Hiring out personal car?
Discussion
mcflurry said:
What would you offer me that Avis / Hertz / ERAC couldn't?
What would you do if the car was damaged?
Potentially he could hire it too you for 6 months - making a margin on what he is being charged for his lease. That would almost certainly be cheaper.What would you do if the car was damaged?
It is very difficult to do properly and impossible on a "normal" finance contract
The biggest issue is insurance. If it's a single, long term arrangement it may be possible to talk the insurer into adding the hirer as a driver - but if its for short term hire a la Avis, no chance whatsoever. Hire car insurance is spectacularly expensive for very obvious reasons and I can't see any of the very few companies that specialise in that market wanting to insure the OP.
You could make the hirer insure it, but what if he doesn't?
Really, this is not a good idea on so many ways..
You could make the hirer insure it, but what if he doesn't?
Really, this is not a good idea on so many ways..
M3DGE said:
The biggest issue is insurance. If it's a single, long term arrangement it may be possible to talk the insurer into adding the hirer as a driver - but if its for short term hire a la Avis, no chance whatsoever. Hire car insurance is spectacularly expensive for very obvious reasons and I can't see any of the very few companies that specialise in that market wanting to insure the OP.
You could make the hirer insure it, but what if he doesn't?
Really, this is not a good idea on so many ways..
if it is a long term lease then the the person who is leasing the car can insure it as you would any lease car. that is more difficult for short term hire.You could make the hirer insure it, but what if he doesn't?
Really, this is not a good idea on so many ways..
It would be aimed at the longer term hire of 6-12 months much in the way that you would rent out a property. Along the lines of getting the finance or in the case of a property your mortgage being paid for. Obviously if you are renting your house out you would have landlord insurance is there not something similar for vehicles.
A contract could be drawn up which would include them insuring the car and being liable for any damage??
Or if i was looking to rent it for shorter periods ie weekends what steps would need to be taken then. How hard can it be as it is being done already with supercar hire for weekend periods etc. It is a high end Audi so would be no different to that really and im sure there is good margins to be made.
I will look at the finance agreement and see if there is anything stated which would not allow this.
A contract could be drawn up which would include them insuring the car and being liable for any damage??
Or if i was looking to rent it for shorter periods ie weekends what steps would need to be taken then. How hard can it be as it is being done already with supercar hire for weekend periods etc. It is a high end Audi so would be no different to that really and im sure there is good margins to be made.
I will look at the finance agreement and see if there is anything stated which would not allow this.
It would be aimed at the longer term hire of 6-12 months much in the way that you would rent out a property. Along the lines of getting the finance or in the case of a property your mortgage being paid for. Obviously if you are renting your house out you would have landlord insurance is there not something similar for vehicles.
A contract could be drawn up which would include them insuring the car and being liable for any damage??
Or if i was looking to rent it for shorter periods ie weekends what steps would need to be taken then. How hard can it be as it is being done already with supercar hire for weekend periods etc. It is a high end Audi so would be no different to that really and im sure there is good margins to be made.
I will look at the finance agreement and see if there is anything stated which would not allow this.
A contract could be drawn up which would include them insuring the car and being liable for any damage??
Or if i was looking to rent it for shorter periods ie weekends what steps would need to be taken then. How hard can it be as it is being done already with supercar hire for weekend periods etc. It is a high end Audi so would be no different to that really and im sure there is good margins to be made.
I will look at the finance agreement and see if there is anything stated which would not allow this.
Whitty6 said:
I will look at the finance agreement and see if there is anything stated which would not allow this.
if it is from any mainstream lender it absolutely will forbid it. Certain specialist houses have finance agreements that allow it - but they will be either aimed at commercial enterprises or be specialist offerings for taxis, chauffeurs, SDH operators or secondary lease companies
eltax91 said:
I heard on the radio this morning that "easycar" is launching a business to do just this. You put your car up for rent, some punter buys it for a few days, and they take care of the booking/insurance etc
It is definitely something people are looking into. I still don't think it works if you finance the car. Most people won't realise this. Most will get away with it. Those that don't will have the car taken off them and still have to pay most of the finance.
t.Whitty6 said:
Hi,
Im wondering if anyone has any knowledge on whether it is legal and also the permutations of hiring out/leasing a car which is your personal vehicle? In this case the car has outstanding finance.
Regards
Have you read any of the threads on here about how hire cars get driven by a lot of PH'ers?Im wondering if anyone has any knowledge on whether it is legal and also the permutations of hiring out/leasing a car which is your personal vehicle? In this case the car has outstanding finance.
Regards
The only vehicle I would even think about hiring out would be a
Short term has been tried at least once and failed:-
http://www.theguardian.com/money/2012/may/04/hire-...
Longer term - if you are financing the car, where is the advantage to the hirer over getting the finance themselves?
Andy
http://www.theguardian.com/money/2012/may/04/hire-...
Longer term - if you are financing the car, where is the advantage to the hirer over getting the finance themselves?
Andy
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