Truck leasing is basically the same as car leasing.
The difference is that a truck runs far longer distances than a car and this might be a bone of contention while leasing. Read if you wish to get more information on truck leasing
The Convenient Way to Truck Leasing
Truck renting and Leasing Association of USA is a non profit and voluntary organization for truck leasing business in USA. Through TRALA members you can get a truck leased with minimal efforts and without the possibility of any cheating.
When you Lease a Truck
There is a difference in buying and leasing a truck. Even buying a truck on installments is not the same as leasing a truck. The following explanations will give you a better insight into getting a truck on lease.
Ownership of Vehicle: You do not own a leased vehicle. You will have to return the vehicle at the end of leasing term. The lessee may offer you to buy the truck at the end of term but you cannot demand it unless the leasing contract gives you the right of first refusal. Usually the lessee will offer you to buy the vehicle since he may not have another use for the vehicle
Initial costs for Leasing: The initial payment may include the lease payment for the first month, registration, refundable deposit as security, taxes and other fees as may be required for completion of the deal. The deal may also include a deferred capitalized cost of the vehicle (like a down payment for the truck when you buy it)
Monthly Lease payments: The payments are decided in advance but are generally lower in case of lease than in case of purchase on installments. The lease payments are decided on the depreciation rent taxes and other charges.
Mileage on the Vehicle: Just because you have leased a truck, you cannot have an unlimited mileage on your truck. The higher the mileage, the higher is the wear on the truck and hence the owner may restrict the mileage on the truck you have leased. Usually the limit is about 12,000 to 15,000 miles per year. If you wish to use it beyond that you will have to pay extra monthly rent.
Excessive wear of Truck: The excessive wear of truck you have leased may result from rough usage and plying the truck on rough roads. The truck may not be designed for such roads. The owner will be entitled to a compensation for excessive wear.
Early termination of Lease: You will be charged for early termination of lease as the potential profit of the lessee is reduced if you terminate early. The lessee will not be able to find another lessor easily and the truck you have leased may lie idle for some time. Some contracts provide for sub-lease in case of early terminations
Completion of Lease Agreement: At the completion of lease term, you can make off the end of lease payment and just walk off. You are not required to purchase the vehicle you have leased. The owner need not make any offer to you unless you have the right of first refusal provided in the contract.
Insurance costs and Accident Damage: Depending on the contract that has been signed the insurance costs will have to be paid. The rights and duties of both parties have to be made clear in the contract incase there is an accident to the truck.