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Coffee Crisp · 03-20-2012, 03:04 PM

Hi RS, long time lurker and first time poster.

I'm planning on starting a import/export business within the next 2 months and I'd like to lease a new car in about a years time. I've been hearing about how if you run a business, it's always better to lease cause of write-offs. And what dictates what kind of car you're able to lease for your business? I know RE agents need fancy 80k+ cars to impress their clients, so they're able to lease real high-end cars.

I would need a car to go from point A to point B to pick the product/supplies up and would probably need to meet potential clients that would like to buy my product. I was thinking about leasing a basic 3 series, a 328i to be precise(I know it's not a necessity but I was planning on purchasing a BMW outright anyways and just found out if I'm starting my business, I might as well lease it with a 62% residual + write-offs)

How would I be able to get approved by Financials, be it a Honda or BMW? I'm not sure if my company can generate enough profit within the first year to be approved but I would need a car. I think most businesses start generating profit after year 2+.

Would I be able to get my parents to essentially lease the car for me and I can still write it off as a business expense(I would still be paying it out of my own pocket each month) and just to add I'm not powered by Mom and Dad but I wish I was!

Is there anything else I should be aware of if I'm leasing a car through my own company? I'm planning on writing off 50% of my lease as a business expense, It's probably around 45% for business and 55% for other uses, how often and how strict are they about that policy? Or is there anything I might've over-looked or missed?

I'm pretty new with all of this business and leasing stuff, if anyone has done it before I'd love to hear some tips or advice.

Thanks RS!

03-20-2012, 03:04 PM	#1
Coffee Crisp RS Lurker, I don't post! Join Date: Mar 2012 Location: Vancouver Posts: 2 Thanked 0 Times in 0 Posts Failed 0 Times in 0 Posts	Leasing a car for business purposes Hi RS, long time lurker and first time poster. I'm planning on starting a import/export business within the next 2 months and I'd like to lease a new car in about a years time. I've been hearing about how if you run a business, it's always better to lease cause of write-offs. And what dictates what kind of car you're able to lease for your business? I know RE agents need fancy 80k+ cars to impress their clients, so they're able to lease real high-end cars. I would need a car to go from point A to point B to pick the product/supplies up and would probably need to meet potential clients that would like to buy my product. I was thinking about leasing a basic 3 series, a 328i to be precise(I know it's not a necessity but I was planning on purchasing a BMW outright anyways and just found out if I'm starting my business, I might as well lease it with a 62% residual + write-offs) How would I be able to get approved by Financials, be it a Honda or BMW? I'm not sure if my company can generate enough profit within the first year to be approved but I would need a car. I think most businesses start generating profit after year 2+. Would I be able to get my parents to essentially lease the car for me and I can still write it off as a business expense(I would still be paying it out of my own pocket each month) and just to add I'm not powered by Mom and Dad but I wish I was! Is there anything else I should be aware of if I'm leasing a car through my own company? I'm planning on writing off 50% of my lease as a business expense, It's probably around 45% for business and 55% for other uses, how often and how strict are they about that policy? Or is there anything I might've over-looked or missed? I'm pretty new with all of this business and leasing stuff, if anyone has done it before I'd love to hear some tips or advice. Thanks RS! Last edited by Coffee Crisp; 03-20-2012 at 09:16 PM.