Malone 3rd Party Lease Option

Malone 3rd Party Lease Option

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PURPOSE:
Malone will be partnering with 3rd party leasing companies to assist new or existing owner operators facilitate different options for available tractors for Lease.   Malone will also facilitate assistance with down payments through 3rd party leasing.
METHOD:
Malone recruiting will help contractors find the right option that works for them by gathering information and going over qualifications for each of the 3rd party vendors.  Malone will not withhold payments or be responsible for payments when revenue is not collected.  It is each contractor’s responsibility to catch up on missed payments due to lack of revenue.  3rd Part Leasing will require in Contract addendum that truck be leased on with Malone for minimum of 12 months.

Partnering 3rd party Leasing companies:

Wholesale Truck and Finance (WTF)-  $1,500 TO $3,000 Down  www.wtftrucks.com.  Premium 2000 Warranty, 2 year TA Maintenance plan, 1 set of Virgin rubbers over life of lease.  Trucks from 2007-2014.  This option will be used as alternative to CRST Lease program.  Will require 6 months experience in flatbed if we are assisting with down payment.

o Minimum 2 years driving experience
o Minimum 500 Credit Score
o No Past due Child Support
o No outstanding Tax Liens
o Chapter 7 or 13 must be discharged
o No Prior Semi Tractor Repossessions
o Not a resident of Louisiana, Hawaii or Washington


Lone Mountain Leasing-
  Down Payments from $3,000 to $9,000   www.lonemountaintruck.com  New Quality trucks, no balloon payment.  Accepts Trade ins.  This is a good option for existing contractors that have a truck to trade in or enough funds built up.  Lowest cost of truck.

Minimum 2 years driving experience
o No outstanding Tax Liens
o Chapter 7 or 13 must be discharged
o No Prior Semi Tractor Repossessions

HEC Leasing- $3500 Down 2013 Cascadia DD13 Engine Ultra-Shift Auto  www.hecleasing.com  Balance of Manufacturer warranty, Compass Warranty Engine Coverage XLT Package.  Good option to use for contractors looking for auto-shift options while keeping newer trucks with fleet maintenance history.  Contractor will need $1,000 of his own funds to match for down payment.

o Minimum 2 years driving experience
o No Prior Semi Tractor Repossessions

 
Larry Chaney | Used Truck Sales Representative| 615.916.3582/direct | 615-663-0650/mobile  Larry.Chaney@MHC.com 
MHC Kenworth – 68 Locations Nationwide | 550 Spence Ln. | Nashville, TN 37210  www.mhctruck.com
Fitzgerald Peterbilt of Birmingham
Fitzgerald Peterbilt– Down Payments vary for Credit Scores Levels www.fitzgeraldpeterbilt.com     Fitzgerald Peterbilt our goal is to keep a large number of trucks on the ground ready for immediate delivery. PACCAR is offering some great incentives right now and you can get into a new Peterbilt truck at some unbelievable prices. We find financing that gives you every advantage. Our Finance team will work for you to find the best possible rates. We work with a number of lenders that are able to give us fast decisions.

Address
2592 Commerce Circle
Birmingham, AL 35217
Phone: 205-381-4004
Email: salesalabama@fitzgeraldpeterbilt.com

Hours
Mon-Fri: 7:00am-7:00pm
Saturday: 8:00-12:00 Parts Only
Sunday – Closed

Down Payment Assistance:  The purpose of this is to help the contractor in coming up with a full down payment to get started. The Down Payment will be backed by the driver’s retention bonus that he receives within the first year of bringing on a new truck.
The steps for the down payment assistance will be as follows:

  1. New Application is taken for contractor
    2. Once approved, Recruiter will advise the contractor on Leasing options if he does not have his own equipment.
    3. Once contractor decides on Leasing option, Recruiter will guide contractor through 3rdparty Application website.
    4. Once approved through 3rdparty, Malone will provide a REFUNDABLE $500 deposit to the Leasing company to hold the equipment until contractor clears Orientation.
    5. Contractor schedules orientation based off of truck ready date.
    6. Upon completion of Orientation, 3rd party Leasing will receive up to an additional $2,000 down on truck.  Contractor is responsible for any down payments over $2,500.
    7. 3rd party leasing company will send in necessary paperwork to ensure Tags and permits.
    8. Contractor is responsible for filing of 2290.  Assistance for E-FILE can be done through Malone recruiting.  The 2290 is contractor’s responsibility to file before taking possession of tractor.
    9. Contractor arrives at dealer and takes possession of truck.
    10. Truck will go to a Malone authorized inspection location for on-boarding of truck.
    11. Upon receipt of inspection, driver will then proceed to location for issuance or securement gear and trailer.

Down payment recollection process:  The down payment is an upfront of the drivers retention bonus that is paid through the contractors first year.  The payout for the retention bonus is $2,000.  Contractor will start paying a weekly amount, plus the first two payouts on bonus to repay the down payment amount.  Refer to table for repayment options on different down payment amounts:

 

$1,500 Balance $2,000 Balance $2,500 Balance Bonus Applied
Week 1 $0 $1,500 $0 $2,000 $0 $2,500
Week 2 $0 $1,500 $0 $2,000 $0 $2,500
Week 3 $40 $1,460 $35 $1,965 $50 $2,450
Week 4 $40 $1,420 $35 $1,930 $50 $2,400
Week 5 $40 $1,380 $35 $1,895 $50 $2,350
Week 6 $40 $1,340 $35 $1,860 $50 $2,300
Week 7 $40 $1,300 $35 $1,825 $50 $2,250
Week 8 $40 $1,260 $35 $1,790 $50 $2,200
Week 9 $40 $1,220 $35 $1,755 $50 $2,150
Week 10 $40 $1,180 $35 $1,720 $50 $2,100
Week 11 $40 $1,140 $35 $1,685 $50 $2,050
Week 12 $40 $1,100 $35 $1,000 $50 $1,350 $650
Week 13 $40 $1,060 $35 $965 $50 $1,300
Week 14 $40 $1,020 $35 $930 $50 $1,250
Week 15 $40 $980 $35 $895 $50 $1,200
Week 16 $40 $940 $35 $860 $50 $1,150
Week 17 $40 $900 $35 $825 $50 $1,100
Week 18 $40 $860 $35 $790 $50 $1,050
Week 19 $40 $820 $35 $755 $50 $1,000
Week 20 $40 $780 $35 $720 $50 $950
Week 21 $40 $740 $35 $685 $50 $900
Week 22 $40 $700 $35 $650 $50 $850
Week 23 $50 $650 $0 $650 $50 $800
Week 24 $0 $0 $0 $0 $50 $100 $650
Week 25 $50 $50
Week 26 $50 $0
Payback Total $1,500 $2,000 $2,500
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