Sublease agreements to brokers who rent your car

Absurd concept.

 

Absurd is probably the wrong word

Stupid might fit better.

Resale value of any car that was a rental -- minus 20% right off the top.

 

+1

"Ludicrous" maybe?

I always said "I'd have a Ferrari by the time I was 30". (I missed by just under ten years.)

Anyway, my wife back then thought it would be cool to rent one for my 30th birthday. Found a place that would do it - more money than she could really justify, but she wanted to do it.

The guy on the phone asked

'hardtop or spider?'
'Oh, I guess it depends on the weather' (we were in England )
'OK, we'll make that decision on the morning of the rental' (The idea was to have it in the driveway when I got up. 8 hour rental BTW)

She gives the guys all the details. Then;

'OK mam, how about insurance?'
'Err, I figured that was included'
'No mam, but I can arrange it for you'
'OK, how much is that?'

Roughly *twice* the rental price!

I never did get that birthday present!

Cheers,
Ian

 

Ian, at my former employers place we were rounding up body parts for a wrecked 360 rental car. It took several months. Seems the 18 year old that rented then crashed it was on the hook for rental fees for every day the car was not available to be rented. It was on the order of $2000 or $2500 per day. The rental company knew the kid was in no position to pay it so was trying to go after the families assets since the kid still lived at home. Including the house.

 

ooohhhhhh that sucks.

 

I rented a Ferrari once when i was 25. I wan't very nice to it but I didn't do any damage.
However I did find myself fishtailing uncontrollably down a canyon road and had I gone off the road the car would have been totaled without question! I had no money to pay for it.

Bad idea!

 

Reference this Oops: Man in rented Ferrari F430 smashes up car on Ontario backroad | National Post

The man was out of pocket because he didnt pay for insurance.

People shout out "rental" when I drive. Truth is.. I cant afford the cost to rent a ferrari. Cheaper for me to own

 

I can't wait for the OP's story to go to print. Should be an interesting read.

 

I would consider renting it out as a prop for pictures etc. In fact I have an ad on kijiji

The guy who owns a 360DougDeMuro (Youtube Celeb) earned 1,000 just by parking it for a movie set

I Got Paid $1,000 To Park My Ferrari On A Movie Set

 

Isn't he in essence "renting" his 360 for the year by making monthly payments?

Part of me is scared of renting an exotic. If there is anything wrong with the car YOU get blamed and the onus is on YOU to prove its not a result of your driving.

In reference to above: "I have a Ferrari... that's right. It's a Ferrari."

 

Not sure I get your point. Perhaps I wasnt clear. He allowed a movie crew use his car (as a visual prop) and got paid.

Second point fully agree. There are a few stories here of people taking either a F car out for a test drive or renting and being faced with high cost repairs. e.g., new engine

 

Yeah, when she told me the story later I was kind of glad she didn't go there!

I honestly don't remember the numbers, but somewhere around 1k ($ or £, makes little difference!) to have it delivered, 8 hours, then collected. Silly money back then, but a very cool idea..... But I do recall 'full' insurance was mandatory, and even at age 30 (just!), it was more than 2k for the day!.... Had she gone ahead, hopefully we'd have been covered had anything bad happened!

Anyway, I'm amazed that;

- an 18 year old could even rent one. (I don't think you can rent *any* car in the UK under 25(?))
- not have 'full', comprehensive etc insurance be mandatory under any circumstances.

Do you know the outcome?

Cheers,
Ian

 

Seems if the rental company wanted to make the case that he was a child and go after the parents, they could countersue the rental company for child endangerment.

"Your honor, who in their right mind would rent a 400 horsepower car to a child?"

 

You live in a state where common sense prevails.

 

No, last I heard a year or 2 later it was still being fought. We all did wonder why a rental Co would rent to an 18 year old even if he could pay. The outcome was pretty foreseeable, it didn't take a rocket scientist to figure out there was a high probability that Gomer was going to wreck it and equally probable that he had no ability to cover a big loss. I understand he was on the hook for a couple of hundred thou in lost rental fees. Prob best for dad to just buy the thing. No one involved except us had any idea it would take so long to get the parts but that is SOP with Ferrari and body parts, especially for a car in production. They were all surprised it took so long.

 

I started a rental business with a 360 when I was in college. The car ended up getting totaled by a renter. His insurance company paid for the car with almost no questions asked. Just my experience.

 

There was a guy on fchat in the last 6 months advertising his F430 for a short term sublease. He actually still owed the bank but could not afford the payments. Search the classifieds and you can find it and I think he had at least one person take him up on the offer.

 

I can see buying a higher mile car with stories that was cheap and then renting it. The insurance would be very high, but you may be able to get daily rates and simply require it as a condition to rental. Age limit say 25 or so. I'd never rent my nice personal car.

 

The way to do it would be to buy a crashed and repaired car and rent that out. Most punters on the street wouldn't know/care if the car had already been totalled.