dbs600

Anyone lease their car under their business? Are there two ways to go about it?

Seems you can lease under the business with a personal guarantee or lease only under the business with an increased interest rate and the need to produce two years of financials.

If leased only under the business, will insurance premiums be more?

Any insight? Thanks!

John510

My car is leased under my business name. You have to get it approved through lexus financial and apply with your tax ID number and guarantee the loan personally. Insurance is through me not business. Advantage is I can now write off 100 percent of my lease payment.

damtachoa

Can I write off 100% if I buy it in full cash under business name?

John510

You can only write off depreciation if you purchase it.. It's more of a write off to lease.

advan34i

iTrader: (1)

lease u write off the amount (monthly payments), to buy u write off by the milage. hope that helps.

dbs600

Very very very nice!

Thanks for all the info!

Seems as though you are enjoying your auto to its fullest, which is great!

I’m really looking forward to put a deal together (unfortunately, may take a month for my car to arrive)! Haha.

All the best and happy motoring.

JD

dbs600

CRAZY QUESTION: I plan to retire a car registered to my wife and insured under her insurance policy and replace it with a car that will be registered to my business name (I will be a lease co-signer) and will be insured under my insurance policy (we have separate policies and are not listed as operators under each other’s policies). The problem is that I want to transfer the plates from the car we’re retiring and I’ve been told it’s not possible to transfer the plates because if the registration changes, the plates have to be surrendered to the DMV. As a work around I was thinking for my wife to transfer the title of the car we are retiring to the two of us. Any insight on this!? I’m in New York. Thank you!

John510

It only makes sense to buy it under business name IF you need the write off. If your financials are positive then it will work. If they are a wash then it defeats the purpose.

On the plate... In CA you can hang on to a personal plate and pay a 40$ year fee to keep it. I have my old vette plate that I am saving for a new one. Not sure about NY.

You can also "sell" her car to the business. I am doing this with my avalanche. it is paid off but I can "sell" it to my own corporation and then write off mileage and depreciation. It gets confusing and you will need a very good accountant.

SW17LS

You also don't necessarily need to lease it under the business' name to write off 100% of the lease payment...it depends on how your business is set up.