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LeaseByMonth Frequently Asked Questions
- Who is LeaseByMonth ?
- What is the tax benefit of leasing ?
- Where are the cars located ?
- Where is your office and how do I see or drive one of the cars ?
- How do I decide about leasing the car without a test drive ?
- What does vehicle shipping cost ?
- What is your refund policy ?
- Who insures the car ?
- Why is your security deposit higher than other lease companies ?
Who is LeaseByMonth ?
LeaseByMonth is a Sarasota , Florida headquartered auto leasing company that offers leasing on exotic and luxury vehicles on a month to month basis (i.e. one month at a time).
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What is the tax benefit of leasing?
When you purchase a car from any dealership or individual, you pay sales tax on the entire purchase amount. A $162,000 vehicle would require, assuming 7% sales tax rate, an additional amount of $11,340 to be paid to the state.
One common way to save your tax burden is to trade in another vehicle that you have already purchased and paid taxes on. The problem with this is that most dealerships know that you will get a tax “credit” toward your next car, and will offer you a value much lower than your trade-in car is worth and that lower offer essentially negates your tax benefit from trading in.
Another consideration is that when you buy, the vast majority of the time there is profit built into the sale and when you sell, you tend not to get top dollar for your car.
With LeaseByMonth, you pay taxes only on your monthly payments. So a $162,000 vehicle that leases for $2160 per month in our program would cost $151.20 additional in taxes every month for a total monthly price of $ 2311.20. On taxes alone, then, it would take 75 months of lease taxes for you to get up to the $11,340 in taxes you would have paid by purchasing the car. Thus, if you plan on using the car less than 75 months, your taxes would be lower by leasing.
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Where are the cars located ?
Most vehicles are located in our Sarasota warehouse. Other storage sites exist in other states. Given the market value of many of these vehicles, the specific locations are not disclosed for security purposes. RPM Exotics seeks to earn your confidence and business with the co mbination of our intelligently designed model, low overhead and unbeatable pricing. Showings for nonme mbers will be by appointment only.
Once part of our network, personalized services including email notification of incoming exotics vehicles, service referrals, and complete handling of all aspects necessary to enjoy your next vehicle will be made for you. This unsurpassed level of service will be maintained in our efforts to retain your valuable business.
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Where is your office and how do I see or drive one of the cars ?
The business office and main warehouse are located in Bradenton-Sarasota , FL. Our business model caters to a very discerning clientele. As such, each viewing is by private appointment only. This allows us to give our full attention to each client and their needs. If there is a vehicle you have in interest in, please email or call us so that we can answer all of your questions.
There are unfortunately no test drives on these exotic automobiles. We may provide you a test ride at our option. You can be rest assured that we have thoroughly reviewed each car that is brought into our inventory and the lease terms allow for short term use in the event that you are unsatisfied with the vehicle.
We realize that you have a choice of where to shop for and lease your vehicle. Our goal is to appeal to the subset of customers who appreciate our meticulous selection of cars and our understanding of leasing. We provide personalized care and attention, along with a selection of exotic and sports cars to these select clients. We welcome the opportunity to earn your respect and your business.
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How do I decide about leasing the car without a test drive ?
Because we deal with mainly low-mileage exotic cars, test driving of those vehicles is not permitted. A ride or test drive, at our discretion, will be provided for prospective clients only after we have verified proof of financing. This protects your interests as well, as you can be rest assured that your vehicle has not been abused by test drivers who never had an intention to purchase.
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What does vehicle shipping cost ?
Shipping costs vary depending on location and timeframe. Enclosed carriers are a little more costly than open carriers. We have a network of trusted carriers, who will be able to give exact price quotes in writing. These fees range from flat fees of around $500 - $2000 to variable fees of about $1/mile.
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What is your refund policy ?
Due to the nature of the vehicles we carry, there are no refunds given. However, we invite you to have each car professionally inspected to alleviate your concerns before signing. We do the same for each car we purchase for our inventory. Service records are provided where possible, but may not always be available.
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Who insures the car ?
As with all vehicles purchased or leased in the United States, you the driver are required to purchase auto insurance on the vehicle. The specific requirements are outlined in the lease contract.
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Why is your collateral (security) deposit higher than other lease companies ?
The security deposit is high to ensure that clients who lease take the car are qualified and will use the car carefully since their money is riding on the safe return of the vehicle in like condition. Consider it a price of admission: after all, would you want to use a car that anyone that came up with one or even a couple of months of payment used? By making the security deposit high, we eliminate clients that perhaps could afford the car and might abuse it since there are no repercussions. Insuring the car protects against theft and accidents but doesn't protect the gearbox, clutch, tires from potential abuse. Even door dings are not acceptable in our vehicles. If these do occur, we have excellent resources that can repair the cars for significantly less (25% to 75% less then dealer’s prices) and we encourage clients to return the car as-is. We restore or replace at wholesale and bill damages from the deposit when necessary and clear communication and documentation is provided. The deposit protects all lease clients by keeping the inventory pristine and as new as possible. There is no worry about returning security deposits since you as the client will have a written contract that it will be returned, our reputation and license depends on it. We have been in business since 2004.