madmilk

Just wanted to confirm as was mentioned above that American1CU let me know this week that they're not going to increase their rate for the remainder of the year. I've locked in 3.49% for 72 months with them. The threshold for the 3.49% is 750 credit score. I had originally come in at 741 and only qualified for 3.99% but had them rerun it again today as you have a 30 day grace period where additional credit checks don't negatively impact your credit score and was able to get the 3.49%. I'm out of state from American1CU which wasn't an issue at all.

LISsailor

Related but perhaps not directly applicable. I just got 4.84% from BOA on a 2yr old Mercedes sold to me from a dealership. Thought it was a pretty good rate and according to the dealer, highly unusual compared to what they’re pushing. 72mo and only $5k down. Total loan slightly more than $100k.

Xxyion

I did see something recently that hinted that PFS was at around 6.5%. I can't remember if it was a Porsche email or something but if that's the case I might actually take the higher interest, try to negotiate away some of the ADM and finance a higher amount. While I am pre-approved for a loan from America1CU at 3.49%, its also only for 120k. With taxes and ADM my car comes out to around 160k (yay California tax), and so putting down 40k just to hit that 120k mark is not really something I want to do, I'd rather invest that money and deal with a slightly higher monthly payment. Then when economy recovers, I'll refinance at a lower rate and probably pay off a good portion of the car with my invested money.

Xxyion

So my car is at Benicia port and is about to make its way down to LA to the delivery experience.

Does anyone know when my dealership will contact me to do things like financing and all that paperwork? For those of you who have bought with out of state dealers, how close do they cut it? The last I heard from them, they said they would reach out soon and then when its all done, they will 1 day priority ship to me my registration and temp license plate. I personally have a terrible time with Fed Ex so I'm hoping they do it sooner than later. I also don't want to keep bugging them about this as my last few emails about financing have largely gone unanswered. A bit annoying personally but Porsche Dealership experience aside, I'm just waiting for the car to get here so I'll forget all that.

enzoatx

Hi,

I just went through the delivery experience with PEC ATL. I live in TX, and my dealer is in PA. I completed the financing/payment with the dealer weeks in advance, including the dealer sending me documents to sign and send FedEx back. I had the dealer FedEx the plates to PECATL directly and send me a PDF copy. My PEC rep said they could print and laminate the temp tag if needed.

Xxyion

When you say weeks in advance are you saying like a month? Or like 2 weeks in advance? Good call on having them mail the plates to the delivery center directly. I'll probably have them do the same.

enzoatx

The payment and paperwork were completed ~3 weeks in advance (I also needed to account for the Thanksgiving holiday), and I confirmed everything was 100% done with the dealer a whole week before PEC ATL pickup just to be safe. I had to almost "chase" the dealer to complete the payment (e.g., follow up on wiring info, if the received payment, etc.), but this was my first PEC experience, and I didn't want any hiccups. I would ask them to send the plates as soon as payment is confirmed, which could involve internal coordination between the dealer and their financing dept. and follow up with your PEC delivery rep (who will reach out to you) to confirm you are all set.

Xxyion

ok awesome thank you. Man 3 weeks. That's cutting it a bit close to me considering we have Christmas and New Years coming up. I figure what I'll do is wait for TYD to show that the car is actually in the states (should be Friday of this week even though according to Vessel Finder the car is here), and then reach out to them if I haven't heard during that time. I think ideally I want to get all the paperwork done before Christmas. Anyways thanks for the info I really appreciate it

enzoatx

Yeah, it was a bit close, and I would plan way ahead next time. I thought the coordinate (eg plates from the dealer to PEC) would happen automatically, but it required me to coordinate and ensure it was done. With the holidays coming up, I would get the process started/done as soon as possible. The PEC experience was amazing and I would do it again. I just got my car back to Texas and enjoyed the 1K mile road trip over the weekend (with XPEL trac wrap).

exlibris

Just sent you a PM!

slowdown

I went to my dealership while my car was on the ship. It was right after the ship passed through the Panama Canal and before it reached Benicia. I did all the paperwork and locked in my rates with PFS before the rate hikes really started affecting PFS rates this past summer.

enzoatx

Responded! Good luck. Last I heard, rates are locked until the end of this year. I would recommend anyone interested in locking in a rate even if the car is 30 days away or at least starting the conversation with the credit union.

Xxyion

to add to this, once they pre-approve you they hold it for 60 days. At least that's how many days they are willing to hold onto my pre-approval. At this point I'm waiting to hear back from my dealership as im trying to negotiate to lower my ADM if I go with PFS instead at a higher rate.

Xxyion

So update:

I did my paperwork for the car today. For anyone who is thinking about financing with PFS, they are currently at 8.5% and offering 72 months financing plan. So pretty high. I decided to go with them because they offered some nice discounts on some of the warranty packages that I wanted and I plan on re-financing down the line anyways. I currently am sitting at 789 Equifax credit score

rusmani

Man that is a high interest rate. How long until you can refinance? Just keep in mind that refinancing will be on a used car so you won't get the best rates out there.

Just curious as to what warranty packages you wanted? Those always scream ripoff to me. Did your dealer come down on ADM?