what is the deductible?

That’s not to good . I trucked from 73 to 08 so l have seen Prime when they were Midwest express ( nick name dollar) .First don’t buy a job! Get financing and buy the truck put the pump and compressor on it . Getting your finances intertwined with the people you work for is never idea . When I pulled a tanker for Schneider they never had any tank wash reimbursement. We had $350 min per load $35 gate $35 delivery $75 per hour after 2 hrs.$35 air $50 pump . My last job was with Kemira I went 12 miles $500 a load twice a day 5 days a week home by 1 pm . 2008 I retired now I fly my airplanes and go to the beach.

Great video John. learned a lot.

Glad I seen your video think I will stay a company driver.

Thank you so much for this video! Now I'm seriously considering leasing.

THANKS MAN GREAT VIDEO IT REALLY HELPED ME UNDERSTAND EVERYTHING

great breakdown on lease. considering going to Prime myself

Thanks for showing your numbers, I'm a 12 year company driver that's looking into the lease or owner operator option.

John thanks for all the videos, you have put out. Prime owes you some kickbacks. I’m experienced tanker driver.. company driver ... many years. I’m thinking about prime leasing, but have a question. There are quite a few drivers I have seen post on RU-vid making 1500 a week doing lease after expenses. But then they talk about making 1400 or so after taxes. Why does it seem like owner ops aren’t paying a lot in taxes? Are there some write offs I don’t know about? I mean if I make 1500 at my job, I normally bring home 1100 or so. If you could help me with that I’d appreciate it. Thanks again for taking time to post these videos

Thank you for the breakdown.

Great video. A lot of information. Even from the comments as well.

I'm getting my CDL through prime soon and this video was informative. Now I have been doing my own taxes for 20 years and had 7 prior businesses where I wrote off alot including 70% of my 80k dollar Lexus as a business expense. Why do you have to put aside 30% for taxes, can't you write off the truck lease, the maintenance, tires, and ever little thing thats associated with your job, because once you lease you not an employee, you basically a business owner (should have register as LLC) or at least a Prime partner. Please explain this because I plan to lease in the future and was planning to write off everything associated with my job from tires, to fridge,TV inside the truck, to everything else that's possible.

if you are a lease operator, can you use say truckers edge to get loads or do they come straight from your employer

Could you pay the fuel on your own or does it have to flow through your settlement? The reason I ask is using incentives on business credit cards and such. Thanks, very informative with the breakdown, keep up the good work.

So of the 1200 you take home you still have to pay federal and state wage taxes right or does prime take that out for you? And does prime offer you discounts for medical and dental insurance or are you on your own?

John, thank you for sharing your revenue and expenses with us in such detail. Very interesting to a guy like me contemplating going some kind of O/O route. I noticed you got 7.61 mpg driving about 56% loaded miles in the 2016 Prostar mid roof I assume. That actually sounds pretty good to me - in my company Volvo 760 driving flatbed loaded 45% of the time I get 7.30 on summer fuel (less in the wintertime). I would be curious to get your thoughts on fuel efficiency as a lease driver. Does it factor into your business plan? If so, how does it affect your choice of truck, motor, transmission, and driving style?

I don't have my own truck and make 2350 per week and take home 1,600 so how does leasing make sence???

At the EOL, how do you go about taking ownership of the truck ? I've heard some say there is a balloon payment, and others say that is only 1-2 hundred bucks. Just started company Reefer, in Feb.

great video I'm planning on coming to prime

ive got a question. im starting classes at prime next Monday....when its all said and done im going to the tanker division. question 1 are you a trainer for tankers? and how hard is it to drive tankers ? I just want to be firm in my decision for the tanker division

+John Often Is the truck payment every week or month?

Thanks for the video.

You can lease the truck and train as a tanker driver too ? ,

On 1800 mile a week thats really really good lol,, pretty easy week . And remember it s all write offs I’m sure u know , save every receipt and even lease settlements are write offs and even parking fees .

John this was actually the questions I had from when I asked earlier. This answered almost all of the questions I had! My next question would be is there a huge down payment for the lease? I've heard it's like 15g down just to lease is this true. Also you said you don't work for prime is that due to dedicated and bc you lease? And also is your credit score a huge factor to lease a truck

hey john came across while watching some other driver. anyways very informative and I have been actually talking to prime about the move over ( I live in cali but now that I'm divorced w/ no ties I am moving towards kc toledo.i am for now bottom line and will stay out for 2 to 2.5 mos at a time. so questions are well obe actually I want to move to tanker is OTR available in division? would you agree the numbers would increase significantly because I constantly run? will this hurt me at end of lease because I put many miles on truck? thanks for sharing knowledge

If you train how much you think you can make ? Just curious , cause i saw flatbed and reefer trainers make crazy money at prime but I’ve never seen a tanker trainer and his settlements.

Quick question I am researching companies and planning on applying for job with Prime. Are the lease time frames different or are they all for the same amount of time? When your lease is up do you just leave if you want or re-sign a new lease?

Inspiring !! I want to be a tanker

Thanks for sharing your weekly settlement, but I dont understand something. I thought I heard you say your MONTHLY truck payment was $844 but that number is shown on the weekly settlement making me think the truck payment is $3376/month ($844 X 4)???

do you have a LLC with your lease?

those tank wash were reimbursed, technically he shouldn't count tank wash reimbursement as revenue.

