: update..a leasing program for the v.



Razorecko
01-06-09, 08:15 PM
Hey guys i just wanted to give you a heads up from the owner of the dealer where i pre-ordered my V has just told me that as of currently leasing programs will be done for the V2 through US BANK. I'm glad something is in place for us business owners.

GM-4-LIFE
01-06-09, 08:47 PM
Hey guys i just wanted to give you a heads up from the owner of the dealer where i pre-ordered my V has just told me that as of currently leasing programs will be done for the V2 through US BANK. I'm glad something is in place for us business owners.

Good luck with US Bank. I checked their rates and since they are the only ones offering a V2 lease, their rates weren't good when I checked them out. Their rates for a lease are higher than what I was quoted on a purchase.

SG

Razorecko
01-06-09, 08:59 PM
untill gmac gets their sh*t togethor us bank will do. If the entire lease amount is tax deductible i dont care if its more than purchase price because it wont be coming out of my pocket. =)

Dr Chill
01-06-09, 10:51 PM
How is a lease tax deductible? I suppose you mean you are paying the lease payments with pre-tax dollars, right?

Razorecko
01-06-09, 11:17 PM
^ it would be a vehicle leased under a business

Heavychevy1
01-06-09, 11:49 PM
^ it would be a vehicle leased under a business


I'm about to purchase a business and could use some advice on doing the auto tax deduction thing. How do you make it safe where you don't have to worry about audits. I have a friend who bought a SL500 or something (NEW!!!) for his business which was dump trucks or something like that. That seemed a bit much to me.

Do you use the standard mileage rate or actual usage or purchase the vehicle in the business name and subtract personal miles.

I'm trying to figure out the best way to go about doing it. Any help would be appreciated.

Razorecko
01-06-09, 11:54 PM
Your best bet is to talk to your accountant. They will be able to fill you in with all the details and keep you updated with the constantly changing IRS laws. And I do mean changing. They change the business tax laws like every other week it seems.

Dr Chill
01-07-09, 12:02 AM
^ it would be a vehicle leased under a business

As I suspected. You are paying for the lease with pre-tax money. This effectively reduces the cost of your lease by whatever % your tax rate is. This is clearly superior to ownership by the business with write-off of depreciation and usage costs (unless it is a truck or large SUV).

Razorecko
01-07-09, 12:09 AM
As I suspected. You are paying for the lease with pre-tax money. This effectively reduces the cost of your lease by whatever % your tax rate is. This is clearly superior to ownership by the business with write-off of depreciation and usage costs (unless it is a truck or large SUV).

You are correct. We used to purchase trucks/suv's under the business but recently the guidelines were changed where a much smaller percentage could be written off. So than we went over to leasing which is a much better option. A perk of being a business owner.

Kadonny
01-07-09, 09:26 AM
I always leased my cars, but unfortunately I got my V when there were not leasing programs available. Although I lose some tax deduction by owning, I figure I make it up because I will own the car and get money back when I sell it. My purchase payment is about the same as my old lease payment.

Jpjr
01-07-09, 11:14 AM
Leasing a vehicle was the greatest deal on the planet for most of this decade. Any time you can avoid purchasing a depreciating asset without undue cost, do it.

CadV
01-07-09, 03:17 PM
Leasing a vehicle was the greatest deal on the planet for most of this decade. Any time you can avoid purchasing a depreciating asset without undue cost, do it.

Glad someone else sees it. There are a lot of leasing is from the devil people on this board.

Razorecko
01-07-09, 03:41 PM
^ thats what i always thought when i was alot younger. But with age and business expierance you realize that its almost senseless not to lease.

Kadonny
01-07-09, 04:13 PM
^ thats what i always thought when i was alot younger. But with age and business expierance you realize that its almost senseless not to lease.

Well....."senseless not to lease" takes it a bit to extreme. There are advantages and disadvantages. More advantages are there for businesses, but it still makes money sense to buy if you get a real good interest rate. Remember lease rates are typically a higher finance percentage than buying, but many times this higher rate is offset by tax savings.

Still, it's a case by case basis which is better, you have to run the numbers each way.

GM-4-LIFE
01-07-09, 08:46 PM
My monthly payment to purchase is: $842.00

My monthly payment to lease would be: $1100.00-$1200.00

If I could have leased my V, I would have, but since i am going to keep the car for a good amount of time, it made more sense for me to purchase it.

SG

CadV
01-08-09, 12:19 AM
My monthly payment to purchase is: $842.00

My monthly payment to lease would be: $1100.00-$1200.00

If I could have leased my V, I would have, but since i am going to keep the car for a good amount of time, it made more sense for me to purchase it.

SG

You must of put a lot down to get 842 a month. Mine ws the other way around. To lease was 1000 a month to buy was 1200. That is with nothing down though.

CadV
01-08-09, 12:24 AM
Business or personal I feel like you have to factor in depreciation. Just like jpjr said. Which option keeps you from losing the most money. Lease will win every time. The counter to leasing is always equity but it takes way to long to build equity in a depreciating asset. The value of cars drops way too much for me to want to buy one. Maybe when a really good electric car comes out.

1fstkde
01-08-09, 03:41 AM
well here is my story..24 month lease..2k down...05 ctsv, $525 a month...07 stsv 2k down 24 month lease $820 a month...NOW TELL ME WHO IS AHEAD???? :cloud9:...but for sure you wont get me to lease the new 09 ctsv for $1000. a month...i used to lease an 05 s class for that..and that car was 100k...if gmac doesnt have a lease option i might have to head somewhere else......:bomb:.....