Loyalty/Conquest hacking

Ask the Hackrs
1

I have a car brand A and my friend is going to lease a car brand A that has $5,000 loyalty incentive.

If we sign a contract to lease my car to my friend, then he gets insurance for the car under his name and lease his new car with the incentive. After that’s done, we sign lease termination contract.

Seems to be no risk to me because the car is still with me all the time. No risk for my friend because there is an actual lease contract. No fraud.

Do you see any issue with this? If there isn’t any issue, why isn’t there anyone providing this service on Leasehackr while the incentives for loyalty/conquest are usually huge?

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Besides that your lease specifically states you can’t sublease it out like that?

The risk, other than them claiming fraud, would be the bank seeing you violating your lease contract, exercising the early termination clause due to contract violation and costing you a ton of money.

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I was chasing a BMW loyalty offer once. I looked into buying an old BMW beater, but that seemed like too much cost/trouble. Instead, I located a BMW at a close by Carmax, and called my insurance company and explained that I was planning to buy it that night, and wanted to add it to my insurance. I explained I might not actually buy it after seeing it in person. I gave them the VIN, and they added it to my insurance and sent me a proof of insurance card. I had read that BMW would accept this as proof of ownership.

I ended up deciding to not lease a BMW, so I called my insurance company the next day and advised them that I did not get the car from Carmax, and they took that car off my policy. I do not know for sure if this method would have worked for loyalty.

Another method would be to actually buy a car from Carmax, and return it during the 10 day return period after using it to qualify for the loyalty/conquest offer.

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5

In the case my car is leased car and it is through the same lender than there should be the risk. However, if it is financed/fully owned or lease through a different lender than it should not be an issue.

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That’s exactly why most of those require 30 days ownership

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Exactly that is reason for 30 days requirement.

But how about the method I mentioned? No change in ownership so no associated cost.

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8

Sounds like a strawman deal and those can ruin your credit if they go wrong

Most loyalty and conquest usually look at the household address as well, so it’s iffy

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9

If you’re willing to go to that length to help your friend with fraud, why not just co-sign for him instead? Lol

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10

Why is it fraudulent? There is a real contract.

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It is impossible to ruin my credit. I am not involving in the transaction between my friend and his lender at all.

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12

How much is the incentive and the corresponding cost savings associated with this plan?

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He said it was $5000…I’m not sure how ‘writting a lease’ will change Registration as Registration is required…but then I don’t know if OP has a company that can handle stuff like that.

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What is the real contract? @mllcb42 already stated you can’t sub-lease BMWFS’s vehicle to your friend.

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15

I also mentioned that it can be an issue if my car is leased.

But what if my car is financed/owned?

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16

A lease doesn’t change ownership.
With a leased car, the car belongs to and the title is under the lender name, not lessee.

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17

Do you have the necessary business license/lessor license, surety bond, sales tax certs, etc., to legally be a lessor?

If so, isn’t a problem.

That doesn’t mean it doesn’t get registered in the lessee’s name.

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Thanks for this comment. I will need to check my state law to see if any of those are required.

Probably, for lender who doesn’t require prior 30 days lease/own, the unethical method of buying from Carmax and return within 10 days as someone mentioned above is the simpler way to go then. Will tell him this tip.

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Can’t you sign the deal then transfer to him ? This would probably hurt your credit (credit run) but you know, what are friends for lol
Or add him to your insurance policy if that’s the required method of ownership and let him actually drive it :grin:
On another deal I was trying to get “ competitive owner” incentive , I had to provide registration

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