Check this forum. One person bought five volts for flip and became ineligible for the rebates and credit. May be different for lease and purchase but anything under a year means somebody is going to have to cough up any tax credits.
Interesting thread. Would like to know more about people who lease good deals and turn it into profit.
Thereās no limit on how many you can claim, but you can only use as much as your total tax liability.
I submitted my ca rebate, once it receive it, Iām heading to carmax.
For the CA rebate, you need to keep the lease for at least 30 months, else you supposed to give the rebate back.
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Ouch, thanks fir the info.
Same hereā¦I read the āblogā that @hurijo posted (it was one of the first google search results). Once I went further down the results and read some more reviews, a very different picture emerged.
Whoever created that āblogā was also very skilled at SEO (search engine optimization) hence a uniquely rare ultra-positive review is one of the first (and perhaps only) review youāll see.
Perhaps itās advisable not to rent out your car before this reading these reviews instead:
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I am located in Atlanta, Georgia and I see a guy that rents out a couple of Maseraiās and BMWās in Georgia. I donāt hink he would host muliple cars if the service was that bad. Does anyone have any direct experience with this? I definniely looks like however Turo is lightyears behind in terms of service. It no disrupting the car game like airbnb is disrupting the lodging game.
I actually wanted to ren out m Maserati on Turo whenever I wasnāt driving it and when I actually find a good deal on one.
My guess would be that guy has stated value commercial insurance policies.
Just posting to bump this.
Iām thinking of getting one Chevy for this purpose, but have questions on insurance.
Two partners sharing the cost.
- how should we insure this vehicle? We both have personal instance policies but we donāt want to add this car there. Can we get a joint policy mainly for this purpose?
- Both of us will be signing the lease. Is there any difference in sharing liabilities when person X signs as primary applicant and person Y signs as secondary applicant?
- Will our personal insurance policy rates increase if we happen to claim insurance on this car?
Set up an LLC. Then acquire and insure the car under your LLC.
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Thanks @vhooloo
Thats a good point.
I am unsure if I can get all rebates with LLC though. May be I will have to get it first on my name and then Xfer on LLC name to get rebates benefits.
I just checked the cost for forming LLC on legalzoom. Economy package is $334 which includes $175 NJ filing fee.
Good point. May not qualify for rebates if car is leased on llc
It will be a fleet deal - structure changes entirely.
Checked with Geico, All state local agents - they said they wont provide such insurance coverage (cars being used for rental purposes)
I guess I need to do more homework on this. Dont want to get it on my personal insurance policy.
Rich-- Your personal auto and umbrella policy will not cover business activities. Renting your car out is a business activity and would violate your contract in your auto policy. You have way more to loose than just the car. A law suit could ruin you financially for life. Getting a cheap lease to rent our on Turo is a really bad idea.
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Donāt have a business partner unless you really need to
I believe a personal umbrella policy covers rentals, be it a home or a car. Thatās what I got from my insurance agent.
From the terms and conditions of Turo, they do cover up to $75k (if something does happen and Turo owns up to it). If you are to do this, getting a cheap lease is still better than getting an expensive lease 
.
Iāve read horror stories and successful stories, so it up to the individual to take that risk. Just like any business venture.
No one really knows or interacts with service until sh!t hits the fan. Things could be going swimmingly for that guyā¦until he actually needs them to step up.
Not sure what you mean by direct experienceā¦how is a review posted on leasehackr going to be more valid than a review posted on a review site?