Lease Purchase: A lease purchase is an arrangement where a driver leases a truck, often through a carrier, with the option or obligation to own it after a set number of payments.
Why it matters to owner operators
Terms vary widely. Read about the weekly payment, maintenance responsibility, mileage limits and what happens if you leave early, and have the contract reviewed before you sign.
Example
A driver leases a truck from a carrier and pays weekly. After the final payment, ownership transfers under the conditions in the contract.
Related terms
Business & Finance: Questions about invoicing, fees or getting paid on time? Our dispatch team handles invoicing and broker follow-up for the carriers we work with. Talk to our dispatch team or browse the full trucking glossary.
Haul smarter with a dispatch team behind you
Nexloads finds loads, negotiates rates and handles paperwork for owner operators and small fleets. No forced dispatch and no long-term contracts.