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Old 08-31-2012, 08:40 PM   #1
longlivetheZ
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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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Old 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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Old 09-11-2012, 09:57 AM   #3
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Re: "Lease" between private parties?

Quote:
Originally Posted by longlivetheZ View Post
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!
I'd suggest you contact your local DMV for their take on this situation and also your insurance company . Those two can give you the facts you need to know and not the " educated guesses " or opinions which is mostly what you'll get here - good luck !
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