Help: Dealer change purchase to lease - Canada
11-26-2021, 08:42 PM
#31
Interesting if this was at PCNT. That was the dealership I used to take delivery of my C2S this past summer. I was a first time Porsche buyer, and had no prior relationships with the SA or the dealership. I felt I was treated very fairly by them, and had no problem recommending them, and already have referred couple of my friends to them. Took ‘only’ 5 months from the time of contacting them to inquire about ordering the car to taking delivery. Was given a nominal discount off msrp, and had no heavy sales pressure for any add on protection/purchases. No ROFR or any crap like that. This was a all cash purchase as well. There were couple of small minor mix ups during delivery, but they took care of the issue quickly and without trouble.
Unless things have changed that much since the summer, I am surprised Graeme(GM of PCNT) would conduct business like this or put up with his sales team using this tactic. Based on the 3-4 times we have interacted since Feb of this year.
Unless things have changed that much since the summer, I am surprised Graeme(GM of PCNT) would conduct business like this or put up with his sales team using this tactic. Based on the 3-4 times we have interacted since Feb of this year.
11-26-2021, 08:53 PM
#32
It isn't PNT. It is Infact an dealer..not corporate owned
11-26-2021, 08:59 PM
#33
So, it’s Pfaff Markham then. 😬
11-27-2021, 03:12 AM
#34
Burning Brakes
My backbone is just fine thank you! I refused to sign the ROFR when my SA sent me the paperwork. Worked with the GM and didn't have to sign it in the end. I wouldn't take the OP's car if I were him and they said that I had to lease it. I would walk.
My advice is to escalate his concerns and see if he can work them out like I did. If he doesn't get the resolution he is looking for, then he can walk if he likes - certainly not the end of the world! My point was that if he chooses to walk, in the Canadian market right now, he is looking at an additional 2 year wait. Some, like me, were prepared to walk and wait if I didn't get a deal that I was happy with. I know others who would rather pay up to get their car sooner.
My advice is to escalate his concerns and see if he can work them out like I did. If he doesn't get the resolution he is looking for, then he can walk if he likes - certainly not the end of the world! My point was that if he chooses to walk, in the Canadian market right now, he is looking at an additional 2 year wait. Some, like me, were prepared to walk and wait if I didn't get a deal that I was happy with. I know others who would rather pay up to get their car sooner.
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Onami (11-27-2021)
11-27-2021, 03:15 AM
#35
Burning Brakes
Quick Update: Met with the Sales Manager, he showed me the Porsche Policy. The Porsche Canada Policy is essentially a series of penalties (maybe more severe i.e. no sales incentives if there are 2 cars sold to flippers, etc) for dealers who are selling to people who end up flipping or exporting the cars. He said that although Lease isn't required from Porsche Canada, it is their store's risk mitigation policy. Apparently they had a long time customer flip a car recently causing a big issue for them.
I pushed back on the lease and he said he understands where I'm coming from. He's going to propose to the General Manager to allow me to go through a purchase agreement as planned
From my view it looks like it isn't a cash grab, but a poorly thought out risk mitigation strategy. On one hand they are a new dealer, so they don't have a reliable list of clients they can trust, on the other, you don't build trust with new customers by making them go through hoops.
They'll get back to me by Monday.
I pushed back on the lease and he said he understands where I'm coming from. He's going to propose to the General Manager to allow me to go through a purchase agreement as planned
From my view it looks like it isn't a cash grab, but a poorly thought out risk mitigation strategy. On one hand they are a new dealer, so they don't have a reliable list of clients they can trust, on the other, you don't build trust with new customers by making them go through hoops.
They'll get back to me by Monday.
11-27-2021, 11:02 AM
#36
Three Wheelin'
I don't have the title yet. I have a signed contract and promissed allocation; I am basically in step 1/4 in the My Porsche tracker. I agree with you in principle. I'll give them a chance to clarify the stance, perhaps the sales associate thought the directive was from Porsche Canada when in fact it was from him/the GM.
Did you sign anything with the dealership? Did you leave a non-refundable deposit?
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GuardsRed992 (11-27-2021)
11-27-2021, 11:05 AM
#37
Now I can see this happening with Pfaff. They have always given me the vibe that they will do anything to make the next buck.
In fact, I had started my 992 ordering journey with Pfaff Woodbridge, and I got ghosted from them after 2-3 weeks of back and forth email communication on finalizing my build. Then suddenly all communication stopped.
In fact, I had started my 992 ordering journey with Pfaff Woodbridge, and I got ghosted from them after 2-3 weeks of back and forth email communication on finalizing my build. Then suddenly all communication stopped.
11-27-2021, 11:23 AM
#38
Race Car
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Interesting. I too, am a cash buyer for my Porsches and even before this market craziness was getting some mild pushback as they don't make as much money off a cash sale as they do finance or lease. If you don't mind the 60 day bump in your FICO score, just finance with them so they feel good and pay it off in 30 days when you get the first statement, costs you about $ 250 more. The last one I bought ('21 Cayenne GTS) this past March they did that same song and dance again and I simply said "Instead of us going through this whole rain dance of credit apps, setting up financing and the like, how much do you make a on the loan?" They said "About $ 275", and I said "Just add it to the total and let me write the check:". That made the finance managed feel petty and he said "Ahhh...let's just not worry about it".
You can also buy out the lease whenever you like, if that's the major sticking point. It's just another variant of a loan. Good luck!
You can also buy out the lease whenever you like, if that's the major sticking point. It's just another variant of a loan. Good luck!
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GuardsRed992 (11-27-2021)
11-27-2021, 11:43 AM
#39
In Canada, the lease interest rate is likely at 5.99%. Why would I give Porsche Canada that kinds of interest payments when I have cash ready .
Some will say you can keep the cash and invest in stocks or other type of investment, I would need to generate something like 15% on pretax personal income tax returns to be on equal footing. It’s doable but the stock market is very unpredictable going forward
Some will say you can keep the cash and invest in stocks or other type of investment, I would need to generate something like 15% on pretax personal income tax returns to be on equal footing. It’s doable but the stock market is very unpredictable going forward
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GuardsRed992 (11-27-2021),
westcoastj (11-28-2021)
12-01-2021, 10:59 AM
#40
OP, any news update on your dealer on how they will treat your agreement ?
12-01-2021, 11:24 AM
#41
I'll wait for them to get back
12-01-2021, 12:19 PM
#42
I don't think they are assessing the market. I think they are waiting with the hopes that you will pass and they can give your allocation to someone who will sign their lease agreement.
12-01-2021, 12:21 PM
#43
They haven't even put an agreement infront of me. I have a signed contract. They said they would get back...so I'll wait.
12-01-2021, 12:22 PM
#44
Intermediate
Hopefully Porsche Markham can clarify, this would be awful if true.
12-02-2021, 03:14 PM
#45
We are now Thursday. Any news?