i am going to do a lease purchase on a truck, i need some info on what to put into the lease contract or if anybody has a copy of a lease purchase they can send me that would be very good. the guy i am getting truck from has never sold a truck on a lease purchase as i have never bought one on a lease purchase any info would be great. thanks
help on a lease purchase
- Thread starter budman70
- Start date
Broompilot
Veteran Expediter
REDTRK is right, do not do this on a hand shake. I just made an appointment with a lawyer and we have yet to come to final details on a business arrangement, need to know from an attorney wether we should continue forward or stop now.
Only suggestion: BOTH SIDES must be happy with the arrangment if not its better to say see ya now than see ya in court.
Only suggestion: BOTH SIDES must be happy with the arrangment if not its better to say see ya now than see ya in court.
Redytrk speaks the truth. There was a driver here a few weeks ago sharing with the group how bad he was burned. Get a lawyer to write the deal for you.
Lawrence,
Expediters Online.com
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Lawrence,
Expediters Online.com
Sacred cows make the best burgers
"So tell me, are those cookies made with real Girl Scouts?"
Sometimes the squeaky wheel doesn't get the grease, it just gets replaced
You can't tell a book by its movie
-----------------------------------------
Thanks For Visiting EO!
[p]
http://www.expeditersonline.com/hotnews/sterling_eo_forum.jpg
Please Help Us Get The Word
Out About Expediters Online.com!
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5MooreMinutes
Expert Expediter
Budman,
Everyone's right about a lawyer. One thing I ran into with my lease-purchase was making sure the depreciation of the truck could be deducted on MY taxes. You may already know about all that, but my sneaky finance co. made it not so, and now THEY get to deduct the depreciation and I'm out all that money each year for my tax deductions. Always get someone experienced to read all the fine print.
Good luck!
Everyone's right about a lawyer. One thing I ran into with my lease-purchase was making sure the depreciation of the truck could be deducted on MY taxes. You may already know about all that, but my sneaky finance co. made it not so, and now THEY get to deduct the depreciation and I'm out all that money each year for my tax deductions. Always get someone experienced to read all the fine print.
Good luck!
Tennesseahawk
Veteran Expediter
Who are you getting the truck from? If it's the same guy I bought from, I'll tell you. Hint... his first name is the same as his last.
Yes... definitely have a lawyer look over it. And if he's still paying the truck off, demand a monthly statement from the title holder that he's making YOUR payment, and not just the one he has to.
Yes... definitely have a lawyer look over it. And if he's still paying the truck off, demand a monthly statement from the title holder that he's making YOUR payment, and not just the one he has to.
SHARP327
Veteran Expediter
Hey 5MooreMinutes I noticed that you were being ripped off on your tax deductions so I thought I'd mention that you can only claim depreciation on a vehicle that you're purchasing not on a lease deal, also I'd like to say that you can claim every cent of payments made on a lease deal.
I also was told that when you purchase the truck at the end of the lease for the buy out price let's say $10,000 then you can claim depreciation one last time on the $10,000 price.
These are only things I've heard and that are only opinions based on what I've heard and should be checked out by youself or by your accountant, maybe Frank Kantz on the tax forum here on EO can advise you further.
I also was told that when you purchase the truck at the end of the lease for the buy out price let's say $10,000 then you can claim depreciation one last time on the $10,000 price.
These are only things I've heard and that are only opinions based on what I've heard and should be checked out by youself or by your accountant, maybe Frank Kantz on the tax forum here on EO can advise you further.