Get The Lease a New Car With Your Friends

Can’t afford that new Mustang by yourself? No worries. Ford announced a whole new approach to ride-sharing at the North American International Auto Show in Detroit this week.It will let you lease a vehicle with your friends.

A new program called Ford Credit Link allows groups of three to six people to band together to lease that new Focus, Fiesta, or any other Ford vehicle, and organize everything from payments to who has the car when via an app. The program is intended for people who like the idea of having their own set of wheels but don’t need a car full time. Compared to a service like Zipcar, this way you could get a vehicle when you want it, share it with fewer people, and potentially save a little cash in the process.

You’ll need to organize your own group, and you’ll want to make sure it’s filled with only your most responsible friends. It’s a bit like leasing an apartment with several roommates: Everybody has their share, but together you’re all responsible for coming up with the total amount. That means if Bob suddenly stops paying, everyone in the group will get dinged for that missed payment. Also, everyone will need to qualify for a lease through Ford, so your buddy with poor credit is probably out of the mix.

As far as how much of the lease payment you’re responsible for, that’s up to the group. Within the app you’ll be able to divide up payments as the group sees fit. You’ll also be able to track how long each person has used the car, so if Sara takes it on a road trip for three weeks out of the month, you might collectively decide to make her responsible for 75 percent of the month’s payment. If she moves away halfway through your 24-month lease, you can also remove her fr