After decades of leasing cars, I plan to buy my turbo off lease in a few months and was wondering if anyone has experience with:

1. Can you get a discount off the buyout figure? My car is pristine and has low mileage - does that make it more valuable?

2. How competitive is Porsche Financial Services?

3. Can you finance long term - more than 5 years?

Thanks!

 

They used to negotiate a little, lately I don't know. Usually you have more negotiating power if the car is high mile/etc where they might forsee trouble selling it at auction. Yes you can finance the purchase thru pfs for up to 7 yrs I believe.
GL, great cars.

 

I say trade it in and get one with a working GPS (sorry...couldn't resist that one)

How you been??

 

Haha - i do get lost easy, especially when my stock turbo can't keep up!

That will all change in the summer.

Been ok so far, I busted my elbow and have been going through some tough therapy since early December. I should be good to go in a month or so.

 

I don't have answers but I am certainly interested in what you find out. Please post a follow-up.

 

My 997S lease is up in March. I called Porsche financial last week to check my options. This may differ for a turbo but they told me the following:

1. They would extend the lease up to one year at the current payment. The car would have to be inspected prior to an extension. ( not a good deal in my opinion)

2. I could buy the car for the residual value + state sales tax. They would not negotiate on the buy out price. I could finance through Porsche financial if I wanted to. I did not look into terms.

3. I could return the car as per the terms of my lease

Several years ago (mid-nineties) my 944T lease buy out figure was negotiable and I decided to buy it. My current residual is in line with what cars are selling for on e-bay/autotrader so I'll have to decide soon.

 

alot of people have a problem with renting a car but the ability to be able to walk away from it is worth it

 

Not sure how Porsche works, but I had a 3 year lease on a 2006 BMW 330XI and my lease was up with very low miles. I went to our local BMW dealer and turned the car back to them, they sold it back to me at auction price and tagged on $1500 for a CPO warranty, which extended the remaining factory warranty for another 2 years giving me warranty for a total of three years. Great deal I thought. When I purchased my 997TT recently I paid the dealer $2300 to CPO it, good insurance.

 

About to buy my 2007 Turbo as well and here is my experience.
Step 1.Called pfs several times and they would not negotiate residual( I believe they have insurance to protect their cost) so it wont be done.
Step 2. Asked about financing and they said this would be done through the dealer so I called my dealer, quoted me 6.95% or 6.35% if I 2yr CPO the car for $2500. AND THERE IS A $1500 PURCHASE TRANSACTION FEE! WTF. They insisted they would have to buy the car and resale it to me...F##ing stealership.
Step 3. Called pfs back and said I wished to use my own financing they said will cost residual plus state tax and I can deal with them directly. (as expected).
Step 4. Go to credit union and arrange financing at 4.25%

 

Thanks for the info. I have a very long relationship with my dealer, so I am hoping they'll eat the tax. I think the dealer has the choice on how much money they want to make off you. Unfortunately for me, they'll probably make more if I turn it in and they sell it to someone else!

I have also been thinking about going to a credit union - rates are in the 4 range.

 

I spoke to my dealer and not yet have contacted Porsche directly. Dealer said:

They won't extend the lease if I don't have a new car on order.
They won't negotiate the buyout
Dealer would go to outside company and get me rate in the 4

He said to call Porsche anyway and find out for sure as he doesn't usually deal with people buying these cars out. They just turn em in for new ones.

I don't want a new one. I want mine hahaha

 

All the financing is done with insurance so negotiations aren't possible. My car will be going back in Feb 2011 with 70,000 miles (Currently @ 55,000), so in my case the insurance was worth it for them. If they don't negotiate the residual there's no way that I'll be keeping it after the lease is up.

 

I hear you. 70,000 miles will be a low auction price. For me, extending the lease for until February of 2011 and then financing the rest puts me in an ideal financial situation. I hope they would agree to a 6 month extension if I agree to CPO the car or something.

 

Sometimes they allow month-to-month extensions, my brother extended his Range Rover for about 6 months but he was moving into the new one when it came out. With BMW they only offered me a year extension at the same price for my E46 M3, I turned it in instead.

 

I just Did a PFS 60 mon At 2.9% on a 2007 997 turbo.