The Target Auto Leasing Program is designed to meet the needs of businesses interested in purchasing or leasing any vehicles for inclusion in their corporations .
If you have decided that your company will participate in the program, you first need to apply for a Corporate Account Number (CAN) from Prestige Auto Leasing. To qualify for a CAN, the following criteria must be met:
A company must have 5 or more vehicles (any make or model, owned or leased) currently registered in the company name. Registrations must be currently active.
A company must have purchased or leased and have currently registered 5 or more new vehicles (any make or model) in the company name during the current or preceding calendar year, or current or preceding model year.
Once approved, your company will receive a Corporate Account Number (CAN) allowing select employees to purchase vehicles through the program. Incentives are based on dollar amounts and paid from the first vehicle purchased after qualifying with Prestige Auto Leasing.
Generally, a business car lease provides a more convenient and less expensive alternative to the cash purchase option.
It allows for better use of a business cash resources and offers potentially significant tax advantages at the same time. Generally, all expenses associated with a lease can be deducted, including up-front costs, monthly payments, insurance, maintenance, and repairs..
Because every business is unique and tax situations vary, it is suggested that any such lease be done only with the advice of appropriate accounting and tax counsel. You can call one of our business lease consultants at toll free number... for more information
Be aware that if a vehicle is used for both business and personal purposes, tax benefits only apply to expenses related to business use. This requires careful and detailed documentation.