I know the reviews are not good for Turo. With that being said, there’s always hassles when trying to make a little side hustle. I get it. But has anyone personally experienced monetary / legal ramifications ?
What car you putting on turo?
2015 GMC Terrain denali - it is a GM financial lease - could not locate any verbiage barring the practice on the lease contract
It might be a lucrative deal for your vehicle and trim but might want to check your lease paperwork again. In my Chrysler lease contract there is a section states “you will not sublease the vehicle, assign, pledge or permit a security interest to be created in, or in any other way transfer your interest or responsibilities in the vehicle and in this lease”. It’s vague at best, best technically Turo is a short term lease.
In the event of an accident, even if your insurance paid out, GM could deny gap coverage since you broke the contract.
IMO the minimal monetary gain is not worth the risk, maintenance cost and headache.
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I think I saw something in my lease paperwork about ‘for hire’. I would like to was well, but I have a feeling it is totally not allowed.
Did turo recently change their structure and cause a lot of people to leave? It seems like there’s waaaay less available on there than the last time I looked maybe 4 or 5 months ago.
If you are the kid who always did his homework on time, now drives the speed limit and always files his taxes honestly, then Truro is not for you.
If however, you copied your homework off the internet, always drive above the speed limit and slow down when your radar detector goes off, take creative tax deductions by claiming your LLC made a loss on your Montana registered sports car, then you will be fine on Truro.
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I need more details on how to setup that Montana Sports Car lease
Why does everyone do Montana LLC - New Hampshire is more subtle and less overplayed
And safer for me since I live in MA. I believe the good thing about Montana is no inspection and no excise tax.
NH has annual inspection requirements and initial registration fee of $18 per thousand.
Turo has its own insurance. When your car gets in to an accident, you call Turo and they pay off the whole car. You do not have to report to your insurance at all. How do I know? A friend of mine had his brand new 2015 camry totalled by a renter with only a couple hunder miles on it. Turo paid off the whole thing. Also, lease was with SETF which is a pain… but they didnt say anything cause they got paid full amount
That insurance by Turo cost an arm and leg for the car owner. Usually that’s significantly cuts into the profit making the rental not worth while after deprecation, wear and tear
Im not sure if theh changed the rules on that but last i checked, its already included in the % share they keep from your rent amount. I have personally rented out an S coupe 2 years ago and no insurance charge seperately.
Those are very good points and explain why my registration cost so much.
And that inspection is a PITA and the dumbest requirement. It especially hurt since I bought a car out of state where the dealer forced me to pay inspection for both states and lost a day of my life waiting for that inspection.
I feel really old when people are talking about copying their homework off the internet. That’s something my children can do, but internet was just a DARPA created thing used by military and some universities when I was in school. These young kids have it so easy today. Now get off my lawn… 
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As I said before, having the car totaled is probably the best scenario if your renter gets into an accident. Otherwise you’re looking at diminished value for a car you own or excess wear/tear for a car you lease.
NTM any scenario where Turo’s insurance decides it’s not at fault/not liable. And the other party decides the same. What are you going to do then?
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That’s a bit misleading. Not every accident will result in a “total loss,” requiring payoff of the car.
But if you are going to have an accident, give it some more gas so you total it?
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