Sadiq

When you put 70% of your message in the post's subject, I have to click on the link I get in my email instead of being able to quickly read your reply in the subscription email

jw97C2S

There is, its called bankruptcy.

boolala

Let’s see. Asuming an MSRP of 125 K. If the residual value is 50 K then the monthly payment for depreciation would be (75000 – down payment)/48. Assuming a money factor of 0.00375 (9%) the monthly finance charge is (65000 –DP + 50000)*0.00375. Including a 6% monthly charge for tax this comes out to (125000 – 50000)*0.06/48 = $94 /month.

So:

(75000 –DP)/48 + (175000-DP)*0.00375 + 94 = 715.

Or, solving for DP = $65,000.

That’s a pretty good down payment.

BobbyB

Wow, $715 seems like an expensive payment for a down of $65K. I would have thought maybe around $550 or so with that type of dp.

boolala

Of course some or all of my assumptions may be wrong e.g., the money factor, sales tax rate, even the term of the lease etc. But his should give you an order of magnitude figure. What makes the monthly payment relatively high for this car given the large down payment are 1) the above average MSRP for this particular C2S--125 K and 2) the suprisingly low residual (50 K) that the OP mentioned.

abe

Sorry...Maybe there is a government bail out for this guy.
Just a thought.
I hope that is better...seriously thanks for the feed back.
abe

rome

Lot of critism here about Deanski living beyond his means. But, the bottom line is that we're living in times the likes of which we haven't seen in almost a century and many, many people are taking hits. Deanski is not alone. No one could have expected a 40% drop in the market and uneployment figures of this magnitude in such a short time. We all live and learn, like those who lived through the depression.

Deanski-- Here is a thought for you as a FUTURE Porsche owner, which I'm sure you'll be one day. An earlier poster said it, but I think it went unnoticed because we're on the 997 board...

Perhaps next time around consider buying an older 911. They are incredibly fun cars which have mostly depreciated already (i.e. no $50K+ cap cost reduction which you can "put a match to"). They have a very interesting historic appeal and the drive quality is very unique (and many think preferable to the newer cars...just spend 15 minutes reading the 993, 964 or 911 boards). And, although you can't take pleasure in spec'ing it out to your liking, it's just as much of a thrill (maybe even more) to hunt down the right car for you.

Excellence or Total 911, in the last month or so, had a great article on what a bargain an older 911 can be at less than $20,000. Built like tanks, and great performers. Even the more modern 993's are finally slipping into the 20's for certain models.

If you check out the 993, 964 and 911 boards you can see the pleasure people are getting from these older, and less costly 911's. It's every bit as much as with the new cars...once you hear the music from the air-cooled, flt 6 you'll see... In someways, even more fun given that we are bound by speed limits anyway....and, afterall, one can always buy the latest 911, but they ain't making any more of the older, hand-built air-cooled classics.

Plus, above all, your wife can't complain about a 15-20 y/o 911 that cost $15 or $20K, or even a little more, the same way that she can about $100,000- $125,000 for the newest 99X.

nyca

Well, maybe he could run some AIG CDS agreements off his printer and convince Treasury to pay them off. It's working well for the major banks and brokerage houses.

But seriously, if a person cannot pay their mortgage, the first thing they should do is call their bank and tell them - "I can't pay at this level, I need to renegotiate". It all starts there.

cy7878

That's more money then I put down on my house in 2002. I'm impressed.

boolala

Well, I guess he's had it for 36 months now. Let's see $715 + 65000/36 = $2520 a month.

That's a burnt offering for a C2S.

Whisper

Excellent point. I think that Deanski in particular showed a lot more responsibility than most, putting such a large payment down, and financing relatively little.

The problem of responsibility is one for our country as a whole, not so much for individuals. Individuals have to respond to the market as it is, not as it will eventually correct itself.

We are going through a huge market correction right now... real estate was vastly overvalued, and that's going to affect everyone who owns some, not just those who bought and sold it, and were receiving far more income than they actually added value.

Individuals can only gauge how much value they really add by what the market does for them, and in the short term, the market is often wrong, since it is made up of the behaviour of people, and people aren't perfectly rational. It eventually corrects itself, but no one can anticipate exactly how, and a lot of perfectly responsible and cautious individuals tend to get hurt in the process anyway.

+1

Older Porsches are quite fun and stylish.

Also, when the Cayman line has a few more years on it, some very reasonably priced Ss should be available, and they are awesome (arguably in some ways better than the 997).

dk10438

instead of finding a new lessee, why don't you just find out what the "buy out" on the car is and try to sell it at or about the price? surely it would be a cleaner transaction than finding someone to find someone to lease the car. I feel for you Deanski, but in the end it's just a car. I deal with cancer patients all day long so I know that as much as I love my car, I love my family so much more. And I can always buy and sell a new car but I can never replace the ones I love. I'm sure that things will get better. I'd concentrate on trying to ride out this rough patch. Cut your losses on your car and move on. Protect your family and the ones that you love.... GL

dk10438

PS
If the moderators were willing to set up a fund, I would be willing to donate a little money to help someone in need. It wouldn't be a permanent solution but maybe it might be enough to buy deanski some time to work something out that was palatable???

boolala

Sounds like a great idea.

I'm in.

Deanski

Thanks to all of you who have tried to help me with this issue.

I'm doing whatever it takes to hold onto what I dreamed long ago no matter what!

Deanski