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Porsche Cayman Lease Questions

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Comments

  • kidzdockidzdoc Member Posts: 1
    Great deal you got, 9square. Here's the offer I received for a '09 Cayman S PDK:

    MSRP - 67,480
    Cap Cost - 63,000 (6.6% discount)
    Residual - 35,089 (52%)
    MF - 0.00146
    Months - 36
    Miles/yr - 15,000

    Payment - $1,025/month

    Any comments?
    Thanks.
  • neil55neil55 Member Posts: 9
    Great deal 9square !
    which dealership did you use ?
  • patco2927patco2927 Member Posts: 2
    Autobahn Porsche in Ft Worth Texas
  • frequencydipfrequencydip Member Posts: 1
    Can you please tell me what experian credit score Porsche finance considers tier 1?
  • dwpcdwpc Member Posts: 159
    Hi Carman:

    I thought I'd get a bargain by leasing a pre-owned 06 Cayman S. The
    Porsche dealer's quote for a 36 mo. 12K/yr lease was:
    Price $41.5K
    Cash Down $7.5K
    MF .00350
    48% residual (on price)
    "bank fee" of $895
    Pmt: $670+ tax

    Not good. Looks like they really don't want to lease pre-owned cars. I could get essentially the same pmt on a brand new 09' Cayman S with a little price haggling. Or a stock Cayman for $100/mo less and 50% less $$ down.

    I expected a lower MF reflecting the going loan rates and much a higher residual because its past the worst depreciation years and its a Porsche. With those lease variables, there's no way to get a price low enough to make up for the low residual and this work. Are my expectations unrealistic? It looks like I'll have to forget this as a bargain.

    (i inadvertently posted this on the 911 forum too.)
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dwpc. the problem with leasing CPO vehicles is that manufacturers usually provide much more support on new vehicle leases than they do on used. As a result, as you have seen there is often not much difference in payment between leasing a used vehicle and an equivalent brand new one.

    From the manufacturer's perspective this makes sense, they earn a profit every time they sell a brand new vehicle but there's very little benefit to them if a consumer leases a used vehicle other than perhaps stronger resale values and a fee for certifying the car / truck.

    If I was in the market for a Cayman, I personally would go new over used.

    Car_man
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  • ychang77ychang77 Member Posts: 31
    Does anyone know if the promotional leasing terms that 9square got is still available right now for the '09 or '10 Caymans?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ychang77. Porsche has pulled the plug on its lease support for 2009 models. At the beginning of the year it paid out dealers five grand for any remaining '09 Caymans that they had left in stock and it was done with them.

    PFS is providing a special .00183 money factor on 2010 Caymans right now through.

    Car_man
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  • johnzeejohnzee Member Posts: 9
    I came across the Porsche Cayman Lease offer. I called two dealers one in Salt Lake City and the other in Las Vegas, BTW I assume no S becasue it is $85K:

    MSRP $47965
    Money Factor - 0.00186
    Mileage - 12K/year
    Residual - 50%
    Cap Reduction - 3000
    Porsche offers the lease payment offer of- $529/month.

    But I am not able to calculate this payment unless I put about $7500 down, Which sounds ridiculous to me. Does anyone know what the details of this lease offer really means.
  • porscheripoffporscheripoff Member Posts: 2
    I had a Porsche Lease and it WAS the BIGGEST NIGHTMARE I've ever had.
    I'll Never a Porsche again.
    Porche leasing:
    1. NEVER returns calls
    2. NEVER honors the contract commitment
    I HAD to get a lawyer...
    THEN they went after my credit
    SCUMBAGS! all the way
  • topgun7topgun7 Member Posts: 412
    2. NEVER honors the contract commitment

    What exactly did they not honor? In a lease document, they specify the payment term and the lease term.. There is normally nothing else that Porsche lease company should handle. Anything relate to the car is promised and fullfilled by the dealer.. Tell us some more about your problem..
  • porscheripoffporscheripoff Member Posts: 2
    hmmm,
    Not sure if your a leasor or just curious,

    The issue is it was an OPEN ended lease. I paid an extra 50 for it this privilege, which was stated on page 8 of the contract.
    The car was 2 yrs old at the time (a 996).
    I also put it through my Company, as I'm the owner.
    After 3 accidents (and only 3 on 25 years), I decided either the car was going to kill me or I had to let it go.
    SO, I voluntarily let it go with 15 months left on a 39 mo lease and signed paperwork to this effect.
    No Issues right WRONG.

