Negotiating a Lease due to change of terms by the Dealer
#31
Fair Points
MSRP: 95190
Lease Terms 39 Mo: 10K, 1400$
(New) Lease Terms 18 Mo: 10K, 1650$ (In both cases its 12K Miles. Residual expected to be around 62%
I might not keep the car for too long and my current timeline is 2 years. Does it make sense to finance the car instead?
MSRP: 95190
Lease Terms 39 Mo: 10K, 1400$
(New) Lease Terms 18 Mo: 10K, 1650$ (In both cases its 12K Miles. Residual expected to be around 62%
I might not keep the car for too long and my current timeline is 2 years. Does it make sense to finance the car instead?
#32
Burning Brakes
Thank you. At least someone else here can separate the two.
Ehhh, not entire accurate. The Equal Credit Opportunity Act permits a lender to leverage immigration specifics to predict a creditor’s ability regarding repayment, blind or broad reliance on the mere existence of immigration status alone will get them into hot water. AKA - you can deny a loan term based on a visa expiration date (the OP's issue at hand) but you cannot simply say "we never loan to people who are here on visas"
Ehhh, not entire accurate. The Equal Credit Opportunity Act permits a lender to leverage immigration specifics to predict a creditor’s ability regarding repayment, blind or broad reliance on the mere existence of immigration status alone will get them into hot water. AKA - you can deny a loan term based on a visa expiration date (the OP's issue at hand) but you cannot simply say "we never loan to people who are here on visas"
#33
Drifting
I don't see where discrimination comes into the conversation. PCNA and anyone else can decide who and on what terms they want to do business. The OP doesn't have permanent residency and if he loses his job (and can't be approved for another under the I-140 program) would have to leave the country. How does Porsche collect on the balance of the lease in that event? At least a citizen or PR can be pursued for judgement. I think the OP should just pay cash for the car.
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Ironman88 (07-02-2024)
#34
If by status you mean the OP's predicament (expires prior to end of financing term) it's not protected and fully permissible. If "status" is applied more broadly (e.g. the mere presence of a visa) that's where it crosses the line.
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ThomasWShea (07-02-2024)
#36
Rennlist Member
Fair Points
MSRP: 95190
Lease Terms 39 Mo: 10K, 1400$
(New) Lease Terms 18 Mo: 10K, 1650$ (In both cases its 12K Miles. Residual expected to be around 62%
I might not keep the car for too long and my current timeline is 2 years. Does it make sense to finance the car instead?
MSRP: 95190
Lease Terms 39 Mo: 10K, 1400$
(New) Lease Terms 18 Mo: 10K, 1650$ (In both cases its 12K Miles. Residual expected to be around 62%
I might not keep the car for too long and my current timeline is 2 years. Does it make sense to finance the car instead?
#37
Three Wheelin'
Fair Points
MSRP: 95190
Lease Terms 39 Mo: 10K, 1400$
(New) Lease Terms 18 Mo: 10K, 1650$ (In both cases its 12K Miles. Residual expected to be around 62%
I might not keep the car for too long and my current timeline is 2 years. Does it make sense to finance the car instead?
MSRP: 95190
Lease Terms 39 Mo: 10K, 1400$
(New) Lease Terms 18 Mo: 10K, 1650$ (In both cases its 12K Miles. Residual expected to be around 62%
I might not keep the car for too long and my current timeline is 2 years. Does it make sense to finance the car instead?
What's the MF/interest rate? I could figure it out from your monthly, assuming doesn't include tax, but don't want to.
Do you think your car will be worth more than $60k in 39months, is that the 62% or is that for 18months? Do you live in a state that helps with trade in tax?
Can you do a one pay lease for 18months to lower the MF? Typically you don't want to pay upfront on a lease, least amount of money out of your pocket is the goal.
All you are trying to to do is lower the interest rate and the price you pay for the car. If you know the lowest Porsche Financial MF (can find on Edmunds forum), then you are golden. The only variable is the price you pay for the car which is up to the dealer and what they are willing to sell you the car at.
Don't shop or negotiate the monthly payment. The payment will be what it is once you lock in the MF and the price you are going to pay for the car. I'm also assuming you deny all the dealer add-ons like wheel insurance or "Ceramic Nano Coated Paint Protection Armor Shield" for X amount. Which translate to we'll have Johnny spray on some ceramic spray wax in the back and give you a computer print out certificate....lol
Also a good way to determine (back of napkin method) if a lease is good or not is to estimate the monthly payment as the MSRP of the car. ~1,000 would be a decent lease amount on a 3yr 12k/mi. You can get a BMW iX with a slightly lower MSRP $90k around $800/month, $0 down, because BMW supports leases with a lot of incentives. Porsche does not and that's why Porsche leases suck.
But thank you for buying/leasing because it supports sports car development. Sort of like PCA social events that financially supports HPDE.
Last edited by 3Series; 07-02-2024 at 02:09 PM.
#38
If your timeline would fit the 18 mos window then just go with that, not sure all the details are here but you'll pay around $30k in total, probably in line with depreciation, I doubt if you bought it you would get much more for it on trade in that window. Then you are locked into a known cost and depreciation will hit you hardest in those 18 months. You could always buy it out if you wanted to keep it much longer but not sure if that would make sense as the info isn't here. Just look at all in costs and what you would need to trade it for if you finance vs. lease and you can see what your risk would be if you finance and needed to trade it in that 18 month window.
#39
Rennlist Member
If your timeline would fit the 18 mos window then just go with that, not sure all the details are here but you'll pay around $30k in total, probably in line with depreciation, I doubt if you bought it you would get much more for it on trade in that window. Then you are locked into a known cost and depreciation will hit you hardest in those 18 months. You could always buy it out if you wanted to keep it much longer but not sure if that would make sense as the info isn't here. Just look at all in costs and what you would need to trade it for if you finance vs. lease and you can see what your risk would be if you finance and needed to trade it in that 18 month window.
Fully agree with this. Would rather lease than buy a new Cayenne give the steep depreciation that awaits. The slight premium paid for leasing is more than fair considering the depreciation and other economic risk. And as noted, you could always buy it out if it makes sense.