I'm looking to lease a 996 Turbo via my corporation, and had a few questions since I know a bunch of you guys have leased. I'm been talking to these independent places like prolease, lineback, etc. and they all want to run my credit app etc. before they even find me a car. But I don't want all these different places running my credit like that. Plus most of them say if I want to do it via my corp I will have to guarantee the note (no problem there) but they will want my personal tax returns, blah blah blah. It just seems like a big hassle. Am I better off looking for specific cars at Porsche dealers, or independent leasing companies that have TTs in inventory already, that way I can deal with them regarding one specific car? Another option I thought of was to just buy the darn thing myself and maybe have my company lease it from me, or something like that (waiting to hear back from cpa to see if that is even possible). Anyway, I know a bunch of you guys have leased, and a bunch of you probably own your own small business too, so I just figured I'd ask. Thanks!

 

I understand a corporation will pay a higher money factor than an individual and even then most want you to guarantee or be a co-maker on the lease (even with perfect corporate and personal credit, etc.) You get to give them everything and it will then likely show up on your personal credit report and also on the business D&B.
Be cautious about everyone and thier brother-in-law the car dealer pull your credit report - that can deduct points (even tho FICO says it should not).
If your credit is excellent, try www.leasecompare.com route - they then pre-approve you with a great rate and then you go find your car.
I have no connection, but was mostly very pleased with them and thier rates are hard to beat.

 

... you can then also "shop" the money factor / terms at the dealer and make the final decision at that point. If only a few pull your CR within a reasonably short time it should not damage your FICO score (but again, I don't totally trust the FICO random number generator programs they use).

 

You can lease the car as an individual and simply have your corporation make the payments via company check.

 

Good point, and true.

 

Ah cool, ok thanks that makes it easier. I will probably just start with leasecompare then. Then I can just go find a car. Sounds easier that way...

 

"You can lease the car as an individual and simply have your corporation make the payments via company check."

Same thing with insurance, repairs, etc. right, even though the corp technically doesn't own the car? My CPA is out of town for a few more days so just figured I'd ask if you know.

Leasecompare is spitting out quotes of around $1100-1200 for an 02 based on a $90k price and 36 months. Seems like a no-brainer to me, especially if most of the lease payment, insurance, maintenance, etc is all tax deductible to my corp...

 

gas, oil, insurance, repairs, etc.... yes, basically they treat it just as if the car belongs to the corporation. remember that you can only write-off business use %. obviously check w/ your CPA to be aure about your situation and what they feel is appropriate.