advice - buy from dealership, buy insurance and plate w/ TLC tags

Inshur

Danimal1027

New Member
hello

Was given the advice to purchase a car from a dealership, then go through the process of getting the car ready and registered with the TLC.. it seems like I can get a much nicer car (Cadillac XTS) and run both normal uberX plus get a few uberBlack calls... all while savings hundreds of dollars a month..

Ex:

2016 Camry is $399/week as a lease to own with insurance included.. that's $20,748 a year or $1,729 a month (399 Xs 52 weeks.. divided by 12 months) ... after 3 years you own the car. Total cash outlay is $62,244 for 3 year old car that's beat all to hell, plus the 3 years of insurance

2014 Cadillac XTS w/ 45,000 miles. $25,000 from a dealership with basic warranty. Even at a super high interest rate of say 15%, your car payment would be $867/month or $10,404/year. Total cash outlay after 3 $31,212. excluding the insurance.


My questi0n is, would it be worth it to get a used nicer car to hopefully get even a few uberBlack fares every week all the while paying what seems to be much less per month? How much typically does the insurance cost for these types of cars?

It seems like the "lease to own" option is just a loophole, and not an actual loan. Instead it's a contract, allowing the dealerships like Tower a legal way to get around conventional financing for drivers with poor credit and still be able to profit.

I could be wrong but it doesn't seem like $62,244 for a car that retails for under $25,000 is a good deal... that is, unless insurance and registration costs exceed $10k/annually.

All comments welcomed.
 

Uberinian

Well-Known Member
hello

Was given the advice to purchase a car from a dealership, then go through the process of getting the car ready and registered with the TLC.. it seems like I can get a much nicer car (Cadillac XTS) and run both normal uberX plus get a few uberBlack calls... all while savings hundreds of dollars a month..

Ex:

2016 Camry is $399/week as a lease to own with insurance included.. that's $20,748 a year or $1,729 a month (399 Xs 52 weeks.. divided by 12 months) ... after 3 years you own the car. Total cash outlay is $62,244 for 3 year old car that's beat all to hell, plus the 3 years of insurance

2014 Cadillac XTS w/ 45,000 miles. $25,000 from a dealership with basic warranty. Even at a super high interest rate of say 15%, your car payment would be $867/month or $10,404/year. Total cash outlay after 3 $31,212. excluding the insurance.


My questi0n is, would it be worth it to get a used nicer car to hopefully get even a few uberBlack fares every week all the while paying what seems to be much less per month? How much typically does the insurance cost for these types of cars?

It seems like the "lease to own" option is just a loophole, and not an actual loan. Instead it's a contract, allowing the dealerships like Tower a legal way to get around conventional financing for drivers with poor credit and still be able to profit.

I could be wrong but it doesn't seem like $62,244 for a car that retails for under $25,000 is a good deal... that is, unless insurance and registration costs exceed $10k/annually.

All comments welcomed.
Sorry to break it to you Bro, but you're really delusional. First of all, all deals hips are theives and if you want to buy a car, you should buy it upfront full in cash. If you can't do that, then don't take the job.

Second of all you're paying 62k for a camry... Do you not see an issue here?

Buy full in cash upfront, or don't work at all.
 

marcusguber

Well-Known Member
Sorry to break it to you Bro, but you're really delusional. First of all, all deals hips are theives and if you want to buy a car, you should buy it upfront full in cash. If you can't do that, then don't take the job.

Second of all you're paying 62k for a camry... Do you not see an issue here?

Buy full in cash upfront, or don't work at all.
I disagree, you can finance a used car (2015, 2016) with low mileage and pay insurance and still make a buck. Overall this business is a death sentence but theres still some coin to be made and if you can get your car/insurance/maint expense to under $1000 a month you can do OK.
 

Notauberhater

Active Member
Sorry to break it to you Bro, but you're really delusional. First of all, all deals hips are theives and if you want to buy a car, you should buy it upfront full in cash. If you can't do that, then don't take the job.

Second of all you're paying 62k for a camry... Do you not see an issue here?

