When I bought my 2007 C4S from a Porsche dealer 60 days ago, I financed through Porsche Financial and I got their "standard" rate, which was about the same as my bank, so I went with PFS.

Looking around the forums lately, I was tipped to PenFed.org, which offers 3.99%, even on refis.

So, if nothing else happens, I'll refi with them.

But it would certainly be easier to refi with Porsche. What are the chances PFS would just say "ok, we recognize that the 6.95% we gave you was a bad deal, we'll take the rate down to 3.99%"?

 

You won't know unless you ask but I wouldn't think so.

 

I did call PFS and ask. They said they can't. The reason was most interesting. She said PFS is , what... a third-party lender, or something like that. In other words, they don't even have the loan, in actuality. It would seem that PFS is just a loan broker.

So I hooked up with Pentagon Federal credit union for their 3.99% rate for the refi. It's the best I could find. The payoff check is coming today. Bye bye to the 6.95 PFS rate.

I'll bet my dealer got a nice kickback for steering me to that PFS loan too. Grrr....

 

What was probably meant is that PFS is not a direct lender. This means that you can't get a loan directly from them, but rather have to go through a dealer. This isn't uncommon with captive finance companies.

Oh, at your 6.95% rate, the dealer didn't do a mark-up...

 

how did u join penfed?

 

Quite easy (did it for my 993 because it was cheap money)... On their website is a link for ways to join. There is a supporting option where you pay $20 to join, then you can apply for the loan on-line.

 

Usually, there is a commission based on the number of points a loan is brought in at over the usual rate. Signing someone on might bring you 2 to 4 hundred, and maybe 50 or a hundred for each point over that.

 

The easiest way is to join National Military Family Association (NMFA). And the easiest way to do that is to call penfed and they will set it all up for you.

They gave me the internet loan rate of 3.99 pct over the phone as well. Very nice and helpful ppl there.