[Danimal1027]

hello everyone

Just want to make sure I'm not missing anything in comparing a lease/rent to own contract to a standard car rental..

Let me state upfront that I plan on driving full time for Uber for 3-4 years as I complete school. It is the most flexible option and I've committed to this..



Let's say a 2015 camry rents at $425/weekly at $0 down at signing

And a new 2016 Camry is available under a lease/rent to own contract but at $0 down at signing plus $339 for 3.5 years

Assuming you don't have the credit or down payment for conventional financing, and also assuming you are looking to work full time for several years to come (not just trying this out) the only obvious advantage to renting is that you are able to opt out at usually 2 weeks notice and maintenance and plates/insurance are included in the price?

The $339/week for 182 weeks equates to a steep $61,698 on a car that retails for less than $25k. I understand insurance, TLC plates etc come at a cost, but If my only other choice is renting, the lease/rent to own option still seems most beneficial because its less per week and you will own a car in 3.5 years (even though it will most likely be beat to all hell)

Am I missing something?

Thanks everyone

 

[Jakeinny098]

I have the same question. TLC license should be here any day, and will hopefully be renting a car soon. The XTS looks really nice, I think fast track has those. Not sure

 

[Vic718]

Always rent to make sure this is for you. And after a month or two then you have a clearer picture of what your up against

 

[ubershiza]

Bigger is always better when it comes to pool and you might get a few X calls in between.

 

[Vanstaal]

Bigger is always better when it comes to pool and you might get a few X calls in between. View attachment 63992

Talk about leg room! This will for the bill for Lebron!

 

[pinnacle]

Rental is bad , bad idea. Throwing lot of money out of windows , too much pressure to cover weekly rent.

 

[censoredbytheFCC]

hello everyone

Just want to make sure I'm not missing anything in comparing a lease/rent to own contract to a standard car rental..

Let me state upfront that I plan on driving full time for Uber for 3-4 years as I complete school. It is the most flexible option and I've committed to this..

Let's say a 2015 camry rents at $425/weekly at $0 down at signing

And a new 2016 Camry is available under a lease/rent to own contract but at $0 down at signing plus $339 for 3.5 years

Assuming you don't have the credit or down payment for conventional financing, and also assuming you are looking to work full time for several years to come (not just trying this out) the only obvious advantage to renting is that you are able to opt out at usually 2 weeks notice and maintenance and plates/insurance are included in the price?

The $339/week for 182 weeks equates to a steep $61,698 on a car that retails for less than $25k. I understand insurance, TLC plates etc come at a cost, but If my only other choice is renting, the lease/rent to own option still seems most beneficial because its less per week and you will own a car in 3.5 years (even though it will most likely be beat to all hell)

Am I missing something?

Thanks everyone

If your credit is good, consider financing the Camry for $129 monthly. My friend that drives 70 hours weekly has a score of 789 and qualified for this offer, and with a hookup, is only paying $558 monthly for his car and insurance, compared to $400 a week.

 

[Toadster]

Lease: car has insurance, inspection, and maintenance supposedly paid for. I just found out that 'maintenance' means oil change. The car is being 'driven to the ground' meaning when something breaks they'll fix it otherwise no maintenance. I'm approaching the 3-month inspection date and I'm considering visiting the lease office and asking why the cars get no maintenance (other than oil changes).

Rent to buy: car has insurance, inspection, but you pay for maintenance. I might choose this because at least I can maintain the thing (coolant flush, trans fluid etc, plugs, fuel system cleaning, etc. all the things listed in the manual for 30000 service).
The difference was $50 a week, so 225 a month for maintenance is about right.

My quotes were 400 a week for my 2015 Altima to lease. 350 a week for a 2016 lease to own.

 

[aluber1968]

Rent for a month to test the waters. Then buy the car and get your own TLC plates, insurance and etc. even with bad credit it will be a better deal. Bad credit means higher interest rate, thus higher monthly payments. Go to a dealership to buy and not tower and so on.

 

[Danimal1027]

If your credit is good, consider financing the Camry for $129 monthly. My friend that drives 70 hours weekly has a score of 789 and qualified for this offer, and with a hookup, is only paying $558 monthly for his car and insurance, compared to $400 a week.

Wow that's much more practical.. once you buy the car, how long before it comes back from the TLC ready to go?

 

[pioneer06]

If your credit is good, consider financing the Camry for $129 monthly. My friend that drives 70 hours weekly has a score of 789 and qualified for this offer, and with a hookup, is only paying $558 monthly for his car and insurance, compared to $400 a week.

Lol

Numbers don't add up

129x60=7740

Your friend must have put 15k down

 

[marcusguber]

Lol

Numbers don't add up

129x60=7740

Your friend must have put 15k down

Something is definitely way off on those numbers.

Forget lease to own, its all a bad deal. I did the math and the BEST deal youll find will still have the company making 5k a year off of you for nothing.

If you have $2500 or so you can get financed on a used car and get your TLC plates etc on it as well. Theres a guy who advertises on Ubermarketplace selling used cars and does the TLC plates that I actually spoke to and he was able to get me financed which is shocking since my credit is sh*t. I didnt end up doing anything because my father got sick and died unexpectedly a week later and I have been tied up with family stuff since but said he was ready to handle all the TLC stuff for me as well. This is his ad - http://www.ubernycmarketplace.com/index.php?page=item&id=77939

 

[marcusguber]

Wow that's much more practical.. once you buy the car, how long before it comes back from the TLC ready to go?

Find a dealership that does the TLC stuff and I think it is pretty much on the spot, I think Queensboro Toyota has a TLC dept.

 

[marcusguber]

hello everyone

Just want to make sure I'm not missing anything in comparing a lease/rent to own contract to a standard car rental..

Let me state upfront that I plan on driving full time for Uber for 3-4 years as I complete school. It is the most flexible option and I've committed to this..

Let's say a 2015 camry rents at $425/weekly at $0 down at signing

And a new 2016 Camry is available under a lease/rent to own contract but at $0 down at signing plus $339 for 3.5 years

Assuming you don't have the credit or down payment for conventional financing, and also assuming you are looking to work full time for several years to come (not just trying this out) the only obvious advantage to renting is that you are able to opt out at usually 2 weeks notice and maintenance and plates/insurance are included in the price?

The $339/week for 182 weeks equates to a steep $61,698 on a car that retails for less than $25k. I understand insurance, TLC plates etc come at a cost, but If my only other choice is renting, the lease/rent to own option still seems most beneficial because its less per week and you will own a car in 3.5 years (even though it will most likely be beat to all hell)

Am I missing something?

Thanks everyone

This is from a spreadsheet I threw together a while back, it bases it on sticker price for a new 2016 Camry and the insurance for someone with no tickets from a quote I got from an insurance agent. I left out 2 column headings next to Total Cost, the 2 to the right are Total profit and yearly profit to the LTO company. These are pretty rough numbers as far as car value (they pay much less than sticker)etc but it shows you just how much you are giving up in these deals for nothing at all.

 

[Toadster]

It seems the value of 'rent' or 'lease to own' is not having to worry about inspections, insurance, and if you want to stop you can return the car.
If you rent maintenance/inspections are included.
If you lease to own, maint/insp. are not included.
Any comments?

 

[Vanstaal]

Why make a new thread when there is a similar one? Try to use the search function so other readers can benefit from the silo structure.
https://uberpeople.net/threads/lease-rent-to-own-verses-standard-rental.105481/#post-1509096