Affects of vehicle depreciation

[FNQCairns]

Thanks choppa for the offer although I have decided to wait a couple months (hopefully) or 3 and just pay cash, I keep telling myself I am an adult and just dont need to have it now To all the buses out there stay away for at least another 4 months!

cheers fnq

[Brett1907]

Igutso, just make the dealer do the running around for you. Go and get quotes from the 4X4/camping supplier and get the dealer to include them on the contract. It is much easier as you keep the car when you get it. If the dealer isn't willing to do it they don't really want your business.

I made them take it to ARB, then Pagey's Exhaust, back to ARB, then GQ Custom Autostyling, back to ARB, back to Pagey's (they got the custom exhaust fitted before the rear bar, just silly), Then back to ARB for the finishing touches. Sure, it took longer to get it, but would have only had it for a day or two at the time between workshops.

Brett

[Brett1907]

Igutso, just make the dealer do the running around for you. Go and get quotes from the 4X4/camping supplier and get the dealer to include them on the contract. It is much easier as you keep the car when you get it. If the dealer isn't willing to do it they don't really want your business.

I made them take it to ARB, then Pagey's Exhaust, back to ARB, then GQ Custom Autostyling, back to ARB, back to Pagey's (they got the custom exhaust fitted before the rear bar, just silly), Then back to ARB for the finishing touches. Sure, it took longer to get it, but would have only had it for a day or two at the time between workshops.

Brett

[Brett1907]

Sorry, computer froze! >

[Tangles]

Brett, thanks for that, makes sense, must be a common issue, you get a 4wd and want to fit it out as part of the price and dont really want the factory stuff. Anyway Ive got a couple of good late model 2nd hands 4wds to look at this weekend (if i dont have to work).
ps, which ARB dealer did you use, as their stuff looks good.
cheers
mike

[choppa]

mike,,, sorry for the delay in response,,, i have a bad habit f not revisiting posts after they have run awhile,,, my advice is simple

EVERYONE PAINTS A DIFFERENT PICTURE ON FINANCE,,,, whether its you compared to me or your next door neighbour,,, we all have a personal appeal to finance lenders,

the reason why i emphasised this,,, again is straight forward,,, your finance approval is based on the strength (risk) of the application,,,the ability to service the debt once approval is granted,,and last but not least,your prior finance history,,

once a bank has covered all these (and a few other minor issues) they are satisfied to complete docs and go ahead with the transaction,,,,hence why you hear issues as obtaining a PRE APPROVAL from a lender (based on info supplied in the prelimarary application,, then its declined once a proper assessment has been done),,, not saying this refers to you,,,but its extremley common

to look at a novated LEASE,, (i personally hate that word),, has options that are open to you due to the fact you are a director,,,(there are better options avail,,,,tax wise and company structure wise),,, this is better directed to your accountant as he/she is the one who has placed your current company tax benefits in place,,,,(never be afraid to query why?????,,, some accountants do get lazy,,,,i have sacked 4 in the past 10 years),,,, the largest benefit to novated leasing revolves around fringe benefit tax,,, and again,,,not knowing enough info on your company,,,speak to your accountant,,

to purchase the vehicle through the company,, and to use it for your own personal use is not uncommon,,, this again relies upon your company structure to give a full list of benefits on what style of loan package MAY be more beneficial over another

to purchase new vs second hand,,,,,lets face it,,,if you package it correctly,,, new will always win,, due to the fact,,,you are a director,, reap the benefit,,,,ALSO new vehicles attract tier 1 on depreciation,,,,2nd hand attract tier 3,,,or lower depending on age/km's

to add accessories,,,, and TO LOOK ELSEWHERE IF THE DEALER WONT DO IT,,,,,

really guys,,,this is 2006,,, the value of the car plus accessory value will ALWAYS compete against risk value of the lend,,, don't get me wrong,,, negative equity lending is rife throughout the finance industry,,,it does't mean EVERYONE gets approved on them,,,again as i stated above,,,everyone paints there own pic

myself,,,,i run my own company,,,pics of my truck shown all over this forum in various threads shows it plastered across the windscreen,,, i have that under a chattle mortgage,,,claiming a car allowance which pays for the loan,,,(simple,,,i drive it,, they pay for it,,,,,i get a free truck)

mrs choppa, drives her car,,which again is under a chattle mortgage,,, claiming depreciation (tier 1) interest,,wear/tear,,running costs,,,,and off course a gst rebate that i claimed 1 second after taking delivery,, this equates to approx 150-110% over the cost of the monthly repayment in the first 3 yrs,,,then i'll update,, and repeat the process

chopjrs mum was the lucky girl who ended up with a new car after i discovered chopjr could wind down the back windows and hang out catching bugs in his teeth,,, this i bought through a ""stanard loan"" BUT through the company under my name only,,, because chopjrs mum & dad are part of my trust,, this recovers benefits on tax through this system

and i have 2 other vehicles,,, (eldest daughter,,, and son) that are in the same tax benefit schedule as above,,,,ie they are also part of trust

total in all 5 cars,,,all bought new,,,, all under different structured loans,,, and in hindsight,,, 4 pay for themselves,,,1 is breaking even,,,

again,,, my scenario,,,is and will be tottally different to the next applicant in line looking at finance

if and only if,,,you are deciding upon financing accessories,,,opposed to paying cash,,, you have to weigh up what benefit you will derive from one or the other,,,,,if theres none,,, taxation wise,,,then weigh up what you could do better with the cash,,,,,, 5000.00 of your mortgage for instance will return a greater benefit than 5000.00 on accessories ,,,,

i hope this helps,,,,,, oh and by the way,,,,, ask WESTPAC (god i hate that word ), why they dont look at a few of the options that i have pointed out above,,,and thingssuch as ceiling limit approval loans,,,,, i can say quite truthfully,,, that 80% of my business in this area now comes from customers that i initially took the extra bit of time with,,, and showed them what was available,,, and how it could assist them in cash flow/tax/and maintaining control over there vehicle or fleet

if you get stuck pm me,,,,,i'll pass on details to give me a call,,,, even if its to keep We,,,We,,WE,,,
(i can't even say the word now,,,hang on)

WESTPAC honest

choppa

[Brett1907]

I used Gold Coast 4X4 Accessories, they are the main ARB dealer on the Gold Coast. I have also heard that Northside ARB are really good in Brisbane.

When I was researching who to use I went to TJM and Opposite Lock as well. My personal opinion in ARB have better looking accessories, except maybe 'CarryBoy' canopies which are great but a little more expensive (I had to draw the dollar line somewhere, after the lockers of coarse).

Either Wes or Steve at ARB on the coast would be happy to help.

Brett

[Tangles]

Thanks for that Choppa, ill speak to the accountant
cheers
Mike