How to transfer personal auto lease to business auto lease?
I'd approach the lender that you're getting the lease from, but be prepared for them either saying 'no' to putting the lease into the name of an LLC without any proven track record (because it hasn't been around for a while) or require you to sign a personal guarantee, which partially defeats the purpose of putting the car lease into the LLC. I'd also talk to an accountant to see if you can't just charge the business the mileage on your vehicle as that might be the simplest solution, especially if the lender gets stroppy. Of course the mileage rate might not cover the expense for the lease as that one is designed to cover the steepest part of the depreciation curve. Does your LLC generate the revenue needed so it can take on the lease in the first place? If it's a new business you might not need or want the drain on your finances that a lease can be. See what the contract says about transfers or subleases. A lease is a credit agreement, so the lessor may not allow transfers.  You probably ought to talk to an accountant about this. You can probably recognize most of the costs associated with the car without re-financing it in another lease.
An expense is an expense.  You can deduct your lease payment subject to some limitations, but you don't make out by having more expenses.  Higher expenses mean lower profit. Is leasing better than owning?  It depends on the car you'd buy.  If your business doesn't benefit from flashiness of your car, then buying a quality used car (a few years old at most) would probably be a wiser decision financially. I'd think hard about whether you really need an up-to-date car. Firstly, thank you for taking the time to respond, let me see what I can answer to help give you a bigger picture.  * I am the rental manager but like I say, it's a small unit where the operations team is only 5 strong. We all have a hand in everything really and it was my precedent for implementing procedures in the past that triggered them to ask me into looking into this.  * Honestly, I don't think I have much of a budget. That being said, if there's a price to anything and I can justify the company spending the money, they will be fair.  From a personal perspective, I never even considered that third party software would be required for this kind of thing. If there's any you could recommend (licensed or open sourced) that would be greatly appreciated.  * From what I can tell, the people in charge want a process in which we can fully understand CSAT from both a service and product standpoint. We can use the information gathered from our service feedback to improve ourselves and we can use the information gathered about the vehicles we lease (the products) so we can market them correctly in the future. Seeing how the customer feels on the vehicle's fuel economy, performance, comfort on the driver, downtime, etc. which can lead us to marketing the vehicles better or influence what vehicles we purchase moving on.  * For the most part, I think the working processes are going to remain the same, where the customer support manager will have a more active role in getting these calls/visits/emails out to the customers and react accordingly.  Again, thank you so much for your help. "You won't be able to sell the car with a lien outstanding on it, and whoever the lender is, they're almost certain to have a lien on the car.  You would have to pay the car off first and obtain a clear title, then you could sell it. When you took out the loan, did you not receive a copy of the finance contract?  I can't imagine you would have taken on a loan without signing paperwork and receiving your own copy at the time.   If the company you're dealing with is the lender, they are obligated by law to furnish you with a copy of the finance contract (all part of ""truth in lending"" laws) upon request.  It sounds to me like they know they're charging you an illegally high (called ""usury"") interest rate, and if you have a copy of the contract then you would have proof of it.  They'll do everything they can to prevent you from obtaining it, unless you have some help. I would start by filing a complaint with the Better Business Bureau, because if they want to keep their reputation intact then they'll have to respond to your complaint.   I would also contact the state consumer protection bureau (and/or the attorney general's office) in your state and ask them to look into the matter, and I would see if there are any local consumer watchdogs (local television stations are a good source for this) who can contact the lender on your behalf.  Knowing they have so many people looking into this could bring enough pressure for them to give you what you're asking for and be more cooperative with you. As has been pointed out, keep a good, detailed written record of all your contacts with the lender and, as also pointed out, start limiting your contacts to written letters (certified, return receipt requested) so that you have documentation of your efforts. Companies like this succeed only because they prey on the fact many people either don't know their rights or are too intimidated to assert them.  Don't let these guys bully you, and don't take ""no"" for an answer until you get what you're after. Another option might be to talk to a credit union or a bank (if you have decent credit) about taking out a loan with them to pay off the car so you can get this finance company out of your life." As far as ease of sale transaction goes you'll want to pay off the loan and have the title in your name and in your hand at the time of sale.  Selling a car private party is difficult enough, the last thing you want is some administrivia clouding your deal.  How you go about paying the remaining balance on the car is really up to you.  