Leasing what I own

stillrael · Oct 24, 2009

I have a 06 International for sale and I am having a hard time. I have to sell due to health reasons. The people calling are asking if I would be interested in leasing. I would not mind doing a lease to own thing, but it seems risky. What I need is someone who can draw up a contract or lease agreement, anyone know where? And what are the pros and cons? I do not wish to be financially responsible for this truck anymore, except the payments of course.
This is the truck... thx everyone

chefdennis · Oct 24, 2009

You would have to find a "leasing" company that will "buy" the leasee and then buy the truck from you (at a wholesale price, which might just be less then you owe on it)...or another alternative is to start your own leasing company (not easy, but not hard to do legally and there would be a cash layout to the state for licences) then sign a leasing agreement with the leasee and then sell the "paper" and recover you money...tough to do in this market if you don't already have those connections.....

You might try talking to your lender and seeing if they will let a qualified buyer take over your contract with them...you won't make any money, but you would be out from under the truck finanically.....

moose · Oct 24, 2009

chefdennis said:
You might try talking to your lender and seeing if they will let a qualified buyer take over your contract with them...

Don't do it ,
the only rezone they are looking for a lease to own , is because they are not "qualified"...

I know of one Trucker hoe "rent" his unit "to own" .
that way , the truck stayed with "his" carrier ,which he trust to monitor the "buyer" .
kind of a complicated contract , but leave the "seller" with more guarantee's.
that contract came with 3 payments down , the "seller" can use to recover (what left over) the truck , if the "renter" late on a payment , or not keeping up with maintenance.

greg334 · Oct 24, 2009

It's doable, I just went through setting one up.

Get a good lawyer who you keep on retainer just in case and to monitor progress. Have them write up a solid contract with a "cheat sheet" and HAVE them explain every detail to you and note things with the cheat sheet that you will explain to the person you are leasing it to.

Make sure that they understand that it is like any other lease, they are responsible for repairs and up keep of the truck and so on. And set a realistic buyout.

Have the person who is leasing the thing put up a down payment which is not refundable and go through the steps like you are a bank, credit check, background check, MVR, etc... the cost is not that much and it is to protect both of you.

moose · Oct 25, 2009

greg334 said:
It's doable, I just went through setting one up. .

WHY ?
(this message was too short...)

moose · Oct 25, 2009

greg334 said:
Have the person who is leasing the thing put up a down payment which is not refundable .

Yes ,a good advice ,
some buyers can come up with a good down payment, but don't have no credit for any payment .

nightcreacher · Oct 25, 2009

If you set up this contract,make sure all the money goes thru you,and they can only lease to a company that will send you their pay.
You can set it up so they pay all expenses,your only obligation is the truck payment.
This lease thing is doable,for a down payment,make it the security deposit the company your leasing to requires.
Also put in a clause,miss 2 payments and you get the truck back.