Florida Porsche Dealer 'Finance Manager' Hangs up on me while negotiating!
#1
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Location: S. Florida
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I have my '07 997tt arriving next tuesday into Braman Porsche in West Palm Beach, FL, so I began to make my leasing plans. As I posted last night, I got high-balled on my Money Factor of .00380 (while paying full MSRP and a $1900 bank fee).
I called today and spoke with the FI Manager and advised I was rejecting their offer of .0038 and would do the deal at the .0032 buy rate. Her response: "No, we don't do that, I'm sorry, good bye".
I looked at my phone and thought "What did she say? No, she didn't" ... OMG - that b_tch actually hung up on me! I'm about to pay $140K for a car I spec'd and ordered 4-months ago and SHE HUNG UP ON ME!!!
I immediately called my salesman and said "Chip, we have a problem". He said "no we don't, I'll call you right back". He did shortly thereafter, and apologized for the actions of his FI Manager, and offered me the following deal:
- a money factor of .0036
- $1500 off MSRP.
What would you do???
I have my '07 997tt arriving next tuesday into Braman Porsche in West Palm Beach, FL, so I began to make my leasing plans. As I posted last night, I got high-balled on my Money Factor of .00380 (while paying full MSRP and a $1900 bank fee).
I called today and spoke with the FI Manager and advised I was rejecting their offer of .0038 and would do the deal at the .0032 buy rate. Her response: "No, we don't do that, I'm sorry, good bye".
I looked at my phone and thought "What did she say? No, she didn't" ... OMG - that b_tch actually hung up on me! I'm about to pay $140K for a car I spec'd and ordered 4-months ago and SHE HUNG UP ON ME!!!
I immediately called my salesman and said "Chip, we have a problem". He said "no we don't, I'll call you right back". He did shortly thereafter, and apologized for the actions of his FI Manager, and offered me the following deal:
- a money factor of .0036
- $1500 off MSRP.
What would you do???
#2
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Originally Posted by YesItsLoaded
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I have my '07 997tt arriving next tuesday into Braman Porsche in West Palm Beach, FL, so I began to make my leasing plans. As I posted last night, I got high-balled on my Money Factor of .00380 (while paying full MSRP and a $1900 bank fee).
I called today and spoke with the FI Manager and advised I was rejecting their offer of .0038 and would do the deal at the .0032 buy rate. Her response: "No, we don't do that, I'm sorry, good bye".
I looked at my phone and thought "What did she say? No, she didn't" ... OMG - that b_tch actually hung up on me! I'm about to pay $140K for a car I spec'd and ordered 4-months ago and SHE HUNG UP ON ME!!!
I immediately called my salesman and said "Chip, we have a problem". He said "no we don't, I'll call you right back". He did shortly thereafter, and apologized for the actions of his FI Manager, and offered me the following deal:
- a money factor of .0036
- $1500 off MSRP.
What would you do???
I have my '07 997tt arriving next tuesday into Braman Porsche in West Palm Beach, FL, so I began to make my leasing plans. As I posted last night, I got high-balled on my Money Factor of .00380 (while paying full MSRP and a $1900 bank fee).
I called today and spoke with the FI Manager and advised I was rejecting their offer of .0038 and would do the deal at the .0032 buy rate. Her response: "No, we don't do that, I'm sorry, good bye".
I looked at my phone and thought "What did she say? No, she didn't" ... OMG - that b_tch actually hung up on me! I'm about to pay $140K for a car I spec'd and ordered 4-months ago and SHE HUNG UP ON ME!!!
I immediately called my salesman and said "Chip, we have a problem". He said "no we don't, I'll call you right back". He did shortly thereafter, and apologized for the actions of his FI Manager, and offered me the following deal:
- a money factor of .0036
- $1500 off MSRP.
What would you do???
#3
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From her perspective, they'd be just as happy if you walk from the deal - they can put the car on the showroom floor in SoFl and get 10K over MSRP tomorrow for the car.
I never lease a car - anything that makes the dealer happy usually makes me sad.
I never lease a car - anything that makes the dealer happy usually makes me sad.
