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This loan was for a CPO 14 tts and I put 50k down. Just FYI
That is a great interest rate regardless of that you owe to the bank. Kudos to you. If you feel like sharing how you obtained your financing you would be doing the community a favor. Congrats on the tt.
Loan was thru local credit union here in metro Detroit area.
could have paid cash for car but making more on money in investments than the 1.49 I'm paying in interest.
Loan was thru local credit union here in metro Detroit area.
could have paid cash for car but making more on money in investments than the 1.49 I'm paying in interest.
When I financed part of my M5 I used PenFed Credit Union and they were great, applied online and got 1.49%. Had I not paid in full for the GTS I no doubt would have went to them, definitely worth a look. You only need to donate like $15 to become a member.
My condo which I sold was also financed through them at an awesome rate.
When I financed part of my M5 I used PenFed Credit Union and they were great, applied online and got 1.49%. Had I not paid in full for the GTS I no doubt would have went to them, definitely worth a look.
My condo which I sold was also financed through them at an awesome rate.
Ive heard before that PennFed have some great rates!
You really think you'll own the car for 7 years? I doubt it.
At what point is the car ever worth more than the loan? If ever.
Is the CPO as long as the loan?
Good job putting $50 down. That helps.
He put down $50k.. so that is a head start. he is ahead right off the bat. Being a big chunk has been cut off.. don't know the purchase price but my gut says $135k, but lets call it $150k on the high side. A fair amount of the 1st 2 yrs has been cut off w/o much usage.
$50k down- owe- $100k. The floor on 911 Turbo's IMO is fairly high vs a Cayenne or a Panamera. People have laid awake dreaming about this car or had a Turbo on their wall as a poster.
If you told me a Cayenne Turbo I'd agree more that the loan could be upside down quickly w/o such a down payment as most of those cars are worth $10-15k.
Sold my 07 997TT in Oct '15 for $68k. no 07 cayenne Turbo but a 06 is about $20k or less. 08 a bit more.
I had a 2.9% note for 84 months on a 968 in the 90s. Worked out well. Nothing wrong with an 84-month note, as long as it's on a car that you'll still want to drive 7 years later.
I have been using PenFed for the last ten years, I have financed my BMW M cars with 72 month loans with almost free money building equity along the way. Just did a payment saver puting down $48000 on my 2015 GTS with a $53000 ballon at the end of 5 years. My payment is $688 a month.
A small table showing some relevant financial data. OP not only got a good deal from a financial standpoint (given the loan is $100K) but also from a presumed depreciation standpoint* (I calculated the principle owned after 3 years).
01-13-2016, 10:01 PM
