What is CloudTrucks’ Road to Independence lease-to-own program?
CloudTrucks is introducing the Road to Independence, an integrated truck lease-to-own program that offers special truck lease partnerships and dedicated dispatch services to help owner-operators succeed. Owner-operators may also be eligible for up to $1500 toward a truck down payment! Although this program has more terms than traditional offerings, it provides new owner-operators with the support they need to purchase their vehicles and start their entrepreneurial journey.
Who is the truck lease-to-own program for?
This program is designed for experienced truck drivers who are new owner-operators leasing onto CloudTrucks’ authority. We want to help new independent trucking entrepreneurs unlock access to trucks faster, more easily and at a lower cost than they would be able to achieve on their own and help them be more successful once they get on the road!
Tell me more about the special lease pricing I will receive through CloudTrucks.
You will receive more favorable underwriting and pricing through our truck leasing partners, who offer carriers like us special deals. We receive special pricing because the leasing companies have increased confidence in our ability to help you be more financially successful vs. if you were on your own or with other carriers. Our team will match you with a partner that best suits your goals.
Does CloudTrucks provide funds towards a deposit?
Yes, drivers may be eligible for a deposit match of up to $1,500, which is paid directly to the truck partner. To qualify for this subsidy, drivers must comply with all program terms. If a driver leaves CloudTrucks before completing one year of tenure, they will be required to repay the deposit subsidy in full.
Who is responsible for the truck lease and agreement?
CloudTrucks owner-operators (lessees) will enter into a contractual lease obligation directly with the lease partner (lessor) that CloudTrucks matches them with. You are responsible for the terms of the lease as contractually agreed to with the lessor. CloudTrucks is not responsible for your truck lease.
Will I be able to purchase my truck at the end of my lease?
Yes! You will be participating in a lease-to-own program directly with our truck lease partners. At the end of the lease, assuming you are in good standing, you will have the option to purchase your truck. The purchase terms, and other end-of-lease terms, should be reviewed and discussed directly with the lessor. CloudTrucks is not responsible for your truck lease or purchasing eligibility.
What are the qualifications to participate in this program?
To participate in CloudTrucks’ truck lease-to-own program, you will need to qualify with both CloudTrucks and the truck lease partner. Through this partnership, you will receive more favorable underwriting and pricing with our truck lease partners. However, CloudTrucks cannot guarantee that you will be permitted to lease a truck directly with the truck lease partner.
To receive conditional qualification with CloudTrucks, you must:
- Meet all CloudTrucks standard onboarding requirements
- Be 23-70 years old
- Be a CDL-A holder with 2+ years experience
- Agree to Truck Leasing Program terms and conditions
- Opt-in to minimum 1 year dispatch services
- Be a solo driver (not part of a larger team)
How much does it cost to participate in CloudTrucks’ truck-lease-to-own program?
To participate in our lease-to-own program, you’ll need to commit to the Road to Independence Service Package for at least one year. The total cost is 21% per load, which gives you access to a range of valuable services. These include higher-value loads through dedicated and brokerage freight, personalized dispatch support, and resources to help you secure the best loads and maximize your earnings. Additionally, new owner-operators in the program may be eligible for up to $1,500 towards their truck down payment.
Please note that while the 21% fee covers these services, your truck payments and associated fees will be handled separately, either through settlement deductions with CloudTrucks or paid directly to the lease partner.
How much does it cost to lease a truck through your partners?
Lease partners will provide driver- and truck-specific costs. The structure of the costs will include an initial, one-time down payment, weekly truck payments, and maintenance reserve payments. Every owner-operator’s costs will vary based on their particular financial terms and situation
What are my commitments to participate in the truck lease-to-own program?
By enrolling in CloudTrucks’ lease-to-own program, you are committing to the following:
- Driving under CloudTrucks’ authority with Virtual Carrier, which covers 21% per load as part of the Road to Independence Service Package. This fee includes insurance, IFTA filings, instant pay, load board access, ongoing operations support, access to shipper loads and dedicated lanes, as well as dispatch services (preferences permitted).
- A minimum of 1 year of participation in The Road to Independence Service Package.
- A maximum of 30% fuel advance per load.
- Payment in full for all truck and additional operating expenses.
What kind of truck will I lease through this program?
Specific truck information will vary based on vendor availability.
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