Renting out your Car in Singapore

[BestManWins]

Hello Guys,

Questions to those experienced who has rent out your car for a period of time before. I'm going to be outstationed for a number of years. I might have to make a lost if i were to sell me car as my company may not compensate me 100% for my lost. Therefore thinking of renting out my car instead.

Who do you rent your car to? and how? Is it economical to do so?

Is it safe as in insurance coverage? Is it legal to do so as i read some news before that it seems illegal to do so. Do i put myself in any risk doing so?

I'm a little sceptical about this idea as i start to question myself on the below scenarios..
- What if the rental company / bugger does pay up the monthly rental, the bank will come after me as it's my loan afterall.
- What if the bugger drives up to MY / TH, sell away my car and claim that car is lost.. ?

Dilemma and lost.
Please help. :roll:

 

[Baby1M]

Re: Renting out your Car in Singapore

I never done it and below is my personsal take.

Is it safe as in insurance coverage? Is it legal to do so as i read some news before that it seems illegal to do so. Do i put myself in any risk doing so?
- not an issue, need named driver maybe. Official personally loan to soneone, nope. Of course u r putting yourself in risk, maybe unsecured risk.

On your last 2 question; Of course the finance firm come after u or they send the repo-man. Of course can claim car lost but insurance firm will not cover e lost immediately, they will do their invrstigation, usually minimum period for investigation to close in 1yr... maybe more... after claiming insurance due to vehicle lost, your next insurance premium is MamaMeya!

 

[kenntona]

Re: Renting out your Car in Singapore

Out-station a few years, I think it makes more sense to cut loss than to rent out.

The intricacies of what is to be covered in the rental agreement can be too tedious.

Example, you pay insurance? Maintenance? Wear and tear parts, like tyres? What happens in an accident? Car totalled? If car lost, and the guy who rents it walk away, what is your recourse?

If you count costs of carry (instalments, road tax, maintenance, parts change, insurance), your rental fee has to be high enough to cover all these to make it worthwhile.....

At those rates, I am not sure if anyone would consider renting......

 

[MW]

Re: Renting out your Car in Singapore

Based on the above advice, u either ask a family member or close reliable friend to take over instalments or sell

 

[wobbles]

Re: Renting out your Car in Singapore

Camping here for "WTG BMW car due to overseas posting" thread LOL

 

[Vansoh]

Re: Renting out your Car in Singapore

I got a close friend to drive my car when i was out stationed couple years back.
He pay the installment amount to me, i pay the bank. Road tax and insurance (named him as driver in policy) paid by me.
Maintenance, tyre etc... by him.

My advice, rent to ONLY a close friend or relative to drive.
Renting out a vechicle without declaration to IRAS and getting the approiate insurance coverage is illegal

 

[MW]

Re: Renting out your Car in Singapore

when toto goes abroad I wanna help him drive his lambo or else will spoil. I only pay petrol

 

[kenntona]

Re: Renting out your Car in Singapore

when toto goes abroad I wanna help him drive his lambo or else will spoil. I only pay petrol

Have you seen a rhino squeezing into a small cage?

 

[MW]

Re: Renting out your Car in Singapore

Have you seen a rhino squeezing into a small cage?

no, tats why u cannot drive lambo

 

[detach8]

Re: Renting out your Car in Singapore

Singapore law does not allow renting vehicle except only on PH or weekends.

You can "loan" a friend, i.e. undertable rental. Add your friend as named driver. But if he run road with your car you are lan lan.

Just sell the car.

 

[Meek]

Re: Renting out your Car in Singapore

What car is that?? Isit an ///M 5? Detach8 wants to buy le.

 

[BestManWins]

Re: Renting out your Car in Singapore

Thanks guys,

Which i very much agree that renting out my car will probably bring me nightmares after that. Selling the car, making a lost will allow me to sleep better at night.

 

[Baby1M]

Re: Renting out your Car in Singapore

REMINDER to BestManWins: In SG owning a ride is a liability, not exactly an asset. It is only how much loses. Even when there's no loses in the price of the physical vehicle, there's still loses from the ride's depreciating COE amount.

The above is not totally applicable when ride is purchased at $5.00 COE.

 

[meatypie]

Re: Renting out your Car in Singapore

buy bmw i gain....gain sheer driving pleasure.

 

[Meek]

Re: Renting out your Car in Singapore

buy bmw i gain....gain sheer driving pleasure.

Hows your perodua viva doing??

 

[canuck78]

Re: Renting out your Car in Singapore

Based on the above advice, u either ask a family member or close reliable friend to take over instalments or sell

Agree, I left my car with my baby brother to babysit for 2 years while I was working overseas.

He basically drove it only weekends. I still paid the instalments myself though.

That is another option to consider since selling it you are gonna lose $ anyways.