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 Replies: 22 / Views: 2,982 |
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Valued Member
United States
309 Posts |
Look at all the free advertising they just got.
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Pillar of the Community
United States
808 Posts |
I'm not sure mocking counts as advertising.  |
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Pillar of the Community
United States
4008 Posts |
I'm with Ziggy on this one. There are any number of investments that can be had these days that pay 8-10% in annual earnings. Better to invest that million there, collect the earnings for 7 months or so, and buy whichever vehicle you want. I didn't see any mention of taxes in that article. Did I miss it? If it was left out, I would wonder whether or not that $61k worth of pre-paid interest would be taxable as income in year 1 of the 5.  |
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Rest in Peace
 United States
9104 Posts |
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$1,000,000 deposit gimmicks like this, only point out the inadequacies of our current US economy. If someone is willing to tie up $1 million for a $12,000 a year return (1.2%), and still be 75% at risk, they know nothing about investments. |
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Pillar of the Community
United States
808 Posts |
Good point, Ed. There absolutely would be some tax implications to all this. Especially if taking the car means paying all five years worth of interest upfront in year 1. This is the sort of thing guaranteed to make your CPA unhappy with you.
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Pillar of the Community
United States
1454 Posts |
Terrible deal. I see few takers.
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Rest in Peace
United States
9104 Posts |
Since there's no way to get 100% benefits from the car until they end, I'm sure even the IRS would accept a pro-rated income argument, just like when someone sells a house on land contract.
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Moderator
 United States
14463 Posts |
what if I don't want the Mercedes? will give a different car?  |
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Rest in Peace
United States
9104 Posts |
They give a choice of Mercedes.
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Pillar of the Community
United States
4008 Posts |
Quote:
If someone is willing to tie up $1 million for a $12,000 a year return (1.2%), and still be 75% at risk, they know nothing about investments. Ah, THE perfect customer! Quote:
There absolutely would be some tax implications to all this. Especially if taking the car means paying all five years worth of interest upfront in year 1. This is the sort of thing guaranteed to make your CPA unhappy with you. Yeah, that would be interesting to know. Any CPAs or tax attorneys in the CCF crowd? Quote:
Since there's no way to get 100% benefits from the car until they end, I'm sure even the IRS would accept a pro-rated income argument, just like when someone sells a house on land contract. They might, Fredd, but then again, they might not. I gave up expecting sense from the IRS when they got into that "inputed income" nonsense. Getting taxed for something that we don't actually get seems about as close to robbery as I ever want to get.  Quote:
what if I don't want the Mercedes? will give a different car? Exactly. Make mine a 1-ton Dodge pickup with all the goodies!  |
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Moderator
United States
188770 Posts |
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I'm not sure mocking counts as advertising. There is no such thing as bad publicity.  |
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Pillar of the Community
United States
1454 Posts |
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There is no such thing as bad publicity Tell that to Michel Vick... sorry, I just saw him while flipping through the channels and wanted to throw up. |
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Pillar of the Community
United States
2120 Posts |
Anyone that can tie up $1,000,000 for 5 years, can just buy the car and keep the money.
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Pillar of the Community
United States
3670 Posts |
That is what I was thinkin lol....
And, if you are smrt enough to have a spare million laying around, good chance you are smart enough to read the small print or pay someone to cover that angle for ya an realize its a sham, lol...
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Pillar of the Community
United States
4008 Posts |
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Tell that to Michel Vick... sorry, I just saw him while flipping through the channels and wanted to throw up. Yeah, that guy is something else. My vision of him is to have a 350 lb. lineman crash through the line and just nail him to the turf. As they are laying there, the lineman looks Vick in the eyes and says... "WOOF!". |
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Replies: 22 / Views: 2,982 |
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Posted 05/03/2012 7:13 pm
