Approved BMW 335D lease through BMW

[m3v8]

are you on e90post.com or bimmerpost.com by the way? Great sourse of info there!

http://www.bimmerpost.com/

[ngerasimatos]

I was told BMWFS looks at credit scores, DTI, and also total gross income in making their decisions. I make 6 figures, and they had no issues with approving me for up to a lease payment of up to 20% of my total income.

[Minato08]

I'll be looking to lease a 335 xdrive coupe in a couple of months (after the bar exam later this month).  Hopefully they go by an auto enhanced score since my car loan was spotless (I'm at 665 EQ). 

[m3v8]

BMWFS is offering great lease rates for July,- money factor and residual. Also, starting July BMWFS has a new tiered rate for leases based on Score,- 675 or above will get you better rate.

http://www.m3post.com/forums/showthread.php?t=402983&page=2

[Watchmann]

So you'll be paying almost $43k over 3 years to drive this vehicle, plus $5,200 for insurance, with absolutely no equity or ownership of the vehicle.  Yikes!!!!  I can't see how that is a great deal as it is being made out to be.  Is it worth it to you to shell out almost $50k to just rent a vehicle, plus fuel?  If it respresents good value to you, enjoy it and have fun.  But to an old hand like me it sounds like highway robbery.

If they aren't checking income or employment history it is guaranteed you are paying more than you have to if they did check those items..

[Anonymous]

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@ngerasimatos wrote:
Forgot to mention, I am sure some people here are wondering why I didn't just go with a M3 or perhaps a 6 series, etc The IRS has an ECO credit for diesel powered cars, plus I am a huge advocate of going green. I wanted something nice, eco friendly, that got amazing gas mileage (not a hybrid) that also would not raise my auto insurance 400%. I looked at a M3, my auto insurance literally was going to raise from $144 monthly (335D cost) to $393 monthly. That coupled with the MPG loss, and no ECO credit. Seemed all like a losing combination to me.

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Umm, since you do not actually "own" a leased vehicle, I do not think you can actually claim a credit with the IRS on your taxes. At least thats the situation we ran into with hybrids at my job.

"The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit."

[ngerasimatos]

http://www.ehow.com/how_2175726_use-car-lease-payments-as.html

[Anonymous]

Look, claiming leased vehicle expenses on your taxes is completely not the same as trying to claim purchase tax credits on a vehicle you have leased.

When you lease a vehicle you do NOT own it, the leasing company does.

If your decision is dependent on a tax credit, and you are leasing a vehicle you may wish to discuss it with your accountant or tax professional.

How to Use Car Lease Payments as a Tax Deduction

 How to Use Car Lease Payments as a Tax Deduction | eHow.com http://www.ehow.com/how_2175726_use-car-lease-payments-as.html#ixzz0srpv5O52

Is NOT  how to claim tax credits on a leased vehicle. Sorry

What If I Lease a Car That Qualifies for This Credit?

Lessees are not eligible to claim a tax credit. The leasing party — say, a dealership — can claim the credit. You might be able to finagle an extra discount because of the money they save, but that's up to your dealer.

[ngerasimatos]

I am unsure what specifically you are asking, perhaps you should phrase it in an easier to understand manner. It would seem my simple little mind cannot seem to fathom the complexity of the questions you are posing to it. 

I am claiming the vehicle on my corporations (S-Corp) taxes. This is entirely legal. 

[Anonymous]

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@ngerasimatos wrote:

I am unsure what specifically you are asking, perhaps you should phrase it in an easier to understand manner. It would seem my simple little mind cannot seem to fathom the complexity of the questions you are posing to it. 

I am claiming the vehicle on my corporations (S-Corp) taxes. This is entirely legal. 

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I have never stated anything being "legal" or "illegal."

In your third post, the fourth in this thread you stated:

"Forgot to mention, I am sure some people here are wondering why I didn't just go with a M3 or perhaps a 6 series, etc The IRS has an ECO credit for diesel powered cars, plus I am a huge advocate of going green. I wanted something nice, eco friendly, that got amazing gas mileage (not a hybrid) that also would not raise my auto insurance 400%. I looked at a M3, my auto insurance literally was going to raise from $144 monthly (335D cost) to $393 monthly. That coupled with the MPG loss, and no ECO credit. Seemed all like a losing combination to me."

and I simply stated that you cannot take a TAX CREDIT ( any Tax credit on any leased vehicle mind you) on a leased vehicle because you are not actually the new car owner of the vehicle, and if said tax credit was a influencing reason you were leasing that vehicle you should keep that in mind.

Standard business deductions on the vehicle were never something I talked about.

A tax credit is not  a tax deduction.