Business Vehicle Financing for the purchase of a Ferrari

ferrari of north america doesn't show up on your credit - as far as I know.

 

Not positive what you mean by this, but you don't need an attorney for an LLC, just pick one of the many companies who do this. Registering in MT shouldn't affect your financing AFAIK, but check with your insurance because that can be an issue.

 

You mean.. your business will finance a Ferrari. Why doesn't the business buy it outright?
"Business Expense".. lol

 

well this all doesn't sound shady or anything. IRS is pretty wise to the montana arrangement btw.

 

Worse still is the states. Other than the tax issue I've been told the Montana thing would be useful to get around smog in some states. But one google search revealed a ton of stories of CA cars with Montana plates getting pulled over all the time. The rule is if you live in CA and the car spends more than 2 weeks in CA, it's supposed to be registered in CA.

 

They are targeting out of state plates in VA as well.

See here:

http://www.ferrarichat.com/forum/mid-atlantic-region-usa-pa-de-md-dc-va-sponsored-competizione/529144-virginia-goes-after-out-state-license-plates.html

 

Financing a car with a dealer as a business entity is a pain in the ass and doesn't come with any particular benefits that I've ever seen. You still have to sign for it. Typically you get a higher interest rate. And you have to submit all your company financials. Giant pain in the ass and gets you nothing. Buy it personally and write off what you can write off. Makes no never mind.

Watch out for the Montana LLC thing. It doesn't matter what Montana says. What matters is the laws of the state in which it is garaged. If your state expects property tax for it being garaged there more than 180 days a year, they will not care what state it is registered in.

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They may be... but what does the IRS have to do with it?

 

Pretty easy with Putnam leasing to do. You can expense the business miles only as a business.
Premiere financing pretty good.


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my ferrari was leased through amazon leasing through my business. its a closed end lease where i own the car at the end.

you can google amazon leasing

 

Would not recommend Amazon leasing...rates are even higher than Putnam or premiere...


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They are higher but if he cant find someone to do his business lease they will.

Mine ended up being a few grand more over the life of the loan. Not going to sweat that.

 

Well I just didn't like the John Perrin guy... I ended up going with Putnam which cost me 150 a month less. Will definitely take that.



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I was thinking the same thing.

Let us know how this turns out.

 

The Montana LLC thing was a flash in the pan. All the states wised up to it quickly, not to mention insurance agencies. What to do when you get in a minor fender bender that costs you $50k to fix and another $30k in diminished value. Insurance company checks the state of registration, the accident is 1000 or more miles from Montana and no records of the car being transported to and from semi-annually. Get hit with the repair bill, the diminished value and the property tax bill from wherever you've been driving with it all at the same time. Hello! Probably penalties, too, I'd think. Not to mention it's tax fraud. Can kiss any clearance goodbye. I'm sure people still do it, just keep their cars under wraps 6 months a year, drive carefully. I know I see MT tags at C&C's on occasion. But the ramifications are relatively serious if something goes awry.

 

Ferrari Financial will not appear on your credit report. I've used them multiple times and they don't report to any credit companies.