Anyone in the US, know what kind of APR's currently being offered by Porsche financing? (assume lowest rate with a high FICO).. Having a hard time getting straight story on what Porsche is offering.. I've got 1.9% for 60 month and 2.5% for 72 month elsewhere via a Credit Union....

 

Porsche is about 3.5% as of last month. Looks like your credit union has great rates!

 

Why do you need to use Porsche financing? they will always be a few percent higher and there is nothing different about them.

Let the dealer know you will do your own financing and let them know the rates you got prior to picking up the car. They will match that through another bank and give it to you. I have done this now twice, once with BMW and once with Porsche on new years. Both times I told them that another bank was doing the financing. When they see you have a lower offer already and that you won't use Porsche for financing, since they still get a incentive for financing it with other banks, they will do what they can to match that.

 

I'm asking because I already have financing, however since the build time is 3+ months, my preauth/rate will expire by then.. So I'll need to either go back to my CU and reapply when I get closer to a VIN number or use Porsche financing..

Thus if Porsche rates for 800+ FICO's is ballpark comparable to my CU, then why bother going back to my CU again..

But I understand what you are saying, about using it as leverage.. But once I've already got the financing in hand from my CU (for the 2nd time) I suppose I can take the approach you described I suppose.. But I'm trying to avoid going back to my CU again unless I need to...

That said, I'm not keen on having a lot of inquires on my Credit report, as I've learned the hard way doesn't take many before it starts impacting your FICO.. (and I need to keep my FICO high for other reasons).. My experience with car dealers is that they seem to want to run your credit report ***** nilly. They run it when they start searching for you, then again for their own financing.. etc..

Last time I bought a car, I found out 4 new inquiries on my transunion resulting from just one dealer in addition to my CU preauth. And those inquires sit on the report for the next couple of years . Been there done that.. So I'm just being cautious this time..

 

According to Edmunds.com it's 2.49 through 60 months and 3.49 for 72.

 

Since your credit has been pulled, try to come back with that financing. The F&I guy will always ask what rate you got from elsewhere and "beat it", but what they dont tell you is that its a profit center as well. Say you come in with 1.9% from your CU, the F&I guy will match it through a bank (and thus dinging your credit). What he really got was 1.79 and charging you 1.9 and keeping the difference.

Same thing on leases. When I leased, it was well known the money factor was .002, but they tried to charge me .0029 I called BS and they agreed to what PFS was actually charging.

The sales price on the car is only part of the transaction, the finance, extended warranties and the such are all profit centers. Remember when the sales person did everything? Why do you think they have F&I guys, because it makes $$$

Best of luck.

 

Does anyone know if there were any major changes to the lease/ finance programs? I know the last ones were set to expire at the end of September.