Leasing vs buying - avoiding overzealous law enforcement

simple -

you signed the lease, you owe the money on the monthly and buyout - not hard to figure out.

Ontario is not as bad as what you guys got, but its the same crap - its the law, so obey it.

 

there was indications the Ferrari confiscated in North Vancouver, and sold-off, had the owner of the vehicle, the lease company, made whole. Only the leasee was financially impacted.

Big headline in the paper this morning of the BC govt bragging about how they've confiscated $15m in assets, with only one court case to overcome. Most of the dollar value were houses, as a result of grow ops.

 

Sounds like you might need some billable hours from a lawyer

I'd never base a legal strategy on a newspaper article! Nothing in life is as simple as a filler 200 word article cranked out in 15 minutes by some hack.

 

So your whole idea hinges on finding a lease company dumb enough to put themselves into this "upside down" position in the first place?

If you haven't noticed, a lot of leasing companies have more than enough experience with being "upside down" in the last couple years that they'll likely not be a willing participant in your plan.

Your example of the $1.3MM home goes against your strategy. The home was valued at $1.3MM and had a mortgage of roughly $650k, with equity of $650k... They weren't "upside down" in that case.

 

I am no expert in leasing but the deals i've done in the past the buyer had to guarantee the residual when leasing used cars.

 

The strategy is to limit the risk of confiscation to, say - 20-30% of the value of the car, by using a leasing company as the owner. rather than risking 100% of the value of the car.

If can be tied into another deal, such that the paper on the car is underwater, but a house/business/other-cars more than make up for it - maybe the entire risk can be reduced, and the owner can comfortably drive at 100km+ over without direct financial risk.

Not an approach I'd take myself.

 

You do raise a good point about securing the leasing company with another asset and being upside down in the car. The intention is not to screw the leasing company - it's to protect your investment from a cop who now has the right to take your car at his sole discretion -- without a day in court - and based on his "interpretation" of the evidence. So if your speedo is out by 10% ( most cars are not 100%__ and different wheels can impact this too ) and his radar gun is off by 10% ... Or worse yet ...his "visual estimation" of your speed is off by 10-20% ( I have heard that a cops visual estimation ) can be used in these cases..do the math

Say you were going 110 in a 100 zone - 10%+20%= 30% -- 30% plus the 10 over you were doing just got your car taken away and sold -- for 10 km/h over or less.. Sounds a bit heavy handed.

 

I wonder if at some point these absurd laws will end up doing the opposite of what they are intended. For example, lets assume these laws are only the beginning, and they will continue their path of becoming more and more restrictive. At some point, a speeder may decided that instead of having their car impounded, then sold (along with every other asset - as punishment), go to jail, get raped, then deported to Siberia, etc..... they just rather not stop and instead, try to outrun the bastards.... there becomes a point where you won't have anything left to loose so you might as well.

 

Best thing you can do for yourself if you are financially able is to leave Ontario period. It's only going to get worse and worse. So many areas in the world where you can essentially do whatever you want especially with cars. Why stay in a place that has 0 to offer? **** roads, **** weather, **** government?

 

Actually there is a theory that most laws end up having the OPPOSITE effect. It's just sad that laws are judged based on their merits vs actual results.

 

Did that 4 years ago. Without trying to put my former home down (because I do like Ontario), it was honestly by far the best decision I ever made.

 

Hopefully with Ford in the picture for toronto - and McKinney on his way out in Ontario - this hard left wing movement has run its course.

why we havent raised the series 400 hwys speed limits too 110 kms , boogles my mind... they can still keep the 150 km/h racing law in effect if they wanted too ... which is still better than what was imposed out West.

 

I live in BC..

Here are some of my risk reduction strategies...

>bury car ownership deep in company (not sure if it helps..legal question still needs answering)
>install top level radar and laser jammer (cheap insurance these days really)
>run Trapster app on i-phone (also very good to ID enforcement blitzes)
>in urban centers and highways drive within the law
>always take back road routes to all locations
>only take advantage of less patrolled roads, back roads, uphill sections.
>other drivers that can report license must not be able to catch up and read license plate!
>when on long trips, stop frequently to balance time/ distance in the event of cops waiting down the road.
>always be nice to the cops..even if they level some chicken sh%t charge at you.
>always "yes sir" "no sir" "three bags full sir"
>dont wear hats hip hop style.. cops hate that AND young drivers.

.. please add your ideas..

 

Here is another point that law enforcement never consider. And thats how speed limits are set.

Being involved in the Traffic Engineering field I can tell you that (other than the obvious like school zones etc and high risk sites) speed limits are set by:

> political will (often by local govt)
> 85th percentile speed (not often enough)
> road highway design standards which are based on, low friction surfaces (wet roads); lowest average vehicle performance and mechanical grip (usually decades old performance stds); traffic volume, and drivers that may be unskilled or impaired, such as elderly, young, immigrants, or those with bad eyesight.

In reality, a high performance car, on dry, daytime roads, with no traffic, driven by a skilled driver could perhaps safely travel at 1.5x the posted speed.

my further 0.02...

Law enforcement see the worst drivers, of which I am sure cause most of the serious accidents. I am sure that because that is all they see, that it effects their thought processes. Sad part is, most of the time, they either cant evaluate the good from the bad, or take it personally because of their experiences, or have "god" complex... often these effects causes them to make rash, ill informed decisions. The result is often taken out on the more responsible and aware sports car driver/ enthusiast.

As to the confiscation issue.... what nexts.. confiscate our clothes for jaywalking!?

 

You might finda a video - GPS system like this usefull...

http://forums.corvetteforum.com/canadian-events/2745589-jon-dashboard-cam.html

Mark

 

Mark, please post a picture that is not on the CF, some people have been banned from that site for no specified reason, by a mental midget moderator with the brain of a chipmunk. Thanks.

 

-- slow down if, when driving over speed limit, a car far behind you is catching up
-- slow down on highways when an entry road is coming up on the right where a cop might be parked
-- try not to be the first in line, get in behind other cars
-- always slow right down to speed limit when the limit seems ridiculous, like 15 miles per hr. in a town or nearby area where cops can easily clock and ticket you

 

[ame]http://www.youtube.com/watch?v=ICq6A_nBKhk&feature=player_embedded[/ame]

Dashboard camera...cool! Where can we get one of these?

I could use one for my motorcycle, and record all the idiots who cut me off as well.

 

--don't run a front plate
- when over taking there is less chance for the phone in to get your plate number
- less chance of getting hit by laser
- might get a no plate ticket and speeding dropped

 

The irony here in Ontario of course is that the creator of Bill 203, Micheal Bryant killed someone with HIS car and got off!!

 

Its already happening.
Many see no point in stopping now, your already screwed, so at least give yourself a chance and try to outrun them.
Thats the mentality the stupid new laws have created.
Considering 95% of cops are lousy drivers, its realistic to escape actually.