The Lease thread caused me to .....
#1
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So, the Lease thread here got me thinking and I decided to check how I did on my lease that I just signed with Mckenna back in Dec 07. I thought I had scored a great deal, the car would be had at msrp.
It looks like they completely screwed me.
On the Porsche web site, using their payment calculator, it says I should be paying $200 per month LESS than I am paying.
This is based on the same term, price, mileage, down payment and car cost.
My credit rating is perfectly fine and is not the issue.
I am hoping my sales person can fix this debacle.![Frown](https://rennlist.com/forums/images/smilies/frown.gif)
Any thoughts?
Then I found this (which may have been posted before)
http://da.co.la.ca.us/mr/102406a.htm
Ug..![Frown](https://rennlist.com/forums/images/smilies/frown.gif)
The paper work I have does not even list out the Money Factor, but I wish I had checked out the www.porsche.com site while I was there buying it.
Greg
It looks like they completely screwed me.
![crying](https://rennlist.com/forums/graemlins/bigcry.gif)
On the Porsche web site, using their payment calculator, it says I should be paying $200 per month LESS than I am paying.
This is based on the same term, price, mileage, down payment and car cost.
My credit rating is perfectly fine and is not the issue.
I am hoping my sales person can fix this debacle.
![Frown](https://rennlist.com/forums/images/smilies/frown.gif)
Any thoughts?
Then I found this (which may have been posted before)
http://da.co.la.ca.us/mr/102406a.htm
Ug..
![Frown](https://rennlist.com/forums/images/smilies/frown.gif)
The paper work I have does not even list out the Money Factor, but I wish I had checked out the www.porsche.com site while I was there buying it.
Greg
#2
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Originally Posted by crispenigl
So, the Lease thread here got me thinking and I decided to check how I did on my lease that I just signed with Mckenna back in Dec 07. I thought I had scored a great deal, the car would be had at msrp.
It looks like they completely screwed me.
On the Porsche web site, using their payment calculator, it says I should be paying $200 per month LESS than I am paying.
This is based on the same term, price, mileage, down payment and car cost.
My credit rating is perfectly fine and is not the issue.
I am hoping my sales person can fix this debacle.![Frown](https://rennlist.com/forums/images/smilies/frown.gif)
Any thoughts?
Then I found this (which may have been posted before)
http://da.co.la.ca.us/mr/102406a.htm
Ug..![Frown](https://rennlist.com/forums/images/smilies/frown.gif)
The paper work I have does not even list out the Money Factor, but I wish I had checked out the www.porsche.com site while I was there buying it.
Greg
It looks like they completely screwed me.
![crying](https://rennlist.com/forums/graemlins/bigcry.gif)
On the Porsche web site, using their payment calculator, it says I should be paying $200 per month LESS than I am paying.
This is based on the same term, price, mileage, down payment and car cost.
My credit rating is perfectly fine and is not the issue.
I am hoping my sales person can fix this debacle.
![Frown](https://rennlist.com/forums/images/smilies/frown.gif)
Any thoughts?
Then I found this (which may have been posted before)
http://da.co.la.ca.us/mr/102406a.htm
Ug..
![Frown](https://rennlist.com/forums/images/smilies/frown.gif)
The paper work I have does not even list out the Money Factor, but I wish I had checked out the www.porsche.com site while I was there buying it.
Greg
You use a unfirom lease agreement that has the $$ factor listed.
I have leased many cars in CA, and that has always been the case.
But it is McKenna we are talking about...
#3
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well, you do know that many dealers make a lot more money on the back end the the sales of the actual car.
they dont have to give you the money factor as published. they can mark it up as they wish. it is up to YOU to negotiate.
i usually would haggle on the price of a car, then once agreed upon, i will negotiate on rate or money factor.
money factor is traditionally not listed on the contract.
they dont have to give you the money factor as published. they can mark it up as they wish. it is up to YOU to negotiate.
i usually would haggle on the price of a car, then once agreed upon, i will negotiate on rate or money factor.
money factor is traditionally not listed on the contract.
#4
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Originally Posted by mooty
well, you do know that many dealers make a lot more money on the back end the the sales of the actual car.
they dont have to give you the money factor as published. they can mark it up as they wish. it is up to YOU to negotiate.
i usually would haggle on the price of a car, then once agreed upon, i will negotiate on rate or money factor.
money factor is traditionally not listed on the contract.
they dont have to give you the money factor as published. they can mark it up as they wish. it is up to YOU to negotiate.
i usually would haggle on the price of a car, then once agreed upon, i will negotiate on rate or money factor.
money factor is traditionally not listed on the contract.
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Originally Posted by stuka
The $$$ factor was listed on my Chase, BMWFS, and PFS contracts...
also, to poster above about getting a new lease.
unless your current lease is very very very bad, releasing wont help. most leases will make you upside down until you are at leat 75% through its terms. so you will have to pay $$ to get out of current lease and then start another lease, with lower residual since the car is now older. and the car is now an USED car, most lender provide a higher money factor for used cars.
