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July 29, 2019
Posted by VIP Lease

How To Open & Start A Car Lease/Rental Business

Vehicle leasing is the long term rental (or use) of a motor vehicle for a specified period for an amount agreed upon for the rental. It is generally offered by dealers as an alternative to vehicle purchase but is widely used by companies as a method of acquiring (or using) vehicles for businesses, without the usual cash expenditures. The main difference in a rental agreement lies in the fact that after the main term (usually 2, 3 or 4 years), the vehicle must be returned to the car leasing company or purchased for the residual value.

Vehicle leasing offers benefits to both buyers and sellers. For the buyer, lease payments are considerably smaller as compared to payments on a car loan. Sales taxes are due only on each monthly payment and not immediately on the total purchase price, as in the case of a loan. Once you’re ready to start your car rental or leasing business (which often go together), follow these steps to make sure your business complies with the law, and avoid wasting time and money as your business grows. So you’re ready to start your car rental or car leasing business? Follow the steps below and you’ll have a great chance at succeeding.

 

STEP 1: Plan your business

A clear plan is essential to succeed as an entrepreneur. Some important topics to consider are:

  • What are the initial costs?
  • What is your target market?
  • How long will it take for you to break even?
  • How will you name your company?

Choosing the right name is very important. We recommend that you check if the business name you choose is available as a Web domain and secure it quickly so no one else can take it.

 

STEP 2: Form a legal entity

Establishing a legal entity such as an LLC saves you from being personally liable if your security company is sued. Remember to use a registered agent service to protect your privacy and stay compliant.

 

STEP 3: Register for taxes

Before you can open a business, you will need to register for various federal and national taxes.

 

STEP 4: Open a professional bank account

Recording your various expenses and sources of revenue is essential to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies the filing of your annual tax return.

 

STEP 5: Configuring Enterprise Accounting

Recording your various expenses and sources of revenue is essential to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies the filing of your annual tax return.

 

STEP 6: Obtain the necessary permits and licenses

The lack of necessary permits and licenses can result in heavy fines or even the closure of your business.

 

STEP 7: Subscribe business insurance

Insurance is highly recommended to all business owners. If you hire employees, workplace accident insurance may be a legal requirement in your state.

 

STEP 8: Define your brand

Your brand is what your business stands for, as well as how your business is perceived by the public. A strong brand will help your company stand out from the competition.

 

STEP 9: Establish your web presence

A professional website allows customers to learn more about your company and the products or services you offer. You can also use social media to attract new customers.

 

 

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VIP Auto Lease is a full service car leasing company that puts the power of buying a new car in the customer’s hands. Since opening our doors in 2007, we’ve made sure that our promise stays true: no pushy salespeople, no haggling, and a guarantee that to our dear customers that we will provide the lowest possible price with industry class service. We offer nationwide delivery and 100% virtual or in-person ordering (your choice). We are frequented by residents of the greater Tri-State (NY, NJ & CT) area as well as Nassau & Suffolk county Long Island. We service all of New York City including Brooklyn, Queens, Bronx, Manhattan & Staten Island, NY. So Wherever and whoever you are, feel free to take advantage of our guaranteed best prices on ANY make & model now.

Review From Ashley Smith: This was my first experience using a leasing company. In the past, I leased my cars directly through the dealership and always felt that I didn’t receive a fair price. I had such a pleasant experience with VIP Auto Lease from the first time I called to when my car was delivered. Michael Jeffries was a pleasure to work with. He was very responsive and able to get me a great deal. He made the leasing process smooth and easy. I was so impressed there were no hidden fees and that the car was delivered right to my house! I will definitely use VIP Auto Lease again in the future! Thank you again!

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