Leasing personal vehicle to friend/colleagues

Fatal Flash · 09-09-2011, 10:49 AM

One of my friends has inquired to lease my Range Rover Sport for a period of four months.

I will have another car in the driveway shortly, so this will not be a problem, but he will be located down in FL (shipping car) for the 4 month stint.

Is there anything I should seriously look into when making this agreement?

With properly written contracts I don't see any grave issues.

All liability and maintenance gets transferred over to Lessee since the car has no warrantee, and all insurance/etc. gets transferred over as well. If the transmission blows, I am not responsible for fix.

Does anyone have a fair idea on how to quote leasing rates for a 2007 Range Rover Sport lux pkg, with 1200 miles a month?

Anything I should seriously avoid? I don't mind lending him a helping hand, as long as I don't lose money on depreciation/wear & tear.

Thanks...

bagofjuice · 09-09-2011, 11:21 AM

rather you than me. nice car to be leasing out

MediaArtist · 09-09-2011, 11:45 AM

Recipe for disaster.

khaye1 · 09-09-2011, 12:50 PM

If your tranny breaks, the leasee is not responsible for the fix, you are...just like if I was to rent a car from Hertz, if it breaks and the problem wasn't driver induced, I would just return it and get another car. So if your friend is nuts enough to accept your offer, then I say go for it.

Tim2189 · 09-09-2011, 01:43 PM

Quote:

Originally Posted by Fatal Flash

One of my friends has inquired to lease my Range Rover Sport for a period of four months.

I will have another car in the driveway shortly, so this will not be a problem, but he will be located down in FL (shipping car) for the 4 month stint.

Is there anything I should seriously look into when making this agreement?

With properly written contracts I don't see any grave issues.

All liability and maintenance gets transferred over to Lessee since the car has no warrantee, and all insurance/etc. gets transferred over as well. If the transmission blows, I am not responsible for fix.

Does anyone have a fair idea on how to quote leasing rates for a 2007 Range Rover Sport lux pkg, with 1200 miles a month?

Anything I should seriously avoid? I don't mind lending him a helping hand, as long as I don't lose money on depreciation/wear & tear.

Thanks...

LOL...let me understand this correctly

You want to transfer your lease to a friend in florida for 4 months...then transfer the lease back to you? good luck explaining that to LLFG. when you transfer over a lease to a friend, he will be paying the same payment you are, there are no recalculations done.

Tell your buddy to just go into a dealership and lease a new one and hope he finds someone to transfer it over to in 4 months.

btw, the transfer process takes anywhere from 20-30 days so you lost 2 months right there

khaye1 · 09-09-2011, 02:01 PM

I'm gonna assume that the car is not on lease to the OP...should be paid for, unless he's in a 5 year lease

Tim2189 · 09-09-2011, 02:38 PM

Quote:

Originally Posted by khaye1

I'm gonna assume that the car is not on lease to the OP...should be paid for, unless he's in a 5 year lease

In that case he cant even lease the car to his buddy

Fatal Flash · 09-10-2011, 04:40 PM

^yes he can with proper documentation.

Before you went at the assumption of laughing with that attack, I didn't state anywhere that I was leasing my vehicle (thank you on the 5 year comment, good logic).

It's owned out right.

TY for advice.

onesuperboi · 09-10-2011, 05:23 PM

Why would you do this? There are more risks to your friendship than the car.

michaelthepsycho · 09-11-2011, 06:14 AM

If you know him well enough, what's the problem? You're getting paid and life's good.

Wild Squid · 09-11-2011, 06:44 AM

The fact you have a Range Rover Sport and multiple vehicles tells me you probably don't need the money, or could care less about it. I'm thinking the amount he'd pay you is what, ~$3-4K? Seriously, don't do it. You don't need the money, and the risks far outweigh the reward. Tell your friend to rent a car from a business. Both sides will be covered then. You don't want something to happen to your Rover and have a money dispute with a friend.

lopealle · 09-11-2011, 02:46 PM

Dont do it these type of deals never work out well

Fatal Flash · 09-12-2011, 01:00 AM

Touche guys. Thank you for the advice. I didn't want to put him in the position of being responsible for repairs or dealing with insurance if there was an accident/value loss after a repair, so I'm helping him locate a vehicle on swap-a-lease. Car will be newer, under warranty, and owned under proper contract. Wasn't intended for profit, just for a helping hand because it is very important for these next for months with television exposure. Would have been a good look. If he leases a Rover, least I can do is give him my wheels since we'll all be in winter mode.

TY e90 post

etc335i · 09-13-2011, 01:19 AM

Is this friend considered family? If so I wouldn't do it. It could ruin that bond you have.

