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September 27, 2008 ( PowerHomeBiz
) - Aventura, FL --
Small Business owners and employees are faced with making unnecessary
payments on vehicle leases when they downsize or commence short-term
projects. Known as a vehicle lease transfer, the concept has grown
significantly over the years, and today is one of the fastest-growing tools
among small business owners since it provides a level of unmatched
flexibility for business transportation needs.
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The service is an easy option to get unused leases off the company books,
and it’s also a great shopping resource for short-term leases perfect for
smaller projects. With today’s economy slowing considerably, many small
businesses and even home-based business people realize great benefits since
it’s a smarter way to manage their vehicle leases and control costs.
“I needed a short-term lease for a work project so I didn’t want to lock
myself into a lengthy financial commitment with my car,” said Doug Leener, a
Canoga Park (Calif.) resident that uses his vehicle lease for work. Mr.
Leener took over a Mercedes ML500 lease through lease transfer with seven
months remaining.
In addition to short-term commitment, small business employees can
typically get more car for their money when leasing. What’s more, small
business employees may also realize significant tax savings when leasing
their vehicle. In most states, only your monthly payments are taxed, as
opposed to the entire purchase price when financed. There are also fewer
restrictions on deductions when it comes to auto lease payments, and leasing
generally allows for a larger tax deduction than owning.
Similar to online matchmaking, vehicle lease transfer services allow
business customers to shop for a short-term lease by browsing their site for
free. To get rid of a lease, you will pay a small fee to list your vehicle
and then a fee to transfer over to someone else. For shoppers, you pay a fee
to sign up for a membership and also to transfer. Be sure to check that your
lease transfer program offers additional services such as buyer credit
checks, vehicle inspection reports and transportation quotes. You will also
want to make sure you utilize a lease transfer service that has a staff of
people available to walk you through the transfer process, rather than leave
you to deal with the leasing company on your own.
Editor’s Note:
John Sternal is the vice president of LeaseTrader.com, a nationwide
facilitator of vehicle lease transfers. If you want to escape your business
vehicle lease, or if you want to take over a short-term lease for a business
project, visit www.leasetrader.com
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