Testing Waters/Rent my 128i Cabrio?

[BMW=BeggingMantoWife]

BIMMERPOST / Classifieds

Asking Price:

None

Item Interest

Everyone,
I can't recall anyone discussing this idea, but has anyone tried to "rent" their 128/135? I am in the unique situation where my job just changed wherein for 4-5 months I don't need nor can I afford two cars for this period, yet I want to retain ownership of my 08 128i Cabrio. The car has 1500 miles on it.

Is there anyone who might consider this option as a means to experience a 1 series for several months without the expense and commitment of a purchase? I'd need enough to cover my monthly car payment of $570 per month, a refundable Security Deposit, a cap on mileage and proof of adequate insurance. Here are the specs:

08 128i Cabrio
Black/Taupe leatherette
6 sp Manual
Sport Package
Heated seats
HD Radio

Is this a crazy idea or not? Thoughts?
Thanks!

[BlackjackMulligan]

Neat idea......I would start with friends and family

[imported_erick]

Wow....

I understand your situation but I wouldn't risk your 128i in the hands of another.

Hopefully you find something that will work out for you.

[Artmasterx]

I don't know, but the fact that you have a loan out of the vehicle and the bank holds the title may impact your ability to do this. If they have proper insurance, it probably would be ok from a financial loss standpoint.

One other thing you should consider is how they will take care of the car when they know it will be out of their hands in 5 months (despite the security deposit). You would obviously want someone who would not thrash the car at every opportunity.

You may find someone who is in the unique place of needing a car for 4 months... so maybe it would work.

Obviously, make sure you have the proper legal documents in place to fully protect yourself, and never forget about counter-party risk.

[otoz]

I would consider this if you weren't 700 miles away. I'd love the chance to test one out before i can take delivery this summer.

[alanchan]

excellent idea,
too bad, you are in US, otherwise I will consider.
I take good care of my car and I respect yours as well.

[BMW=BeggingMantoWife]

Thank you for all the replies thus far. :thumbup: Also, for the right person and period, I would consider delivering the car 700+ miles. So, keep the comments and opinions coming.

Finally, my work situation does not change until mid January, so mid 1/09 would be the earliest I would want to consider this....BTW, I forgot to mention the car also has Comfort Access:smile:.

[otoz]

If i was doing this, here are the things i'd be concerned with:
You probably want to talk to a lawyer and figure a couple things out legally, If the person you rent it to crashes it, and its declared totaled, you would only get what the insurance pays out plus whatever security deposit you agree upon.
The contract would have to protect both parties against the other suing. Normal wear and tear would have to be defined, and who would pay for maintenance during the time you rent it out (assuming it wasn't covered under warranty). What if someone hits it in the parking lot with a shopping cart and scratches the car? Even if its agreed that it should be fixed, at the renters cost, you probably want to setup where it would the fix would get done. What is normal wear and tear to some may be something you want to claim and have repaired(curb rash on a rim). Does bmw care who brings in the car for service?
Is it a problem that it would be titled in your name while someone else is driving the car. The person you rent it to would need to check with insurance as to whether they are covered driving another persons car for an extended period of time. There are likely clauses that prohibit long term borrowing without adding the car to the policy. All contract law is complicated by going across state lines, so you'd have to check as to whether that changes anything.