09-09-2011, 10:49 AM	#1
Fatal Flash First Lieutenant 60 Rep 356 Posts Drives: M2/i8/M3 GTS3/335is/KTM390 Cup Join Date: Jul 2008 Location: Long Island iTrader: (0)	Leasing personal vehicle to friend/colleagues One of my friends has inquired to lease my Range Rover Sport for a period of four months. I will have another car in the driveway shortly, so this will not be a problem, but he will be located down in FL (shipping car) for the 4 month stint. Is there anything I should seriously look into when making this agreement? With properly written contracts I don't see any grave issues. All liability and maintenance gets transferred over to Lessee since the car has no warrantee, and all insurance/etc. gets transferred over as well. If the transmission blows, I am not responsible for fix. Does anyone have a fair idea on how to quote leasing rates for a 2007 Range Rover Sport lux pkg, with 1200 miles a month? Anything I should seriously avoid? I don't mind lending him a helping hand, as long as I don't lose money on depreciation/wear & tear. Thanks...
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09-09-2011, 11:21 AM	#2
bagofjuice New Member 0 Rep 15 Posts Drives: M3 Join Date: Sep 2011 Location: London iTrader: (0)	rather you than me. nice car to be leasing out
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09-09-2011, 11:45 AM	#3
MediaArtist There is No Substitute 77 Rep 1,186 Posts Drives: Audi A6, 997 GT3 RS, E90 335i Join Date: Apr 2010 Location: Laguna Beach, CA iTrader: (0)	Recipe for disaster. __________________ '13 Audi A6 '07 Porsche GT3 RS '08 BMW E90 335i
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09-09-2011, 12:50 PM	#4
khaye1 Colonel 161 Rep 2,811 Posts Drives: 24 G87 Join Date: Feb 2009 Location: San Diego iTrader: (8) Garage List [10.00]	If your tranny breaks, the leasee is not responsible for the fix, you are...just like if I was to rent a car from Hertz, if it breaks and the problem wasn't driver induced, I would just return it and get another car. So if your friend is nuts enough to accept your offer, then I say go for it. __________________
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09-09-2011, 02:01 PM	#6
khaye1 Colonel 161 Rep 2,811 Posts Drives: 24 G87 Join Date: Feb 2009 Location: San Diego iTrader: (8) Garage List [10.00]	I'm gonna assume that the car is not on lease to the OP...should be paid for, unless he's in a 5 year lease __________________
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09-10-2011, 04:40 PM	#8
Fatal Flash First Lieutenant 60 Rep 356 Posts Drives: M2/i8/M3 GTS3/335is/KTM390 Cup Join Date: Jul 2008 Location: Long Island iTrader: (0)	^yes he can with proper documentation. Before you went at the assumption of laughing with that attack, I didn't state anywhere that I was leasing my vehicle (thank you on the 5 year comment, good logic). It's owned out right. TY for advice.
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09-10-2011, 05:23 PM	#9
onesuperboi Major 53 Rep 1,357 Posts Drives: '08 e92 335i COBB 4.01 Stage 1 Join Date: Aug 2008 Location: Bay Area, CA (Alameda) iTrader: (6)	Why would you do this? There are more risks to your friendship than the car.
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09-11-2011, 06:14 AM	#10
michaelthepsycho Lieutenant Colonel 81 Rep 1,644 Posts Drives: 11 Montego Blue E90 335i Step Join Date: May 2009 Location: CA iTrader: (4)	If you know him well enough, what's the problem? You're getting paid and life's good. __________________ Former car 2011 BMW 335i Step - Montego Blue / Chestnut Brown
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09-11-2011, 06:44 AM	#11
Wild Squid Banned 22 Rep 626 Posts Drives: 2011 BMW 335i coupe Msport AW Join Date: Mar 2011 Location: Nor Cal iTrader: (0)	The fact you have a Range Rover Sport and multiple vehicles tells me you probably don't need the money, or could care less about it. I'm thinking the amount he'd pay you is what, ~$3-4K? Seriously, don't do it. You don't need the money, and the risks far outweigh the reward. Tell your friend to rent a car from a business. Both sides will be covered then. You don't want something to happen to your Rover and have a money dispute with a friend.
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09-11-2011, 02:46 PM	#12
lopealle Resident Black Guy 268 Rep 2,302 Posts Drives: Lion Join Date: May 2009 Location: Federal Way, WA iTrader: (2) Garage List 2006 M5 [10.00]	Dont do it these type of deals never work out well
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09-12-2011, 01:00 AM	#13
Fatal Flash First Lieutenant 60 Rep 356 Posts Drives: M2/i8/M3 GTS3/335is/KTM390 Cup Join Date: Jul 2008 Location: Long Island iTrader: (0)	Touche guys. Thank you for the advice. I didn't want to put him in the position of being responsible for repairs or dealing with insurance if there was an accident/value loss after a repair, so I'm helping him locate a vehicle on swap-a-lease. Car will be newer, under warranty, and owned under proper contract. Wasn't intended for profit, just for a helping hand because it is very important for these next for months with television exposure. Would have been a good look. If he leases a Rover, least I can do is give him my wheels since we'll all be in winter mode. TY e90 post
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09-13-2011, 01:19 AM	#14
etc335i Trainee 28 Rep 385 Posts Drives: BUS PASS Join Date: May 2011 Location: El Salvador iTrader: (0)	Is this friend considered family? If so I wouldn't do it. It could ruin that bond you have.
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