Buy full in cash upfront, or don't work at all.
Makes no sense because your money is always better in your account. Finance a new one for 0% apr or a used one for a low apr . It's the same thing as using your money but at least you still have your money if times get rough.
 

JuanFeliz2014

New Member
But If you buy an used car, with low miles and good condition, you expect to spend to less money than buying it from these dealers, finally you are going to work for them, and you'll finished to pay them your car will be a junk.
 

Danimal1027

New Member
  • Thread Starter Thread Starter
  • #9
Sorry to break it to you Bro, but you're really delusional. First of all, all deals hips are theives and if you want to buy a car, you should buy it upfront full in cash. If you can't do that, then don't take the job.

Second of all you're paying 62k for a camry... Do you not see an issue here?

Buy full in cash upfront, or don't work at all.

Very helpful, bro
 

alextheboss

Active Member
It's funny how a well thought out posts such as this one with real facts and questions gets the same played out responses of doom and gloom. As if they don't even read what the question is.

Insurance will be somewhere around $5,500-$6,000 for the year, and reg is $484 so add that to your calculations. Not sure why you should only buy car all out and not finance, basic finance will tell you that if you can get a low enough apr then it's best to finance even if you have the cash.
 

Slow Joe

Active Member
Here's my advice:

Rent for a while so you're not making any kind of long term commitment, then find something else and get the hell out of this awful business.

I made the mistake of buying a vehicle and trying to get it set up for TLC, and finding out I can't do it if it's financed as a personal vehicle. Luckily, it's not a total waste as my wife loves the vehicle (it's a Sienna) and she has some income, so we just decided to make it hers. Meanwhile, I'm finishing up the requirements to get my mortgage license back. I've tried just about everything to have a flexible part-time-ish job so I can keep doing comedy, but it's time for me to be an adult and make real money again.

Crap. Enough about me. As far as having a car to drive, you can rent, or you can buy upfront with cash OR finance with a company like Toyota Finance that has special deals for rideshare drivers. By "special" I mean that they'll finance a rideshare driver at all, because most don't. Toyota's deal is they'll finance for three year max, with 30% down. It sucks, but at least they do it. You'll drive off the lot with a TLC plate.
 

Notauberhater

Active Member
Here's my advice:

Rent for a while so you're not making any kind of long term commitment, then find something else and get the hell out of this awful business.

I made the mistake of buying a vehicle and trying to get it set up for TLC, and finding out I can't do it if it's financed as a personal vehicle. Luckily, it's not a total waste as my wife loves the vehicle (it's a Sienna) and she has some income, so we just decided to make it hers. Meanwhile, I'm finishing up the requirements to get my mortgage license back. I've tried just about everything to have a flexible part-time-ish job so I can keep doing comedy, but it's time for me to be an adult and make real money again.

Crap. Enough about me. As far as having a car to drive, you can rent, or you can buy upfront with cash OR finance with a company like Toyota Finance that has special deals for rideshare drivers. By "special" I mean that they'll finance a rideshare driver at all, because most don't. Toyota's deal is they'll finance for three year max, with 30% down. It sucks, but at least they do it. You'll drive off the lot with a TLC plate.
Can you please explain why they wouldn't let you register it because I know a few people that have done it with no issue. I understand with leasing but financing they can't tell you what to do
 

alextheboss

Active Member
Here's my advice:

Rent for a while so you're not making any kind of long term commitment, then find something else and get the hell out of this awful business.

I made the mistake of buying a vehicle and trying to get it set up for TLC, and finding out I can't do it if it's financed as a personal vehicle. Luckily, it's not a total waste as my wife loves the vehicle (it's a Sienna) and she has some income, so we just decided to make it hers. Meanwhile, I'm finishing up the requirements to get my mortgage license back. I've tried just about everything to have a flexible part-time-ish job so I can keep doing comedy, but it's time for me to be an adult and make real money again.

