Leasing a vehicle for a family member

motorguy

SHAFT wrote: »

And if he could get insurance, where's the fraud?

You won't retract anything and you'll never admit you jumped in without thinking as you've yet to show any dishonesty by the OP or any attempt to deceive the lease company. All he did was ask if there was a way round it.

Depends how he gets the insurance and if he advises them of the situation.

There is a difference between 'getting' insurance and being covered in the event of a claim. In the holiday scenario described I wouldnt like to be betting the insurance company will pay out once they've sifted through the facts of the matter. Or the GAP insurance for that matter.

So wheres your definitive statement then?

Tell the op there absolutely no risk as all he needs to do is 'get' insurance and I will retract all my comments.

My advice is to explain what he is doing to all parties involved and get confirmation all parties are happy with that. I think suggesting otherwise is foolish.

SHAFT

motorguy wrote: »

Depends how he gets the insurance and if he advises them of the situation.

There is a difference between 'getting' insurance and being covered in the event of a claim. In the holiday scenario described I wouldnt like to be betting the insurance company will pay out once they've sifted through the facts of the matter. Or the GAP insurance for that matter.

So wheres your definitive statement then?

Tell the op there absolutely no risk as all he needs to do is 'get' insurance and I will retract all my comments.

My advice is to explain what he is doing to all parties involved and get confirmation all parties are happy with that. I think suggesting otherwise is foolish.

No ones ever suggested he shouldn't but you still haven't evidenced fraud.

motorguy

SHAFT wrote: »

No ones ever suggested he shouldn't but you still haven't evidenced fraud.

Ah right, so you're actually in agreement with me.

Its not up to me to evidence fraud. Whilst the O/P's intentions may be genuine, it would be down to whether or not the insurance company interpreted it as fraud or misinterpretation or whatever they wanted to call it at the time of any claim.

Many people have had their insurance revoked or cancelled in the event of a claim, citing fraud or misrepresentation when they thought they were simply being "savy" when taking out the policy.

I would be doing my damnedest to make sure i was as transparent as possible up front to give them no opportunity to label it as such.

Sea_Shell

I'd second just taking out a standard loan, gifting them the money and them then buying and insuring a car outright. It's too complicated with too many potential pitfalls otherwise (as have been pointed out above). Find out how much you can borrow, based on the monthly repayments, (which you'd budgeted for with a lease) and take it from there.

If they can't get finance/a lease in their own names, then how is this situation really any different to anything else, on credit, that people can't afford in their own right. Sometimes you just can't do it for them (and keep it all simple)

motorguy

Sea_Shell wrote: »

I'd second just taking out a standard loan, gifting them the money and them then buying and insuring a car outright. It's too complicated with too many potential pitfalls otherwise (as have been pointed out above). Find out how much you can borrow, based on the monthly repayments, (which you'd budgeted for with a lease) and take it from there.

If they can't get finance/a lease in their own names, then how is this situation really any different to anything else, on credit, that people can't afford in their own right. Sometimes you just can't do it for them (and keep it all simple)

+1

Simplest way all round. Lots of very cheap loans about too. :beer:

Why take any risk?

mustbesavvy

It's looking like it'll have to be that way. What I like about leasing is it's new car plus known cost. If I take a PL then it's going to be a used car, which means someone (me) still has to pick up the tab when a problem arises.

SHAFT

motorguy wrote: »

Ah right, so you're actually in agreement with me.

Its not up to me to evidence fraud. Whilst the O/P's intentions may be genuine, it would be down to whether or not the insurance company interpreted it as fraud or misinterpretation or whatever they wanted to call it at the time of any claim.

Many people have had their insurance revoked or cancelled in the event of a claim, citing fraud or misrepresentation when they thought they were simply being "savy" when taking out the policy.

I would be doing my damnedest to make sure i was as transparent as possible up front to give them no opportunity to label it as such.

The simple answer is you were wrong, he's not intending to act dishonestly.

Sea_Shell

What sort of budget are you thinking?

£10k, £15k more/less.

What style? Hatchback, SUV?

The folks on here will give you "best buy" advice I'm sure, if you give them some parameters to work with.

motorguy

SHAFT wrote: »

The simple answer is you were wrong, he's not intending to act dishonestly.

It is not a matter of if he intends to or not, its down to how the insurance company perceives it in the event of a claim. Thats what matters.

Not sure why you cant grasp that and not sure why you are persisting with this.

Everyone else has moved on.

motorguy

mustbesavvy wrote: »

It's looking like it'll have to be that way. What I like about leasing is it's new car plus known cost. If I take a PL then it's going to be a used car, which means someone (me) still has to pick up the tab when a problem arises.

I would be inclined to look at the youngest car you can with the longest manufacturers warranty. Lots of fresh Hyundai and KIA about with long warranties which would help make it a known quantity for you.