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Thread: Just purchased a 2015 ESV and discovered my first brilliant Mistake'

  1. #1

    Default Just purchased a 2015 ESV and discovered my first brilliant Mistake'

    went down to the caddy dealership this passed Saturday (3days ago), and picked up a 2015 Cadillac Escalade Esv, thinking that I will use it to further expand the Chinese tour industry here in SF Bay Area.

    So I did, walked and took out a large sum of finance On the limousine, on a personal loan..

    And got struck by fast curve ball this afternoon,

    had just discovered (Christopher Columbus) CA PUC will not accept any cars that are registered under a personal name, but has to be registered with a business entity.

    So basically, I cannot obtain tcp sticker until I some how switch this personal loan title over to a business loan...

  2. #2

    Default

    Quote Originally Posted by Limokidd View Post
    went down to the caddy dealership this passed Saturday (3days ago), and picked up a 2015 Cadillac Escalade Esv, thinking that I will use it to further expand the Chinese tour industry here in SF Bay Area.

    So I did, walked and took out a large sum of finance On the limousine, on a personal loan..

    And got struck by fast curve ball this afternoon,

    had just discovered (Christopher Columbus) CA PUC will not accept any cars that are registered under a personal name, but has to be registered with a business entity.

    So basically, I cannot obtain tcp sticker until I some how switch this personal loan title over to a business loan...
    Draw up a simple contract that leases the vehicle to your company. You (personally) are the lessee and the company is the lessor. The Secretary of State will then register the vehicle in the company's name. You don't even have to fill in dollar amounts.

    PS Nice set of wheels!
    Last edited by Vintage Limos; November 17th, 2014 at 10:06 PM.
    Andrew Armitage
    Vintage Chauffeuring LLC
    Andrew@VintageChauffeuring.com
    www.VintageChauffeuring.com

  3. #3

    Default

    You are a genius !!

    let I recap your architecture manifestation, and see if I had Interpreted correctly,

    Personal loan title switch over to LLC.

    1) Draft out a contract lease,
    2) "I" lessee - signed
    3) "current operating LLC." Lessor - signed
    4) submit the draft over to Secretary of State


    Thanks man for the compliment! will try and get some photos up soon to share

  4. #4

    Default

    Do I submit the bona fide contract to DMV for the actual title transfer Andrew?

  5. #5

    Default

    No need to transfer the title, don't mess with that, the finance company will not like that. Title is in your personal name. Registration will be in both the company's name and your personal name (it will list lessor - Your Name, lessee - Company ABC. Insurance will most likely be in the company's name as the insured. The lease document only needs to be a few sentences long.

    Example... ABC company is leasing (description of your vehicle with vin) from (You) for the period of (insert date) to (Dec 31st, 2019 or whatever date you choose). Sign as the biz owner and as the owner of the vehicle.

    All my cars are titled to me personally and then I lease them to my company. The insurance is through the company. Of course, I'm in IL. I'm not sure of the ins and outs of CA, but it can't be that much different.
    Andrew Armitage
    Vintage Chauffeuring LLC
    Andrew@VintageChauffeuring.com
    www.VintageChauffeuring.com

  6. #6

    Default

    Andrew, I had just gotten back from the local dealership (2:59pm), been there since this morning.

    They went ahead and had me resigned a new contract, though the loan is still under a personal name. What they said was, they will go head and file the plate under a "commercial plate" from DMV. Which then I can register with CA PUC as they claimed.

    i don't know, but I hope this works..

    I am still going to draft a leasing description contract that you had advised.

  7. #7
    Senior Member
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    Default

    I would really consider contacting an attorney to help with this document.
    Tim Wiegman, Jr.
    Boulevard Limousine
    Travel Confidently!
    Serving Kansas City, Lawrence, Topeka
    http://www.BoulevardLimoKC.com - Kansas City Limos
    KC Airport Car Service

  8. #8

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