OgogoroFreak:
Exactly! Rental is the best, if and only if you would be getting the drivers direct from heaven.

And we all know that heaven will not send drivers to Nigeria because when he gets to Nigeria, he will start behaving like a typical Nigerian driver that is on rental basis.

OgogoroFreak:
Exactly! Rental is the best, if and only if you would be getting the drivers direct from heaven.

If only you know.

Things are really hard these days. Thousands of people are looking for cars on rentals with no available car.

When they manage to get one, they are now very careful with their remittances. For the ones that want to prove difficult and don't pay as at when due, you shut down your vehicle from your tracker and give to the next available driver.

What I always tell people which was one of the mistakes I made initially was, never give the vehicle to someone you know or someone related to you.

It must be a stranger with no emotions attached.

OgogoroFreak:
Exactly! Rental is the best, if and only if you would be getting the drivers direct from heaven.

Doubt if he would get the rental income for 6 months, before everything will run down

Itsrm:


If only you know.

Things are really hard these days. Thousands of people are looking for cars on rentals with no available car.

When they manage to get one, they are now very careful with their remittances. For the ones that want to prove difficult and don't pay as at when due, you shut down your vehicle from your tracker and give to the next available driver.

What I always tell people which was one of the mistakes I made initially was, never give the vehicle to someone you know or someone related to you.

It must be a stranger with no emotions attached.

To save yourself from stress and high blood pressure, hire purchase is better.


By the time you get 500k as rental income, your car must have depreciated by N1.2 million and above

emmanuelewumi:



To save yourself from stress and high blood pressure, hire purchase is better.


By the time you get 500k as rental income, your car must have depreciated by N1.2 million and above

Ask around, corollas don't depreciate in Nigeria.

emmanuelewumi:



Doubt if he would get the rental income for 6 months, before everything will run down

What will run down? You don't pay for two consecutive weeks, I shut down the vehicle and give to another person. At every point in time, there are thousands of drivers looking for vehicles.

You only need to know where to look

For rental, consult your jazz man. Those drivers will run you street any day, once that one from heaven arrives, esprit de corps sets in as his compatriots will view his move as spoiling business and they will set into action and corrupt that heavenly mind.

Go locking the car and giving another, please how many times would you lock in the life time of the car, calculate the losses and consider the usage on rental is different from hire purchase, u see those gallop they dodge during hire purchase, they will swim on it on rental.

Itsrm:


What will run down? You don't pay for two consecutive weeks, I shut down the vehicle and give to another person. At every point in time, there are thousands of drivers looking for vehicles.

You only need to know where to look

Too much theory, get your car and put it on rental.

Experience is the best teacher

emmanuelewumi:



Too much theory, get your car and put it on rental.

Experience is the best teacher

I thought that was obvious already.

I have three vehicles on rentals so whatever I tell you is not theory

RayRay06677:
For rental, consult your jazz man. Those drivers will run you street any day, once that one from heaven arrives, esprit de corps sets in as his compatriots will view his move as spoiling business and they will set into action and corrupt that heavenly mind.

Go locking the car and giving another, please how many times would you lock in the life time of the car, calculate the losses and consider the usage on rental is different from hire purchase, u see those gallop they dodge during hire purchase, they will swim on it on rental.

You are not following.

When they know the vehicle will be taken from them and it may take another 4 months to get another vehicle, they take the one they have serious. This is why the vehicle must not be given to someone you know. They know you won't collect the vehicle or will send people to beg you if you collect it.

Just book a Bolt ride and ask the driver how easy it is to get a vehicle.

Itsrm:


If only you know.

Things are really hard these days. Thousands of people are looking for cars on rentals with no available car.

When they manage to get one, they are now very careful with their remittances. For the ones that want to prove difficult and don't pay as at when due, you shut down your vehicle from your tracker and give to the next available driver.

What I always tell people which was one of the mistakes I made initially was, never give the vehicle to someone you know or someone related to you.

It must be a stranger with no emotions attached.

There had never been a dearth of people looking for cars on rentals. Some might even swear with their unborn kids. how loyal they always are but when they get the cars same old stories of cheating the owner. Funny they all have similar methods.

