I thought everyone paid cash on Rennlist?

 

Only those who have to make it a point to repeatedly brag about it.

 

Even those that took out a HELOC to pay cash.

 

Simply this! Get your financing in order with your chosen financial institution; approvals are usually good for 30-45 days. Deal with the money transfer the day you pick up the car.

 

Definitely check rates at credit unions online and locally. You’ll get the best rates.

I used PenFed Credit Union. They have local branches to me and also let me apply online. Applied online for a loan up to $100k. Instant approval and they then sent me a check made out to the dealer with the $ amount left blank. When I picked up my car, I just filled in the amount on the PenFed check and wrote a personal check for the rest. Dealer was fine taking paper checks.

I only write a few checks a year and last year one of those checks was for a 911. I use the checkbook so little that the checks have my address from two homes ago in a completely different state.

Enjoy your pick up day.

 

FYI, most dealers allow you to charge a certain amount on a credit card too so you can pick up a bunch of air travel points.

 

I wrote the dealer a personal check on the day I picked up the car, while in the finance person’s office. I also charged a portion of the payment, up to the limit of what the dealer would allow, on a credit card so I could get points. As others have said, there is absolutely no need to pay so far up front. But, fine to do some paperwork up front, if they insist. I mean, worst case, it takes a couple extra days for car pickup. You’ve waited long enough, so that’s not much in the grand scheme.

 

Thank you all again so much for all the advice. Couple of years ago I purchased an almost new Land Cruiser 200 series, which (in my humble opinion), is not the flashiest but perhaps the best in its class plus it has the capability, reliability, heritage, history, community etc that goes with it. So when I wanted a sports car I was thinking a used Ferrari, McLaren, R8 etc BUT my wife (smartest person I know) insisted that I do my research and follow the Land Cruiser philosophy...not flashy but capable of what it is designed for, reliability, heritage, history, community etc. She hates clutter she said that if I don't drive it often, it needs to be gone. I researched for 6 months or so and it seemed like a 911 was a no brainer. I had never driven a Porsche of any kind before I placed my order. Since placing the order, I driven a few 911s and the decision has been vindicated every single time. What a machine and so easy to drive!

May I say that the community here has also vindicated the decision. Rarely does a forum makes one less cynical... usually the traffic flows the other way... but this one truly has made me a little less cynical. Bravo Rennlisters!

 

I have purchased several Porsches, but have always used dealer fianancing. I have a base 992 arriving in August and would like to consider outside fianancing. I have several questions as to the process.

In PA, auto loan lenders hold the title until the loan is paid off.

Do lending institutions typically release the funds in the form of a cashiers check or electronic transfer before receiving the title?

Does the dealer physically send the title to the lender or is there an electronic procedure?

What role, if any, does the buyer play in the lender/dealer interaction?

Sorry to seem uninformed, but this would be all new to me.

 

Part of that depends on who you chose as a lender.

I used Bank of America and my dealership was on their list of pre approved partner dealerships, so everything was butter smooth and they handled everything directly with the dealership.

 

When you finance through the dealer in the past, is the loan being issued by Porsche Financial or a financial institution that the dealer works with? The dealer itself never loans you the money. You would know this based on who you make your monthly payments to. If it's not Porsche Financial, then the process of you securing financing on your own is really no different other than saving yourself the percentage markup the dealer pockets.

The lien holder (the bank) holds the title until the loan is paid off in every state.

Method of funding varies by the financial institution. Some give you a cashiers check, some wire funds directly to the dealer. I've had both.

I don't think the dealer in any state ever gets the title. They will handle the registration application and possibly the license plates which will go into your name from day one but that's not the title. Title is issued by the state and goes directly to the lien holder. The lien holder will then mail you the title when you pay off the loan.

It's seamless. You go through the financial institution yourself first before taking delivery of the car, just go with the flow of how they do things. If they cut you a cashiers check, you just give that to the dealer at delivery. If it's a wire, then the finance manager will coordinate with the loan officer.

 

The PA lenders physically hold the title? Or they just confirm they are listed as a lienholder on the titling paperwork done by the dealer? What's a "PA" lender anyway - a local bank operating only in PA? The best rates typically come from regional or national credit unions - Navy Federal, PenFed, etc.

 

Don’t give them a penny until you have had ample opportunity to inspect every inch of the car and take it for an extended test drive. They will tell you the money is needed when the car hits their lot, but don’t do it until you are 110% satisfied and that anything that needs fixing, adjustment or correction is complete to you satisfaction. CONGRATS on your soon to be new Porsche!!

 

I don't see how it's worth bragging about at all