If you can make that happen on a CC without paying an additional fee, that sounds like a good option. Here are the reasons I did not lease my current car. When you lease, you're tied in at a monthly payment for 48 months or more. The only way to get out of that payment is to transfer the lease or buy out the lease. If you buy/finance, you can always sell the car or trade it in to get out of the payments. Or you can pay down more of the vehicle to lower the payments. Most leases calculate the cost of leasing based on the 'residual value' of the vehicle. Often these values are far lower than the actual worth of the vehicle if you owned it for those months and sold it yourself. So when you do the math, the lease costs you more -especially with today's low financing rates. "This will probably require asking the SO to sign a quitclaim and/or to ""sell"" him her share of the vehicle's ownership and getting it re-titled in his own name alone, which is the question you actually asked. To cancel the cosigner arrangement, he has to pay off the loan. If he can't or doesn't want to do that in cash, he'd have to qualify for a new loan to refinasnce in his name only, or get someone else (such as yourself) to co-sign. Alternatively, he might sell the car (or something else) to pay what he still owes on it. As noted in other answers, this kind of mess is why you shouldn't get into either cosigning or joint ownership without a written agreement spelling out exactly what happens should one of the parties wish to end this arrangement.  Doing business with friends is still doing business." You should be able to refinance the vehicle and have the financing in just your name (assuming you can secure the financing). Since you are already on the vehicle registration, this would not constitute a sale, and thus would not incur additional sales tax.  To remove the other person from the vehicle registration, leaving you as the sole registered owner, in the state of New York, you only need to file an MV-82. It will cost you $3. https://dmv.ny.gov/registration/register-vehicle-more-one-owner-or-registrant If you have the money to pay cash for the car. Then 0 months will save you the most money. There are of course several caveats. The money for the car has to be in a relatively liquid form. Selling stocks which would trigger taxes may make the pay cash option non-optimal. Paying cash for the car shouldn't leave you car rich but cash poor. Taking all your savings to pay cash would not be a good idea. Note: paying cash doesn't involve taking a wheelbarrow full of bills to the dealer; You can use a a check. If cash is not an option then the longest time period balanced by the rates available is best. If the bank says x percent for 12-23 months, y percent for 24-47 months, Z percent for 48 to... It may be best to take the 47 month loan, because it keeps the middle rate for a long time. You want to lock in the lowest rate you can, for the longest period they allow. The longer period keeps the required minimum monthly payment as low as possible. The lower rate saves you on interest. Remember you generally can pay the loan off sooner by making extra or larger payments. Leasing. Never lease unless you are writing off the monthly lease payment as a business expense. If the choice is monthly lease payments or depreciation for tax purposes the lease can make the most sense. If business taxes aren't involved then leasing only means that you have a complex deal where you finance the most expensive part of the ownership period, you have to watch the mileage for several years, and you may have to pay a large amount at the end of the period for damages and excess miles. Plus many times you don't end up with the car at the end of the lease.  In the United States one way to get a good deal if you have to get a loan: take the rebate from the dealer; and the loan from a bank/credit Union. The interest rate at banking institution is a better range of rates and length. Plus you get the dealer cash. Many times the dealer will only give you the 0% interest rate if you pay in 12 months and skip the rebate; where the interest paid to the bank will be less than the rebate. You should have her sell it to you for the amount of the outstanding loan. You take out a loan in your name for the amount (or at least, the amount you have to come up with). You then transfer the title from her to you, just as you would if you were buying the car from someone else. While the title is in her name, she has ownership. This isn't a technicality, this is the explicit legal situation you two have agreed to. "http://www.nadaguides.com/  and http://www.kbb.com/ and http://www.edmunds.com/ are the leading sites to check vehicle values. Also, great how to at: http://www.ehow.com/how_2003079_sell-used-car-california.html Where to sell? You could sell it in your local newspaper classified, small auto newsprint mags/publications, Craigslist, ebay, or just put a sign in the window. The advertising method is up to you.  You could also trade the car in to a dealer if you purchase another vehicle from a dealer if they offer that option. (Trade-In's generally bring in less money than private sales as a general rule).  Some car places will do consignment requests to help you sell your car.  However, they will normally take a percentage of the sale as payment for this service. What paperwork? If you own your car, you should have the title in hand.  There are instructions on title on how to sign it over to another person.  If you have a loan through a bank, the bank would have this title and you would need to express your interest in selling the property to the bank and work out the details with them. You do not hand over a title to anyone until full payment is made and the property will become theirs. Beyond the title, you will need to fill out a release of liability or report of sale form for the state. Titles have a portion you can mail in or you can fill it out online. This is to report the sale to the state to release liability from your name. You will also need to create a ""bill of sale"" between you and the buyer.  There are many examples online or you can just create your own.  