Gary996

It looks like I have a few months before my 997 GT3 comes in (the agony of waiting!!!). I checked my bank aco**** today and discovered that I don't have an extra $120K lying around (what a shocker ). Can anyone suggest good financing sources in addition to Porche Finance?

I would also appreciate any opinions or expereinces in using third party financing vs Porche Financial Services.

Thanks!

Gary

mooty

credit unions are usually good source of low rate financing. not sure they will lend on such $ automobiles though. given good credit, capital one is very competitive as well.

roberga

lease it beat the **** out of it and give it back

leif997

I like your style, Roberga that's exactly what I do and will do with my GT3 (but I am buying the RS) my current P car will go back to them with 50K on the clock!!! and most of that at or near redline .....probably go straight to auction

mooty

have you actually done one this way?
i wonder how carefully the lender or dealer chk the car. if you really drive it hard, it's easy to tell. i am not talking about chips and such, but brake calipers will discolor, brake pistons are totally fried (visible only if you chg rotor), underbelly of car and underside of skirt (which you cannot clear bra) are beat up to hell.

on avg, 3 year lease pmt = 80k...
does it make sense to lease and abuse? i am very curious.

mooty

why are you BUYING the RS?
dont you plan to to drive the **** out of it? if not, then why buy RS?
i am not trying to criticize your logic (i know, sounds like criticism, my eng is not polished and my typoing is hopelss, i beg your pardon.), but i am torn b/n lease and buy. i have had 3 GT3's. two of them i bought cash outright, and i babied them. one i leased and tracked like it was stolen. that one i enjoyed the most....

i presume you are BUYING RS b/c it's a special car, we all know that. i planned to BUY too, but i fear i would not be able to enjoy it as much as i would if i BOUGHT instead of LEASED?

ssarchi

home equity line of credit- how can you beat the cost of that money?

C.J. Ichiban

i recently went through capital one's auto website and got approved for a loan on my 993tt in 3 minutes. it's super easy and the new car rates seem really low for car financing. And since I am buying my gt3 and not leasing, and they lend up to 100k for a car (rad!) i will put a big chunk down and finance the rest through them unless Porsche finance is cheaper.
I don't think I like the idea of leasing cars like GT3's because I will probably keep them for a long time. Only kind of car i would lease is a jaguar or something whose value is 40% of purchase price after 3 years.

leif997

No criticism taken. Well, I've got the 996 GT3 RSR for racing/trackwork (which is insurable) and the GT3 will be my replacement daily driver. I guess I am buying the RS for simply having something exclusive and it may become an instant classic if production #'s are kept within reason. Buying will keep me from beating the **** out of it. Sure, it will get its share of DE experience if I can find time, but I think its going to be a keeper, so buying is kind of my "keep my *** in line" policy. My leased cars are treated like animals. I think this car will need a little respect.....at least in the beginning of our relationship; she may turn into a dirty little wh*re like my other cars

mooty

on avg, todays HELOC rate is high 7%-8%, new car loans with good credit are around 5.25%

mooty

no need to explain, all make sense... you are a very SICK man with RS and RSR!!!

can i be your friend

pole position

Well, it is clearly stated , if you bother to read the fineprint, that the car has to be returned with reasonable wear and tear. Driving the **** out of it is not considered reasonable. Excessive stone chips/windshield chips, mismatched or worn tires, curbrash,above average worn interior,major scratches and doordings, leaks and missing service plus miles above the contracted limit etc,etc will show up nicely on the bill you WILL get on the lease return inspection sheet before you turn the car officially in.

If you refuse to pay after returning the car you just get a bill in the mail. Still refusing ? Goes straight to collection.

In the long run Banks NEVER loose and fighting it is a no win situation, remember the fine print ?

BTW, I have witnessed/been involved in the above scenerio at least a hundred times................

ssarchi

Don't forget that the full amount of interest on heloc's are tax deductable..... that's why they are almost always the cheapest money around

cgomez

Well, my experience has been totally the opposite.
The inspection process is not setup to detect cars that have been mechanically abused at the track. They care the most about cosmetic apperance. If the exterior is fine (stone chips are OK) and the interior is in good condition, and the car starts and runs OK around the block you can return anything.
If you have a dented panel, broken headlight, etc., then you are in trouble.
Tracked cars are a tiny small exception of the total lease population for which the Bank's end of lease system is not designed...
All the extra cost (that may not be any at all) of an abused track car just gets lumped into lower residual value for car models that Bank's start noticing higher than expected repair cost, or lower trade in at auctions. Fortunately for us P-Car track junkies, most other P-Car owners just spend their time polishing their cars , so as much as we try the average residula remains pretty strong.

mooty

understood, but even with that dedcution and close to 50% combined tax rate, if you can get 6% or less financing, HELOC is not as good.

of course, i am also assuming rate either stays for floats higher in the foreseeable future, which may not be correct on my parts as mortgage rate had a dip in the last few months.

HELOC is a good source of $, provided you really do some calc and watch the rates. my is almost at 8% now, based on P-1 or was it P-.5... so i never use it.

quick napkin back calc:

financed at 5.5.% over 5 years (capital one), total interest pmt over terme = 18989

financed at 8.0% over 5 years (HELOC rate, it's really 7.9 or so right now for me, but this is easier to calc) , total interet pmt = 28156

at 50% income tax rate, tax saving = 14077, thus effective int paid over term = 14077

total saving is min., and we are in a mkt in which the chance of climbing rate is bigger than dropping rate, and you put your house in risk (yes, i am conservative).

this is also assuming you fully amortized the HELOC amount on car, i know of ppl getting lazy and use HELOC as interest only loan, then before you know it, you are SOL and upside down.

but properly utilized, HELOC could be advantageous.