pjl

Once again I come to the most knowledgable board for the answer to my question, even though it concerns a 996 (forgive me bretheren).

I'm looking to lease an '03 911, but have reached a bit of a stopping point. To have the monthly payments I want, it looks like I am going to have to buy from a private seller (to get a lower purchase price). But in order to actually buy the car, I need to first secure financing from a lender. But, lenders don't seem particularly ready to finance a used auto from a private seller.


So has anyone ever found a lender that will finance a used car purchase from a private seller?

I hope so! Thanks.

Phil

try leasecompare.com

CLL ACAB

pjl,

send me an email. I am in CA also and wanted to do a lease on a used car. It can be very difficult to find a lender willing to do that. But I made some contacts and ended up with a credit union in TX (of all places) that just started doing leases on used cars in CA. However, I don't know if they will do it from a PP purchase, but it doesn't hurt to ask. I'll send you some contact info when I get home tonight.

Dave
dmosesson@adelphia.net

Howdy993

Try eloan.com if your credit score is good they will finance a PP deal.

Also try LendingTree.com.

TamiyaGuy

The last time I did the math on leasing a used vehicle, the numbers didn't come out so good. The fundamental problem was that the leasing company was showing a weak residual value on the used vehicle. It was also the same money per month as a new version of the same car.

Have you had a chance to ask around about residuals on a used Porsche? Will your monthly payments actually decrease significantly? My recollection was that for a one year old vehicle, it just wasn't worth the effort.

Thanks,
peter

CLL ACAB

However, in CA when you purchase a car you have to pay sales tax on the full amount. So a $70K car at 8% costs you $5,600 in sales tax. If you dump the car in 2-3 years and get $50K for it, you get no credit for sales tax on the $50K. In essence, you paid the state $4,000 that you will never see again. (Personal experience) On a lease, you only pay tax on the down payment and on each monthly payment. So if they get you a little on the residual, it may not be a bad deal. And if the car is worth more, you can always sell it and pocket the difference.

24FPS

pjl... why not just asume someone elses lease. some 996ers are looking to get out.

kinda remember a site for this exists somewhere. & dave... good thought re: the tax fact.

bol on the search.

CLL ACAB

Two places you can check out:

swapalease.com
leasetrader.com

Yea, I got burned on the tax thing - "She Who Must Be Obeyed" was VERY unhappy-cost me some new furniture to keep peace in the house.....

pjl

Thanks for your replies. I have been looking at this issue now for the past week, and the problem is there's always a hangup with buying new versus old (too expensive or taxes), assuming someone's lease (too expensive, terms go beyond warranty period), or with the internet leasing services (not good rates even with good credit).

So I've concluded that the best shot is buying from a private seller because they offer lower sales prices, which offset the lower-residual-rate-for-used-cars issue. And hopefully you can take comfort in the fact that most P-car owners take care of there cars (especially in less than a year since I'm looking for an '03). It just takes time and patience to find the right deal, both with financing and the actual car.

Since I've already waited over a year since giving up my 993, I guess I can wait longer until the right situation comes up! Although it's not very fun to not be driving the P-car!!! Now I've just got to find a bank that will loan me ~60K for a private party used car sale. Doh.

Thanks again.