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      09-09-2011, 09:49 AM   #1
Fatal Flash
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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, 10:21 AM   #2
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rather you than me. nice car to be leasing out
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      09-09-2011, 10:45 AM   #3
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Recipe for disaster.
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      09-09-2011, 11:50 AM   #4
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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, 12:43 PM   #5
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Quote:
Originally Posted by Fatal Flash View Post
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
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      09-09-2011, 01:01 PM   #6
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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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      09-09-2011, 01:38 PM   #7
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Quote:
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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
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      09-10-2011, 03:40 PM   #8
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^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, 04:23 PM   #9
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Why would you do this? There are more risks to your friendship than the car.
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      09-11-2011, 05:14 AM   #10
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If you know him well enough, what's the problem? You're getting paid and life's good.
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      09-11-2011, 05:44 AM   #11
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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, 01:46 PM   #12
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      09-12-2011, 12:00 AM   #13
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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, 12:19 AM   #14
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Is this friend considered family? If so I wouldn't do it. It could ruin that bond you have.
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