Owner-Operator Independent Drivers Association

1 OOIDA Drive, Grain Valley, MO 64029
Web Site: www.ooida.com
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Contact: press@ooida.com
Headquarters: (816) 229-5791

For Immediate Release

OOIDA supports Truck Leasing Task Force for calling lease-purchase programs ‘irredeemable tools of fraud’

The Owner-Operator Independent Drivers Association (OOIDA) supports a report by the Truck Leasing Task Force, which unequivocally calls for an end to predatory truck lease-purchase agreements. During several meetings hosted by the Federal Motor Carrier Safety Administration, the Task Force characterized these programs as fraudulent and oppressive, concluding that they are irredeemable and should be banned.

OOIDA agrees and has voiced similar concerns for decades.

According to the Task Force, truck lease-purchase agreements—where carriers control drivers’ work, compensation, and debts—fail more than 90% of the time, leaving hundreds of thousands of drivers financially devastated. The report calls for Congressional action to ban these agreements outright, deeming this step the most effective solution to prevent further harm to truck drivers and the trucking industry.

The Consumer Financial Protection Bureau Staff Report supplements the Task Force’s recommendations. CFPB’s Observations on Truck Lease-Purchase Agreements documents how truck leases differ from conventional financing agreements for automobiles and other vehicles in significant ways, including confusing earnings and expenses projections, broad default provisions, and inducing drivers to relinquish trucks.

Harm to industry and public safety

“Congress should ban commercial motor vehicle lease-purchase agreements as irredeemable tools of fraud and driver oppression that threaten a safe national transportation system and diminish the number of truck drivers attracted to and who stay in the trucking industry,” the report states.

OOIDA President Todd Spencer, who spoke at multiple Task Force meetings, commended the findings, emphasizing the detrimental impact these agreements have on truckers and highway safety. “Many people are drawn to trucking under the belief that hard work guarantees success,” Spencer said. “But predatory lease-purchase agreements prey on that trust, leaving drivers financially and emotionally broken.”

Backup Plan for Reform

Acknowledging the challenge of an outright ban, the Task Force also presented recommendations to mitigate the harm caused by these programs. These include:

  • Oversight from Congress, the Federal Motor Carrier Safety Administration (FMCSA), and other federal agencies.
  • Mandatory disclosures of contract terms, success rates, and expected take-home pay.
  • Whistleblower protections for drivers reporting abuse.
  • State and local enforcement measures, alongside grants for driver training.

A Year of Advocacy and Research

The Truck Leasing Task Force, formed by Congress in 2023, spent more than a year analyzing the pervasive issue of predatory lease-purchase programs. Drawing on testimony from drivers, industry experts, and government agencies, the Task Force concluded that these agreements systematically exploit truckers without providing a pathway to truck ownership.

“Drivers make payments but accrue no equity,” said Ryan Kelly of the Consumer Financial Protection Bureau. “With a 90% failure rate, these programs are designed to fail—not by accident, but by intent.”

The final report details all recommendations in full. OOIDA remains committed to working with lawmakers and regulatory agencies to protect drivers and eliminate predatory practices in the trucking industry.

RECENT PRESS RELEASES:
OOIDA supports Truck Leasing Task Force for calling lease-purchase programs ‘irredeemable tools of fraud’
OOIDA urges small-business truckers to participate in broker transparency reform process
Truck driver shortage narrative exposed as myth

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