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Repossession Company's Finance or Lease?

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Topic Created by mwill666 on Tow411 in January of 2016:

 

Do Repossession's Company's Buy or Lease Their Tow Trucks?

 

wyomingtowpro said:

If you have a decent down payment i'd suggest finance out right,   leases have a tax deduction available, but you pay out the nose on the monthly. read ur fine print on leases, some penalitys if you terminate early ect....

 

Chris Chitwood said:

Check with your accountant, there are so many different reasons to look at both. Only a professional who knows your financial situation can give you a correct answer!

 

unknown member said:

I started with a beater I did some trading to get and worked it to death then pulled the money and bought my new truck outright. if i had to choose though i think leasing is a great option but as stated it all depends on u and your needs/finances

 

towexprt said:

agreeded gotta be the right lease,,,or outright "buy" LEASE,,less money up front,,,most times,,you can write off entire payment. OUTRIGHT FINANCE,,,depreciation of truck,,,usually a certain percentage.

 

phillyrepoman said:

the company i work for own their trucks there older and beat but they get the job done.

 

atowingservice said:

last few trucks we leased with $1 buy out. But realistically if you buy a new truck and it needs to go to the shop they will have it for a few days and will find a way for you to owe them money. I really am starting to think a used truck that has been taken care of is the best way to go. Plus if your a one truck operation can you afford to be without your truck for a day or two if not longer?
Joe's Classic Towing
317-240-2999
Indianapolis/ Mooresville, IN
"We're Out To Make A Living Not A Killing"
unknown member said:
I have done and tried a few things and this is what I found. The lease program with a $1 do at the end was nice and worked fairly ok for tax purposes. I bought trucks for cash new and wrote off the depreciation then did the mileage thing.

I just bought a repossession company and will convert it in to a towing company mostly but will use the trucks that are paid off. I have now come to realize buying or building used trucks as a better value for the smaller companies. If your larger and have more than 5 trucks, new trucks might work better for you.

I love using the Southwest Airlines model idea. THey have bought used aircraft and maintained them well and have the least break downs and one of the best safety records in the airline industry. It's all about the $$$$$. Like it was said above, get with a real good accountant and work the best plan for you!
 
 

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