Both the money factor and the residual offered by Porche are poor but I haven't found anything much better yet. The money factor of a bank my dealer uses is a little better, but the residual is worse. My experience with Chase Automotive has been that their money factor can't be beaten if you have good credit. Since you cannot get a quote from Chase, or any bank, directly for a lease, You have to go through your dealer. I am waiting until I get closer to delivery before putting a lot of effort into it. Rates change daily, of course. So even if we find something good now, the money factor could change significantly in a few weeks.
My advice would be to insist that your dealer illustrate your lease with several alternative leasing companies or banks.
Finally, the illustrations I got used 52% residual for 36 months and 12k miles with a money factor of .0035 from Porsche. USB Leasing was 50% and .0025. Each came out to about $1,245 on a sales price of $64,000. As a financial professional I can confidently say that this sucks. I may have to either pay cash or do a car loan with a bank that wants my business. With good credit you can get 5% or 5.5% on a loan. I just hate being upside down immediately on a loan. Also, amortizing a loan that size, even with a good interest rate, results in a pretty big payment. Three years at 5% on $64,000 is a $1,918 payment. Five years brings it down to $1,208. Of course, if you buy the car you have to pay the sales tax up front, so the amount financed (if 100%) would be another $5,280.
If you find a good lease deal, please let us know.
|
Linear Mode
