wilfred

Hoping to payoff my loan as soon as possible, I sometimes pay more than the monthly payment in my auto loans. In this case, I was able to overpay a good chunk of change on my 1st payment. Here comes the story, I received my 2nd statement from Porsche Financial Services (PFS) few days ago. Instead of showing the amount I paid, it shows no payment was received and there was a late charge So I called my bank to see if the check has been cleared and it had many days before my 1st payment due date. So I called PFS… Beat this, they told me whenever they receive large amount like this, it is automatically apply to the principal only and not the monthly WTF After talking some sense out of these people, I was able to have them apply the payment correctly and waive the late charge of course. But has anyone experienced or heard of such nonsense

VECCA

I had a little different experience. I payed almost double my monthly payment, and when I got my next statement the amount due (for that month) was the normal amount less what I "over-paid" the previous month. Apparently they don't like it when you overpay...

mooty

PFS's staff may not really understand the in and outs of this.
but in general most financial institution once made the loan don't want you to prepay, overpay or payoff. many of these instrument get securitized into bond type instruments and prepayment screws things up even in time of upward rate movement (i am oversimplifying things here i know)...

so if you intend to pay more, make sure you keep track of it. b/c chances are PFS will make mistakes.

Mike Buck

I will double check when I talk to him again, but I swear my father received money back from PFS when he made double monthly payments. He wanted to finance for a year, but the shortest PFS offered was 2 years. He made every check out for double the amount on the bill except for maybe the last one I guess. Did the same thing with the final few years on his mortgage too I think.

Strange that they wouldn't automatically deduct the payment amount from your check and apply the rest to the principle.

brucegre

Ahhh, PFS, my favourite topic. Haven't had payment problems with them, but that's because they literally forced me to take my business elsewhere.

I traded in a 2002 996 TT on my '04 GT3. I told the dealer to finance the difference through PFS, a piddly amount that I didn't want to write a cheque for. Now, I own a few cars, so I have an umbrella 3rd party liability policy that covers all the cars and everything else I do. Saves me thousands a year in insurance costs. Everything else in my insurance is standard. PFS told me to get $1 million in 3rd party liability on the GT3 or they wouldn't finance the loan.

I explained, multiple times, to PFS that a) this was my fourth Porsche in 4 years, b) PMNA was receiving a ridiculous amount of money from me every year for my Cup car parts/rebuilds/upgrades and c) WTF did they care about my 3rd party liability since they would never be party to a suit unless the car was at fault, in which case my insurance wouldn't help them at all.

I gave the dealer a 0 on customer service, I spoke with the Porsche customer rep on numerous occasions, and I spent hours talking with the PFS rep. Bottom line: yes we value your business, but f-off anyways. Now, it didn't help my attitude that two weeks before this I bought an F-350 to tow the race car, and Ford Credit never blinked on a loan that was bigger than the amount I was doing with the GT3. In the end, I took my loan to a bank (that didn't have a problem with my insurance) purely as a matter of principle.

And, I now tell my PFS story every chance I get. I hope someone there is a rennlister, and thanks to wilfred for reminding to tell my story about just how arrogant they are.

Bruce

Larry Herman

I never had any real problems with PFS, but now that you mention Ford Credit...well they are the best. Every truck that I have bought has usually been through Ford Credit. 100% financing, taxes and tags, and the lowest interest rate around. Just sign the papers and drive out with the truck. MOF I just bought another van tonight. They are awesome, and I just looked at a new Crew cab dually too, just for laughs. Problem is they'll finance that too.
Must maintain self control

mooty

bruce, now that you mentioned about insurance, that makes me remember the cr*p i went through with them on one of my leased p cars. PFS kept calling me about various weird thing on my insurance which i never had prob with. i never got to talk to them in person b/c when i call back i have to push zillion buttons and wait over 20 min. each call to talk to a live but not so smart person on the other end. so i finally had it and just mailed them a check to buy out the lease 6 months into it... no tax saving is worth that much hassle.

mooty

hey, will ford credit do a good deal on Ford GT ;-)

frayed

My fear of PFS drove me to pay cash for the GT3 and confine my debt to the wife's lexus. Lexus FS has been great, and 3.75% to boot!

Larry Herman

They will, but the problem is that the dealer won't. Anybody out there for additional dealer markup?

TT Surgeon

Yes. They have alot of inventory right now, something like 300 cars sitting around. I had a chance to buy one at sticker recently. If you want one, now's the time.

mooty

chris, you are evil....
hum.. i am off tomorrow. i will visit a few ford lots ;-)

RevUrGT3

Hey wilfred,

Yeah, PFS is pretty crappy. I went almost through the same thing...

I am waiting until I pass 6 months, pay off half of it and then refinance the rest with my bank...

gmund 1

I had a problem recently with PFS as well. I was selling my boxster so I sent them a check for the 4or 5k balace of the loan. 3 weeks went by and no lien release. I call them and they say it will be another 2 weeks because I did not pay in certified funds. I called by bank and they confirmed the check cleared 2 weeks prior. PFS forced me to fedx them a copy of the cancelled check and have my bank manager call them to confirm before they would release it. Meanwhile my buyer was geting squirrley on me. It worked out in the end but heck what do they do over there ,work with paper files on top of card tables in the back room of the parts department? Have they not heard of prefered client services(since we are buying high end exclusive cars)?
Gmund

mooty

work with paper files on top of card tables in the back room of the parts department
__________
gmund1, you assumed that they can acutally find the paper files....