WellDressedCar

As captive finance scrambles to add incentives for cars to leave the showroom, I'd like to hear from folks what rates they've been seeing via Porsche Financial Services. All of the mainstream brands (GM, Ford, Hyundai, etc) have 0% interest rates for extremely long terms (72-84 months!) I know VAG (Volkswagen Group) won't go that low on their P-car models or other premium autos, but wanted to see what people were offered if they are taking delivery of their new p-cars during COVID-19 in the USA.

seanhaus

I wouldn’t count on it. Porsche is weirdly stubborn when it comes to all things related to numbers.

However, banks like Chase, BoA, etc on the other hand...

John Mclane

Credit union

stevensivak

Is this weird?

C2s will be at the dealer in two weeks.

I fill out the Porsche Credit App and return it to the dealer...
They go on to tell me that sometimes they use B of A, sometimes PNC, etc.

Does not sound like what I had expected: Porsche is the creditor...

Also, the virus is causing some loans to have HIGHER rates due to risk- anyone else heard this?

So thus far Oof A at 3.14 for 80k and 72 months is the best I could find...

GratedWasabi

Porsche is not a bank so they do not offer auto loans. They effectively sell your info to banks and get a kickback if you choose to use one.

Almost always better to get a loan yourself and pay cash. Check Credit Unions and such. There is no benefit (for you) from using Porsche financial services.

stevensivak

The rates they (porsche/dealer) are talking about are better than any rate I could find...
Waiting until April 1 may yield 2.5%

ElMills

Porsche Financial Services is a lender, thus they offer loans. However, their rates are typically higher than large banks/credit unions. Submitting an online application is not sending it directly to Porsche Financial, its sending to the dealer.

And no, Porsche Financial Services has not adjusted rates as of yet

DavidSF911

Bank of America offering me 2.34% with 35 basis point discount for being platinum account member. It was 2.64% a month ago. My car arrives 5/15 according to track your dream but it looks like it’ll arrive several weeks earlier to Benicia. I’ can lock the rate for 30 days so will pull the trigger soon.

stevensivak

Seems like these rates vary by state-

2.34% for how long and how much?

DavidSF911

$90k up to 72 months.

pitt911

the credit market is in turmoil , look at all the central bank interventions here and allover the world , they are afraid that credit will seize , so they want to keep it moving
no one can predict actual rates
on one side Feds want rates low so people can borrow money and stimulate economy so rates will be lower
on the other side , we are about to throw 2 trillion dollars at the economy so this will add to the national debt and that might spook the treasury market and rates go higher because of fear of inflationary pressure
having said that I do believe first outcome is most likely

WellDressedCar

Thought I'd check in a week later to see what people have experienced.

Share your rate, term, money down if you financed through the dealer or porsche financial services.

C.J. Ichiban

I am a dealer and can tell you that they have dropped the rates a lot- our 'buy rate' was nearly 5% a few months ago, now under 3

Dan Nagy

Wow, that’s awesome. Thanks for sharing.

jkwb

My car arrived at the RI port this morning. I am supposed to get the new rates from my dealer tomorrow and I will report them. Looking online, Bank of America for CT is at 2.69%. According to the website you can get discounts depending on how much money you have tied up with them, 0.5% off at the platinum honors level (100,000 in an account). I have an old credit union account from when I was a kid that lists 1.99% on their website. That's the best I have seen.