Lease Purchase Report: Fill & Download for Free

Good Lord, sooo typical of many truck drivers. What a bunch of Debbie Downers.I can understand the answer regarding some people who get suckered into a lease/purchase. If these people would have done their homework, they never would've allowed that to happen. How a lease purchase works is, you drive the bosses' truck while paying all the bills attached to it. Get a flat, you pay. Need an oil change, you pay. Break down and sit on the side of the road, you pay for it. Need a tow, you pay for it. And whose name is on the title? The bosses’. The dangling carrot is they take a little bit of money out of your paycheck every week towards the “purchase” of the truck. Most drivers get sick of the abuse and quit before the truck is paid off. Meanwhile, all those payments made in the past go right into the bosses’ pocket.I've been a company driver my entire career and sleep very well at night. Recently my truck broke down. I limped it into our shop and said to the lead mechanic, “Truck broke, you fix”. Then, I went into dispatch and said, “Truck broke, need truck”. They assigned me a loaner, I threw a few days of my shit in the bunk,and hit the ground running.I'm nobody's slave. I love the company I work for and they love me, but if the shit got too deep, I could be driving a different color truck with somebody else's name on it next week.That's why I keep my nose clean and always make sure that I'm an asset to the company I work for. I'm a valued employee and they know it, and they treat me that way.I'd be interested to know what my good friend Lawrence Black , a fellow company driver, thinks.Edit: there are those days where freight may be light. Since I get paid by the mile, this potentially could be a financial problem. In these rare cases, my company pays a daily minimum. I can't remember the last time that happened. And, we were just informed of a substantial raise taking place the middle of the month.Yeah, happy I am. Life is good.

