full audits are NO FUN. Believe me. You don't want one.
Writing of your L car will no longer sounnd like a good idea.

tw

 

This always has me intrigued? I mean, say you get yourself a Lambo for 120,000.....you put down some cash (say 10% - 12 grand) and finance the rest over 144 months (12 years).

So your payments are 1200-1300ish or so per month....you keep the car for 12 months and then sell it. You take your cash back that you put down (or most of it anyways) and cut your losses from having had the pleasure of driving a nice 120k car for a year.

Where is the problem in this???

 

not a problem. and if u shop right, even better. however, base on ur number above u'll have a hard time finding a bank that'll do that. and if u pull this from them they'll know not to take u next time. again, not a problem if u want to drive something out of the budget for a short time. i was just saying who would keep it for damn 12 years... damn.

 

Ah i hear you on that. You must be MAD to keep any car for 12 years (see sig ) let alone using this scenario.

 

i personally dont think that the financing is anything bad. my dad on the other hand, ALWAYS, ALWAYS buys cars in cash, whether its a 50K bimmer or a 150K exotic/sports car. he doesnt like having debt and ALWAYS preaches that to me.

this day in age, most people finance cars, it allows you to keep your money for other things.

doing 144 months financing with like 20K down and a payment of say 1500/month would be easy to do for prob anyone on here, i even thought about doing that this spring. i would only keep the car for 4-5 months then send it packing. but then again, that same 20K i put down could be used in much better ways.

 

If you can afford the car in cash, but know you can get a higher return than the financing interest rate by investing it elsewhere, I see why not.

As for me though, I just hate debt. I guess I have semi-OCD since I pay off big credit card purchases even before the end of the billing cycle.

 

If 20C4S had his cars owned listed in his sig we'd be scrolling FOREVER.

 

Just DON'T lease from Putnam. They front end the lease because they know most will only keep the car a year or two. So you pay ALL the interest up front and not much of the loan. Finance the car is a much better deal and keep your cash.

v

 

thats what i hear ........i guess thats why we are all here together eh?

 

Now I'm curious what the list is. I guess I'll have to do a search.

 

he meant from his tiny crackberry screen. same reason i hate big talker. spend ur time elsewhere.

 

Hmm..lot of good info guys! I have also wondered this for a while.

 

recently I heard that if you enter into car shows, you can write off your exotic as a business expense as well as devalue it.

 

Sorry, but I love Putnam leasing when I have used them -Excellent customer service - never different terms than discussed! There are different leases based on your situation, sometimes even structured as a 'Commercial' lease on the high dollar stuff. Nothing against cash, nothing against financing, depends on ownership plans, state tax rate, tax situation, and alternative investments on which you should choose at any given time.

 

When I get audited, I usually ask the auditing agent to join me in some banter like:

Oh, it's a write off.
How is it a write off?
They just write it off.
Write it off what?
Jerry, all these big corporations. They write off everything.
You don't even know what a write off is...
Do you?
No, I don't.
But they do. And they're the ones writing it off....