Friday, March 1, 2013
Requirements to enter the Fixed Payment Lease Purchase Program
You must be 50% paid down on your truck or have a 10% down payment.
You must have a minimum of $2,000 in your escrow before you can go fixed payment.
How the program works
You make a fixed weekly payment on your truck. This payment, along with your other operating expenses, is deducted from your weekly settlement.
A lease Purchase contract states a payoff term of 4 years on tractors, allowing you to finance up to 48 months total. For example, if you have been in the regular lease purchase program for 18 months, you can finance up to 30 months of fixed payments. If you choose to decrease your loan term and payoff quicker, you will be increasing your payment in turn.
The loan will be amortized at a 12% interest rate.
Escrow requirements for the fixed payment plan
Performance escrow: a required minimum of $2,500 for flats/steps paid in at 6% of truck earnings until full and a minimum of $3,000 for heavy haul paid in at 7% of truck earnings until full. This is used for licensing, 2290s, and insurance claims.
Maintenance escrow: a required minimum of $1,500 paid in at 2% of truck earnings until full. This can be used for maintenance only.
Personal escrow: this is optional and can be set up at your discretion. This is the only escrow we will allow you to draw from for personal use.