Leased car expenses

[NSNM]

One year old S-corporation in technology consulting business.
H & W are equal shareholders.
Husband is the only employee.
Wanted to lease a car for the S-Corporation.
Leasing company refused to lease in the name of S-Corp.
Because, no tangible assets or acceptable credit history of the business.
They leased the car (Porsche ?) in their joint names.
For one year term at a cost of $35000.
Business usage 75%.
Paid charges from business account.
Did not report imputed value on W-2 for company vehicle.
Both H & W are technology consultants and together make affordable income.
Individually also they did not have long credit history.
Ended up with a very costly deal.

Other facts:
Gross cost of vehicle (89900)
Charge for vehicle's decline in value for the term..29300
Rent charge.. 2900
Total base payment .. 31200
Title, Regn., License & MV fee .. 1600
Sales tax .. 2200
Single payment paid .. 35000

1) Is the car considered as leased by the company ?
2) Could the S-Corp deduct leased car charge ?
3) If so, how much can they deduct for the year ?
4) Is there a way to deduct part of the leased expenses by S-Corp ?

Thank you and appreciate any response to the post.

[taxea]

as an employee of the company this is a 2106 and I hope the company isn't paying for the lease...

[Lion]

Expense Account

Going forward, have the board vote on an accountable expense plan. Car owner/employee turns in expense reports based on SMR or actual expenses per his contemporaneously-kept logbook/receipts. Company reimburses employee under accountable plan and deducts reimbursements and does not have to add to employee's income; employee does not report any additional income.

Company could purchase next car, pay expenses, and add personal use to employee's W-2. I'd prefer the accountable plan.

[luke]

but

they want to "write off" their vehicle because their dentist/doctor/contractor DOES!
wish I had a $ for every time I heard THAT!