Credit Unions = King

[Redhot2474]

In case you missed part 1, this thread regarding “how I should pay” stirred up lots of feelings about $, leveraging $ etc…

its an interesting thread with tons of great insight…

https://www.taycanforum.com/forum/threads/pay-cash-or-finance.13255/

Yesterday , my car arrived arrived at dealer and I had all my ducks in a row regarding financing. Of course, I gave them the chance to match or beat - doubtful

After my local credit union capped me at 80k(I asked for 150k), I made another call to a out of state credit union

they gave me 151k for 83 months, at 4.25%

there’s a great article in NYTimes regarding credit unions, apparently someone forgot to tell them that rates increased, ?

https://www.wsj.com/articles/auto-l...cketing-no-one-told-credit-unions-11672101418
https://www.wsj.com/articles/auto-l...cketing-no-one-told-credit-unions-11672101418

For those of you who have great credit, credit unions still have excellent rates

Everyone’s situation is different, I just couldn’t wrap my head around wrapping all that $ up in car when I can get Money Market, Bonds, CD’s between 4-5% and have access to my cash…

Cash is ?

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[Payton48]

Which CU? My local CU had a similar loan cap to yours. I financed with Porsche just to get the deal done but will refi if I can.

 

[Redhot2474]

Which CU? My local CU had a similar loan cap to yours. I financed with Porsche just to get the deal done but will refi if I can.

Pioneer valley in Mass

 

[Icebergmikey]

Thinking strongly about leasing. The tech will definitely change in 3 years. It will allow me to swap it out if I choose. Yes the rates(MF) are higher, but it won’t make that much of a difference to me.

 

[Redhot2474]

Thinking strongly about leasing. The tech will definitely change in 3 years. It will allow me to swap it out if I choose. Yes the rates(MF) are higher, but it won’t make that much of a difference to me.

I try to get in and out of cars by following the market, I drove my Tesla M3P and sold it 2 months ago for what I bought it for 3 years ago (50k), - i saw market turning quickly - my trade in today would have been 27k. it’s impossible to perfectly time the market , but there’s certainly some skill to minimize losses - Never was a big fan of leasing, especially with Porsche. BTW, money factor is about 11% - terrible. Plus I got the 7500 EV credit for buying

 

[Icebergmikey]

I try to get in and out of cars by following the market, I drove my Tesla M3P and sold it 2 months ago for what I bought it for 3 years ago (50k), - i saw market turning quickly - my trade in today would have been 27k. it’s impossible to perfectly time the market , but there’s certainly some skill to minimize losses - Never was a big fan of leasing, especially with Porsche. BTW, money factor is about 11% - terrible. Plus I got the 7500 EV credit for buying

My car is scheduled for March, so I’ll miss the 7500 credit. When leasing, only the total amount of the payments (ex.36 months worth) will be on my credit, versus the entire amount. I’ll also offset some of the cost by running it through my business and writing 50% off on my taxes.

 

[Redhot2474]

My car is scheduled for March, so I’ll miss the 7500 credit. When leasing, only the total amount of the payments (ex.36 months worth) will be on my credit, versus the entire amount. I’ll also offset some of the cost by running it through my business and writing 50% off on my taxes.

Only way leasing makes sense ?‍

 

[Torv]

Granted this was 18 months ago and interest rates have risen considerably, but even so, I wouldn’t lease—it’s simply not an economically viable option.

When I bought my Taycan, the cost was about $150K out the door. I put down $50K (cash from selling my Model S) and financed $100K. I really laid into the dealer, threatening to use a credit union at 2.8%. As dealers in the US make a commission on financing and because I originally financed my Model S through Tesla (via Chase) at 1.5%, they got me 1.9% again through Chase. I figured that the $100K I financed at 1.9% was money in the bank as my investment account was returning around 9% making a net gain of about 7%.

 

[tomtom901]

I drove my Tesla M3P and sold it 2 months ago for what I bought it for 3 years ago (50k), - i saw market turning quickly - my trade in today would have been 27k.

Exactly what I did. I saw you can now buy my Model 3 for a price which is 5k lower than what I got as a trade in from Porsche . Dealership took a rough one on my deal.

 

[HowDoYouChargeIt]

3.5% for 72 months at Boston credit union

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