Simple question that I don't want to waste time with during my face to face interview and every company treats differently. My last company utilized Runzheimer but didn't care about vehicle being more than 4 years old. I would just get a out of compliance email that I would ignore. I have a 2013 lexus 350 with only 30k miles I only owe a few more payments and would like to keep . Can I keep it and still get allowance or is it reduced or would I just get mileage. Not a big deal so I don't want to waste the short time I have in front of hiring manager with a ,long explanation. Thanks
Can’t be more than 3 years old ( so if you have a 2015 you need a new car for January 2019 ) You must be in compliance now, they used to be more lenient but no longer.
They used to report part of your car alllowance as taxable income if you were out of compliance, but you still got your full monthly allowance. Now, you get a reduced or no monthly allowance if your car is older than 3 model years. You will still get gas mileage reimbursement. It sucks, because it means you have to buy a car every 3 years, or pay your current one off in 3 years and just take the gas money. It’s a money loser for reps and kinda shitty that the company changed the policy. If you get hired, keep receipts and write off the depreciation on your taxes.
I guess it is different for everyone. I have been here quite a while. I buy a new car with a four year car loan every January. My car will be completely paid off in December 2018 and I will have about $25,000 of value. I will buy a new car in January and trade my current vehicle in. I get to drive the car of my choice for four year and have the payment, insurance and gas paid for. I might have to pay some of the upkeep but it is minimum on a car under warranty. If I quit this month - my car is almost paid off. I spent many years with other companies driving Ford Taurus and Dodge Chargers that I hated. I still had a personal car because I disliked my company car so much. This is a much better option for me personally and I am grateful they did not change it.
and your car will b worth 20k when u sell it back to the dealer and take a 5k hit... do what i do and pad the balls out of the miles - my manager could care less - and just make sure a compliant car is registered with runzy....its great I claim way more miles, and i hardly work cause the drug is a dog.. the company is making billions and they cant afford to get us company cars - instead we are low payed and pander to drug dealing docs making 160k off of feeding 100 drug addicts and keeping them addicted or i should say in treatment... funny how we always push for long term on drug and when they aks about weening, we flop and flounder cause we have to make our numbers.... most here will b gone in a year if not picked for new team... peace..
Under new tax law no vehicle write off because they doubled the standard deduction. Which makes this plan really suck