From my own experience, I vowed never to do rentals again. Hire purchase went well for me.

OgogoroFreak:
There had never been a dearth of people looking for cars on rentals. Some might even swear with their unborn kids. how loyal they always are but when they get the cars same old stories of cheating the owner. Funny they all have similar methods.

From my own experience, I vowed never to do rentals again. Hire purchase went well for me.

Can you please share two of these methods they use in cheating? Thanks

OgogoroFreak:
There had never been a dearth of people looking for cars on rentals. Some might even swear with their unborn kids. how loyal they always are but when they get the cars same old stories of cheating the owner. Funny they all have similar methods.

From my own experience, I vowed never to do rentals again. Hire purchase went well for me.

If a driver cheated you, you enabled it.

Most people go into businesses without having a good understanding of how the business works. I want to believe that was why your rental thing failed.

ThisisIkemefuna:


Can you please share two of these methods they use in cheating? Thanks

One common thing is that they manhandle the cars, decreasing it's lifespan. When u give same car to them on hire purchase, you clearly see they treating it like a baby.

OgogoroFreak:
One common thing is that they manhandle the cars, decreasing it's lifespan. When u give same car to them on hire purchase, you clearly see they treating it like a baby.

The first thing in rentals and where most people fail is, the vehicle has to be in a very good shape.

Putting a Nigerian used vehicle on rentals is a recipe for disaster.

The next pitfall is the agreement. Most people just copy someone else's agreement and have the driver sign.

This is what works for me.

Drivers should bear the whole cost of miscellaneous fixes.

Miscellaneous fixes includes exhaust leaks, tire fixes, wheel balancing, alignment, e.t.c.

Drivers bear 10-15% of all suspension fixes above 20,000 and 15-20% when it's below N20,000.

You only bear the whole cost of repairs of damage to drivetrain components. Your engine, your transmission, cv axles, e.t.c.

When they know they are partly responsible for repairs, they drive carefully.

Lastly, vehicle owners should be reasonable with rental demands.

Itsrm:


The first thing in rentals and where most people fail is, the vehicle has to be in a very good shape.

Putting a Nigerian used vehicle on rentals is a recipe for disaster.

The next pitfall is the agreement. Most people just copy someone else's agreement and have the driver sign.

This is what works for me.

Drivers should bear the whole cost of miscellaneous fixes.

Miscellaneous fixes includes exhaust leaks, tire fixes, wheel balancing, alignment, e.t.c.

Drivers bear 10-15% of all suspension fixes above 20,000 and 15-20% when it's below N20,000.

You only bear the whole cost of repairs of damage to drivetrain components. Your engine, your transmission, cv axles, e.t.c.

When they know they are partly responsible for repairs, they drive carefully.

I suspect you haven't actually done this business before.

They are responsible for fixing but they only patching and managing the car till it finally packup and they start telling you it's spiritual ish and how "arrow was fired" from the underworld.

Itsrm:


The first thing in rentals and where most people fail is, the vehicle has to be in a very good shape.

Putting a Nigerian used vehicle on rentals is a recipe for disaster.

The next pitfall is the agreement. Most people just copy someone else's agreement and have the driver sign.

This is what works for me.

Drivers should bear the whole cost of miscellaneous fixes.

Miscellaneous fixes includes exhaust leaks, tire fixes, wheel balancing, alignment, e.t.c.

Drivers bear 10-15% of all suspension fixes above 20,000 and 15-20% when it's below N20,000.

You only bear the whole cost of repairs of damage to drivetrain components. Your engine, your transmission, cv axles, e.t.c.

When they know they are partly responsible for repairs, they drive carefully.

Lastly, vehicle owners should be reasonable with rental demands.

You sound very confident in your style of business. Can I know how long you've operated and the success rate you've achieved with drivers overall?

OgogoroFreak:
I suspect you haven't actually done this business before.

They are responsible for fixing but they only patching and managing the car till it finally packup and they start telling you it's spiritual ish and how "arrow was fired".

