Leasing is for me, can I see exact PCNA terms somewhere?
05-26-2018, 10:51 PM
#1
Instructor
Thread Starter
Leasing is for me, can I see exact PCNA terms somewhere?
Hi,
I've never leased a car so not too smart about it. But I need to put as little as possible down and keep the payments as low as possible. I don't mind paying off the balance at end of lease. I know I will pay for that option and I still haven't done the math. It's fascinating to me that the residual is excluded from the loan amount.
Does PCNA show specific terms (months, residual, etc,..) available for turbo or turbo s, or can I only get that at the dealer?
Thanks
Victor
I've never leased a car so not too smart about it. But I need to put as little as possible down and keep the payments as low as possible. I don't mind paying off the balance at end of lease. I know I will pay for that option and I still haven't done the math. It's fascinating to me that the residual is excluded from the loan amount.
Does PCNA show specific terms (months, residual, etc,..) available for turbo or turbo s, or can I only get that at the dealer?
Thanks
Victor
05-27-2018, 06:17 AM
#2
Rennlist Member
I have only been able to get it from the dealer. I believe each model is different. The money factors are horrible and the residuals are low. I lease as well and it is the price I pay to drive a Porsche. Also the programs change every month or so.
Eric
Eric
05-27-2018, 09:10 PM
#5
Instructor
Thread Starter
Hi
I was hoping to stay around $600 to $800 monthly payment.
I've asked around a bit, looks like about 6% or more on the depreciation. That's not attractive after all. I only need to show low outlay for a year or so while I might apply for a mortgage, so maybe thats the answer, a shorter term lease with a larger down payment.
i took two big home equity lines last year for a porsche and to avoid a mortgage application and now they are not deductible anymore. That really threw off my plans.
Thanks for any suggestions.
I was hoping to stay around $600 to $800 monthly payment.
I've asked around a bit, looks like about 6% or more on the depreciation. That's not attractive after all. I only need to show low outlay for a year or so while I might apply for a mortgage, so maybe thats the answer, a shorter term lease with a larger down payment.
i took two big home equity lines last year for a porsche and to avoid a mortgage application and now they are not deductible anymore. That really threw off my plans.
Thanks for any suggestions.
05-28-2018, 01:28 AM
#7
Rennlist Member
Agreed. My guess is you’d be looking at well over $50k down. It may also be difficult to find an open custom build slot at this point.
I haven’t seen actual rates in a while but last year for my TT purchase I asked. I forget the exact number but it was over $2500/month for the minimum mileage (5k/yr?) and at any lease term.
I haven’t seen actual rates in a while but last year for my TT purchase I asked. I forget the exact number but it was over $2500/month for the minimum mileage (5k/yr?) and at any lease term.
Last edited by ace37; 05-28-2018 at 02:33 AM.
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05-28-2018, 01:58 AM
#8
Rennlist Member
The most recent public data I could find hasn’t been updated - from back in 2015. Money factor was 0.002, and I think it’s higher now.
https://forums.edmunds.com/discussio...ease-questions
And from even farther back in 2014 Q4, the residuals were 57% for a TTS with 30 months at 5k miles/month.
https://forums.edmunds.com/discussio...-questions/p22
https://forums.edmunds.com/discussio...ease-questions
And from even farther back in 2014 Q4, the residuals were 57% for a TTS with 30 months at 5k miles/month.
https://forums.edmunds.com/discussio...-questions/p22
Last edited by ace37; 05-28-2018 at 02:31 AM.
05-28-2018, 01:17 PM
#11
Instructor
05-28-2018, 05:00 PM
#12
Instructor
Thread Starter
If it has a residual of 100k and i put 50k down then i only pay depreciation and interest on 50k. The dealer showed me a couple of options to do that at around 1000 per month. I suppose thats not 600 to 800.
i was surprised to see that money factor stays the same no matter how long the lease, is that right?
i was surprised to see that money factor stays the same no matter how long the lease, is that right?