#7
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Beverly Hills tried to bend me over on the Lease rate. They told me they had to make back end money on the limited production cars. I told him to pound sand. When he found out I leased my car through an outside vendor he asked if he could match the price. he came down over $200 per month. The problem is my residual was $70k. his was $76K. no contest. The only kicker is I have to buy the car at the end. I figure if the car is not worth $70k in 3 years the economy must have taken a **** and I will be BK anyways............ I will be washed up way before the lease comes due.
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Originally Posted by RS 197
... The only kicker is I have to buy the car at the end...
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assuming credit score over 800.
the buy rate today on GT3 from PF is .0031. so a $130 car with min drive off with 10k miles/year would have a pmt of 2250 or so (my tax is 8.75% in sunny CA).
you can pretty easily find financing rates at 5.75 to 6%
taking avg of above rate at 5.88%, over 60 months with my sales tax rate would yield pmt of 2550 or so, maybe 2600.
at that point, it seems to me, it would be better just to finance it if i am not paying cash on day one. you have no mileage limit and if you dont want it by year 3, you can still dump it.
am i missing something?
the buy rate today on GT3 from PF is .0031. so a $130 car with min drive off with 10k miles/year would have a pmt of 2250 or so (my tax is 8.75% in sunny CA).
you can pretty easily find financing rates at 5.75 to 6%
taking avg of above rate at 5.88%, over 60 months with my sales tax rate would yield pmt of 2550 or so, maybe 2600.
at that point, it seems to me, it would be better just to finance it if i am not paying cash on day one. you have no mileage limit and if you dont want it by year 3, you can still dump it.
am i missing something?
#10
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The back end is the dirty little secret. The finance guy at the dealership is your real enemy. MOst are allowed to take you for a 2-4 point rip on interest rates/MF. Most customers assume they have finished the deal on negotiating sales price. That is wrong. On my TT the lease was done at sticker, but at a higher MF than the "buy" rate, but my guy got me tax credits so I did not pay sales tax on a $130k car - saved me $8k+(TX buyers pay for sales tax on full purchase price even on a lease). The lease MF was a tick higher than Porsche's buy rate of .0032 so I ended up giving them an extra $4k or so on the back end, but spread over 3 years. We were both happy.
#11
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Originally Posted by eclou
The back end is the dirty little secret. The finance guy at the dealership is your real enemy. MOst are allowed to take you for a 2-4 point rip on interest rates/MF. Most customers assume they have finished the deal on negotiating sales price.
it's another product the dealership sells in an effort to try and make a profit to pay the bills.
obviously you can use any source of funds including your own.
they don't sell you the vehicle at cost either . . . is that a "dirty little secret"?
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Originally Posted by icon
it's not a dirty little secret and the f & i guy is not your enemy.
it's another product the dealership sells in an effort to try and make a profit to pay the bills.
obviously you can use any source of funds including your own.
they don't sell you the vehicle at cost either . . . is that a "dirty little secret"?
it's another product the dealership sells in an effort to try and make a profit to pay the bills.
obviously you can use any source of funds including your own.
they don't sell you the vehicle at cost either . . . is that a "dirty little secret"?
I don't know about you, but I would call that a deceptive practice.
#13
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Also, if you have a car to trade, you are probably better off selling the car to a private party.
www.cars.com has worked for us, twice in the past year. We got ~ 20 % more than what the dealer would offer, and it took 2 to 3 weeks to sell both an 03 Tahoe and an 04 Z06... without messing with a bunch of "Looky-Loos".
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Originally Posted by mooty
assuming credit score over 800.
the buy rate today on GT3 from PF is .0031. so a $130 car with min drive off with 10k miles/year would have a pmt of 2250 or so (my tax is 8.75% in sunny CA).
you can pretty easily find financing rates at 5.75 to 6%
taking avg of above rate at 5.88%, over 60 months with my sales tax rate would yield pmt of 2550 or so, maybe 2600.
at that point, it seems to me, it would be better just to finance it if i am not paying cash on day one. you have no mileage limit and if you dont want it by year 3, you can still dump it.
am i missing something?
the buy rate today on GT3 from PF is .0031. so a $130 car with min drive off with 10k miles/year would have a pmt of 2250 or so (my tax is 8.75% in sunny CA).
you can pretty easily find financing rates at 5.75 to 6%
taking avg of above rate at 5.88%, over 60 months with my sales tax rate would yield pmt of 2550 or so, maybe 2600.
at that point, it seems to me, it would be better just to finance it if i am not paying cash on day one. you have no mileage limit and if you dont want it by year 3, you can still dump it.
am i missing something?
800 Fico Score = less then 7% of the population my friend;
But the good news is a solid 720 will get you the same results in98% of the cases.
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The F&I guy is working for the dealer and it's interests not yours.
They will point up the money factor whenever they can.
The backend money is their prize! as well as the secret many don't kow about.
They will point up the money factor whenever they can.
The backend money is their prize! as well as the secret many don't kow about.
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