Frequently Asked Questions (FAQ)
FAQ: TEL’s Fleet Leasing Program
What are the benefits to leasing?
In short, TEL’s fleet program is tailored to maximize the CASH FLOW through managing your third biggest expense as a Fleet Owner Equipment Cost. Through a consultative approach, Fleet experts will break down your fleet’s utilization, maintenance practices, specs, and finance options. This is to increase your cash flow and the overall profitability of your trucking company.
What kind of support does TEL offer?
To start, TEL’s fleet leasing program offers a consultative approach to inform you, the fleet owner, on the latest industry knowledge. Specifically, this includes info about maintenance, specs, warranty, and emission. This information is available through your sales rep and support staff to keep you up to date on what your warranty covers. As an additional benefit, TEL’s breakdown service is here for you 24/7. And we can handle any maintenance questions or breakdown concerns. So, ask your sales rep how to access this service today.
Is there a credit check?
Yes, when you apply to lease from TEL, we have a credit packet that you will need to fill out. Depending on the size of the deal, we have two different options. Thus, your sales representative will provide you with more information about the major differences. Then, they can help you decide which one is right for your company’s needs.
What kind of inventory does TEL’s Fleet Leasing program offer in its inventory?
In general, TEL’s Fleet Leasing program offers Class 8 Sleepers as well as Day-cabs from most original equipment manufacturers. In addition, our Flatbeds, Reefers, or Dry Vans options provide you with all the trailer needs your business may have. As a result, this makes TEL Fleet Leasing a one stop shop for most Fleet Owners across the country.
What do I need to do to qualify for TEL’s fleet leasing program?
Minimum 3 years in business. And a minimum of 10 trucks under your authority is all you need to get started. Once you fill out the application online, your sales representative can take you through the remainder of the credit process.
Why lease trucks through TEL?
In short, TEL offers extensive support to all our fleet leasing customers. To be specific, these services include fleet risk services, warranty management, and maintenance support. In addition, we offer services for equipment remarketing and cost savings by utilizing TEL’s national buying power. However, our services are not limited to the ones listed above.
FAQ: TEL’s Lease Purchase Program
Is there a credit check?
Yes, a credit check is part of our application process. But decisions are based upon a collective set of factors we look at as well as the specific program you are applying for. Thus, your account manager at TEL will review multiple aspects of an applicant’s employment and credit history. Overall, the goal of our review process is to provide the best possible fit for each applicant.
How much experience do I need to have?
To be eligible for TEL’s Lease Purchase program, you will need at least one (1) year of CDL experience.
Do I get to choose my truck?
Our program works with several OEM’s including Freightliner, Peterbilt and Volvo. During your discovery call with TEL, a member of our team will communicate the availability of truck you can choose from.
How long does the approval process take?
Upon receipt of a complete application, we typically have an answer within 24-48 hours. Once your application has been reviewed and a decision has been made, the onboarding process begins. Onboarding can take anywhere between 3-6 weeks depending on several factors. The best way to speed up this process is to continually stay up to date with everything your onboarding specialist requires of you.
What kind of trucks do you have?
TEL carries trucks from the following manufacturers: Freightliner, Peterbilt, Volvo.
Do I have to go work for a specific carrier?
During the review process, TEL collects a set of goals you would like to achieve and expectations you would have regarding your carrier partnership (assignment?). Once everything is reviewed, you will be assigned to your carrier partner who you will work with for the remainder of your lease agreement.
How long is the lease for new equipment?
Our lease terms vary between 24- 33-month lease options, depending on whether you are running solo or as a team.
Is this a lease-to-own or rental?
TEL gives you the opportunity to own your truck and run your business. However, not many people are able to place such a hefty down payment and start running their own business with no prior experience. For that reason, TEL offers you a brand-new truck that you lease. Throughout the lease process, you will receive valuable insights into what it’s like to own your own business and operate your own truck. At the end of the lease, you have the option to buy your truck.
Do you charge me by the mile?
Yes, there is a mileage charge.
Is there a down payment?
There is an initial payment that covers the initial cost of the truck as well as account setup fees and the like.
Do you have any automatic disqualifiers?
