Is there a way to get a bike on lease without proof of income?

[bell david]

Is there a way to get a bike on lease without proof of income?

[Jesper]

(07-19-2022, 10:16 AM)bell david Wrote:  Is there a way to get a bike on lease without proof of income?

I don't know how that works as far as needing income history. If it is a true financing contract then I would assume income proof is necessary, but for a lease/rental type contract I don't know. It might depend on how much money you put down (if applicable), and/or how much the payments are.
Are you leasing for ownership in the end, or just using the bike for the term of the lease?

[DarioAlvares]

The idea of getting a bike on the lease without having to provide proof of income is definitely something worth exploring.

[TomC]

(06-23-2023, 10:59 AM)DarioAlvares Wrote:  The idea of getting a bike on the lease without having to provide proof of income is definitely something worth exploring.

Yes. That would make it so much easier....

Easier to "lease" a bike they cannot afford then just disappear.
Which is why companies don't lease bikes without proof of the ability to pay.

Yes, I realize that some people don't have "proof of income" available.
It can be difficult to prove how much "controlled substances" someone sells each week.
Or other modern sources of income, like flash mob store robberies
Or even some traditional urban occupations, like mugging tourists

But seriously, yes, the "gig economy" has people who make a good living without consistent documentation -- most places are still going to want to see some proof of the ability to pay.

[GirishH]

I am truly intrigued by this discussion. I never thought leasing a bicycle was a thing. I had heard of leasing cars, and motorbikes but bicycles? Is this new or has been around for sometime?

[enkei]

(11-22-2023, 12:46 PM)GirishH Wrote:  I am truly intrigued by this discussion. I never thought leasing a bicycle was a thing. I had heard of leasing cars, and motorbikes but bicycles? Is this new or has been around for sometime?

I think it was spam created by fake accounts pretending to create an interesting bike thread so they could link to a business.

[GirishH]

Interesting.

I had heard of bikes being very expensive in Europe ( for example in Germany) so thought this was a valid discussion.

It's definitely worth a good business idea. I never thought bike rental would stick but am surprised to see if thrive not only in the US but also in small cities of India.

So, I wouldn't be surprised if bike companies start coming up with a lease program for these expensive bikes.

Interestingly on my recent trip to India, I saw these super expensive bicycles.

(12-06-2023, 08:02 AM)enkei Wrote:  

(11-22-2023, 12:46 PM)GirishH Wrote:  I am truly intrigued by this discussion. I never thought leasing a bicycle was a thing. I had heard of leasing cars, and motorbikes but bicycles? Is this new or has been around for sometime?

I think it was spam created by fake accounts pretending to create an interesting bike thread so they could link to a business.

[ichitan]

(12-06-2023, 08:02 AM)enkei Wrote:  I think it was spam created by fake accounts.

I agree. Notice this user only has one post. Most serious users post on multiple occasions.

It is also possible that someone is trying to work out a way to scam a bank.

When you travel, you are likely to meet other travelers who are scammers. One person I met during my travels, scammed a number of people. He thought he was clever. Now he has disappeared, and not communicated with anyone. The only logical explanation is that he is in jail. Being in jail in a poor country is not a pleasant experience. If you don't want to do the time, don't commit the crime.

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(12-07-2023, 09:12 AM)GirishH Wrote:  I had heard of bikes being very expensive in Europe ( for example in Germany) so thought this was a valid discussion.

It's definitely worth a good business idea. I never thought bike rental would stick but am surprised to see if thrive not only in the US but also in small cities of India.

So, I wouldn't be surprised if bike companies start coming up with a lease program for these expensive bikes.

Interestingly on my recent trip to India, I saw these super expensive bicycles.

Let's look at this issue seriously.

People who can't afford an expensive bike, should buy a cheap one. Some of the best bikes are cheap second hand ones. If they really want an expensive one, they can save up for it.

In first world countries, they require evidence that the person can repay, so they don't give loans to people that will create problems.

In many poor countries there are finance institutions. To get a loan, the person need to provide security, such as the title to their land. If there is no security, the people may just not repay the loan.

The focus often becomes, making money for the finance institution, and they give loans to people who can't afford to repay. Poorly educated people often do things that well educated people wouldn't do. They create a lot of problems for the people in the community.

Some people who cant afford to repay a loan, take out another loan, and use the money to make repayments on the first loan. This can continue until they are severely in debt.

I know of two families in a poor country, who took out loans to buy a second hand car. Uneducated poor people want cars, so they can show off to the people around them. After buying the cars, both families realized they could not afford the repayments. They both sold the car to repay the loan. One family lost US$1500, and the other lost US$2000, when selling the car. This is money poor people can't afford.

Another man borrowed a lot of money, he could not afford to repay. He committed suicide. Uneducated cultures often have strange superstitions. Approximately 90% of the people in the apartment block where he was living, moved out, so they don't have problems with his ghost.

It does get worse. There are people who lend money. If the people can't repay, they send the mafia thugs around to beat them up.

