I custom ordered a Porsche Cayenne GTS, MSRP 138,000 plus taxes about 8,000. However if I lease the taxes comes down to only whatever residual value is.
Getting offered a one time lease payment of 61,000 for 24 months, Money Factor .0038 and residual of 99,000 after 24 months.
Is this a good deal?
Let that sink in
61k to drive a car for 2 years
I’d buy it and the rate would be so much better
.0038 is 9.12% apr
Am I doing the math wrong or?
MSRP is 138,000 + 8,000 = $146,000
One Time Payment = $61,000 + $99,000 = $160,000
Lease: $61,000/24=$2254 a month + 99,000 at end of lease buyout or you just wasted $60k in 2 years.
Finance: 146,000-61,000=85,000
85,000/24 = $3541?
My brother, finance it.
Finance. Good thread from @HersheySweet about credit union rates or if you’re doing a one pay for that much just pay it cash and be done.
Unless your accountant is telling you to write off the lease for tax purposes, finance it.
Habibi, finance it.
7% rate - what are u smokin- do you understand interest rates?
If it’s via the business- why not use a line of credit?
Other than that wrong car - wrong time
Please explain a bit more.
Not in Texas they don’t.
So you got $60k laying around but you don’t want this on your credit history? Some shady stuff
Wallah, interest is haram.
Wrong car wrong time??
What’s wrong with not wanting to overload ur credit.
Don’t look at it that way. Imagine a real estate investor with 100 loans, if they were in an LLC or corp they don’t necessarily need to be on a personal credit report. If they were no bank would approve them for anything because they would see a $1m in monthly mortgage amounts even though the persons salary could only be $350k/yr.
Could you elaborate on the “why not use a line of credit” comment for the business?
Wrong car/wrong time likely refers to there not being any real incentives or discounts on the vehicle plus an atmospheric money factor. It’ll likely continue to be in this situation for a while so you’re better off financing it or paying cash for it instead of leasing since your total cost of ownership over two years will be highest by going this route.
Primarily this:
Personal finance rate is 4% but I will be doing it through the entity at 7% since I do not want it to show up on personal credit
Did you confirm that the lease won’t show on your personal credit?
I don’t understand. Typically someone who can afford a 150k car can handle how it looks on their credit.