Plenty of people pay for a luxury car. I think cost is higher than $300 on average for lease+insurance+maintenance. Also don't pay for tax+title+license. I think you are making it out to less than the actual
Like I said, it works if your other option is paying a lot for your desired car anyway. 'A lot' here doesn't mean you're getting ripped off, it just means a large amount. You can argue about whether most people are spending anywhere near $760/month for their car in total. I know I don't come close to that number and never have. I would think the average person ready to dive into a scheme like this doesn't either.
You want to tell me the average american spends more than that? That's almost certainly true. But the average american also wouldn't go anywhere near this type of thing.