99Yuk
Full Access Member
Rent To Own can be lucrative if you find a person with a credit score high enough to ensure they can make regular payments, but low enough so they can't buy it outright.
Granted, I've never done RTO on a vehicle, but we have several RTO properties out there. If they skip too many payments, you just take over the property, pocket the cash they've dumped into your hands for the last few years, pay to fix up the property, and do it all over again. It's almost like cash for life! Follow this rule, 'good paper makes good friends'. Document everything.
BTW, I will almost never loan out my vehicles, even to family. For the reasons stated above. Anything happens at all, anything, and it's all on you. Your insurance premiums go up, the lawsuit is against you, etc. I'm just not willing to take that risk.
Granted, I've never done RTO on a vehicle, but we have several RTO properties out there. If they skip too many payments, you just take over the property, pocket the cash they've dumped into your hands for the last few years, pay to fix up the property, and do it all over again. It's almost like cash for life! Follow this rule, 'good paper makes good friends'. Document everything.
BTW, I will almost never loan out my vehicles, even to family. For the reasons stated above. Anything happens at all, anything, and it's all on you. Your insurance premiums go up, the lawsuit is against you, etc. I'm just not willing to take that risk.