You really need just a statement saying I release all interest of the vehicle and no warranty implied to this person with the VIN of the car, model, make, year, the buyers name and signature, and the sellers name and signature.  This is your contract with the seller and they use this when they go to register the car in their name. Maintenance Disclosure? This is completely up to the seller on what they want to disclose.  You are selling a used car and the buyer should know that.  Vehicles with detailed records sell for more money and buyers are more interested in cars that have history records.  This is where buyers should be the most careful, so the more records and history you can show, the better they will feel about the purchase.  I believe you should share everything you know and any information about the history of the car.  The more positive information you can prove/share, the more money or chance of sale you could have. Most money? First, clean the car out.  I am amazed at the amount of people that try to sell a car and don't even bother to clean it out.  A detail job would be great to get.  You are trying to sell it, so you want it to look the best.  Next,  I would fix anything minor and cheap to fix.  The less things wrong can mean more money.  Back to your maintenance question, you will want to show how you have maintained the car.  People might also ask for a carfax report to prove its clean history.  Irresponsible and deceiving people tend to leave out important details in a car history like accidents, flood damage, or having re-built titles.  You want to give the most information you can.  Do not lie about any detail.  Though, this can be a little tough when you are a 2nd or 3rd owner of a car and do not know about the original owners." Alright, IRS Publication 463: Travel, Entertainment, Gift, and Car Expenses Business and personal use. If you use your   car for both business and personal purposes,   you must divide your expenses between business   and personal use. You can divide your expense   based on the miles driven for each purpose. Example. You are a sales representative   for a clothing firm and drive your car 20,000   miles during the year: 12,000 miles for business   and 8,000 miles for personal use. You can   claim only 60% (12,000 ÷ 20,000) of the cost of   operating your car as a business expense Obviously nothing helpful in the code.  So I would use option 1, weight the maintenance-related mileage by the proportion of business use.  Although if you use your car for business a lot (and perhaps have a spouse with a car), an argument could be made for 3.  So I would consider my odds of being audited (even lower this year due to IRS budget cuts) and choose 1 or 3. And of course never throw anything away until you're room temperature. I made the mistake going into business with a friend. I lost the business, a lot of money and that friend.  If you do it anyway, be prepared to lose it all, or set it up as one being the other's boss. I am here to provide awesome guidance on leasing a van or car for your business. Talk about the benefits and the drawbacks.  Cash is king and if you can buy a van outright that will always be the best deal. Most people cannot do that and so leasing is the next best option in terms of business. You have a good start (estimated max amount you will pay, estimated max down payment, and term) Now go to your bank/credit union and apply for the loan. Get a commitment. They will give you a letter, you may have to ask for it. The letter will say the maximum amount you can pay for the car. This max includes their money and your down payment. The dealer doesn't have to know how much is loan. You also know from the loan commitment exactly how much your monthly payment will be in the worst case. If you have a car you want to trade in, get an written estimate that is good for a week or so. This lets you know how much you can get from selling the car. Now visit the dealer and tell them you don't need a loan, and won't be trading in a car. Don't show them the letter. After all the details of the purchase are concluded, including any rebates and specials, then bring up financing and trade-in. If they can't beat  the deal from your bank and the written estimate for the car you are selling, then the deal is done. Now show them the letter and discuss how much down they need today. Then go to the bank for the rest of the money. If they do have a better loan deal or trade in then go with the dealer offer, and keep the letter in your pocket. If you go to the dealer first they will confuse you because they will see the price, interest rate, length of loan, and trade in as one big ball of mud. They will pick the settings that make you happy enough, yet still make them the most money. "The government thought of that a long time ago, and has any loophole there plugged. Like if you set up a company to buy a car and then allow you to use it ... You can use the car for company business, like driving to a customer's office to make a sales call or delivery, and the cost of the car is then tax deductible. But the company must either prohibit personal use of the car, or keep a log of personal versus business use and the personal use becomes taxable income to you. So at best you'd get to deduct an expense here and then you'd have to add it back there for a net change in taxable income of zero. In general the IRS is very careful about personal use of business property and makes it tough to get away with a free ride. I'm sure there are people who lie about it and get away with it because they're never audited, but even if that causes you no ethical qualms, it's very risky. I don't doubt that there are people with very smart lawyers who have found loopholes in the rules. But it's not as simple as, ""I call myself a business and now all my personal expenses become tax deductible business expenses."" If you could do that, everybody would do it and no one would pay taxes. Which might be a good thing, but the IRS doesn't see it that way."