Do you think otr lease tankers make more?

When your doing a lease do u have to stay leasing with the company your with life self employed what I'm basically asking is if I was to go lease can I get leased to another company and with that being said do the company I lease from pays me or do prime pay me from revenue.

John, I am a new subscriber to your channel, and I am hoping to go to Prime for the CDL School sometime between September and November in Springfield. I will be coming from Springdale, Arkansas. I am wondering about lease versus company, and I am thinking that with all the expenses that I have right now, I am not sure that a lease would be a good thing for me, because right now, my expenses outweigh my income. This is a good, informative video for me to know. I am also deciding which division that I should start out with, but I bet that I will probably start out with Refrigerated, then Flatbed, then tanker. However, I hope to pass my CDL Permit test on my first try, so I am preparing to take it before I get there in my state. Any advice that you can give me is greatly appreciated.

So I'm about a year late I'm commenting. You may have another video I haven't watched yet but can you buy the truck from them when the lease is over? Some day I may take the plunge and be an o/o but not yet. Enjoying my local, hourly paid gig currently.

I know this is an old video, I actually live in PA not far from North East PA, that’s pretty cool that you ran there lol, do you remember what you hauled by chance?

John, do you have to pay insurance on the lease truck ?

John, thank you for the video! But I have a few questions: 1) Prime Lease demands a $13,000 deposit for a 3 year lease, which would seem to leave you in the hole financially ($300*36=10800). Is there a balloon payment at the end, and what's the residual value of the lease? 2) Assuming you're not upside down at the end of the lease and all residual damages are resolved; would you move to O-O status and receive a higher % of the linehaul; or are you encouraged to re-lease? 3) Would you mind posting that lease settlement (its hard to read via GoPro)

Thanks for the information, if you get reimbursed for tank wash, meaning you pay cash up front for every tank wash? What's is the avarage miles you run on a week. I ask these because I had a understanding that the average take home money for a tank drive is higher than a reefer driver. But I see here your driving 400/500 miles less than avarage reefer meaning less income.

great video

Is there dedicated work out of Raleigh NC?

Hi John, hey how do they determine the monthly payment of the truck, year, type ect. tks

hi I did 2100 mile with trans am and still in the negative

Very good!

Prime is one awesome company! Their facilities are mind-blowing!

so the net is 249.19, the tanker wash was a floating expense. Did u eat that week?

John just to be clear, is your weekly truck lease payment $844.00? Or monthly?

What are the factors that determine if you are eligible to lease with Prime?

thank you sir for detailed description ,but my Q is if your are a independent contractor ware the rest of the $$$cash went the $1,204.38 from all the loads you ran on the fist payper shets load 1-$102.87 load 2-$430.19 load 3-110.00 load 4-$194.90 load 5-$98.41 load 6-$268.01 total of $1,204.38 ?

So for the taxes if your in a lease do prime dose them or you have to

1,009.86 was reimbursed so the real profit was less then 300?

Am I right saying that you earned 1200.00 net and you still have to pay income taxes?. If so, where's the money made really?.

was that 1700 for the month or week?

Thank you Sir!!!👍🏼👍🏼👏🏼👏🏼🙌🏼🙌🏼💯🇺🇸🙏🏼

He said his truck payment was$144 per week. the statement says $ 844.

how long is training for tanker if you have no experience?

Are you making alot less now with covid 19? Ok I need to check out your videos to see. I'm a machinist by trade, was working 50 to 60 hrs a week before covid, now 40 to 42 but will be going up soon with projects I'm working on. Currently work for a company called Caterpillar.

Also what does Prime's accounting service do?

Why do they charge you for running over a certain number of miles a week?

Please tell me how many actual hours you worked for this period?

Great voice

Love this video. Can you do one more up to date?

Do I contact payroll for direct deposit? Why the hell do I need to setup direct deposit again? It was setup already

thank you

How often do you go home

is that after taxes or before?

I'm a company driver and I take home 1,200$ a week . Nothing to worry bout and all I have to do is drive and be there on time. I can afford to take a week off every 21 days or every weekend home . I tried the lease purchase and I had the exact same as yours . It didn't make any sense for me to be a lease driver. Landair is the best.

Crazy stuff

John your a great guy but I could not live off of what you make per week. Before you venture into a lease purchase you need to do your homework. Why did you choose Prime? Is there factors like no money down no credit check ect...

For my is better company driver. In leasing not have bonus insurance vacation or benefits Thank for the info

Remember everyone, he only drove 1800 miles so if he would have put say another six hundred miles. he would probably brought home $1500

I get 51.5 cents per mile as a company tanker driver for prime

Wow that's sick

does prime teach you how to drive A stick because I want to join prime but can't drive A stick and I want to join tanker division.thanks

Your math is wrong brother... You spent 10009 dollars for truck washes. Out of your pocket. Then they reimursed you. That zero's out. So that 1259 dollar settlement, is actually 250ish if you dont count the 1000 you spent that week in washing your tanker out...... Thats shit.

12:30 of the video you'll see all the deductions for his washes (wash interior) he dont pay for washes out of his pocket it an advance that what he was paid back for soooooo do the math he did take home 1000 plus .....its easy to bash if you don't understand.