Lease to own cars is not a good idea

I would think a better (notice I didn’t say smart) idea would be to look at something like the xchange lease. Your only tied to the car for 4weeks plus two more once you give notice and your out of it. With a lease to own your commiting yourself to a car at the same crazy rate as an xchange lease in most cases. Neither is a “good” idea, but at least you can get out of something like the xchange lease.

If anything the car can just be taken bk without it affecting my credit so just please explain what are the huge drawbacks other than the weekly payments? Maybe I’m missing something.

Yeah that’s what he was paying for a Toyota Avalon. But still with what he was making he told me he would take home about $700+ Clean after the car payment, gas and other expenses for himself.

You are going to have to drive 65 to 70 hour weeks to make money on a lease. Also in NY commercial insurance is required and you will be paying for gas out of pocket. As others have said you sound bent on doing this so I am not sure why you asked but its a loser unless you are willing to put in 12 hour days.

I think you are going to need a 2011 in NYC. Start up costs here are $2-3k from what I understand. Plates, commercial insurance, inspections, etc. You cant just get away with a 2003 junker. Plus in NYC the roads are harsh so you want a reliable car I would think…

The advice not to do it is probably the best advice. But if you are going to do it then I would do everything you possibly can to keep your costs as low as possible. That means the cheapest allowable and practical vehicle with the best gas mileage. The lower your costs the greater the chance of your success.

Well based off your credit you will not have to worry about leasing. Go buy a cheap van and see how you do. Make sure it’s in good shape and runs really good.

It’s a brand new 2017 Toyota Camry. I think I might be confusing ppl when I say LTO but that’s what they call it in the “dealership”. And even on the Uber Marketplace website.

Yeah the insurance and everything is included in those payments. It’s not so much that I’m set on it. It’s that I don’t seem to understand why so many ppl have a problem with what seems to be the best way to start for someone who has $0 to put towards getting a car and preparing it with the TLC registration and plates.

The program I’m talking about here gives it to you for $500 down, black car insurance included in the payments, brand new 2017 model, no credit check involved, and I can return it whenever I decide to as long as I give them 2 weeks in advance notice.

Thanks for clarifying. So for 375 a week lets say you spend 125 on gas a week since you are driving fulltime. Lets say you make 15 dollars an hour gross. If you drove 40 hours you would make about 600 dollars. 375 goes to your lease. 125 to gas. You make 100 dollars.

What u guys seem to not know is that I’m in NY where 1. Uber is not the only cab company and 2. The business is a lot more lucrative than in other states due to the demand. So no it’s not really the best.

You should sit down and talk to a few drivers who,are doing this in your area. The mix should be those who are doing well and those who are not. And their lease should be comprable to yours.

The real attraction is the 24/7 car and not having to rent the yellow by the week. Its $1,100 for the week out of my garage. So I had to look for other alternatives. This Uber deal allows you a somewhat discreet car, 24/7, with somewhat vetted customers with the ability to take real advantage of your time.

Look both yellow an uber is a job but you must really do your homework. There is alot of cost over what you had mentioned. The system needs to be balanced from ownership to drivers to app devlopers.