[nabentre] Legal contracts

[Loren Wakefield]

I imagine that unless the person from whom you leased the car, would have to 
pass it off as a commercial vehicle.  This would bring about higher 
nisurance premiums.  So I'm guessing it would be cleaner and simpler if you 
leased from a dealership.

The advantage of this of course is that it is then your own insurance and 
you can control who you have on the insurance and who can drive it.  It is 
similar if you own the vehicle.

Another problem with leasing, is that it usually takes very good credit. 
There are also major penalties for going over the amount of miles leased 
for.
Also remember, that insurance companies look for way to charge you premiums 
and not to pay you anymoney back.  So though it might be tempting to play 
loose with what the vehicle is used for, it is probably better in the 
longrun to be honest.

Some policies will let you say the auto is for so much commercial and so 
much private.  Per instance, I had a vending business for several years.  I 
had at least 1 auto and 2 vehicles much of the time.  I was able to claim 
that 80 percent of the vehicle's usage was for business and the rest was 
private.  This gave me somewhat of a discount on my premiums.

I hope this helps.  If it is still as clear as mud, you might want to ask 
the question on the blindlaw list.

Loren Wakefield



-----Original Message----- 
From: Zeeshan Khan
Sent: Monday, March 12, 2012 3:45 PM
To: NFBnet NAB Entrepreneurs Mailing List
Subject: [nabentre] Legal contracts

Hi everyone,

I am not sure if this is the right place to be asking this question but I
thought since there are a bunch of business people on here, someone might
be able to help.

As a business, am I allowed to enter into a contract with just an
individual for instacne , to lease their car and use it for business
purposes while paying them a rent / lease fee monthly.  This is a bit
confusing to me, as I feel that there might be too much liability for a
business to do so, for instance, in the case of leasing a car from an
individual , there might be issues with insurance or whatever. If anybody
can help , it owuld be great.

thanks,

-- 
Zeeshan Khan
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