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-   -   financing in corporate name? (http://www.jeepgarage.org/f73/financing-in-corporate-name-59498.html)

jwork101 05-05-2013 01:24 PM

financing in corporate name?
 
Any dealers on the board here that can chime in?

Looking to pull the trigger on a 14' GC. I however own a company and like to write off the car. However, when you go to a bank to borrow two dollars for businesses purposes these days they look over everything with a fine tooth comb. I had a Mini as well as a Toyota truck previously that were financed this way, but I've never done it with Jeep. (they still using Ally?, heard that may have changed?) We bought the wife's Wrangler using Ally personally.

So the question is, someone who's knowledgeable, does Ally or the new Jeep finance company finance in a corporate name with a personal guarantee? I don't want our local bank pulling personal credit and then dinging us for a payment that my company realistically makes. Again, I've done this with Toyota and Mini, but I also know there are about 10% of dealer/sales guys out there who actually know what they're doing....

Thanks in advance guys. Great forum, much help in picking out exactly what I want on the new one.

jacko15 05-05-2013 08:42 PM

Re: financing in corporate name?
 
Why aren't you asking the dealer you're working with? Just sayin', they're the one's who'll make the deal, not someone on the forum.

MLNR 05-05-2013 10:15 PM

Re: financing in corporate name?
 
I financed mine through my business name. They will want your personal info as well, but the loan was based on the business credit. Asked for Federal ID number and other income information. It was simple and easy, title work is "Business Name OR Your Name." We have done tons of vehicles this way it shouldn't be a problem for your dealer, but you should ask them. Hope that helps.

Edit: the structure of your business might effect the lending procedures, I have an S Corp.

Jamesla30 05-06-2013 01:08 AM

Re: financing in corporate name?
 
Do you use the car 100% for business? That means not commuting to/from work, running errands, etc. There is very few instances of this. If you don't use it 100% for business, you can't legally put it in the business name. You can certainly do it, but come audit time, that is a HUGE red flag.

MLNR 05-06-2013 08:29 AM

Re: financing in corporate name?
 
Sure you can legally put it in your business name. Just keep a milage log book of business and personal miles. You pay a "tax" on your personal miles. I turn the log book in with my tax stuff to the accountant and he says how much I need to pay for my personal use. The tax is minimal compared to pushing the expense of payment, insurance, taxes, gas, and maintenance on to the corporation. Plus because of our corporate structure my company can issue me a dividend to pay for the personal use tax.

Also if you own your own car but use it for business purposes and are not an owner of the business, like being an outside sales rep. Log those miles as well, because you can take a deduction on your taxes for that milage.

All that said, that applies to my corporate structure. Your rules and regulations might be different. I am not an accountant, thank God.

jwork101 05-06-2013 10:52 AM

Re: financing in corporate name?
 
Thanks for the replies. I haven't asked a dealer because frankly the last time I did the sales person and even FI guy at this dealer looked at me puzzled. Surely not the guys I want to do the transaction then.

And yes, with how much I drive for by business I don't drive much for personal, so I too push any personal miles out as income, which is very minimal.

MLNR- Did you use Jeep's finance company? I have read here on the board that they have changed from Ally to Chrysler Capital (Santander) which did you use?

MLNR 05-06-2013 11:54 AM

Re: financing in corporate name?
 
My dealer put my info into the system they use, that is sort of like a "Lending Tree" type of system. Anyway Chase bank had the lowest rate so I went with them.


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