Denied once again for financing. Did anyone else ever have issues like this? - Page 4 - Lamborghini Forum
 
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Old 01-23-2020, 04:24 AM
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blessing in disguise.. buy in cash
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  #32 (permalink)  
Old 01-23-2020, 09:33 AM
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Don't finance toys
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Old 01-24-2020, 07:19 PM
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Quote:
Originally Posted by Lambo.genie View Post
blessing in disguise.. buy in cash
Quote:
Originally Posted by PA3Pilot View Post
Don't finance toys
Correct, took me 25 years for all the stars and my savings to fall into place.

Big shout out, and Thank you to President Trump
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  #34 (permalink)  
Old 01-24-2020, 08:32 PM
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I second the thanks to Trump. My business is making money like crazy. It is due in a large part to his policies. Lets just hope they let it go another year or two before someone screws it up. I just keep buying and developing more and more watching net worth go through the roof. The real estate is so profitable right now that it is hard to justify tying up 300k in another car. I can double or triple that in a year leaving it invested. I have plenty of time so why rush.
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Old 02-06-2020, 01:39 AM
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financing woes!
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Old 02-07-2020, 08:11 AM
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I started with little to no car financing history so it took me a couple years of financing smaller tickets cars, but now I am able to finance my first Lambo!
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  #37 (permalink)  
Old 02-07-2020, 11:46 AM
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Default Denied once again for financing. Did anyone else ever have issues like this?

My CPA told me at the end of our fiscal year to spend $200k in 30 days or pay $200k in additional tax.

Guess I’ll buy a Lambo and upgrade the avionics in the Toga

Last edited by Jr Mint; 02-08-2020 at 10:42 AM.
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  #38 (permalink)  
Old 02-08-2020, 10:43 AM
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Quote:
Originally Posted by PA3Pilot View Post
My CPA told me at the end of our fiscal year to spend $200k in 30 days or pay $200k in additional tax.

Guess Iíll buy a Lambo and upgrade the avionics in the Toga
This really doesn't make any sense...
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  #39 (permalink)  
Old 02-09-2020, 06:42 AM
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Quote:
Originally Posted by Jr Mint View Post
This really doesn't make any sense...
I know eh? I once had a "friend of a friend" say the same thing and he bought a Ferrari 430 (at the time brand new)... But didn't understand the tax logic. Love to hear it now tho


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Old 02-09-2020, 01:53 PM
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Quote:
Originally Posted by Jr Mint View Post
This really doesn't make any sense...


Own a company? Corporate taxes, I use the plane for business so any upgrade and maintenance to it is a business expense. Buying the car was also a corporate expense.

We use the cash and not accrual accounting and we received some large payments from
Government entities we do business with and it screwed up our planned taxes. We were either going to have to pay another $200k in corporate taxes or spend it.
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