Yes, we do. If you are actively in bankruptcy, or if you have $5,000 in Past Due Child Support or $10,000 in excessive tax liens, we will not be able to process your application.
What credit bureaus do you pull from?
Transunion and Paynet
Do the trucks have Auxiliary Power Units (APUs)?
No, our trucks do not have auxiliary power units. However, all units do have bunk heaters.
Do the trucks have refrigerators and inverters?
Yes, all of the trucks at our disposal have both refrigerators and inverters.
Are the trucks governed (set to max 65 mph)?
Yes, all of our trucks are set to a maximum speed of 65 mph.
Is there a balloon payment?
At the end of your lease, you will have the option to renew your lease by upgrading to a new truck or buying out your truck. If you decide to buy your truck you will have a balloon payment in the total amount of your truck, minus the principal payments made towards your truck throughout the lease process.
Can I buy my truck at the end of the lease?
Near the end of your lease, your lease advisors will contact you about your next steps. You will have the option to either buy your truck outright, or upgrade your truck to a brand new model.
Is there a warranty?
Yes, all of our trucks come with warranties that our maintenance advisors can help you manage throughout your lease.
Are the trucks automatic or manual?
All TEL trucks have an automatic transmission.
What color options do I have for my truck?
In order to get you the best value on your truck and it’s resale value, all our trucks come in white.
Is there a pet fee?
Yes, there is a pet deposit of $500. This is a one-time fee and is nonrefundable.
Is there a rider policy?
TEL does not have a policy.
What is my total cost per week or per month?
TEL collects lease payments on a weekly basis. Payments will vary based upon your lease agreement, your carrier, truck model, credit and work history, your established escrow and maintenance accounts, as well as other factors. Contact your lease advisor to find out exactly how much you will need to account for every week.
What kind of engines do your trucks have?
Our Freightliner tractors have Detroit engines, our Volvo tractors have Volvo engines, and our Peterbilt tractors have Cummins engines.
FAQ: TEL’s Equipment Sales
Should I buy a new or used truck?
Several variables play a factor in determining whether to purchase new or used equipment. In fact, new trucks can have a wide range of features that appeal to any potential truck owner. However, newer trucks are more expensive up front. And they require a longer commitment. On the contrary, buying a used truck involves a slower rate of depreciation. In addition, you can get a more economical loan because used equipment costs less. Thus, the choice between a new or used truck can be difficult. But by examining your wants and needs, you can decide which truck is best for your future plans and be confident in your choice.
What to look for in a semi-truck before you buy?
First, determine what you want from your truck. Do you need a Sleeper or a Day Cab? What engine makes the most sense for your length of hauls? And how much horsepower do you need? What will your fuel economy be? Do you prefer an automatic or a manual transmission? Do your research and narrow down what you are in search of to a few options. Lastly, decide on a budget. Will you need financing? Our customer centric in-house financing provides assurance that all your needs are met with the best rates available. Thus, doing your homework up front will always pay larger dividends.
How do I know that TEL’s trucks are reliable?
In general, TEL Equipment Sales stands behind its equipment. To do this, we deliver unparalleled value and world class support. In fact, all our used trucks are sold at the highest industry standard trade terms found anywhere in the marketplace today.
Where should I buy my semi-truck?
When purchasing new equipment, you might consider leasing from TEL. Or you may want to buy directly from the manufacturer. On the other hand, when purchasing used equipment, it is vital that you be an informed buyer. So, start by asking what is covered under any remaining warranty and for how long. At TEL, we thoroughly inspect all our trucks thru an outside 3rd party. We do this to ensure every detail is covered and captured. Then we put our trucks through a rigorous best-in-class reconditioning process. This process is to provide our buyers with exceptional, dependable, road-ready trucks.
What is the benefit of using TEL’s Maintenance department rather than handling repairs/maintenance myself?
TEL’s Maintenance department provides 24/7 support to guide you through the repair process. Our national network of service providers enables you to pay less for parts and labor than you can achieve on your own, in addition to improving the time it takes for repairs to be made. You can utilize TEL’s buying power.
How often should I change my tires?
