Register free!
Search
 
     

The Green Industry's Resource Center


Click for Weather
Reply
 
Thread Tools Display Modes
  #1  
Old 02-01-2007, 10:29 AM
ArizPestWeed's Avatar
ArizPestWeed ArizPestWeed is offline
LawnSite Bronze Member
 
Join Date: Apr 2004
Location: On the Toilet
Posts: 1,450
Leasing Trucks

Ever heard of this ??
You buy trucks and lease them to your business .

Cut out the middle man .
I guess you lease them to your self for a $1000 a month
Reply With Quote
  #2  
Old 02-01-2007, 10:49 AM
wriken's Avatar
wriken wriken is offline
LawnSite Silver Member
 
Join Date: Jul 2001
Location: Mid-Michigan
Posts: 2,161
I've heard of it before, my sister-in-laws father did that when he was in a business, also some buildings I think. But I just lease thru ford or dodge, I figure less red flags for the irs to see.
__________________
Wright's Lawn Service
285 S. Clare Ave.
Harrison, Mi. 48625
Reply With Quote
  #3  
Old 02-01-2007, 10:50 AM
mrusk mrusk is offline
LawnSite Gold Member
 
Join Date: May 2003
Location: northern jersey
Posts: 3,247
I'd advise you to talk to a account that acctually knows alot about leaseing. I would not take financial advice from other lawn guys on this site.

Be sure to talk to an accountant that fully under stand leasing. So many people have no idea what the benfits really are of leasing and just look down upon it.
Reply With Quote
  #4  
Old 02-01-2007, 10:55 AM
IRRITECH's Avatar
IRRITECH IRRITECH is offline
LawnSite Senior Member
 
Join Date: Dec 2003
Location: ATLANTA, GA
Posts: 931
Yes, I have heard of that, but as of yet I cannot get a straight answer from my accountant. I seriously doubt that you can lease it back to the company for more than the fair market value, but that should still be more than your payments.

Which would definately help your bottom line.
__________________
The reigning Mayor of Stupidville
Reply With Quote
  #5  
Old 02-01-2007, 11:00 AM
mrusk mrusk is offline
LawnSite Gold Member
 
Join Date: May 2003
Location: northern jersey
Posts: 3,247
Quote:
Originally Posted by IRRITECH View Post
Yes, I have heard of that, but as of yet I cannot get a straight answer from my accountant. I seriously doubt that you can lease it back to the company for more than the fair market value, but that should still be more than your payments.

Which would definately help your bottom line.
I am not sure if there are limits on what you can lease it for. But i know you got to remember that any money you make on that lease is taxable!
Reply With Quote
  #6  
Old 02-01-2007, 11:17 AM
ArizPestWeed's Avatar
ArizPestWeed ArizPestWeed is offline
LawnSite Bronze Member
 
Join Date: Apr 2004
Location: On the Toilet
Posts: 1,450
Quote:
Originally Posted by mrusk View Post
I am not sure if there are limits on what you can lease it for. But i know you got to remember that any money you make on that lease is taxable!
Oh yeah , I did think of that .
Reply With Quote
  #7  
Old 02-01-2007, 04:52 PM
Lawnworks Lawnworks is offline
LawnSite Fanatic
 
Join Date: Jan 2000
Location: usa
Posts: 5,409
Dave Ramsey has some interesting thoughts about leasing(from a dealer)... he seems to think you might as well light your money on fire.
Reply With Quote
  #8  
Old 02-01-2007, 08:06 PM
fiveoboy01's Avatar
fiveoboy01 fiveoboy01 is offline
LawnSite Silver Member
 
Join Date: May 2006
Location: Southern WI
Posts: 2,963
Quote:
Originally Posted by Lawnworks View Post
Dave Ramsey has some interesting thoughts about leasing(from a dealer)... he seems to think you might as well light your money on fire.
Yes, but he is an expert on PERSONAL finances.

I believe the question here is in the context of leasing for business use.
__________________
Bill

Originally posted by SLR:
Quote:
you really got off fortunate and lucky 5-0boy1!..imagine if you an her created a little 5boy1,now there's a nicely entangled chaotic toranado vise!
THE VERY BEST SOURCE OF INFO FOR THE GREEN INDUSTRY! ALL YOUR QUESTIONS ANSWERED!
Reply With Quote
  #9  
Old 02-01-2007, 08:24 PM
Lawnworks Lawnworks is offline
LawnSite Fanatic
 
Join Date: Jan 2000
Location: usa
Posts: 5,409
Actually he made it perfectly clear for business or personal use... it is throwing away money. Ramsey has a multi-million dollar business, so I think he has the experience. I can quote it out of the book if you want. It really is a great book on building the wealth.
Reply With Quote
  #10  
Old 02-01-2007, 08:25 PM
corey4671 corey4671 is offline
LawnSite Silver Member
 
Join Date: Sep 2006
Location: Somewhere in TN
Posts: 2,939
Quote:
Originally Posted by fiveoboy01 View Post
Yes, but he is an expert on PERSONAL finances.

I believe the question here is in the context of leasing for business use.
Dave owns his own business and does not lease cars. He does not endorse leasing EVER. As a matter of fact, he makes a good point on vehicles used in a business...what are you doing? you DRIVE them twice three times as much as a daily driver therby DESTROYING the value of the vehicle. Why not buy an older USED vehicle that has already taken the depreciation beating but is still dependable...YESSS...there IS such a thing!! THink about it guys..and don't give me this I WORK HARD I DESERVE A $40K truck...that's how a 5 year old rationalizes things..I want it I want it I WANT IT NOW!!!
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump





Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright ©1998 - 2012, LawnSite.comô - Moose River Media
All times are GMT -4. The time now is 12:55 AM.

Page generated in 0.10686 seconds with 9 queries