#4
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Thanks Doc,
What you say makes sense. Damn, I have some good contacts at Ray Catena in NJ too!
I contacted Pentagon Federal Credit Union and here's their deal:
- 5.54% interest
- Up to 72 Months
- $100 max loan (so I would have to put around $40K down).
COMPARE:
Leasing: 48 months/.0036/$3K in inceptions/$2200 per month
Buy: 72 months/5.54%/$40K down/$1635 per month
CONSIDERATION:
- I can write off every single penny of my lease payment, but
- while I can't write off all of a purchase, my montly payment will be cut in half, and I will have that money to invest, plus I can depreciate the asset over time (giving me a pre-tax reduction in my taxable income).
- with either choice, I am able to invest my $ and make at least 10% on it blindfolded (I actually make more, but 10% is a constant baseline for me)
I guess I have to put pen to paper and determine whether it would still be more advantagous for me to lease at the current (.0036) rate ... or buy, having to put down $40K, but making half the monthly payment as a lease.
What you say makes sense. Damn, I have some good contacts at Ray Catena in NJ too!
I contacted Pentagon Federal Credit Union and here's their deal:
- 5.54% interest
- Up to 72 Months
- $100 max loan (so I would have to put around $40K down).
COMPARE:
Leasing: 48 months/.0036/$3K in inceptions/$2200 per month
Buy: 72 months/5.54%/$40K down/$1635 per month
CONSIDERATION:
- I can write off every single penny of my lease payment, but
- while I can't write off all of a purchase, my montly payment will be cut in half, and I will have that money to invest, plus I can depreciate the asset over time (giving me a pre-tax reduction in my taxable income).
- with either choice, I am able to invest my $ and make at least 10% on it blindfolded (I actually make more, but 10% is a constant baseline for me)
I guess I have to put pen to paper and determine whether it would still be more advantagous for me to lease at the current (.0036) rate ... or buy, having to put down $40K, but making half the monthly payment as a lease.
#7
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The difference in monthy payments between the two is $565/month. At that rate, even if you keep the car for the full 48 months of the lease, you'll only have saved $27K vs. the $40k down payment if you purchased.
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#8
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billy-it's not smart if you lease, but if you buy, what is wrong with it?-you own the car. over the term of the loan, you are going to pay it one way or the other-at least you are not paying interest on the 40k. let me tell you, on the ferrarichat.com, there are alot of people that will not finance, that think that either you pay cash for it or you can't afford it.
#9
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Originally Posted by texas911
The difference in monthy payments between the two is $565/month. At that rate, even if you keep the car for the full 48 months of the lease, you'll only have saved $27K vs. the $40k down payment if you purchased.
#10
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Even with a lease, he still might have equity. Plus he won't have spent so much to buy down the loan.
As for ferrarichat. Well great for them! I guess they're just that much better than us.
As for ferrarichat. Well great for them! I guess they're just that much better than us.
#12
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Originally Posted by eclou
With a good fund that $40k will make 11-15% return a year compounding that over the ownership of the car and you come out far ahead
I have worked this over six ways from Sunday before I did it and the sad truth is that 36 mo walk-away vs. 60 to own, minimum down with either (or none) and you're about the same cash flow.
Is it a keeper or a user is the question. Once you make that decision, the course is clear and just do it.
Last edited by allegretto; 03-08-2007 at 08:26 PM.
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Keep it simple and easy. Put down what you can, if you have the 40K, then put it down and finance the car to own it over a term that works best for your financial situation. Get started with the credit application and paperwork with your credit union immediately if you really want the car.
Once you get everything tight and approved with the credit union, they'll work directly with the F&I person and fund the balance due on your contract. It should be an enjoyable process.
Once you get everything tight and approved with the credit union, they'll work directly with the F&I person and fund the balance due on your contract. It should be an enjoyable process.
#14
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Originally Posted by eclou
With a good fund that $40k will make 11-15% return a year compounding that over the ownership of the car and you come out far ahead
#15
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i don't mean to interrupt but take a look at ticker symbol LETRX, that will give yuou way more than 11-12% year, and has a long tenure of performance just my 2c