DriveTime Financial now offers a “used car leasing program” designed for people with poor credit. As with any program that is designed to serve people with bruised credit, it is very important to examine the terms and conditions of the offer and to due your homework on your car of choice. Let’s take a quick look at this offer.
Terms of a Drivetime Used Car Lease
According to the Drivetime website, the terms of the used car car lease are as follows:
- No early termination penalties, cancel at any time
- $795 due at signing (applies to “starter class” vehicles only)
- 30 month term / 18,000 miles per year
- If you exceed your mileage allotment, charged at $0.20 per mile
- 65 biweekly payments of $200
- An additional $50 per biweekly payment for the first 6 payments
- “Limited” warranty includes oil changes and PowerTrain repairs
- Customers required to carry only minimum state financial responsibility limit. Read More…
Peer-to-peer car sharing service Getaround recently unveiled the Getaround Carkit™—the first all-in-one device for enabling car owners to safely and easily share their cars and potentially generate thousands of dollars per year in rental income.
Getaround enables car owners to “un-idle” their cars and offset the cost of vehicle ownership by sharing with friends, co-workers, and neighbors, while people seeking cars are provided easy, affordable access to vehicles everywhere. The Getaround Carkit combines GPS, Wi-Fi, and keyless remote technology to allow safe and simple sharing of cars, and is the first device designed exclusively for peer-to-peer car sharing. On average, car owners can earn $2,000 per year for renting their cars.
How threatened are rental car agencies? We shall soon find out. Since this rental model is based on hourly rentals, its main competitor is zipcar. Stay tuned as the peer to peer car rental concept is rolled out across the US.
I wonder when someone will apply this same concept to the rent to own car industry. I think it could work. Peer to peer rent to own cars, now there’s an idea. =)
If you’ve made it to this page, chances are you’ve already heard about rent to own cars and how relatively easy it is to qualify for one. This method of buying a car is becoming more and more popular every day now, especially during these tough economic times.
How Rent to Own Car Programs Work
When you sign a rent to own contract for a car you pay a lower monthly payment than you would for a car loan. A portion of this payment goes towards your ownership – much like in a lease to own contract for a home. Unlike the common lease to own transactions, when you finish making your renal payments for a rent to own car you own the car outright. No future payments or balloon payment expected. Read More…