DOT requirements are that steer tires be no lower than 4/32 and drive tires are no lower than 2/32. If your tires are above DOT requirements you are compliant. That said, here at TEL we have found that steers typically last about 150K miles and drives 350K miles. Tire life will vary depending on several factors including; keeping your tires at the proper PSI(Steers 110PSI/Drives 100PSI). Getting an alignment if the truck is pulling or seeing wear, the roads you travel on, rotating tires when in for PM services and matching tread depth height if you must replace single tires because of an unforeseen event.
How often should I have PM Services done on my truck?
The PM interval varies by whichever engine your truck has. The PM intervals are found on the truck Maintenance of our website. Select your brand of truck and look for your truck’s engine, to find that information.
How can I be reimbursed from my escrow account for things I’ve paid out of pocket for?
A TEL Lease Purchase operator can submit an out-of-pocket invoice to Breakdowns@TELeasing.com. Maintenance will review the invoice and check over verification requirements (VIN, Name, truck number, vendor, copy of a paid transaction receipt, etc). Once all requirements have been met, maintenance will submit a check request from the operator’s escrow account. This check will be mailed to the operator’s address on file with TEL.
What modifications can I make to the truck without being in violation of the lease agreement?
Operators can add modifications to make their truck unique, but what TEL recommends is these modifications be easily removed and do not alter the value or intended use of the equipment. If you have any further questions or clarification, reach out to TEL’s Breakdown department at 423-214-3911.
What expenses does the maintenance escrow cover?
Maintenance escrow funds may be used for all necessary truck repairs not covered under warranty, or an OEM recommended maintenance.
What do I do if my equipment is impounded?
Notify TEL Maintenance immediately at 423-214-3911 that your truck has been impounded. The impound fees are not an Escrow approved expense. An operator will need to pay all the fees related to the impound directly to the tow company.
What are my options if I get locked out of my truck?
If an operator has locked their keys in their truck, a local lock smith should be able to get the truck open. This will be an out-of-pocket expense, not reimbursable through the escrow account. TEL always suggests an operator to hide a spare key on the outside of the truck, only where they know it is.
Does my truck have remote telematics? If yes, what can be done remotely?
Depending on your truck’s manufacturer, TEL Breakdown has the ability to read your Check Engine Light codes and send software updates. Please call TEL’s Breakdown department 423-214-3911 so we can check the telematics of your unit.
How can I know what fault codes are active on my truck?
If you have an outline of an engine icon or an outline of an engine icon with the words “Check Engine”, or a “Stop Engine” light icon, then TEL Maintenance will be able to read the codes on your truck. Call 423-214-3911
When should I stop driving if I have a fault code?
If your truck has the outline of an engine icon or an outline of an engine icon with the words “Check Engine” you can contact TEL Breakdown and we can remotely access your truck to read the codes. If your truck gets a red “Stop Engine” light icon, find the closest safe haven, turn off the truck, and contact TEL Maintenance immediately. 423-214-3911.
Can I increase the foot and cruise speed on the truck?
You can adjust the foot and cruise speed of your truck as long as the speed does not surpass the speed rating of the tires, and the approved speed limits of your partner carrier. Some manufacturers can remotely re-program your speed, others you will need to go to an OEM dealership. Adjustments from factory settings are not and escrow account approved expense. The operator will need to pay out-of-pocket to the dealership at time of re-programming.
FAQ: Finances & Credit
How much are the truck lease payments?
TEL has some of the lowest lease payments structures in the marketplace. Our payments designed to be highly sustainable an promote our customer’s success as they are based on how the truck is to be operated. We encourage you to reach out to our sales team to receive the best information for your particular needs.
What are the startup costs to lease purchase?
TEL’s Lease Purchase program requires a small security deposit of $1,500 for Solo Operators and $2,500 for Team Operators.
FAQ: Business Startup
Is it hard to become an owner operator?
Becoming an owner operator is starting your own business. At TEL, we try to make the process as easy as possible. Through TEL’s Lease Purchase program, the costs to begin your business are significantly minimized. For more information contact us at firstname.lastname@example.org or call 423-214-3915
How do I become an owner operator?
Contact TEL at email@example.com or call 423-214-3915 and we will be more than happy to walk you through the process of becoming an owner operator.