Repeating what I started with: People who can't afford an expensive bike, should buy a cheap one. Some of the best bikes are cheap second hand ones. If they really want an expensive one, they can save up for it.

[GirishH]

Hello Ichitan,

I love your "only logical explanation". As far as I am concerned, there are so many other logical explanations..

And, in regards to first world problems not giving out loans to folks who can't afford them please look into what caused housing market crash in the US..:-)

Many people lease not because they can't afford something but they like the idea of getting a new toy at the end of lease period.

Finally, enough "highly educated people do things that you could attribute to poor education".

(12-07-2023, 11:18 PM)ichitan Wrote:  

(12-06-2023, 08:02 AM)enkei Wrote:  I think it was spam created by fake accounts.

I agree. Notice this user only has one post. Most serious users post on multiple occasions.

It is also possible that someone is trying to work out a way to scam a bank.

When you travel, you are likely to meet other travelers who are scammers. One person I met during my travels, scammed a number of people. He thought he was clever. Now he has disappeared, and not communicated with anyone. The only logical explanation is that he is in jail. Being in jail in a poor country is not a pleasant experience. If you don't want to do the time, don't commit the crime.

- - - - - - - - - - -

(12-07-2023, 09:12 AM)GirishH Wrote:  I had heard of bikes being very expensive in Europe ( for example in Germany) so thought this was a valid discussion.

It's definitely worth a good business idea. I never thought bike rental would stick but am surprised to see if thrive not only in the US but also in small cities of India.

So, I wouldn't be surprised if bike companies start coming up with a lease program for these expensive bikes.

Interestingly on my recent trip to India, I saw these super expensive bicycles.

Let's look at this issue seriously.

People who can't afford an expensive bike, should buy a cheap one. Some of the best bikes are cheap second hand ones. If they really want an expensive one, they can save up for it.

In first world countries, they require evidence that the person can repay, so they don't give loans to people that will create problems.

In many poor countries there are finance institutions. To get a loan, the person need to provide security, such as the title to their land. If there is no security, the people may just not repay the loan.

The focus often becomes, making money for the finance institution, and they give loans to people who can't afford to repay. Poorly educated people often do things that well educated people wouldn't do. They create a lot of problems for the people in the community.

Some people who cant afford to repay a loan, take out another loan, and use the money to make repayments on the first loan. This can continue until they are severely in debt.

I know of two families in a poor country, who took out loans to buy a second hand car. Uneducated poor people want cars, so they can show off to the people around them. After buying the cars, both families realized they could not afford the repayments. They both sold the car to repay the loan. One family lost US$1500, and the other lost US$2000, when selling the car. This is money poor people can't afford.

Another man borrowed a lot of money, he could not afford to repay. He committed suicide. Uneducated cultures often have strange superstitions. Approximately 90% of the people in the apartment block where he was living, moved out, so they don't have problems with his ghost.

It does get worse. There are people who lend money. If the people can't repay, they send the mafia thugs around to beat them up.

Repeating what I started with: People who can't afford an expensive bike, should buy a cheap one. Some of the best bikes are cheap second hand ones. If they really want an expensive one, they can save up for it.

[ichitan]

Are you thinking about leasing bikes in India, or the US, or just thinking about a hypothetical situation. If it is just a hypothetical idea, then the details are not so important.

(12-08-2023, 07:29 PM)GirishH Wrote:  I love your "only logical explanation". As far as I am concerned, there are so many other logical explanations..

I agree, but if we wrote them all this post would be so long people would not read it.

(12-08-2023, 07:29 PM)GirishH Wrote:  And, in regards to first world problems not giving out loans to folks who can't afford them please look into what caused housing market crash in the US..:-)

I partly agree, but there was more to it. Since then, lending institutions have had much stricter rules for giving loans.

(12-08-2023, 07:29 PM)GirishH Wrote:  Many people lease not because they can't afford something but they like the idea of getting a new toy at the end of lease period.

Some do. Some do it for tax benefits. These people normally would not have difficulty providing proof of income.

(12-08-2023, 07:29 PM)GirishH Wrote:  Finally, enough "highly educated people do things that you could attribute to poor education".

Even I have made mistakes. You probably have too. These are learning experiences.

But when people who have not had much money, get a significant amount of money for the first time, they may not be as smart with their money, as someone who has had a significant amount of money for some time.

[Hania]

(07-19-2022, 10:16 AM)bell david Wrote:  Is there a way to get a bike on lease without proof of income?

Well, I would recommend that you visit your local financing institute/banks and dealers and see if someone is offering such services. Or may be you should look for anyone selling his bike in your contact list who can offer you a bike in easy installments.

[Painkiller]

I would only offer bicycles on payments on a lay away type program, it holds the bike and when its paid for then you receive your bicycle. Anything else would be a fools game for a seller. Even on a lay away, that is a huge favor as a seller when having to pass on cash just because its on hold. The amount of storage time involved, taking up extra room is bad enough. If a person cannot even go to a lending institution to secure a small loan then why in the world would I make myself the heavy in this deal.