Re: Renting out a GT4 ??
Setting aside your judgement issues and obviously misplaced faith in human nature, I'd talk to a lawyer and possibly your insurance company. Title would remain in your name, but you need to have a contractual agreement which, among other things, clearly lays out the renter's liability and insurance requirements. The agreement likewise needs to have a "save and hold harmless" clause for you. As the previous driver, you want to be sure you cannot be held liable for any event for which the renter would claim was caused by a maintenance failure on your part. I do not see that you need to allow the car to be tracked - in fact, I would disallow it noting that any evidence that the car has been tracked would result in the immediate termination of the agreement and full payment of any remaining terms or six months rental, whichever is greater. I would require that the renter carry, along with the requisite collision, fire, theft and civil liability insurance for which you are named as co-insured, wheel and tire insurance and full replacement cost in the event the car is totalled. It's not like you can run out and get another one easily. I would specify that the car may not be taken out of the contiguous United States. Obviously, all required maintenance by an authorized Porsche dealer ONLY, would be required with proof available upon request and on termination/end of the term. A mileage limit would also be specified with a punitive per mile charge should the limit be exceeded - a pro-rata calculation would be made in the event of early termination of the agreement for cause (see tracking the car, or taking it outside the U.S.). If these conditions seem harsh that is because I believe an agreement needs at first draft to favour the issuing party....it is up to the counterparty to push back - any concession on conditions is paid for in price.
These are just a few thoughts....I'm not a lawyer by any measure but I have spent many, many years around them, immersed in contracts....you are very much going to need a lawyer, if not to draft the agreement, at least to review it....unless of course you are a lawyer...in which case I feel silly for stating the obvious.
Last edited by Singletrack; 05-18-2018 at 02:17 PM.
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