::sigh:: What’s a little fraud among friends?
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I am also in San Diego but I can easily do OC too. Just looked up San Diego for Porsches and only see 6 x Porsche vehicles available, but from different punters! Some owners seem to be off their rockers with what they would want on say a 2013 Boxster! It could be that the guy who you know has all his Porsches out on the road already!
Seems that there could be a bifurcation in strategies: some folks don’t want the average run of the mill rental type cars, those readily available on most rental car cos lots. Maybe that’s why the girl from OC is offering high-line models. I’m definitely intrigued and fishing! Could very well be a flash in the pan but I’m not open to such proclivities as putting $250K or so into 5 cars which fetch at most $100 or so per day which they are in service. If this is their business model, it is rather stupid!
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And since a little fraud is so rewarding, why not take the next step, ie a lot of fraud. Surely more rewarding!
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As long as payments are made the bank rarely act upon the discovery of such fraud. On the other side of the scales, if these leases go belly up shortly after the first month payment, someone will pay LOTS of attention. Of course if someone does it correctly, i.e, by way of writing a business plan which is actually worth the paper which it is written on, there is no reason as to why this can not be done legally and properly once the owner of the business shows his own scheme in the game, but this method I suspect is a far fetched scenario.
Once the cluster of leases show up on the borrower’s credit reports, in 95% of the time the score will drop so substantially that this borrower may not be able to lease anything till the old leases drop off. Maybe the kind of people who are doing this in a careless manner, are using straw-men for their sketchy lease deals.
Right: they would lease the car in the business’ name/tax ID, which is reviewed/underwritten differently than a personal loan.
See also:
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Anyone had GOOD experience with Turo?
I am scheduled to rent something for our wedding later this month, the reviews so far have been good
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Dude, whatever…you wanna commit fraud at least get off the public forums. The others are joking, you seem to take it seriously.
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If you’re renting you’ll most likely have a good experience.
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Huh?! Dude!
Porsche guy I mentioned: a friend who was in town rented a convertible for the weekend. 5-star host and he was great.
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I wonder how many loan companies?
Was this all done thru different loan companies? Or thru Toyota Financial?
They don’t allow sublease. It’s against your contract but that doesn’t stop people
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@Cody_Carter I must have been corresponding with you on another thread, but this is what I was referring to the “Sienna guy”. Sounds like a lot of people are doing it. Wondering if it will be addressed, and if so, how?
Just because a lot of people are doing it doesn’t mean it’s right.
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What is the possible end game here? Contract voided?
Not sure how the bank would handle.
I just know that if the bank finds out during the approval process it’s an auto decline
I was thinking the same thing for Turo as it’s the Airbnb for cars. You can get a little side gig for + cash if you crunch the #s correctly. However I think the liability outweighs the rewards.
If a person leases/finances 10 cars and it’s all under their name that’s a huge risk. If the renter crashes, kill himself or someone else wouldn’t the owner of the car have to pay what the insurance doesn’t? Or pretty much the victim can sue the driver, owner, and Turo.
I wonder if most people in Turo put their cars under a business entity or personal name. The better way is definitely have a buffer zone to protect your personal assets in case of worst case scenarios.