Leasing Info Please - tanTALK

Kimberleigh · 09-07-2004, 10:16 PM

I'm thinking about leasing some of my tanning beds. For those who lease out there...how long do think I should lease them for? 26, 48, 60 months???
Thanks

X-Treme Tropix · 09-08-2004, 01:29 PM

Kim, I have a 36 month lease on my beds. But trust me, lease payments are the worst. Payments are high and they definitely get their money out of you. I hate my lease payments but it was the only choice I had since no bank was willing to lend me money even with good credit.

I guess the only positive side to leasing a bed is if you don't want it anymore you could just have them come and get it of course you lose out on all the money you put into it.

ALOHATANCA · 09-08-2004, 03:48 PM

2 to 3 years.....pay off should (imo) about the time your business has grown and you are established!!

tanu01 · 09-08-2004, 07:36 PM

If you dont fulfill the lease it will haunt you the rest of your life,til you pay them off.
Flick

ZABAZU · 09-11-2004, 03:02 AM

Think you should save until you can afford to buy them.

DWhite6872 · 09-19-2004, 03:58 PM

It is always better to borrow other peoples money than using your own. The question is how much is the money costing you and what you can make off of the money you are borrowing.. also by saving your money you can utilize it for expansion or second salon, leveraging your money the right way is what it is all about.

TanningEmporium · 09-19-2004, 04:03 PM

If you dont have to do it....DONT...get the money from the bank, your rate will be cheaper.
Leasing is a rip.

DWhite6872 · 09-19-2004, 04:09 PM

get a lease from the bank....that is where we get all of our leases and they have great rates

CapitalFunding · 09-21-2004, 01:02 PM

It sounds as if alot of you are not happy with your leases? Are you taking into consideration the TAX ADVANTAGES/WRITE OFFS you get with a lease? What happens if you have an emergency and need extra money from your bank BUT you already have a large loan with them? Leases DO NOT show up on your credit bureaus?

Fair Market Value Leases - 100% Tax Deductible Payment Example

Equipment Cost - $50,000
(1st and last payment in advance)

Term = 60 months
Payment = $1,024.28

Regular payment = $1,024.28
Tax Bracket = x 30%
$ 307.28 TAX SAVINGS

Payment = $1,024.28
TAX SAVINGS = $ 307.28
After Tax Payment = $ 717.00 (x 60 months = $43,020.)

INVEST IN YOUR BUSINESS!! If I can answer any questions or send you information please let me know.

ALOHATANCA · 09-21-2004, 02:16 PM

I have Evans Leasing, hooked up with them in Nashville (2002) I have not had any problems with them, in fact after being in business a little more than 1 year they financed another unit for me...

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09-07-2004, 10:16 PM	#1 (permalink)
Kimberleigh Join Date: Sep 2 2004 Posts: 17 Rep Power: 0	I'm thinking about leasing some of my tanning beds. For those who lease out there...how long do think I should lease them for? 26, 48, 60 months??? Thanks

09-08-2004, 01:29 PM	#2 (permalink)
X-Treme Tropix Join Date: Dec 22 2003 Location: MO Posts: 274 Rep Power: 21	Kim, I have a 36 month lease on my beds. But trust me, lease payments are the worst. Payments are high and they definitely get their money out of you. I hate my lease payments but it was the only choice I had since no bank was willing to lend me money even with good credit. I guess the only positive side to leasing a bed is if you don't want it anymore you could just have them come and get it of course you lose out on all the money you put into it.

09-08-2004, 03:48 PM	#3 (permalink)
ALOHATANCA Tan Talk Industry Pro member Join Date: Nov 14 2003 Location: CALIFORNIA Age: 65 Posts: 3,455 Rep Power: 24	2 to 3 years.....pay off should (imo) about the time your business has grown and you are established!!

09-08-2004, 07:36 PM	#4 (permalink)
tanu01 "The Man" Join Date: Mar 4 2003 Location: ohio Posts: 4,015 Rep Power: 23	If you dont fulfill the lease it will haunt you the rest of your life,til you pay them off. Flick

09-11-2004, 03:02 AM	#5 (permalink)
ZABAZU Join Date: Apr 14 2003 Posts: 438 Rep Power: 22	Think you should save until you can afford to buy them.

09-19-2004, 03:58 PM	#6 (permalink)
DWhite6872 Waiting Confirmation Join Date: Apr 22 2004 Posts: 3,646 Rep Power: 0	It is always better to borrow other peoples money than using your own. The question is how much is the money costing you and what you can make off of the money you are borrowing.. also by saving your money you can utilize it for expansion or second salon, leveraging your money the right way is what it is all about.

09-19-2004, 04:03 PM	#7 (permalink)
TanningEmporium Join Date: Jul 15 2003 Location: 213 Skyland Shp Ctr Posts: 2,613 Rep Power: 22	If you dont have to do it....DONT...get the money from the bank, your rate will be cheaper. Leasing is a rip.

09-19-2004, 04:09 PM	#8 (permalink)
DWhite6872 Waiting Confirmation Join Date: Apr 22 2004 Posts: 3,646 Rep Power: 0	get a lease from the bank....that is where we get all of our leases and they have great rates

09-21-2004, 01:02 PM	#9 (permalink)
CapitalFunding Join Date: Jul 21 2004 Posts: 30 Rep Power: 0	It sounds as if alot of you are not happy with your leases? Are you taking into consideration the TAX ADVANTAGES/WRITE OFFS you get with a lease? What happens if you have an emergency and need extra money from your bank BUT you already have a large loan with them? Leases DO NOT show up on your credit bureaus? Fair Market Value Leases - 100% Tax Deductible Payment Example Equipment Cost - $50,000 (1st and last payment in advance) Term = 60 months Payment = $1,024.28 Regular payment = $1,024.28 Tax Bracket = x 30% $ 307.28 TAX SAVINGS Payment = $1,024.28 TAX SAVINGS = $ 307.28 After Tax Payment = $ 717.00 (x 60 months = $43,020.) INVEST IN YOUR BUSINESS!! If I can answer any questions or send you information please let me know.

09-21-2004, 02:16 PM	#10 (permalink)
ALOHATANCA Tan Talk Industry Pro member Join Date: Nov 14 2003 Location: CALIFORNIA Age: 65 Posts: 3,455 Rep Power: 24	I have Evans Leasing, hooked up with them in Nashville (2002) I have not had any problems with them, in fact after being in business a little more than 1 year they financed another unit for me...

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