corp owner and his new car

[Unregistered]

client is 70% owner and president of S corp.
buys new car (30K) in his personal name to get lower
interest rate. how can i maximize the deductions.
can he lease the car to the corp then claim auto exps via
form 2106? corp gets lease exp deduction and owner/employee(W-2)
gets actuals plus depreciation(will claim 80% business use). another case of
wanting to have their cake and deduct it too.
just need to point me in the right direction to, as i said "maximize deductions".
thanks for all responses.

[jainen]

no depreciation

If he is leasing the car to the corporation, his 2106 deductions are limited to actual unreimbursed expenses of operating the car (gasoline). 20% personal use must be added to W-2. He reports the lease income on line 21 since he does not have a trade or business of leasing vehicles. Ownership expenses (license, interest, etc.), allowed on Schedule A, 2% limit, only to the extent of income, and no depreciation.