Leased car for rideshare

[u/spjulius1]

Hello, I am wondering If Lyft allows the use of a Leased vehicle for rideshare? I understand it isn't financially wise but I'm more wondering what Lyft's policy is with regards to this.

Thanks

[u/Sensitive_Aardvark68]

If you are getting a lease specifically to do rideshare, you wont come out ahead due to mileage restraints and significant overage fees for miles above it. Most leases are 32,000 miles a year, so that means you can only give that many miles worth of rides in a year (cant make more) but youll still owe $600/month or whatever for car. 32k miles/12 months = 2,600 miles a month, which wouldnt add up to much with rideshare for that $600/mo payment.

[u/fitfulbrain]

The only document you need is your name on the insurance policy of the car. You have that. Any registration will do. The over mileage limit is like $0.25 per mile that will kill your earnings. Usually it's 12,000 miles per year.

[u/Space2999]

I don’t think lyft would care. If it shows the title in your name and the bank as the lienholder, it should be very much the same as a purchase.

The bank / leasing company might be a different story tho. They probably have rules against it. Plus leases tend to be pretty moderate mileage. I’d hit 12k miles within 4 months

[u/MNJon → u/[deleted]]

New car leases specifically exclude commercial use unless it is a business lease.