Allocation + ADM?
#121
- Too busy to enjoy the car...
- Relocating to the city or out of state or out of the country and won’t be able to use the car
- Another financial opportunity which is too good to miss
- Need the money for another vehicle
- Divorce
- New / worsening health problems (bad back..)
Any others?
- Relocating to the city or out of state or out of the country and won’t be able to use the car
- Another financial opportunity which is too good to miss
- Need the money for another vehicle
- Divorce
- New / worsening health problems (bad back..)
Any others?
#122
One down with three more by the end of the year. I added additional legal protection by "renting" my cars from the LLC called Montana Porsche Rentals. I have a rental contract etc. I'm just a joe smo renting a car from a company in MT but live in LA. I just happen to own the company also. No sales taxes and no annual inspections.
#123
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Yes. The LA Supreme court ruled on this in 2014 when the DMV tried to take a guy to court for buying/registering a $330k RV through a Montana LLC without paying sales tax. He won. He was totally honest that he created the LLC to avoid all taxes. That's what LLCs do (limit liability which includes tax liability) .....He didn't even rent it from himself either. I am just doing that to avoid the issue altogether either at a traffic stop, if DMV trys to grab me or if I move to another state.
Last edited by subshooter; 02-25-2021 at 10:58 AM.
#124
Lamborghini Performante
Lamborghini Aventador
Mclaren 765
Mclaren 720S
Mclaren 600LT
Ferrari Pista
Ferrari F8
Ferrari SF90
Ferrari 812
Ferrari F12
991 GT3
GT2
GT3 RS
AMG GTR Pro
But of course if you are of the opinion that there is nothing that matters other than a Porsche GT3- by all means pay the ADM if you want. I have an allocation, wont be paying ADM and I also own several of the cars on the list above and appreciate multiple brands and experiences.
Lamborghini Aventador
Mclaren 765
Mclaren 720S
Mclaren 600LT
Ferrari Pista
Ferrari F8
Ferrari SF90
Ferrari 812
Ferrari F12
991 GT3
GT2
GT3 RS
AMG GTR Pro
But of course if you are of the opinion that there is nothing that matters other than a Porsche GT3- by all means pay the ADM if you want. I have an allocation, wont be paying ADM and I also own several of the cars on the list above and appreciate multiple brands and experiences.
#125
Race Director
Originally Posted by SToronto
Haha....there was a local guy during the 991 generation that realized he couldn't fit a canoe or kids in the back. Something like that, where it would've been obvious before you even buy the car. Meanwhile many in the community thought of him as a flipper.
Asking for a friend
#126
Nothing really I suppose. But I believe the intention for the sale of these cars from PAG or some dealers was for it to not go to flippers. Or am I thinking 911R? On a personal level (again locally), it was frustrating to see the flips happen while I couldn't get a car. By flips, I mean people buying the car only to make money on the car by reselling immediately after taking delivery. They told stories to dealers to get the cars. The person I am thinking about was not favoured by a couple dealers once it became known, or so I was told. I did get an allocation in the end, that's another story.
#127
I think anyone can get an allocation IF they are willing to pay the mark up. I called two local dealers and both have guaranteed an allocation to me but it was allocation + mark up. With mark up amount TBD. Although one dealer quoted 30k above already.
I guess the challenge is to get an allocation at msrp.
I guess the challenge is to get an allocation at msrp.
#128
Burning Brakes
I think anyone can get an allocation IF they are willing to pay the mark up. I called two local dealers and both have guaranteed an allocation to me but it was allocation + mark up. With mark up amount TBD. Although one dealer quoted 30k above already.
I guess the challenge is to get an allocation at msrp.
I guess the challenge is to get an allocation at msrp.
#129
One down with three more by the end of the year. I added additional legal protection by "renting" my cars from the LLC called Montana Porsche Rentals. I have a rental contract etc. I'm just a joe smo renting a car from a company in MT but live in LA. I just happen to own the company also. No sales taxes and no annual inspections.
Also the insurance sounds tricky. Do you need an insurance policy for the rental cars in the LLC’s name? Just curious.
Last edited by Mech33; 02-25-2021 at 12:28 PM.
#130
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Second question: I was totally up front with my insurance company (USAA). I added the LLC as an "interested party", told them the company was owned by me, registered in the LLC's name and titled in Montana but garaged in LA. No issue. I pay the insurance rate for LA which is among the highest in the country.
Last edited by subshooter; 02-25-2021 at 12:46 PM.
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#131
No idea on your first question. I am really not concerned with that in my situation since I am renting the car to myself. I am not going to sue myself. There is no public interface or exposure. My company is not going to be audited since I have zero income and rent it to myself for $1/year. I have to file a form in Montana called a DER-1. (Disregard Entity). It's $20/year and takes 2 minutes online.
Second question: I was totally up front with my insurance company (USAA). I added the LLC as an "interested party", told them it was registered in the LLC's name and titled in Montana but garaged in LA. No issue. I pay the insurance rate for LA which is among the highest in the country.
Second question: I was totally up front with my insurance company (USAA). I added the LLC as an "interested party", told them it was registered in the LLC's name and titled in Montana but garaged in LA. No issue. I pay the insurance rate for LA which is among the highest in the country.
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subshooter (02-26-2021)
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IrrationalCPA (04-08-2021)
#133
No idea on your first question. I am really not concerned with that in my situation since I am renting the car to myself. I am not going to sue myself. There is no public interface or exposure. My company is not going to be audited since I have zero income and rent it to myself for $1/year. I have to file a form in Montana called a DER-1. (Disregard Entity). It's $20/year and takes 2 minutes online.
#134
Banned
Hell it is just a car. If I got one at MSRP and then all of a sudden some crazy trend took off and you could flip it for $50K or something then right on, flip away. Just don't say you had no idea it didn't have back seats so you needed to "sell" the car.
#135
People agonize over GT3 ADM's... but have you guys seen civic type R "market adjustments"
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