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Auto Loans for Car Sharing

Discussion in 'Model S: Ordering, Production, Delivery' started by brillantesg, Jul 23, 2018.

  1. brillantesg

    brillantesg Member

    Joined:
    Mar 16, 2018
    Messages:
    43
    Location:
    Las Vegas
    I'd like to get some insight since I couldn't really find much on this topic. Basically what auto loans allow participation in car sharing? I spoke to a USAA representative about a loan and they mentioned to me last minute that the loan would not be permitted for car sharing services like Turo. So right now I'm looking at alternatives, such as DCU. I applied through Tesla financing but wasn't approved, probably because I've never had the need to pull an auto loan in the past.
     
  2. jruiz510

    jruiz510 Member

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    Jun 22, 2018
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    Location:
    Fremont
    Why does the bank need to know what you do with your car. Just ask for an auto loan and use it for ride sharing services on the side. I doubt they are going to follow up unless your missing payments.
     
  3. brillantesg

    brillantesg Member

    Joined:
    Mar 16, 2018
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    Location:
    Las Vegas
    My only concern would be if there was damage done to the car or the car is totaled, then the insurance, and maybe even the bank would have to be notified.
     
  4. clicketyclack

    clicketyclack Member

    Joined:
    Jul 3, 2018
    Messages:
    56
    Location:
    New Jersey
    Anyone have a DCU referral code they would like to message me?
     
  5. more863-also

    more863-also Member

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    Aug 6, 2018
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    Location:
    Denver, CO
    I would imagine most creditors would be extremely interested in any activity their debtor engaged in that might jeopardize the insurance coverage on their shared asset - things like ride sharing.
     
  6. tpham07

    tpham07 Active Member

    Joined:
    Mar 21, 2017
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    1,830
    Location:
    Baton Rouge
    Turo's own insurance would supersede your own insurance and from what i've gathered on the internet they're pretty good at paying for your damage.
     
  7. Gaspony

    Gaspony New Member

    Joined:
    Aug 10, 2018
    Messages:
    4
    Location:
    San Antonio
    Most financing agreements will say you can’t lease the vehicle. The definition of lease in that instance is the next question. Does Turo fall under that category? I don’t know if there is any legal precedent to say if that is technically leasing. Regardless, between personal comprehensive insurance and Turo insurance you should be covered.
     

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