Wheel lease program..input wanted!!!

[scoot13]

All input is encouraged and wanted on this topic. We are brainstorming an idea of leasing wheels. This is not happening in the near future, it's just something that has been on my mind as another option to get people what they want.

This came up due to the amount of people leasing cars right now in combination with people having a hard time spending on a set of wheels that they really want, and/or they change their mind about the wheels and want new ones every so often. This would also rid you of the dreaded "loose half of what I spent of the wheels in selling them" trend.

We realize that most are not able to spend 3k plus on a set of wheels, especially if their taste change after a short amount of time! We have thought of a multi angle approach to this.

1) One could lease the set of wheels for a set amount per month. That would allow the leasee to return them to us after they are done, or their car has to be returned.

2) We in turn could re-lease the wheels at a discount due to being used.

3) We would have a damage deposit amount at the time of signing the lease for maybe around $500. Helping cover cost of an accident, curbing, bent rim etc.

4) Another option is a lease-to-own approach if you wanted, almost making it a payment plan. This would be singed and decided on at the time of lease.

Granted this is more aimed to the luxury/exotic market where I have a lot of turnover of client cars, but this forum and it's members are very important to me along with your input. We have a vested interest in the LX and associated car market. This would benefit a wide range of car owners.

Thoughts? Comments? Hey Pete your insane? lol

[TwinCommander]

i like this idea... but i have one side of my conscience going "GREAT IDEA! PAYMENT PLAN!" while the other is going "SAVE THE MONEY AND PAY IN FULL!" while im kinda in need of wheels (one bent and unrepairable) i want to get the right wheels and tires at the same time... and would probably have to use a payment plan as i cant save up 2 to 3k at the moment.

[DA X 6]

You'll be catering to a socioeconomic group that a) will likely run out of money before the lease expires; b) will lose interest and want to turn the wheels in early; or c) will TRASH the rims and leave you with junk.

I think this is a losing proposition, likely more trouble than it's worth. I'd be delighted if you prove me wrong, though.

[scoot13]

i like this idea... but i have one side of my conscience going "GREAT IDEA! PAYMENT PLAN!" while the other is going "SAVE THE MONEY AND PAY IN FULL!" while im kinda in need of wheels (one bent and unrepairable) i want to get the right wheels and tires at the same time... and would probably have to use a payment plan as i cant save up 2 to 3k at the moment.

I think a lot of people will think that exact thing for sure. That will be the mental battle.

You'll be catering to a socioeconomic group that a) will likely run out of money before the lease expires; b) will lose interest and want to turn the wheels in early; or c) will TRASH the rims and leave you with junk.

I think this is a losing proposition, likely more trouble than it's worth. I'd be delighted if you prove me wrong, though.

From a business standpoint you are thinking along the same lines as me. The last thing I need to deal with along with everything else is a collections company! It will be Vegas style collections lol

[modernmuscle]

Dont know how good of a business it is but there are a few companies in Florida that already do this. One of them that comes to mind is a company called Rent n Roll

[scoot13]

Thanks ^^ I will look into them.

I don't want this to come off the wrong way, the one thing I do not want to do is turn us into a cheesy rent-a-center type operation. I take pride on the clients we have, cars we have delt with and the people we work with. I do not want to "cheapen" the business if that makes sense.

[hskr]

As mentioned, I think this would turn into more of a headache than you would want to deal with. It's bad enough places already let you finance wheels and/or tires. Basically it's a good program for people who can't really afford to modify a vehicle, but want to have the "sick" ride people will envy. But if they can't afford rims/tires unless it's on a payment plan then how trustworthy will they be to make the payments, and then how would you go about the collections process of getting the rims back? You would also probably have to make it a tire/wheel lease program, because if they can't afford 22" wheels, then there is no way they could afford the tires for them. Then that brings up another problem because you would have to force a road hazard warranty into the lease to keep from getting screwed on just the tires with people being retarded and doing burnouts or not monitoring tire pressures or bad alignments.

[NC-SXT]

I think it would be a HUGH headache for you. Try to think about property/payment recovery for out of state leases.

[hskr]

In other words, I think it's a bad idea. Financing is one thing, but leasing is a whole other problem.

[robpp]

i dont lease cars prolly wouldnt lease wheels


but some type of low interest payments over time would be helpful. credit is hard to get plus its expensive even with a good credit score.

[hot wagon]

Interesting to say the least! I am sure if damage deposit is set at 500 people might be prone to take really good care of them! I am tuned in but I have to tell ya personally paid and done is for me! Maybe do a layaway! But you may have that already!good luck with your decision!

[scoot13]

Great points HSKR

We do not have any paypment or associated plans right now at all Hot Wagon. Well, we take payments....one. lol

[md20twenty]

I agree, this will only end bad. With the retail prices wheels reaching the $5k range in some cases, you would have definitely have to run some sort of credit checks too.

[flem]

You'll be catering to a socioeconomic group that a) will likely run out of money before the lease expires; b) will lose interest and want to turn the wheels in early; or c) will TRASH the rims and leave you with junk.

I think this is a losing proposition, likely more trouble than it's worth. I'd be delighted if you prove me wrong, though.

I am with ^this^. I wouldn't do it.

Dont know how good of a business it is but there are a few companies in Florida that already do this. One of them that comes to mind is a company called Rent n Roll

I hear their ads in Atlanta EVERY time I am in. I always wonder how they can even make money.

[scoot13]

I agree, this will only end bad. With the retail prices wheels reaching the $5k range in some cases, you would have definitely have to run some sort of credit checks too.

Definitely, let alone the rim sets that are 13k and above!