Need Advice

[fiat fan]

Hi. one of my friends has a Toyota Dolphin model van. It is under a lease. It was paid on time for 1.2 years. But now my friend has lost his job.so he has no way of paying the lease. Other than selling it off what can he do? Tourism isnt really his piece of cake... what can he do to earn an income from it and pay off the lease?? Thanx

[CJ5]

I feel sorry for your friend. What was he using it for????? Family running or for some business? Wonder what the monthly commitment is????

Well if it already has seats to accommodate about 10 people he can think of a school run or office run so that the van starts generating an income to cover costs.

[MkX]

Another option is finding a pvt company such as a Banking, Telecommunications, construction, etc and use it for staff/office trasportation, They will hire it with driver and fixed monthly payment + OT and additional payment on usage. Usually its a one year or 2 year contract.

[Crosswind]

It all depends on what the lease rental is. If its a manageable amount, talk to reputed rent-a-car companies (not the shady ones). They won't pay a massive amount but your friend might be able to cover his lease rental. If he himself can drive it, then the vehicle can be safe.

If the above option is not viable, then purely as a financial advise, my recommendation would be to sell the van off. You need to make tough decisions during tough times.

Edited July 11, 2013 by Crosswind

[fiat fan]

Yes it has seats for 10. The lease is rs

51,600 . I doubt if he can earn that money by school/office van. We did ask some cab services and called some private ads in the papers who were asking for vans. Some were interested and asked us to bring the van on saturday.. still waiting for some hopefull answer from a interested person. Thanx

Ohh it was for family use

[Watchman]

Considering the things you hear these days about dodgy cab companies, I really think you're better off selling the van. Put the money in the bank and let it grow. And when you can afford it, buy another.

If you rent it, you run the risk of the van being stolen, parts going missing, van being totalled by an accident (which isn't covered by your normal insurance, or even rental-car insurance, cos your rentee is re-renting it).

Edited July 12, 2013 by Watchman

[Rumesh88]

I know a guy who had two vans given for hiring. When he found it difficult to meet the ends he first went on mortgaging his house instead of selling off the vans and finally ended up losing everything. Advise your friend to set his priorities first and sell the van.

[fiat fan]

Thanx for the feedback. Yes giving it out on hire is a dodgy thing to do. They pay late and ruin the vehicles. He came to an agreement to sell it. But the thing is he doesnt have any income. Can he earn something if he gets a normal car like a FB15? He is willing to even try tourism. Thanx

[Watchman]

I'm gonna be blunt here. He has no job, and no money to pay the monthly installment, let alone maintain a vehicle. I think he should sell his van, put the money in the bank for a rainy day (which wont be too far) and work hard at finding a job. Its not like he'll have a tough office commute with the van's absence.

When times are tough, people need to learn how to prioritize. Keeping oneself from being in-debt to people/institutions should be more important than showing off one's van or FB15 to his neighbor. And frankly, if your friend's intention is to buy a car and "put it into tourism", then sit at home with his legs up hoping for the car to give him an income he's quite delusional. And as a friend you should be advising him on this.

Edited July 12, 2013 by Watchman

[VVTi]

.... and I Cant agree with Watchman's statement more. Nicely done.