ESCALVANTE

I think I am going to start looking into a lease. I can definately write it off with my business. I like the fact that you have the option to buy it at the end of the lease.

For the lease experts [mind you, I have a lot to learn]. Can you enlighten me about the process of how exactly you go about buying the car after your lease is up? Do you pay the current market price [kbb value when turing in the car] minus what you have already paid during the lease? If I buy back my lease after turning it in, does that automatically make it a Porsche Certified Pre-Owned vehicle complete with warrenty?

Thanks for the help.

cosmos

Porsche like most manufactures have a "closed end" lease. Basically you have a predetermined price and you pay that. You can finance the balance, lease again, or pay cash.

No, it is not certified.

RonCT

I'm not sure how Porsche handles their leases, but with BMW I discussed the lease-end options with my dealer and he then agreed that if I wanted the car, he'd pass-through the CPO process to me at his cost of $995 as a courtesy. The lease has a predetermined value at the end - the residual. So you know even before you lease the car (in the proposal) what it will cost you at the end. It has little to do with wholesale, KBB, or anything else - it's just a percentage of the cost calculated at the start of the lease (ie: 60% Residual). That basically means that 40% is "paid down" during the lease and 60% is the agreed value of the car at the end. So, walk away or buy it for that residual value.

enthusiast

RonCT;

I understand leasing does not include the insurance, I did a bad job expressing myself.

Obviously, if your lease or finance the GT3 there are more rules in place to protect the lenders and you give up some freedom. The lease would be the most restrictive form; vehicle services, vehicle modifications, insurance coverage, and track use are typical areas where the leasing company could have stipulations.

cosmos

Hey FMJ,

So what are you doing, leasing for financing?

ESCALVANTE

Preferred Lease?
Retial Financing?
Porsche Options?

What's best? It seems that Porsche Options has the smallest payments.

yetis

I think the cheapest financing option is not to go through Porsche for your financing, if you go that way. Porsche options is a balloon financing option for the people of NY who cannot lease. It also has a different legal, as you are the full owner of the car. Porsche makes a lot of money on this option....

cosmos

People in NY can't lease??

lawjdc

If leasing is the way to go (I'm not convinced - I have always paid cash), then is there a particular lease financier or source of competitive rates for leases? Or is Porsche leasing the only game in town?

ESCALVANTE

yetis:

I'm oblivious to the Porsche Options program. How exactly does Porsche make so much money on that program? It just seems that they offer the cheapest payments around. Of course, that balloon payment just means you have to get another loan to cover that as well.

Like lawjdc, I would like to know what the best company for leasing is? Anyone know of a really good company (read: offers really low rates) for leasing a Porsche with little to no money down?

yetis

Cosmos, in NY we had vicarious liability laws. I just noticed that these laws appear to have been repealed.

0396

Ron,

That's my thought process too.
The finance mgr thought I was crazy when I paid for my 03 GT2 with a check.
One less thing to be concern about!

RonCT

Nice to sleep well at night not worrying, eh?

ESCALVANTE

I would love to pay for the car with my debit card/check. I wish I was at that point in my life. I give it a few more years before I get there.

For now, I have to consider leasing with minimal cash down or put $35K-$60K down to have my monthly payments where I need them.

This dilemma is killing me. Time to get a drink.

RonCT

If you can write off the lease, then why are you dumping $35-60k into it up front? Rule of thumb - if leasing, put zero down.