Anybody figure out how to submit a financing request to Porsche Financial via online?

The website talks about "click the link below" but there's no link. Am I missing something?

Car is supposed to be here next week so I'm checking rates, etc. now. Already preapproved via my Credit Union, waiting to hear back from my primary bank, but want to see what other options are out there. I don't want to have to go back to the dealer to fill out an app there if I don't have to.

 

PFS 2.99 no fees payoff anytime. You can also leverage getting the loan from Porsche with the dealer as they make money (something like 2%) if you keep the loan 90 days. It was worth some $$ to us on our recent purchases.

 

The SA sent me a link to it that worked. I have the first payment due in July and I still have not received anything from them about the loan.

 

Takes a while for it to get something in the mail. Took me nearly a month to get a mail about the loan.

 

Glad I wasn’t the only one with an odd financing experience! My sales person claimed they couldn’t submit an application until the calendar month of purchase, my car was due for delivery on the 9th. Then when I asked for it on the 2nd they said they couldn’t submit until the 5th (which I thought they would still send so I could fill out, but they didn’t), I also requested them to run it through a local credit union that gave me good rates before, they said no problem, they are on our list. I asked again on the 6th for the application, finally got it. It was a generic dealership form, for a Taycan (I am getting a Spyder), and I still was waiting to confirm the out the door price, but here is where I was surprised.

They came back with a rate easily 0.5% more than what I was anticipating, with great credit, decent down payment and these low rates, I was shocked. I decided to go and research my own financing. With just an online application at the credit union I requested them to run it through, beat it by 0.7%. I told the dealership I was using my own financing, they then were like wait, let me see if we can do better. Dealership comes back a whole 1.0% better than their first offer. With how much it dropped, I became very suspicious of how much they mark up their rates to get some extra money. Since I did all the work with the credit union, and didn’t want to leave them without a second chance, called them and chatted to see if we could beat or match dealer. They were able to match. Also, the dealer never submitted my application to them when I specifically asked at the start! Unless they give you a screaming deal on the car, get your own financing, cause even if you refi later, you’re wasting at minimum 0.2% in interest because it’s now a used car.

When you calculate the dollar impact, yeah it’s a few thousand over the life of the loan, if you actually take the full term to pay off, but that’s also a few thousand wasted that could have been put investments and compounded over the years to 10s of thousands.

 

Pretty much the higher the rate the dealer gets the more referral fee they get. They all do the same thing.

Peter

 

oh for sure, just never had one that blatant!

 

So in the end (I took delivery last Monday, but did all my financing a week before the car arrived) I did not use PFS.

Yes, it's very common, the dealer will mark up the loan rate and collect the points themselves as part of the profit. Most people are shocked, but it's common practice. That's part of the reason why, usually, if you DO secure your own financing, you never tell them that when you're negotiating the price of the car. You let them think THEY will provide financing... because they'll sell the car a little lower, thinking they will just make up for it in the F&I room later.

Now traditionally, when I have the dealer handle the financing, I will check with my bank prior to walking in, to at least know what my rate would be. Then I let the dealer do their thing, and so long as they match/beat what my normal bank is? I'm fine with it because it's equal/better to what I would've gotten on my own.

This time around, I shopped around myself. My dealer flat-out told me, "PFS's rates suck." I have a credit union where I've gotten pretty good rates in the past, so my plan was to apply there, and also my regular bank (Chase). My dealer suggested I try Bank of America, as they said "They are usually who we wind up sending our clients to, they have had great rates lately." So I submitted a few applications. Keep in mind I have an 850 score and 0 debt aside from a small payoff amount left on my mortgage.

Credit union came back at 3.7%
Chase came back at 3.5%
Bank of America came back at 2.29%

I was surprised... both at how high my CU was, and how low BofA was. But it made it a no-brainer... I took the BofA offer. When I went into the dealer, handed them the preapproval letter, etc. and the F&I guy told me, "I think I can beat this - mind if I submit one more application on your behalf?" So... sure... F it, go for it... and sure enough, he came back with an offer from US Bank for 1.89%.

So.... yeah... I'm with US Bank lol. Frankly I don't care if they still "made points" on me, it's still better than what I could arrange on my own.

Never even applied with PFS. Tho their F&I guy said that their offer would've likely been 3.7-3.9 range.

Guess it pays to really shop around.

 

yup. same story. PFS was higher. US Bank had the best rates when I took delivery.