    Porsche lesing never contact me, just hit up my credit.... all 3 of them...
    2 lawyers both stated,
    yes the lease is open ended, but... with the language in there, Porsche leasing could tie it up in court arguing points, both wanted $5,000 to enter court representing my company to fight the Outstanding balance of 17,000.
    How wonderful.
    Getting screwed on 2 fronts.

    The sticky point they both made was I'm NOT an indidivual, but a CO, so I have NO rights.
    Which Porsche leasgin was fully aware of and an I've proven i WAS NOT.

    At this point, I waited 7 yrs, disputed and its off transunion and experian.

    But equifax, in their infinitely limited capacity do not understand their own 7 yr rule and I'm still fighting to get it removed.....
    No Judgement, liens from Porsche leasing which of course tells u all u need to know...

    that make my point on "Honor" clearer??
    This makes them liars, thiefs
    Lesson -
  • tarten36tarten36 Member Posts: 1
    edited June 2010
    Hello Carman,

    First off thanks for all of the great information that you provide on this forum. I have read and learned a lot. Could you please proved June residual values and money factors for a 36 month lease for 12k and 15k miles per year on both the Cayman and Cayman S models. Thanks for your help.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, tarten36. Thank you for the thank you :). Here's the information that you're looking for.

    Porsche Financial Services' June buy rate lease money factor and residual value for a 36 month lease of a base 2010 Cayman with 15,000 miles per year are .00118 and 53%, respectively.

    The money factor for the Cayman S is exactly the same, but its residual value is 52%.

    The residual value for leases with only 12,000 miles per year are 2% higher.

    When negotiating your deal, make sure to take advantage of the $2,000 cash incentive that Porsche is currently providing on leases of this model.

    Car_man
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  • rravinrravin Member Posts: 37
    Hi Car man, Although I have used Edmunds.com in the past I just discovered this forum yesterday. Thank you for all the good info you supply. Could you please tell me what the July 2010 lease rates(mf, residual, other appropriate fees) are through Porsche Financial Services for the 2010 Cayman and Cayman S. Looking for 36mo, 10k or 12K. Any cash incentives from Porsche that you know of? Thanks for your help. PS I live in Los Angeles and should qualify for tier 1 credit.
  • dwynnedwynne Member Posts: 4,018
    Cayman S 36 mo / 10k residual is 55% with a manual and drops a point or 2 if you get the PDK. The MF is 0.00118 .

    I didn't get the Cayman numbers from the dealer, but you can figure them out from the offer on the Porsche web page. $59,465 MSRP + $33,300.40 purchase price at lease end = 56% for a 10k per year lease. Plug this info plus the net cap and payment into a lease calc and solve for MF = 0.00118, same as the S.

    The dealer I talked to and Edmunds both say so money to go with the lease deals. Once the 2011 cars roll in the lease deals on the 2010 cars will likely go away and move the the newer models - but money may show up to help move the 2010 leftovers.

    BMW lease numbers, for example, feature a much higher residual but also a higher MF.

    If they lease you a car they have to sell it twice - once the first time and once again when you return it. So they want to have good lease deals to move cars, but if they make them too good they have to eat a lot of money in 3 years. I always thought Porsche had a strong resale value, but that is not really the case and is reflected in their own and 3rd party lease residuals.
  • rravinrravin Member Posts: 37
    Hi car man, do you know what the mf and residual will be in August for the cayman and cayman S. I'm looking for 36mo and 12k. Tier 1 credit. Thanks for your help
  • dwynnedwynne Member Posts: 4,018
    The current deals do not end until today (on 2010 cars). The new numbers are not out yet, from what I have heard. Many dealers have 2011 cars on the ground now, and can't lease them due to the high (6% or so) lease rates on them. The promo money (such as it is) went to left over 2010 cars for July. Will PFS keep promo money on the 2010 models? Discount them with dealer cash and let the dealers try to sell them? Offer promo lease rates on the 2011? Don't know, but if you found a 2010 Cayman you like you COULD get it today and the current promo rates which are not that bad.
  • dwynnedwynne Member Posts: 4,018
    The Cayman lease numbers for August carried over the same as July.

    For 2010 models: 0.00118 and 56% on Cayman for 10k with manual, drops to 55% with PDK, drops 1-2% for 12k miles. S is sane MF and 1% lower than the Cayman residual.

