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08-31-2012, 08:40 PM | #1 | |
AF Enthusiast
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"Lease" between private parties?
How goes it everyone?
I was cruising Autotrader one day and stumbled across a SICK 95 300zx for sale nearby. Went and checked it out and it is EXACTLY what I'd build if I were to do it myself. I love it. Tried to get an auto loan and neither mine nor my wife's bank would touch it since it's "too old." What I wonder is this...would it legally be possible to write up a contract, have it notarized and all that and "lease" the car from the owner (if he agreed, of course)? From what I've read, it is legal to register a car that one doesn't own in the state of Cali and, if I did that, I would be able to insure the car as well. The owner doesn't drive the car. It just sits under a cover (2 covers, actually...the sun in Palm Springs is intense!) in the RV lot where the owner lives. If I leased it, it'd get driven, the owner wouldn't have to pay insurance on it, taxes on it, register it or smog it and it'd be in my garage when I wasn't driving it. Is there any reason anyone can think of why this wouldn't be a good deal for all involved? Also...anyone know any details about what this car-sharing thing is in Cali, too? Any info greatly appreciated!
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Who cares what's in your wallet...what's in your garage? VG30ET in process of rebuild on left and my 88 300ZX NA, 2 Seater, 5-Speed...my 3rd Z31 Hope you can see the tiny pic...AF reduced the size limit! Beer is living proof that God loves us and wants us to be happy. --Benjamin Franklin
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09-11-2012, 09:01 AM | #2 | |
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Re: "Lease" between private parties?
Hey there,
I would try to get it leased via a different lease company, this will save you a lot of hassle. 2nd hand car leasing is getting more and more popular, so the age of the car shouldn't matter too much. Just browse around the internet for a leasing company that does 2nd hand cars as well. If you really want to lease it from the current owner, I don't think the law mentions anything about whether the lessor should be a registered company, so you might be save there. But I can imagine setting up the contract will be difficult, you would have to take in account residual value, end off contract options etc.. So in conclusion, I would recommend you talk to some other banks or leasing companies first. If nobody wants to finance it, you could try and lease it from the owner. But then I would definitely recommend some professional help. Hope this helps! |
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09-11-2012, 09:57 AM | #3 | ||
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Join Date: Jan 2006
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Re: "Lease" between private parties?
Quote:
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" Sometimes I grow so tired " |
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300zx , lease , party , private |
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