Lease question....what does this statement mean?
Lexus Fanatic
Joined: May 2012
Posts: 68,096
Likes: 3,870
From: Maryland
You actually own the vehicle, but essentially its an open ended lease. You can give the car back to them if the value is above a certain point, if it's not, you're hosed. Who holds the title doesn't make a lot of difference.
I'm with ya about not wanting to go in there until the deal is done. I don't have 5 hours to sit around a dealership either.
I'm with ya about not wanting to go in there until the deal is done. I don't have 5 hours to sit around a dealership either.
Lexus Champion
Joined: Jan 2003
Posts: 1,963
Likes: 1
From: rip current, CA
As of last Wednesday, Porsche Finance offered the following: with 10K down on a 2014 $100,000 991 911 S Cab, 9700 miles, the monthly finance amount is $1600/mo for 72months. Curious how much of a drop on the amount per month a leasing contract would be, vs. to finance.
Lexus Champion
Joined: Jan 2006
Posts: 3,763
Likes: 6
From: TX
I have it in the form of his emails.......
"It is a closed end lease. The charges that they are talking about would be any excessive wear and tear. The lease is with Porsche financial ."
I agree that originally it sounded open-ended......but I'm not aware of ANY car finance companies...let alone big ones like BMWFS, Porsche Finance, MB Finance....doing these anymore. We aren't talking about a $10k car. I will be highly pissed to take time out of my day to go there to find out he boldly lied if it ends up being open-ended. I don't think these guys are that hard-up for customers.
"It is a closed end lease. The charges that they are talking about would be any excessive wear and tear. The lease is with Porsche financial ."
I agree that originally it sounded open-ended......but I'm not aware of ANY car finance companies...let alone big ones like BMWFS, Porsche Finance, MB Finance....doing these anymore. We aren't talking about a $10k car. I will be highly pissed to take time out of my day to go there to find out he boldly lied if it ends up being open-ended. I don't think these guys are that hard-up for customers.
Thread Starter
Lexus Test Driver
Joined: Oct 2001
Posts: 1,269
Likes: 0
From: CHICAGO
Guys...I have a law degree, I am aware of what evidence I need and the contract will be reviewed.
You have to understand I'm in Illinois.....2014 models without AWD aren't flying off the lot I bet (2015 models have been going for 8-9 percent off MSRP and that was several months ago).
He sent over their lease document....which obviously is a Porsche FS lease. I told him I'd take it...and to forward me over the finished paperwork with numbers filled in so I can come down and sign and be done.
You have to understand I'm in Illinois.....2014 models without AWD aren't flying off the lot I bet (2015 models have been going for 8-9 percent off MSRP and that was several months ago).
He sent over their lease document....which obviously is a Porsche FS lease. I told him I'd take it...and to forward me over the finished paperwork with numbers filled in so I can come down and sign and be done.
Lexus Fanatic
Joined: May 2012
Posts: 68,096
Likes: 3,870
From: Maryland
Guys...I have a law degree, I am aware of what evidence I need and the contract will be reviewed.
You have to understand I'm in Illinois.....2014 models without AWD aren't flying off the lot I bet (2015 models have been going for 8-9 percent off MSRP and that was several months ago).
He sent over their lease document....which obviously is a Porsche FS lease. I told him I'd take it...and to forward me over the finished paperwork with numbers filled in so I can come down and sign and be done.
You have to understand I'm in Illinois.....2014 models without AWD aren't flying off the lot I bet (2015 models have been going for 8-9 percent off MSRP and that was several months ago).
He sent over their lease document....which obviously is a Porsche FS lease. I told him I'd take it...and to forward me over the finished paperwork with numbers filled in so I can come down and sign and be done.
Don't be so snappy though, everybody is just trying to help...which is what you asked us to do...
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Lexus Champion
Joined: Jan 2006
Posts: 3,763
Likes: 6
From: TX
That's ok. U asked for our input, we gave it to you. As far as law degree is concerned, if I had left my legal work to the lawyers, I would have been upside down in my life. To your point, read and understand the contract that you sign, regardless of what the salesman tells you what it means, and err on the side of caution.
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