Timeshare for car leases via app

Ford Credit Link enables up to six drivers to share the cost of owning a new Ford vehicle in Texas.

Car-sharing is becoming an increasingly popular way for commuters and drivers around the world to save money. Now car manufacturing giant Ford is testing a new way to enable drivers to share the cost of owning a car.

The Ford Credit Link app enables up to six drivers in Austin, Texas, to share the cost of a lease and schedule use of the vehicle. The developers say the app can start out as a share between friends or family, and expand from there. Drivers can pitch in together on a 24-month credit lease, which they then choose between themselves how to pay.

The app, for iOS or Android, also offers a more connected experience for the car sharers. It lets the drivers reserve time on the vehicle and keep up to date with the group’s schedule and account status, and find the car’s location when it has not been booked.

“People already are sharing everything – from books to homes,” says Ford Credit’s David McClelland. “We’re seeing the potential for a shift from a single consumer paying for a single vehicle to several people sharing costs and benefits.”

There are already schemes offering businesses to lease company cars through car-sharing. Can the timeshare model be adapted for other costly items?