| chesterzorro |
I like to know if anyone can post what the money factor used in the Acura business-rate leases are. It's my understanding they use a higher money factor - I'm wondering if its high enough to offset the tax savings of leasing through the business.
Thanks! |
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| SirJOW |
| Hmm, I don't know if I got lucky or something, but when I leased my MDX, I didn't talk about it being a "business lease" or anything. When it came time to sign the papers though I put the car under my business name...there were no further issues and got a really good deal (I think). Not sure what the money factor used was and I didn't really care. Just wanted no money down and no more than a certain monthly payment (which I used a little voodoo to come up with), 15,000 miles as I planned on trading in the car and re-leasing at lease end. |
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| chesterzorro |
| Thanks - did they make you sign as a personal guarantor of the lease? That's that line I'm getting. |
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| SirJOW |
quote:
Originally posted by chesterzorro
Thanks - did they make you sign as a personal guarantor of the lease? That's that line I'm getting.
Well I don't remember if they did or didn't. I think it really depends on the business income you can prove via tax returns. Then again, it might have something to do with what kind of a corporation you have. I have a chapter S which is almost like guaranteeing everything yourself (but not exactly.)
Anyway, it seems to me that if your business makes a good income on your tax returns for the past year or two you shouldn't have any problems just doing everything under your business name. Then again, I'm not an expert. Hopefully there are some others here who own a business and have leased their car under their business name who remember the details. |
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| SDTS |
Ok...this is California, but it should be VERY close tot he same.
HOnda does NOT have different rates for business's..they are the same. The best money factor on an MDX right now is .00225 for 36 months.
Your business....for it to go in ONLY your business name, your business must be Incorporated for at least 10 years and have GREAT credit. If you do not have these things, they will require you to sign as a guarantor.
Unfortunately, HOnda is not big on business leases or purchases. Not sure why, they just aren't. Go in with your last two years financial statements, most likely, they will need them.. Corporate Seal, and if you do not know all the info, bring someone that does. The dealer does not have the ability to run business credit, so it is hard for us to fight for exceptions to rates because we never see the business credit...so you will probably have to go in, fill out an app, and give the dealer a day or two to get the lease approved.
Ex-We just sold a car to a guy that put his business on the loan. He personally guaranteed it and had PERFECT credit..score 750+. It still took us a week to get Honda to approve the deal. If the business was not there, it would have been approved instantly.
HOpe that helps. These are also "honda" guidelines. If they are using a different bank for the lease, it wil and could be completely different. |
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