Pattymac

My new Porsche is entering the body shop this week. I still have 8 weeks until pickup, but my SA tells me they need to collect payment in the coming few weeks.
I'll be financing a portion of the car and am wondering what others have done for financing with European Delivery. Has anyone used a 3rd party lender? Are there complications due to the car not actually being delivered?
I prefer 3rd party simply because they typically offer better rates than PFS is likely to offer (I haven't started shopping rates yet).
Another question - how long can I delay paying for the car? I'd really like to minimize the amount of time the dealer holds on to my VAT money (they will cash my VAT check and hold the money).
thanks - Patrick

917k

Hi Patrick,
I am facing the same issue. I did apply for some of the funding w/ an external 3rd party lender. The 2 issues they brought up: 1) no 2017 NADA data yet - that's what they use to assess value, & 2) no VIN.

I have a soft approval as I have a long history w/ the lender, but am having to put down at least 30% and they do want a VIN. So, I'll be waiting to get a VIN from PCNA in due course (my build is in April).

Luck!

roup1

My understanding is that the purchase contract has to be completed and funded 30 days prior to pick up. That applies to a loan, lease, cash, etc.

I have done a third party loan on a BMW ED and it was a pain. The biggest hold up is the lack of a VIN. I would suggest asking PFS to match your lender's rate. In the case of BMWFS, they are happy to do so to capture the deal.

PFS is much more accustomed to financing ED deals so if they can get you the rate, I would go with them just to avoid the potential hassle.

Good luck!

24Chromium

On my current and prior GT cars, I used PFS for the initial purchase, then re-financed with my credit union at a much more competitive rate. Win-win!

TRAKCAR

My dealer could only do ED if I used PFS.
I think I pay 4.25, so probably a point too high but haven't bothered yet.

German_Saint

2 % points too high. I'm sure you can get 1.49-1.99

TRAKCAR

I was lazy, just emailed my SS number and told him to figure it out.
I'll look into it when I'm home more than a few days in a row, haven't refinanced a car in a long time...

juniordrums

My understanding is that they must do the final payment NO EARLIER THAN 30 days prior to pickup. It has something to do with the paperwork here in the states, with registration, etc. I plan on doing my payment/paperwork just a few days before I head to Stuttgart.

juniordrums

Patrick,
How early did you start getting information about your car? I was also hoping for a late April or early May pickup, but have not heard the first word from the boys in Stuttgart...

Pattymac

Juniordrums,
I placed my order many months ago and secured the European deliver date some time around last September. Being this only 7-8 weeks away from late April, I would ask your SA to work with the European delivery people at the head office in Atlanta.

In regards to financing, I spoke with my SA this week and he says they can do non-PFS financing and will be competitive on rates. We shall see in a few weeks. I've asked what is the the latest date to pay and they are checking on that.

juniordrums

Thank you for the info. I had my guy send an inquiry to the company. My car was scheduled to be at the dealership here my late march. A month ago I took that place in line, and we changed it to Euro delivery. I was hoping for late april or may, but no word yet. We will hopefully hear something soon...

Need4S

Why not finance with PFS, then pay off the loan with a third party loan when you get the car back in the U.S.? Check the fine print, but likely there's no early payoff charge or penalty.

TRAKCAR

^^ that's what I'm doing

Pattymac

I was able to secure 3rd party financing with a local Atlanta credit union. It was actually easier than I thought.
My dealership said the lender would likely have an issue because the title wouldn't be processed for approximately 90 days from when the loan is secured. Apparently that's not the norm. In fact, the dealer wants me to bring a letter from the credit union acknowledging this. My credit union was happy to provide the letter, although I doubt the dealership has the right to demand it.
The rate on my loan is 1 point lower than Porsche Finance. Now I have check in hand and will be paying for the car within the next few days.
4 weeks until departure to Stuttgart!

24Chromium

Woo hoo! Wish you a great trip and a lifetime of memories!