Question on renting out your my van

[happy trails]

I have a vety good freind that had planned on buying an elite wgnt.She recieved her finance packet an the interest was going to be 8.75% her plans on are on hold now.My husband said why don't you loan her yours on the 2 days a week that I don't work and let her find out for sure if she would like being mobile before she's stuck with a large payment.Good Idea ot not? I've not said anything about this to her yet.She's one of the few people I would trust my van with.

[Gracy Rose]

Can be good idea, if you trust her work and her driving. Also check with your insurance company to see if leasing your van out is against your policy.

Remember, it is your name on the van... so everything she does reflects on you.

[diamienono]

Yes, BUT what is she wrecks it. that is YOUR insurance. What if she does something to piss someone off and it is YOUR name in the van. I would think LONG and HARD about that before you make the offer. If you really want to let her find out if it is for her let her ride with you for a week.

[mustluvdogs1]

It could ruin your friendship

Be sure your are covered by insurance. How will you keep track of whos' equipment is whos? If you (she) had an accident.....500 DEDUCTABLE? Would she pay?

[PoodlePal]

Also, what if she injures an animal. You are the one being sued because its your business name on the van (and she is not covered under your business insurance unless she is an employee???).

[Meesh]

Ancd it's not just the deductible or the expense of fixing the van in the case of an incident ... what about the downtime? You can potentially lose quite a lot of income -- these are highly specialized vehicles and can take a long time to fix. Heck, I had an accident in my VW New Beetle and didn't get it out of the shop for nearly two weeks. (And the door never was quite the same after that either.)

While it seems like a good idea to give you some extra income and let her get started, like the others say, it's YOUR name on the van and YOUR reputaiton on the line. I'm not all that sure it's a good idea.

Meesh

[Doggone]

Gee,this sounds so fammilar to me I wonder why?I think you have some reading to do tonight or you might not be so happy ,happy trails.

[Aussheplady]

There is a way around the "your name on the van thing". Have her purchase magnetic strips with her own business name on them that will fit OVER the top of your name in every place your name is on the van. I would still seriously inquire about insurance options that SHE can possible purchase "by the day" like rental cars offer. And insist on seeing for sure that the van will be insured for the time she is renting it.

The other option is, hire her as an employee or independant contractor to work the days you are not working. If as an independant, she would set her own hours, prices etc and charge you $X amount for her services and be responsible for her own taxes. As an employee, you would need to handle the taxes on the employers end. This way she could simply be added to your existing insurance policy as a approved driver provided her driving record allows her to be added.

[azoci]

If you do plan to do this, get everything in writing...so that you BOTH remember things the same way and your friendship is preserved... Or it will come back to bite you in the butt. BTDT. Not saying it happens every time...as I've had both good and bad experiences with similar...just be upfront with everything.

[happy trails]

Thanks everyone I'm not going to say anything to her but offer to let her ride along as often as she wants.We've been freinds for 14 yrs and I treasure her friendship and would hate for anything to damage it.

[pawsforthought]

Loan Aggreement may not allow it.

I would not be allowed to rent out my WGT van according to my loan aggreement. If I were to rent it out after it is paid for in full...I would require the person to be liable for repair of equipment (if through negligance), proof of insurance for that groomers business, magnetic signs, and a hefty rental charge.
A groomer offered to allow me to use her van on her days off while I was waiting for my van to be built. On our second meeting to discuss the arrangements she told me that her lawyer told me that I would need to sign a non-compete contract. I laughed at that deal-breaker. We lived within 7 miles of each other.
I am still chuckling at how stupid she must of thought that I was. Hmmm, let's see, I get to pay you to use your van for two days a week for 10 weeks and then I agree to not work in my own 10 mile radius for one year. LOL