05-28-2018, 05:20 PM
#13
Rennlist Member
I would estimate your monthly payment on a new turbo S with minimal (T&L) down would be around 3500/month for 36 months for 200k amount financed.
So you would end of paying 126,000 at the end of the lease or 36 months. (3500 x 36 = 126,000)
What ever you put down will in effect lower your month payment.
To get to 800 per month:
800 x 36 = 28,800
126,000 - 28,800 = 97,200
You would have to put down $97,200 to get to $800 per month
Why would you not keep your money in the bank and pay the higher monthly payment? Putting so much money down on a lease is risky. You don't own the car and if something happens to the car you are at their mercy, trying to get your money back.
So you would end of paying 126,000 at the end of the lease or 36 months. (3500 x 36 = 126,000)
What ever you put down will in effect lower your month payment.
To get to 800 per month:
800 x 36 = 28,800
126,000 - 28,800 = 97,200
You would have to put down $97,200 to get to $800 per month
Why would you not keep your money in the bank and pay the higher monthly payment? Putting so much money down on a lease is risky. You don't own the car and if something happens to the car you are at their mercy, trying to get your money back.
05-28-2018, 05:35 PM
#14
Rennlist Member
I would estimate your monthly payment on a new turbo S with minimal (T&L) down would be around 3500/month for 36 months for 200k amount financed.
So you would end of paying 126,000 at the end of the lease or 36 months. (3500 x 36 = 126,000)
What ever you put down will in effect lower your month payment.
To get to 800 per month:
800 x 36 = 28,800
126,000 - 28,800 = 97,200
You would have to put down $97,200 to get to $800 per month
Why would you not keep your money in the bank and pay the higher monthly payment? Putting so much money down on a lease is risky. You don't own the car and if something happens to the car you are at their mercy, trying to get your money back.
So you would end of paying 126,000 at the end of the lease or 36 months. (3500 x 36 = 126,000)
What ever you put down will in effect lower your month payment.
To get to 800 per month:
800 x 36 = 28,800
126,000 - 28,800 = 97,200
You would have to put down $97,200 to get to $800 per month
Why would you not keep your money in the bank and pay the higher monthly payment? Putting so much money down on a lease is risky. You don't own the car and if something happens to the car you are at their mercy, trying to get your money back.
05-28-2018, 06:10 PM
#15
Rennlist Member
The OP mentioned it was related to a loan qualification and initially implied a heavy down payment was known to be a requirement.
Another option since you’d already have to put $50-100k down would be to consider exotic car financing companies. They offer absurdly long terms like 144 months at high rates like 7%. If the idea is to go with it for a year or two to fit your financial/cash requirements and then pay it off or refi it into a traditional auto loan rate it could make sense. You can just figure at $100k the loan costs you a grand a year for each 1%, or $14k over two years for the convenience. This could be cheaper than leasing in many scenarios - especially if you need the low payments for a term below 24 months. If possible, perhaps you do traditional financing, refi with a 120+ month term to qualify, and then write a check or refi again for a competitive rate when the process is over and it makes sense.
I would tend to wonder if it has to be this complex and creative perhaps it’s not the best time but this scenario doesn’t happen under traditional circumstances.
Best of luck.
Another option since you’d already have to put $50-100k down would be to consider exotic car financing companies. They offer absurdly long terms like 144 months at high rates like 7%. If the idea is to go with it for a year or two to fit your financial/cash requirements and then pay it off or refi it into a traditional auto loan rate it could make sense. You can just figure at $100k the loan costs you a grand a year for each 1%, or $14k over two years for the convenience. This could be cheaper than leasing in many scenarios - especially if you need the low payments for a term below 24 months. If possible, perhaps you do traditional financing, refi with a 120+ month term to qualify, and then write a check or refi again for a competitive rate when the process is over and it makes sense.
I would tend to wonder if it has to be this complex and creative perhaps it’s not the best time but this scenario doesn’t happen under traditional circumstances.
Best of luck.
