Car Leasing?

[Jim Jordan]

Hi Fay,

If you use a tax preparer, talk to her about buying vs leasing in YOUR case.
Both may offer tax implications that would make one more preferable to you.
In your case you appear to be either a business owner or an independent
contractor which will offer/require different tax treatment.  

If you do lease, and do use your car primarily for business, see if you can
get the lease company to allow you to claim the depreciation on the vehicle.
It has been done and makes a lot of difference on your Sched C, if you use
one.

If you are a corporation, or part of, get your accountant to explain the
implications of leasing vs buying in your case.

HTH.

Cheers!

Jim Jordan 

>  -----Original Message-----
>  From: Kneale Brownson [mailto:kneale at coslink.net] 
>  Sent: Tuesday, June 07, 2005 12:40 PM
>  To: Cat ^. .^ ~; quattro at audifans.com
>  Subject: Re: Car Leasing?
>  
>  Friends of mine wanted to lease a car last spring.  They 
>  looked at all their local dealerships and then looked at the 
>  metropolitan area dealerships (we're in Northern Michigan;  
>  they went to Detroit).  They got a really reasonable monthly 
>  lease payment on a new Chrysler Pacifica.
>  They'd looked at several cars (their second car is a Saturn 
>  they bought a couple years ago), and found the Pacifica to 
>  be their best lease deal.  At that time, Chrysler was really 
>  pushing those onto dealers and dealers in metro areas were 
>  really dealing.  They somehow "found" a way to make the deal 
>  with my friend as some sort of link to a Chrysler employee.  Of
>  course, my friend has no other link to Chrysler.   With its 
>  most recent
>  issues, GM may be in a similar circumstance right now.  
>  
>  To me, the important parts of a lease agreement are the 
>  penalties for going over the mileage limit and the 
>  responsibilities at the end of the lease.
>  One of my wife's best buddies took a big hit when her first 
>  lease on a Saturn ended because the dealer didn't want it 
>  back and somehow in the lease agreement she was responsible 
>  for disposing of the car and paying off some sort of lump 
>  value.  Her sister had a leased Asian product that had a 
>  mileage limit and she couldn't drive it the last six months 
>  of a three-year lease or she'd suffer some big penalty for 
>  going over the limit.  So you have to watch out for those 
>  kinds of conditions.
>  
>  At 11:36 AM 6/7/2005 -0700, Cat     ^. .^   ~ wrote:
>  >How does one go about finding a good deal on leasing a car?
>  >By good, I mean reasonably priced.
>  >
>  >Cheers,  Fay
>  >
>  >"There is no snooze button on a cat who wants breakfast."
>  >
>  >Please check out our web site:
>  >http://www.AZNorth.com/
>  >
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