Leasing your car can be an easy way to earn extra money without having to show up at a job. As a student, most of your life right now is spent in classrooms, studying or out with friends. Your car may not get that much use. So, if you’re not using it why not let it make you some cash?
The rise of rideshare services like Uber and Lyft have created a mini-economy. Dozens of companies are sprouting up to help more than just rideshare drivers make a little money from these services. Leasing through one of these companies can make it even easier to get your first check compared to any of your other leasing options.
Why Should I Lease My Car?
Leasing or renting out your car is a way to make a little extra money from an asset you already own. You don’t have to rent it out every single day, only when you aren’t using it. If you follow all the rules and do your due diligence beforehand, the process is relatively easy and low-risk.
Depending on the area you live in and what type of car you have, your lease could earn you more or less. Still, for such a small amount of effort on your part you can make a decent amount of pocket money. You could use that for books and tuition, a rainy day fund, to help local support clubs and charities, or even to start your club or business.
Where Can I Lease My Car?
You can sign up to lease or rent your vehicle in some places. If you plan on offering an Uber car lease you can find some services online (just make sure to follow the guidelines listed below.) Why consider Uber leases first? These are people who have chosen to make a living as a driver. They will more often than not have more experience not to mention been vetted by another service. The ideal lease candidates.
If you would rather go through the process of making your contracts and finding your customers, your best bet is to start with a local organization or two that might need additional delivering or transport vehicles.
In general, the lease process starts with an agreement being set up. This will outline how long the lease is for, how many miles can be driven, etc. Then the car is driven away, the time is spent, your car is returned, and you get paid. It’s a pretty simple system once you get everything set up.
What If Someone Crashes My Car?
Before you rent or lease out your vehicle, no matter where you plan on offering your car, call your insurance company and see if you need additional coverage or at least to disclose that you are opting into a lease or rental agreement. This does not act first, apologize for the later situation. Keep in mind that as ride-sharing services get more and more popular, insurance companies have been forced to modify their policies. Keep up to date on any policy changes by checking in now and then.
The second most important thing to consider is the way you choose to lease or rent your car. You could draft up the contracts and find your customers but more than likely you will want to go with a service. Before you decide which one to use, make sure you do a few things:
Test Their Customer Service – Send an email or make a call. Ask a few questions if you have them. How long does it take them to get back to you?
Read All FAQs and Agreements – It might be obvious, but make sure you follow or meet every single guideline. Be thorough when submitting an application.
See How Much Insurance Coverage They Offer – Even though you’ll have your insurance as an additional safety net, going with a service should mean that you won’t need it. See what kind of coverage they offer and what they deem as eligible.
Check Their History – See if you know anyone that has used the service before or what their reputation is online.
Once you sign up and start offering rides, be careful. Make sure you follow the rules and don’t make exceptions. Don’t offer extensions that haven’t been officially requested and keep a close eye on the clock. If your vehicle is late, you have to report it to the service. It’s better to be on the safe side. It may be tough to think about but theft is possible, and if your vehicle has been missing for 12-24 hours of additional time you may need to file with the local police in addition to the service.
If there is ever an accident, make sure to report it immediately to the service. If your insurance has requested that you report it to them as well, do so. Accidents- minor and severe- can happen. They aren’t common, but you should be able to get through the process quickly.
Lease Your Car and Profit – Just Make Sure to Follow the Rules
Your car is there when you need it and working for you when it’s not. You can make a decent amount of money with car leases- as long as you pay attention. Following all the rules and keeping everyone involved up to date (including your insurance) will maintain the process smoothly.
Once you’ve done the initial research and application, any additional effort is minimal, and you can keep getting a relatively steady paycheck for as long as your car keeps running. You can use that extra money for anything you want (and who couldn’t use a little more breathing room in their budget?)
Meet our guest Author
James Ruhle is a savvy entrepreneur and online marketing wizard. He first found success at the age of 18 and is responsible for making millions for his clients. He is a mentor in key business strategies to young entrepreneurs and students.