I see why you failed with the rentals

Your trusted mechanic repairs the vehicle. You should never allow them handle repairs on their own. Never. Not even oil change

Itsrm:


I see why you failed with the rentals

Your trusted mechanic repairs the vehicle. You should never allow them handle repairs on their own. Never

They won't tell u the car is faulty so they don't spend on quality fixing from ur mechanic. Your trusted mechanic only fix if they let you know.

ThisisIkemefuna:


You sound very confident in your style of business. Can I know how long you've operated and the success rate you've achieved with drivers overall?

I started with one vehicle last year October. Got another one July this year and the last vehicle in November.

The first driver was a mess because I gave someone I knew. Learnt from that experience and it has been good. Hoping to get another by end of January

OgogoroFreak:
They won't tell u the car is faulty so they don't spend on quality fixing from ur mechanic. Your trusted mechanic only fix if they let you know.

The vehicle is usually due for service in about two months. How long can they drive it if faulty without me knowing?

Besides, it's clearly spelt out in the agreement that I can demand for inspection anytime I want.

Itsrm:


I thought that was obvious already.

I have three vehicles on rentals so whatever I tell you is not theory

How long have you been doing this?

How much is the vehicle?

How much is the weekly rental?

What is your profit margin?

At any point in time, how much do you have in liquid cash for emergencies and replacement of the vehicles?

What is the useful lifespan of the vehicle used?

I wish you well in your rental business.

Itsrm:


I started with one vehicle last year October. Got another one July this year and the last vehicle in November.

The first driver was a mess because I gave someone I knew. Learnt from that experience and it has been good. Hoping to get another by end of January

You started 14 months ago with a vehicle and now have 3 vehicles?

Did you get a loan in July for the purchase of the second vehicle? If yes, what was your own equity contribution for the purchase.

You also got another vehicle in November, how much is the vehicle? Did you get a loan? What is the interest rate?

Itsrm:


The first thing in rentals and where most people fail is, the vehicle has to be in a very good shape.

Putting a Nigerian used vehicle on rentals is a recipe for disaster.

The next pitfall is the agreement. Most people just copy someone else's agreement and have the driver sign.

This is what works for me.

Drivers should bear the whole cost of miscellaneous fixes.

Miscellaneous fixes includes exhaust leaks, tire fixes, wheel balancing, alignment, e.t.c.

Drivers bear 10-15% of all suspension fixes above 20,000 and 15-20% when it's below N20,000.

You only bear the whole cost of repairs of damage to drivetrain components. Your engine, your transmission, cv axles, e.t.c.

When they know they are partly responsible for repairs, they drive carefully.

Lastly, vehicle owners should be reasonable with rental demands.

So for a place like Lagos, what is the daily range rental that an owner should expect?.

NL1960:


So for a place like Lagos, what is the daily range rental that an owner should expect?.

Most hire purchase for ehailing is about 30k per week.

Rental should be lower

Itsrm:


The vehicle is usually due for service in about two months. How long can they drive it if faulty without me knowing?

Besides, it's clearly spelt out in the agreement that I can demand for inspection anytime I want.

It's easy to make adjustment to the problem I talk about but reality comes with unexpected.

I heed to a friend's advice and employed someone to always sit in front and go with them daily, 98% of these drivers quit. I get another driver, he quit after one week.

OgogoroFreak:
It's easy to make adjustment to the problem I talk about but reality comes with unexpected.

I heed to a friend's advice and employed someone to always sit in front and go with them daily, 98% of these drivers quit. I get another driver, he quit after one week.

Very funny. You employed someone to sit at the front? Lol.

Forgive my laughter

ThisisIkemefuna:


Very funny. You employed someone to sit at the front? Lol.

Forgive my laughter

Yes, that was my commercial bus business and funny enough, it really worked just that most of the drivers resigned giving funny excuses.

Itsrm:


The vehicle is usually due for service in about two months. How long can they drive it if faulty without me knowing?

Besides, it's clearly spelt out in the agreement that I can demand for inspection anytime I want.

Still waiting for answers to the questions I asked over 4 hours ago

Thinking if I should buy this MTN shares or not.

Go to the Uber thread if you want to know the present reality about E hailing.