JLUR Stolen: Help track it down!

[cjaama]

It’s kind of funny that a thread you would think would steer many people away from participating in a car sharing service did actually intrigue some people (obviously the majority said they would never do it and feel vindicated in that choice).

I am curious about how the claim works out, so please update with that info. Good luck!

Personally, if my vehicle were ever stolen I wouldn’t want it back even if it was just taken for a brief joy ride.

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[Jennalee]

A lot of people I know buy houses just to rent them out, it’s a good investment. You rent it out almost everyday and you’re bringing in good money. If he wants a Jeep and renting it helps pay it off it’s obviously worth it to him and isn’t a problem. Until it gets stolen. Then of course insurance will take care of it. I hope he doesn’t run into any problems there.

 

[Durango]

The more I think about this, why isn't the insurance company sending an investigator out to the location last known? After all, they have the most to lose if it's not recovered.

 

[Gangplank]

A lot of people I know buy houses just to rent them out, it’s a good investment. You rent it out almost everyday and you’re bringing in good money. If he wants a Jeep and renting it helps pay it off it’s obviously worth it to him and isn’t a problem. Until it gets stolen. Then of course insurance will take care of it. I hope he doesn’t run into any problems there.

I certainly hope people who follow this business model are prepared for economic slow down. Renting a house or car to make the payments works, until it doesn’t. How quickly we forget 2008.

The insurance company is likely in no rush to pay out on a claim like this. They won’t be sending an investigator out there. They will leave that to the police.

Has the OP been contacted by the insurance company or police about the police report? He did file a police report on the stolen vehicle correct?

 

[Miloe]

People put $50k into stocks hoping the company stays in business and makes a return. Someone else puts $50k into a Jeep hoping it stays in business and makes a return, which has the better short term return? Kinda sounds like the Turo thing so far.
You can't go camping / 4 wheeling in your stock?
Watching to see how insurance takes care of the owner on this one, hope for the best. That little wrinkle will probably decide the good idea / bad idea for this investment plan.

 

[SoCalWrangler]

I certainly hope people who follow this business model are prepared for economic slow down. Renting a house or car to make the payments works, until it doesn’t. How quickly we forget 2008.

The insurance company is likely in no rush to pay out on a claim like this. They won’t be sending an investigator out there. They will leave that to the police.

Has the OP been contacted by the insurance company or police about the police report? He did file a police report on the stolen vehicle correct?

The rental company(getaround) filed the police report and the insurance is working on the claim as we speak. just pending a few items but should be good.


In regards to the economic slowdown, Turo and Getaround are relatively less expensive then normal rental companies so most people will not mind spending more on turo as they are getting a much higher value vehicle to drive then what the bigger rental companies offer. My wife had the option between a 2018 Kia Rio for 75 dollars a day from the airport or a 2019 BMW 3 series for 70 a day on turo. Gues which one she chose...

 

[JSFoster75]

A lot of people I know buy houses just to rent them out, it’s a good investment. You rent it out almost everyday and you’re bringing in good money. If he wants a Jeep and renting it helps pay it off it’s obviously worth it to him and isn’t a problem. Until it gets stolen. Then of course insurance will take care of it. I hope he doesn’t run into any problems there.

Yeah, but you can't just drive a house into the desert and tear it apart...

 

[SoCalWrangler]

Yeah, but you can't just drive a house into the desert and tear it apart...

Seems a bit silly putting it that way as vehicles are a completely different asset class. There are significantly more challenges with real estate that i prefer not to dive into. The Cash on Cash return/CAP Rate is insane on rental vehicles. If you compare those rate to properties, it would essentially equate to an incredibly high risk apartment complex. The benefit is that I can use it whenever I please and statistically speaking, I have lower chances of shootings/deadbeats/people trashing the entire unit compared to risks with rentals.

 

[JSFoster75]

Seems a bit silly putting it that way as vehicles are a completely different asset class. There are significantly more challenges with real estate that i prefer not to dive into. The Cash on Cash return/CAP Rate is insane on rental vehicles. If you compare those rate to properties, it would essentially equate to an incredibly high risk apartment complex. The benefit is that I can use it whenever I please and statistically speaking, I have lower chances of shootings/deadbeats/people trashing the entire unit compared to risks with rentals.

Didn't say I disagree with how much money you can make versus the risk nor the ROI, just saying that in this instance, someone likely took the jeep and parted it out... With a house in the right neighborhood and at the right price point, the risk of someone damaging your home is far less...

 

[Indio]

Seems a bit silly putting it that way as vehicles are a completely different asset class. There are significantly more challenges with real estate that i prefer not to dive into. The Cash on Cash return/CAP Rate is insane on rental vehicles. If you compare those rate to properties, it would essentially equate to an incredibly high risk apartment complex. The benefit is that I can use it whenever I please and statistically speaking, I have lower chances of shootings/deadbeats/people trashing the entire unit compared to risks with rentals.

In this case though, your vehicle was stolen, so you have to drive one of your other vehicles (if available) or rent something else, and deal with the aggravation/stress of the theft, and getting things sorted out. There's no getting around it's a pain in the butt situation and eating some of your time/energy in a non-quality way. So for you, the slickness of the deal is reduced. You would need to start renting again with another vehicle, and then build up income from that (hopefully with no further issues) to make your rental scenario slick again.

Also one other thing, people don't always treat items as you might hope. Not talking about visible damage you might see after a rental like a dent, but hot-rodding around, maybe even doing crazy jumps or other things with the vehicle. Down the road you are wondering, why is my engine low on power, or why does my alignment and suspension not seem to be functioning as I recall. And I think you would be on the hook for any fix costs?

When everything goes right, making cash off an item when you don't need it, is intriguing and could be a slick deal. But as we see in your situation, there are downsides. For me, having my car stolen would be a significant downside and damper on the deal.

 

[JSFoster75]

 

[Bob Burd]

Would someone actually wear that?

 

[JSFoster75]

Would someone actually wear that?

It was just a joke... LOL

 

[TJ2018]

A lot of people I know buy houses just to rent them out, it’s a good investment. You rent it out almost everyday and you’re bringing in good money.

Much to the detriment of the neighborhood in many cases.

 

[TrailTorque]

A lot of people I know buy houses just to rent them out, it’s a good investment. You rent it out almost everyday and you’re bringing in good money. If he wants a Jeep and renting it helps pay it off it’s obviously worth it to him and isn’t a problem. Until it gets stolen. Then of course insurance will take care of it. I hope he doesn’t run into any problems there.

Ive owned several rental properties and no, it is not a good investment strategy in today’s society.

Only good for tax shelters and even then recapture taxes will take its toll in the end.

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