That depends on what you mean. People typically only do rent-to-own because they need time to improve their credit so they can qualify for a mortgage, but renting to own in itself won’t do anything to improve your credit unless your landlord is one of the few who routinely reports to credit bureaus – and even then it isn’t going to make a huge difference.The best answer I can give you here is that rent-to-own is an absolutely horrible idea unless you are positive that you’ll have secured a mortgage by the time you need to exercise your purchase option. “Rent to own” is a concept that’s commonly misunderstood by people who think that they’ll just be able to pay rent for a certain amount of time until they’ve paid out enough to cover the purchasing price of the home. That would be great for the renter, but it’s just not how it works. Rent-to-own is actually a lease purchase option (or agreement), which means that you’ll rent the home with a normal lease for a number of years. You’ll still pay rent that won’t go towards the purchase, rent that will be profit for the owner, and the only thing that really differs from any other lease is that you’d usually be responsible for repairs and maintenance. On top of that rent you’d initially pay a larger fee equal to some percentage of the purchase price, and this would serve as a down payment that would go towards the purchase. You’d also make monthly payments towards the purchase, on top of the rent. If the normal rent was $800, you might pay $1,200 monthly, with $400 of that money being added to your down payment.With the exception of the fact that you’d still be “wasting” money on rent, this doesn’t sound so bad until you consider what would happen if your lease expired and you still didn’t have the rest of the money ready. If you had a lease purchase option, you’d quite simply lose the down payment – both the initial lump sum and all the extra you’d paid each month on top of rent – and even your right to continue renting the home. You’d have to leave, with nothing. A lease purchase agreement would be even worse, because in this case you wouldn’t have a choice in whether you now bought the home; you’d be obligated to do so, even if you couldn’t get the money together. Now you obviously can’t pay the owner money you don’t have, but you could be sued for failing to meet the terms of the agreement, and ordered to pay a substantial penalty that could result in your wages being garnished and any savings or asset you have being seized. Either way you’d lose the house and everything you’d paid towards it, but with a lease purchase agreement you’d also end up paying for it for many years after you left.We really should move away from using the term “rent-to-own” as it is misleading enough to get people in trouble. One of my cashiers recently asked for an advance on her check, something I frequently give if the hours have already been worked, because she needed to pay rent. This was during the eviction moratorium, so she explained that it was still vital for her to pay on time because she had a rent-to-own contract. She was clearly very proud of this, as she is a 21 year-old cashier who thought she was a few years away from owning her own home. I asked her how long she had left before she’d become a homeowner, and she replied that the contract would end in December but that she’d just ask the owner to wait another year since she still hadn’t repaired her credit enough to get a mortgage. I said that it was super nice of the owner to extend the contract, and she said that “oh no, she hadn’t asked him yet, but she was sure he’d rather do that than pay her back everything she’d put towards the purchase”. That’s when I got scared for her, so I asked a few more questions to determine whether she had some highly unusual agreement, and it turned out that she really didn’t know. I cautiously told her that she might have misunderstood the contract, and offered to look it over for her. Despite my caution she got so anxious that she had her mom bring it right away, and sure enough, it was a standard rent-to-own that had her forfeiting everything if she couldn’t buy it by December 1st.This was devastating news to her, because she’d been putting everything she made towards the purchase, even beyond what was required. At her request I called the owner on her behalf and tried to negotiate, but he seemed positively excited by the prospect of the purchasing falling through. I did ten minutes worth of research and discovered that Cynthia was the third person to attempt to buy the same home through the same arrangement, so this dude was getting rich off of the lack of familiarity with lease purchases of people desperate to own a home. Cynthia has done everything right, she’d paid off her debt, disputed errors, and used credit strategically for nearly three years, but then her daughter got sick and she had to rack up some credit card debt again. She’d counted on getting another year, because as it was she couldn’t even qualify for the worst mortgage deals available. Right now she’s stuck in the awful limbo of continuing to live in the house while she pays several hundred dollars towards the purchase each month, knowing that this money is more than likely going to be lost come December. As her employer I have been able to make a few changes that might make her slightly more attractive to lenders, but I obviously cannot dramatically change the terms of employment for someone just because she made a silly yet understandable mistake in her private life. I really do hope that she makes it work, because owning her own home can make all the difference in the world to a young single mother with no prospect of moving beyond “unskilled labor”.Renting to own could be a great option if you knew for an absolute fact that you’d be able to get a mortgage in X number of years, if you were unwilling to wait and rent through a normal lease until then. If it works out for Cynthia, she’ll be one of two employees at the gas station who own their homes, and the other is the general manager. With nearly 25 employees (it’s a larger truck stop with a restaurant), the oldest being 64, she’d be a homeowner at the age of 21. To be frank, that would be an almost miraculous accomplishment, especially considering that she was making minimum wage until she started working for me.What rent-to-own won’t do is improve your credit, because very few landlords report to credit bureaus. Those that do report are often ones with a large number of units, and unfortunately they aren’t going to be offering any kind of lease purchase arrangements. We’re doing this to generate income in the long term, so we’re not looking to part with a property unless it is f profitable, and if it isn’t profitable we’ll want to get rid of it immediately. Also, rent-to-own is too much of a hassle when you’ve tried to streamline the process as much as possible. In the event that you did find a rent-to-own offer from a landlord who’d report your timely payments and thus allow them to impact your credit, it wouldn’t make a huge difference. I report, and it’s been my experience that it barely moved the needle upwards when tenants pay perfectly, while it can really screw things up for them when I report late payments or nonpayment.There aren’t a lot of homes offered for sale in this way to begin with, but if you do find one, I’d urge you to consider very carefully if you’re willing to bet that large down payment and all the extra monthly payments (plus whatever you spend on maintenance, which you’ll be contractually obligated to carry out) on you being able to secure the mortgage by the time your lease expires.

If we're talking about "cash cash," as in stacks of hundreds, than Steve Porter's answer is incorrect.Steve points out - correctly - that dealers generally want to finance or lease purchases rather than sell them for a one-time payment. However, most dealers do NOT want to accept stacks of cash. They'd much rather receive a check. Here's why:If someone hands a dealership more than $10k in cash, the transaction must be reported to federal authorities. That's a hassle. See Report of Cash Payments Over $10,000 Received in a Trade or Business - Motor Vehicle Dealership Q&AsContrary to popular belief, most auto dealers don't want to do business with criminals. Guess who usually pays with stacks of cash? Criminals. The dealer group I worked at for 9 years had no qualms about turning away stacks of cash. Our official policy was to refuse cash payments over $8k.Dealers are worried about employee theft. If you have an employee accepting $20k in cash, there's a chance (however slight) that employee grabs the money and heads to Las Vegas.Finally, the main reason that most dealers don't want stacks of cash is that they don't have to accept them for 99% of transactions. It's only a very small group of people who refuse to pay with anything but cash. Most good and honest people have a checking account, after all.