Leasing out my trailer - advice?

[FrittSkritt]

Back story - moved to Australia in 2019 for graduate school, intended on returning to the U.S. in December 2020. Horsey went out on lease (another story :rolleyes:), but my trailer remains parked/unused at a friend’s barn. I love this trailer - it’s a 2009 Kingston TB Deluxe, and I got a great deal when I bought it. It owes me nothing in terms of reliability. At the rate things are going, I will probably not be back in the U.S. until June 2021 at the earliest as I’m extending my program here, and haven’t decided whether or not I’m going to stay longer than that.

Another friend of mine is downsizing and sold her GN and large truck and is looking to purchase a 2 horse BP for local hauling. Apparently the used market isn’t great, and I offered to let her use/lease my trailer if she couldn’t find anything, as I’d rather see it get used than sit around.

First part - has anyone ever done this? I’m assuming a contract and insurance would be a necessity, of course, but I have no idea what to charge other than the registration fee, if anything. I’d rather see it get used than sit around and deteriorate until I return.

Second part - this is optional reading:

1. It needs a good bath and detailing, likely a new breakaway battery, and the bearings need to be inspected as it’s been two years since I’ve had those last two serviced. (FWIW, the bearings were so well done at the factory that they’ve never had to be repacked - even with rechecks every year. :encouragement:)

2. I re-caulked part of the roof seam last year as it was leaking slightly, but I’m not sure how it’s holding up.

3. The idiots at a trailer repair place (that don’t do a lot of horse trailers) tightened the leaf spring ramp assist without telling me because they assumed that I wanted my trailer ramp to be really springy and easy to lift. Needless to say, it caused my horse to slip while loading because he’s not a goddamn motorcycle/lawnmower/whatever the repair guys are used to, and the leaf spring inevitably snapped because it was there was too much tension. You can still lift the ramp, but it’s heavy as heck. I never got a chance to have it fixed before I left, so I told her I would pay for it to be repaired. (Looks like this, if anyone is trying to picture what it is. The long metal piece is what broke. https://i0.wp.com/www.DIYMetalFabrication.com/wp-content/uploads/2013/12/IMG_1076.jpg )

4. I need to renew the registration as I have it registered in Maine and it expired last year.

That being said, she offered to take it to have it detailed. I definitely think the the repairs for #2 and #3 should be on me, so the grey area is repacking the bearings (if needed) and the breakaway battery.

Any input is welcome. Thanks all!

[endlessclimb]

I think the initial catch up on maintenance is all on you. After that, it’s on the leaser.

But, you can do whatever you want. Just spell it out in a contract, including what happens if a horse damages the trailer (beyond normal wear and tear - spell out what “normal” means to you). I’d have her take out a full insurance policy on it, personally.

[js]

Have someone take pictures inside and out before the lease, so you know what damage, if any, happens to it. Have a good contract that spells out everything and she needs to be responsible for insurance and providing you a copy of her policy. To get it tow ready, that is something you should probably pay for and get it registered and tagged (if needed).

[clanter]

@endlessclimb

I’d have her take out a full insurance policy on it, personally.

Might only be our insurance carrier (USAA), but I was shocked (and still amazed) at how Cheap it was to fully insure a horse trailer adding it to the auto policy…There was not really any questions other than what’s it serial number and How Much is it worth. The value was an agreed upon value, no take it somewhere for an appraisal…all done over the phone.

Cost to fully insure our two horse trail similar to OP’s… $2.30 a Year

[endlessclimb]

@clanter

Might only be our insurance carrier (USAA), but I was shocked (and still amazed) at how Cheap it was to fully insure a horse trailer adding it to the auto policy…There was not really any questions other than what’s it serial number and How Much is it worth. The value was an agreed upon value, no take it somewhere for an appraisal…all done over the phone.

Cost to fully insure our two horse trail similar to OP’s… $2.30 a Year

Me too. But I’m not sure if the trailer isn’t owned by the driver that it’s possible. They may have to be entirely separate policies.

[theresak]

I leased out my trailer after I sold my truck. She paid for yearly maintenance, her own insurance with me listed as an additional insured, registration, and my insurance on the trailer. We ended up having to replace the tires and I think we split that. I eventually sold the trailer to her since I don’t think I’ll get another truck anytime soon (and used the money to buy a new horse :winkgrin:).

[Where_sMyWhite]

I am pretty sure trailer insurance is similar to vehicle insurance… liability and comprehensive.

Liability coverage is usually covered by the tow vehicle. Comprehensive (damage, loss, etc) is separate.

I would talk to my vehicle insurer and make sure you understand if the trailer is leased, will they have heartburn.

You might also want to talk to your regular insurance company about a possible umbrella policy (they usually aren’t too expensive) in the event there is some catastrophe and you get dragged into an issue where you might be expected to pay as trailer owner. Don’t like thinking about things like this but better safe than sorry.

[clanter]

@endlessclimb

Me too. But I’m not sure if the trailer isn’t owned by the driver that it’s possible. They may have to be entirely separate policies.

she needs to lease the trailer to the person who can then add to their policy,

and I was just altering some coverage on my vehicles at USAA’s web site which absolutely is one of the easiest web sites I have ever used, the cost for the trailer full coverage is actually $2.18 per year …18 cents per month.

[FrittSkritt]

@clanter

she needs to lease the trailer to the person who can then add to their policy,

and I was just altering some coverage on my vehicles at USAA’s web site which absolutely is one of the easiest web sites I have ever used, the cost for the trailer full coverage is actually $2.18 per year …18 cents per month.

Damn, that’s cheap! I have USAA, but mine is $4.50/month - $500 deductible. The potential leaser has USAA, so hoping that will be an asset should she choose to take it.

[Lizrd]

I would not do it. Too much liability. Not worth it. And remember, the insurance covers the vehicle, not the horse in it. Horse gets hurt. Mechanics fail. Tire blows out. Driver gets in a fender bender. Trailer gets broken into. Friends are friends until they are a plaintiff in the courtroom. Nope, nope, nope. Sell it or store it but don’t lend / lease it.

I have a generous spirit and always want to do these kinds of things with my trailer, boat, truck, etc…and then common sense pipes up and reminds me there is too much at stake. Family, I may lend things to. Friends, sorry, nope.

[asterix]

I am thinking of selling our very nice but older 2 horse trailer. I mentioned this once at my barn and once at a barn I haul to for lessons, and I now have people at both places lined up ready to buy if I decide to do it. They tell me the used market is very tight right now - at least in Maryland 😉. So, you could just sell it, as is, and be done with it.