Porschekid123

Hello fellow Porsche-owners,

I am planning to lease a 2024 Cayenne Coupe and this will be my first Porsche. I built the car and going to finally pick it up this week. I had initially signed-up for a 39 month lease but this week the dealership told me that they could only approve me for a 18-month lease because my visa expires in 2026. That felt unexpected because this was never discussed and I do have a valid document (I-140) that can extend my visa but the dealership is saying that the bank is not going to accept this? They are now offering me an 18-month lease which is ~250$/mo more expensive than my previous deal. Sharing deal specs below:

Anyone has any experience in navigating this situation with the dealership?

drcollie

Leases are done through Porsche Financial, and they set the rules. The Dealer is just the Messenger and cannot change the lease rules.

Why not just buy it outright with traditional financing? That would solve your issue.

Porschekid123

Thanks for getting back to me. Yeah, thats an option too. I am worried about the depreciation though and the increased monthly costs. Do you know what the depreciation is like for the Cayenne?

drcollie

Cayennes are not 911’s and will depreciate at the same rate as most other luxury vehicles. My 2021 Cayenne GTS window sticker is $122,720 and was bought new 3 years, 3 mos ago.with 21,000 miles on it dealer is offering me $75k on trade and Car Max is $70k. (I have a 2025 on order). That’s fairly typical. I suspect lease payments would be similar.

Shuga

I would say that's discrimination. If you have the paperwork saying that your visa extends to the end of the 39th month lease then there's nothing they can really go against on.
Threaten a Lawyer or contact a lawyer. They haven't even tried with the bank just "Oh the bank isn't going to accept this" That's bs the finance manger just doesn't want to deal with you and he want's that extra $250.
They knew you had a visa to begin with, they're trying to screw you over last minute. Don't fold. Sue them.

ThomasWShea

i don't know what “signed up for” means, but at the beginning of a finance process there is typically something saying “subject to final conditions of approval”. financing isn’t approved until it is approved. There is such a thing as a “pre approval”, right, but even that expires after some period of time like 30 days. So maybe it is possible they had a handshake deal to give u x promotional lease deal, but i suspect it said in the fine print something like “if u qualify”, which it sounds like you don’t and the dealer didn’t realize that. so maybe they will extend something to you as an apology but I would not think you have grounds to play hard ball unless you have something in writing that has no weasel clause as i mentioned above. Another phrase you can see “subject to final underwriting” which means the risk people look for any potential things that could leave the lender on the hook at give a thumbs up or down. in ur case say you bail out in 2026, w a lease that goes beyond that - they then have a difficult hill to climb to recover that loss.

On_Your_Left

Wow.........😶

Shuga

Never let anyone take advantage of you.

On_Your_Left

The wow was not a compliment...

Shuga

I didn't think it was...

Don't bend over for anyone

On_Your_Left

Sure. But getting facts straight is also helpful. Lenders are allowed to consider immigration and residency information. It's not discrimination to do so.

drcollie

Have you ever sued a business? No, you haven’t. Because this makes no sense. First thing you are going to do is hand that attorney you chose a check as a Retainer for about $15,000. Then he is going to go to Porsche Financial to see what’s really going on. “The Bank” does not own the car or lease, it’s Porsche Financial and they have a team of lawyers that will chew your guy up. Then, once your $15,000 retainer is exhausted you wil write your attorney a second Retainer Check for another $15k to go to Court.

The Judge will strongly suggest Arbritation, especially if he thinks your case is weak. So you do that and come away with something in the middle. But now you’re out $30k.

thats how the real World works. Your advice is foolish. Go sue someone for real and get back to us on that experience.

On_Your_Left

Not even weak. it's non-existent. Lenders are allowed to consider immigration and residency information in making a lending decision.

Shuga

Lenders are allowed to consider residency information. If the current visa is and can be extended to to the end of terms of the lease there is ZERO reason for denial.

It's discrimination if they're saying we're not going to approve you solely due to the fact that you're an immigrant.

But bottom line is that they're not even putting the paperwork through, this a dealer issue with the visa not a lender.

Shuga

Oh I'm sorry, do you know my life story? Your statement makes me laugh. I know the way the law works/ courts work very very well. That's all I'll say regarding that statement.

I'm sure Porsche Financial would be attached to the lawsuit however, that would not be the primary target. The primary target would be the dealership at hand. The dealership didn't even put through his credit app. That's the issue here and that's where the discrimination comes into play. But don't worry for an extra $250 per month and a short lease term they can make sure he's approved.

a Hard working foreigner who is trying to achieve the American dream wants to buy his or hers dream car only to be hassled by a Porsche dealer because of their immigration status at the last minute. The headlines writes itself.

If your lawyers aren't strong enough to handle a case like this, even if it isn't super strong. You need to hire new ones.