truck financing
- Thread starter idtrans
- Start date
Yeah, it can be. Sometimes "super trucker" yahoos come in here talking about speed of light deliveries, never having to wait for a load...
It can funnier than anything that Seinfeld/David ever came up with.
Dakota
Veteran Expediter
That looks nice to me, I like that rear step/handles
I've been considering a van or cube van for loads/days my straight is not needed. You've got me thinking
Dakota
Veteran Expediter
'alot less hassle' said the man (or is it a woman now?) who has nothing BUT hassle (until he ditched the lemon at least)
I am a man, who said I was a woman?
Yes, that truck was a hassle, but I was able to get replacement and my downtime was minimal....still a big headache. I'm loving my new International BTW
Actually, whenever they choose to pick ya outa the crowd! You may choose to figgure, when you type something a bit stupid (like speaking on the CB), i'll prolly get my chops busted a bit. On the other hand if you read the message and UNDERSTAND it, there may be an educational opportunity in it for you. All at no cost.
I havent leased a CVM.
I have leased cars and equipment for business.
The thing I was informed about by an auditor was, if you have a dollar buy out lease, you are actually buying the car or equipment. If you deduct the full payment monthly it may not be allowed as virtually 100% of the item is being paid off over the contract.
A true lease with a 10% to 20% buyout option was preferred.
It would qualify for deducting 100% of the monthly payment each month.
The residual, if you were to exercise a buy option at the end of your lease would be treated as all capital buys and depreciated.
Could be the difference between a lease w option to buy or a contract called a "lease purchase".
This info is dated from early 2001. Maybe it has changed.
chefdennis
Veteran Expediter
Yhe IRS gets "T" off with what they refer to as a "deferred purchase" where there is NO option to buy yhe vehcile but you MUST buy it at a contracted buyout that they feel is artifically low, the $1 dollar buyout....
To cover that aspect you have "Open" and "Closed" end leases. Open end, you agree to the residual figure that is set not to exceed 3 payments at the end of the lease, you can buy or walk away or buy. Closed end, the "Residual value guide" is used to set the buy out and you can, walk away or buy it.
The lease purchase is is strictly that, you lease it and must buy it per the contract. And artifically low buyout is the isue for the IRS, but $1 buyouts are still written.....
To cover that aspect you have "Open" and "Closed" end leases. Open end, you agree to the residual figure that is set not to exceed 3 payments at the end of the lease, you can buy or walk away or buy. Closed end, the "Residual value guide" is used to set the buy out and you can, walk away or buy it.
The lease purchase is is strictly that, you lease it and must buy it per the contract. And artifically low buyout is the isue for the IRS, but $1 buyouts are still written.....
I agree $1 buyouts are still written.
I am not so sure they would pass a tax audit.
Leases like buys are created according to the buying strength of the purchaser.
In the case of a $1 buyout, the purchaser would have a strong credit rating worthy of the bank holding 99.9% of the risk.
But even if the lease is written as a $1 buy out, that doesnt mean the IRS will agree it is a true business lease vs a purchase.
If I were to go that route for sure I would ask my accountant to verify which way would stand up to a tax audit.