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Old 02-17-2014, 11:57 AM
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Car Leasing

I have a reason to be looking at leasing a car within the company. It sounds like it is a better write off tax wise to lease it, and will probably buy it out of the lease at the end of term. So will put higher mileage on the lease than normal practice/OEM offerings?? Thanks Steve
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Old 02-17-2014, 12:11 PM
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Only tax rule I know of is you should buy or lease a vehicle over 6000LBS GVW and take the $25K deduction that same year.

http://www.section179.org/section_17...eductions.html
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Old 02-17-2014, 12:24 PM
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Quote:
Originally Posted by MarylandMark View Post
Only tax rule I know of is you should buy or lease a vehicle over 6000LBS GVW and take the $25K deduction that same year.

http://www.section179.org/section_17...eductions.html
Yes I am aware of that, as well as it needs to be heavy duty. Trying to help a manager out, and they don't need a heavy duty vehicle. In a lease situation on a company car I believe the lease expense can be written off, or at least its before taxes anyways. Nuff said!
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Old 02-17-2014, 12:58 PM
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See the attached link. At the bottom of the reasons to Lease a Vehicle is to be able to write off the expense. Then if you do the lease in a special way you can expense more aggressively, and when the individual buys out the lease they pay less for the vehicle, whether its truly worth less or not. If the mileage didn't happen to get used.......

https://www.usbank.com/loans-lines/a...buy-a-car.html
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Old 02-17-2014, 02:16 PM
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What I was looking for and may not be clear, is viable companies/banks that you might know that have lease options/good rates! Sorry if that ain't what I said originally!

I have used US Bank in the past.
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Old 02-17-2014, 09:16 PM
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Not to many banks into leasing these days. There are corp leasing companies for business use. Wheels, Gelco, Enterprise Leasing etc.
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Old 02-17-2014, 10:58 PM
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Quote:
Originally Posted by Blue Oval View Post
Not to many banks into leasing these days. There are corp leasing companies for business use. Wheels, Gelco, Enterprise Leasing etc.
Do the OEM's offer higher mileage leases for business purposes vs. the std low mileage high penalty leases you normally see advertised?

And THANKS for the feedback!
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Old 02-18-2014, 01:23 PM
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I have not had anyone ask that question in along time, not sure.
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Old 02-18-2014, 01:31 PM
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Doesn't hurt to ask.

Back 15+yrs ago, I had a customer at the Toyota Dealer i worked at who did a 2yr 60kmile lease. Cut a check for the whole thing. Never asked why on either account.

But, leasing may have been more flexible then ? Dunno, been out of dealers for a long time.
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Old 02-18-2014, 05:46 PM
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We are just going to start asking and see where it goes. May not work as well as I have seen in the past.
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