Crap. Enough about me. As far as having a car to drive, you can rent, or you can buy upfront with cash OR finance with a company like Toyota Finance that has special deals for rideshare drivers. By "special" I mean that they'll finance a rideshare driver at all, because most don't. Toyota's deal is they'll finance for three year max, with 30% down. It sucks, but at least they do it. You'll drive off the lot with a TLC plate.
Not sure about this, I financed my current car as a personal vehicle, then insured and registered it as FHV. Bought full coverage insurance thru my broker and submitted it to my finance company as they require full coverage. I would look more into it Joe
 

boober77

Member
Apr is your enamy. Unless you trying to build your credit.
Just put as much as possible money to buy upfront, rest finance and pay off quickly.
You pay apr, you work for somebody
 

Notauberhater

Active Member
Apr is your enamy. Unless you trying to build your credit.
Just put as much as possible money to buy upfront, rest finance and pay off quickly.
You pay apr, you work for somebody
But if you have good credit and qualify for 0%apr over 72 months with say $1000 down why not do that. You can always double or triple the payments to pay it off quicker
 

boober77

Member
But if you have good credit and qualify for 0%apr over 72 months with say $1000 down why not do that. You can always double or triple the payments to pay it off quicker
Right,
If apr 0% then yes.
I just like to control my time too.
72 month looks too long to me and I feel obligated and loosing my control over 72 month
 

Notauberhater

Active Member
Right,
If apr 0% then yes.
I just like to control my time too.
72 month looks too long to me and I feel obligated and loosing my control over 72 month
You can do 0% for 36 months but I just like the idea of having 72 months just incase times get tough and like I said double the payments
 

Slow Joe

Active Member
Can you please explain why they wouldn't let you register it because I know a few people that have done it with no issue. I understand with leasing but financing they can't tell you what to do
Not sure about this, I financed my current car as a personal vehicle, then insured and registered it as FHV. Bought full coverage insurance thru my broker and submitted it to my finance company as they require full coverage. I would look more into it Joe
After going to the FHV, I was told the next step was going to the DMV, and I'd have to bring the FHV approval letter and my title. I didn't have title as I just bought the vehicle, so I was informed that I'd have to bring a permission letter from Toyota Finance allowing me to use it for hire.

I had just financed it 0% down at 5.125% financing, based on an application that listed me as a "comedian/writer", only a few days before. I had a bad feeling in the pit of my stomach that this would be considered fraud. My wife and I talked about it, and decided to postpone it, if not forget about it altogether.

In the subsequent weeks, we really kind of fell in love with the van, and didn't want to subject it to the abuse of for-hire work. In those same weeks, I also decided that, while I appreciate how for-hire driving has stabilized me, it's just not a long-term solution for me. If I have to work 50 hours anyway, I can make a lot more money back in finance.
 

alextheboss

Active Member
After going to the FHV, I was told the next step was going to the DMV, and I'd have to bring the FHV approval letter and my title. I didn't have title as I just bought the vehicle, so I was informed that I'd have to bring a permission letter from Toyota Finance allowing me to use it for hire.

I had just financed it 0% down at 5.125% financing, based on an application that listed me as a "comedian/writer", only a few days before. I had a bad feeling in the pit of my stomach that this would be considered fraud. My wife and I talked about it, and decided to postpone it, if not forget about it altogether.

In the subsequent weeks, we really kind of fell in love with the van, and didn't want to subject it to the abuse of for-hire work. In those same weeks, I also decided that, while I appreciate how for-hire driving has stabilized me, it's just not a long-term solution for me. If I have to work 50 hours anyway, I can make a lot more money back in finance.
I don't recall having to present my tittle at the DMV, only my current plates which I was turning in. Glad your happy with your outcome though
 

Vanstaal

Well-Known Member
Anything that's X related, no more than $10k CASH. Don't keep your hopes up because anything that's Uber related is subject to change without notice! I can tell you are a fish out of the water because Cadillac offers 50K miles warranty. The car you have an eye on has 5K left! Thats a month worth of driving with Uber! As a rule of thumb always have an exit plan if you are purchasing a car!
 
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