COLUMBUS, Ohio — MotoLease LLC is targeting nationwide expansion, but there are a few states where leasing “is not the best option” due to tax laws, Managing Partner Emre Ucer told Powersports Finance during a meeting at AIMExpo 2017.
“I don’t think we will get into those states because we don’t have the advantage compared to regular laws,” he said. “We will probably end up with 40 to 42 states all in.”
Some states require sales tax upfront in a full amount, which “defeats the purpose of leasing because you want to be taxed on the payment you make,” he said. “In some states, you are taxed on the total amount of payments, and a few states like that are challenging for leasing.”
However, the Los Angeles-based leasing provider is on tap to expand into several more states, potentially by yearend.
MotoLease currently has 1,000 dealers in its network, covering 31 states across the U.S., “with Florida, Texas, Georgia, Arizona, California being the biggest ones,” Ucer previously said. “My goal for our dealership base this year is to cover seven more states, particularly in the northeast.”
Ucer will speak on a panel entitled “Keys to Successful Subprime Lending” at the upcoming PowerSports Finance 2017 conference, which is slated for Oct. 24-25 at the Wynn Las Vegas. During the session, Ucer and his fellow panelists will discuss subprime risk, underwriting best practices, and how to avoid seasonal repossession challenges.
Additionally, Maurice Salter, co-founder of MotoLease, will sit down for a fireside chat at the event. Salter’s fireside chat will be followed by a panel entitled “Credit Trends in Powersports Finance,” which will offer insight into current origination trends and an outlook on credit performance.
Other sessions include Finding Loan Growth Amid Increasing Competition, F&I Dos and Don’ts and Regulatory Compliance Update. The full agenda can be viewed here. To learn more — or to register — for this year’s event, visit the PowerSports Finance 2017 homepage here.