Alliant Credit Union 1.49% for 72 months

[MichealW]

Darn! I bought my car (with Alliant) two months ago and missed out on that half percent!

 

[Diavel]

Darn! I bought my car (with Alliant) two months ago and missed out on that half percent!

Refinance if you don't have prepayment penalty.

 

[systemcrashed]

Hmmmm....I'd planned to lease (new car due end of June), partly because I could write off some of the cost, and also because I need to release some cash from the sale of my current S. But, those rates are really attractive. Honestly, I'm not even sure what the actual tax benefit is from being able to write off the payments (roughly 30% biz miles, 14k per yr), but with the relatively uncompetative lease rates, and having to pay sales tax on the entire amount, the loan is looknig like a more attractive option.

If this car qualifies for sec 179, which I believe it does, you can ask your CPA if it will work as a write-off, I believe you would need to register and insure it under your business. If you put yourself on the registration and use it for your business (drive between offices) those mile are deductible.

 

[SageBrush]

Cell H3 includes gas savings. Multiply cell E3 X 36 to exclude fuel savings.

I get ~ $1080 for fuel (30*36.)

Still only ~ $78k

Cell H3 includes gas savings. Multiply cell E3 X 36 to exclude fuel savings.

The fuel savings is only about $1080 over 3 yrs
But now H3 shows a number I agree with
::shrug:: Perhaps I was imagining things

 

[loganintx]

The fuel savings is only about $1080 over 3 yrs
But now H3 shows a number I agree with
::shrug:: Perhaps I was imagining things

thanks for using the sheet and your feedback. I threw it together pretty quick so it's definitely possible that there are some issues and a few things that aren't clear. it wasn't originally meant to compare BUY vs LEASE because fuel savings are the same for both of those scenarios so you wouldn't want them in your comparison. But there should be enough data there to help answer questions from a few different angles about owning a Tesla over time.

 

[SageBrush]

thanks for using the sheet and your feedback.

And now I am aware of the PPMT and IPMT functions ;-)

I've spent some time over the last couple weeks deconstructing leases since that is my intent for the Model ☰ in order to receive the federal tax credit. So far as I can tell (but please correct any errors,) compared to a purchase:

1. Depreciation is set at ~ 50%
2. Fees to start and end the lease are extra, not paid on a purchase
3. The lease APR is whatever Tesla arranges for financing (of whatever flavor,) and about half of the car value is subject to that rate for the duration of the lease. The other 50% of car value interest can be saved by paying off the lease amount earlier.

 

[Blue Millenium]

It's simply a math problem. Run the numbers both ways and they will tell you the right choice for you. You can use my sheet to see what the finance option will cost ya:
Tesla Model X Finance

Thank you. A bit complicated
But will spend some time on this and see what I come up with.

 

[loganintx]

Thank you. A bit complicated
But will spend some time on this and see what I come up with.

Follow the instructions I put on the page.

 

[Super_Popular]

Alliant rep contacted me today to offer me the 1.49% for 72 months, I must say... This is nice. Also, Alliant is the only option if you're looking for 100% LTV especially for 72 months.

Do you have the email of this person?

 

[loganintx]

Do you have the email of this person?

Daniel Tovar

Loan Consultant

Alliant Credit Union

Chicago, IL

773-462-2008 Direct and Fax

800-328-1935 ext 2008

[email protected]

 

[Super_Popular]

Daniel Tovar

Loan Consultant

Alliant Credit Union

Chicago, IL

773-462-2008 Direct and Fax

800-328-1935 ext 2008

[email protected]

Thanks.

 

[systemcrashed]

Do you have the email of this person?

Here you go,

Jason Freese

Loan Consultant

[email protected]

Direct Phone: 773-462-2164

Fax: 773-462-2164 (Same as phone)

11545 W Touhy Ave, Chicago, IL 6066

 

[MichealW]

If this car qualifies for sec 179, which I believe it does, you can ask your CPA if it will work as a write-off, I believe you would need to register and insure it under your business. If you put yourself on the registration and use it for your business (drive between offices) those mile are deductible.

Under sec 179 are we sure we have to register and insure it under your business? Can anyone confirm that? I'm in Los Angeles and was not told by my accountant that I didn't have to. Anyone?

 

[chloedog]

Under sec 179 are we sure we have to register and insure it under your business? Can anyone confirm that? I'm in Los Angeles and was not told by my accountant that I didn't have to. Anyone?

I don't think this is required. Most real estate agents are considered self-employed, sole proprietorship so don't have an official licensed business, and they take the section 179 deduction all the time. My accountant has never mentioned to me that I needed to register my cars under my business either to take the deduction. Of course you do need to prove that you used it for business via mileage logs, etc, but I don't think registration and insurance is proof of business use, nor is it required.

 

[systemcrashed]

I don't think this is required. Most real estate agents are considered self-employed, sole proprietorship so don't have an official licensed business, and they take the section 179 deduction all the time. My accountant has never mentioned to me that I needed to register my cars under my business either to take the deduction. Of course you do need to prove that you used it for business via mileage logs, etc, but I don't think registration and insurance is proof of business use, nor is it required.

This is a requirement, but not necessarily what is done by most. You can use privately registered cars and apply a percentage of the deduction based on mileage, but as far as section 179 for a passenger car to be 100% deductible, it needs to be in co. name and be used 100% of the time for business. If there's a CPA in here maybe they can shed light on the specifics for us. this is how it was explained to me by my CPA.

 

[chloedog]

Anybody successfully use lightstream rate beat on the new 1.49% Alliant rate yet?

 

[Eresan]

Hmmmm....I'd planned to lease (new car due end of June), partly because I could write off some of the cost, and also because I need to release some cash from the sale of my current S. But, those rates are really attractive. Honestly, I'm not even sure what the actual tax benefit is from being able to write off the payments (roughly 30% biz miles, 14k per yr), but with the relatively uncompetative lease rates, and having to pay sales tax on the entire amount, the loan is looknig like a more attractive option.

Hi Pete

Can you share how exactly to write off $14k per yr? I own a small business that's exactly what I want do

Thanks

 

[systemcrashed]

This might be helpful.
Publication 946 (2015), How To Depreciate Property

Instructions for Form 4562 (2015)

 

[Diavel]

This might be helpful.
Publication 946 (2015), How To Depreciate Property

Instructions for Form 4562 (2015)

Man you are one helpful bugger... I should be your friend and have you on speed dial.

 

[Blue Millenium]

Follow the instructions I put on the page.

How can I estimate the trade-in value of a finance purchase versus the guaranteed resale value at the end of my lease? My intention has always been to traded in after three years for the 'newest' larger battery and second generation of AP hardware.