Risks of long-term borrowing a car from a friend?
February 1, 2014 1:23 PM Subscribe
I have a sudden need for a car for the next several months. An awesome friend has offered to lend me his. What could go wrong?
posted by catesbie to Work & Money (22 answers total)
Details: I do not own a car currently and am not sure I'll need one after my new gig ends in several (6?) months. But I do need car transportation for the moment. A friend has a car just sitting in their driveway that he hardly ever uses and has kindly suggested we work out an arrangement so I can make use of it. It does seem like a situation that would benefit us both.
If we did this, I'd basically expect to operate the car like an owner (paying for gas, airing the tires, minor maintenance). I'd pay him something every month for wear and tear - essentially renting the car from him.
-My insurance company has told me that the car's owner's insurance policy is always primary, even if we all agree I should be financially responsible for it while using it.
-I really, really want to remain friends with this person. He would be doing me a serious favor and I want this arrangement to make his life less, not more, stressful.
So: is there a creative way we can make this work (buying and then selling it back?) with me assuming the risks of using the car and minimizing the risks that some car-related financial disaster will ruin our friendship? Or should we just not even wade into these waters and have me just buy a used car instead?