Bisson Transportation's Tractor Lease Purchase Program is very popular with former company drivers who want to become Owner Operators. Several of Bisson Transportation's existing Owner Operators are, in fact, on their second or third Bisson Transportation Lease Purchase tractor.
Bisson works with several reputable truck dealerships to source quality used tractors that will produce both a dependable tractor and monthly lease payments, over 3-4 years, that are affordable for the new Owner Operator. At the end of the lease term, the tractor can be purchased by the Owner Operator from Bisson Transportation for a small (usually $3,000 - $4,000) final payment. Each of these tractors is thoroughly inspected by the dealership and any faults are repaired. Each comes with a limited warranty, usually for the first two years of the lease.
In a typical lease purchase transaction, Bisson Transportation and the new Owner Operator agree on the tractor to be Lease/Purchased. Consideration is given to purchase price, make, model, specifications, overall condition and milage. Bisson Transportation (or in some cases, an entity related to Bisson Transportation) then purchases the tractor and leases it to the new Owner Operator, at pre-determined lease terms, with an option to buy the tractor from Bisson Transportation at the expiration of the lease.
Prospective drivers must meet minimum criteria to be considered for Bisson Transportation's Lease Purchase Program. In addition to meeting Bisson Transportation's minimum criteria for becoming an Owner Operator, Bisson Transportation examines the prospective driver's credit and criminal history. Bisson Transportation may decline to make its Lease Purchase program available to any driver for any reason in its sole discretion.
If approved, Bisson Transportation will deduct weekly allotments to build a $5000.00 escrow and payments are deducted weekly to make the monthly payment on the tractor. Beyond warranty repairs and exclusions, the Driver is responsible for all maintenance costs. Driver is expected to maintain the tractor at DOT levels/standards at all times. Periodic Inspections beyond 90-day services (at Bisson's expense) and annual DOT's (driver expense) will be done to ensure tractor is being well maintained at all levels. Owner Operators are strongly encouraged to establish a Maintenance Escrow account, which Freight Accounting would be glad to assist with.