    2011 is the same as last month as well: 0.00250 MF on both and the same residuals as the 2010 cars.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome rravin. Here's the latest information for you.

    Porsche Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 Cayman with 12,000 miles per year are .00118 and 55%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of a 2010 Cayman S are .00118 and 54%.

    If you were to lease either of these cars with only 10,000 miles per year their residual values would be 1% higher.

    I've heard that Porsche is providing a $2,000 cash incentive on leases of this car.

    Car_man
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  • hannabhannab Member Posts: 26
    I've been shopping for a '10 Cayman S and Car_man is correct about the $2,000 lease cash incentive.
    For a purchase there is no incentive, however, the 1.9% financing offer is in effect again this month.
  • rravinrravin Member Posts: 37
    Do you mind telling me which dealers are offering this 2,000 lease cash incentive?
  • dwynnedwynne Member Posts: 4,018
    I am not sure that is correct. I think the $2k applies to lease or sale Cayman and Cayman S 2010 models. It MAY NOT apply if you do the cheap finance offer. Some (quite a few) dealers claim the $2k can't be combined with the cheap lease deal either. I don't know why there is confusion, but there seems to be over this point.

    Note that on 2011 Cayman and S the same residual and MF apply for August - so now you can get a fresh 2011 for the exact same deal as 2010 (not counting the $2k dealer money). A lot of folks may prefer the 1 year newer car, for sure if you are planning on buying (or selling) at the end of the lease - a whole model year newer car with the SAME residual as a year older car will always be worth a good chunk more money. If you are just going to turn it at lease end, then it does not matter - the only different will be the negotiated price of the car.

    For 2011 few changes, but all Caymans now comes standard with BT phone connection, universal audio interface (the cheap cable, if you get the PCM the expensive cable is still extra), and floor mats. Looks like the same MSRP as before as well,so these three items are "Free" on a 2011 car. These were $695, $95, and $90 as options on the 2010 cars. So a like equipped 2010 will be nearly $900 higher at MSRP. Just something to think about.
  • dwynnedwynne Member Posts: 4,018
    Not a leasing deal,but I think PFS is still doing 2.9% for up to 60 months on a CPO Cayman or Boxter. With the right deal, you can OWN your Porsche in 5 years for about the same payment as a 3 year lease. Another thing to think about .

    With the model year changing next month, those CPO Caymans are going to be yet another year older so time to move them off the lot...
  • rravinrravin Member Posts: 37
    edited August 2010
    Just leased a 2010 Cayman S last week. 36 months/12k. Fully loaded, 19" Carrera S II Wheels with PDK. MSRP $77,425. Gross Cap $68,986 (Factor Invoice) . Adjusted cap was $69,863 (Factor Invoice + Acquisition fee of $895). As has been stated before, MF of .00118 Residule 53% for Cayman S with PDK. No money down except for DMV/Registration and 1st months payment. I think this is a pretty good deal. How do you think I did?
  • dwynnedwynne Member Posts: 4,018
    Sounds good to me and about the same deal as I just completed. Mine was non-PDK and less loaded ($65k or so MSRP) also leased for invoice. I found most dealers still wanted to price over invoice by a good bit (keeping all that plus the $2k), but I found a couple that would do the deal for a $2k profit - so a 2010 leased at invoice or a 2011 leased at $2k over.

    Did you have to pay a doc or dealer prep fee?

    Enjoy your new ride, it is one sweet car. I can't believe owner's manual states the break in period is 2000 miles!

    Break in hints for the first
    2,000 miles/3,000 kilometers
    The following tips will be helpful in obtaining optimum
    performance from your new Porsche.
    Despite the most modern, high-precision manufacturing
    methods, the moving parts must still wear
    in with each other. This wearing-in occurs mainly in
    the first 2,000 miles/3,000 kilometers.
    Therefore:
    f Preferably take longer trips.
    f Avoid frequent cold starts with short-distance
    driving whenever possible.
    f Avoid full throttle starts and abrupt stops.
    f Do not exceed maximum engine speed of
    4,200 rpm (revolutions per minute).
    f Do not run a cold engine at high rpm either in
    Neutral or in gear.
    f Do not let the engine labor, especially when
    driving uphill. Shift to the next lower gear in
    time (use the most favorable rpm range).
    f Never lug the engine in high gear at low
    speeds. This rule applies at all times, not just
    during the break-in period.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rravin. The $2,000 is being paid for by Porsche itself, so it should be available everywhere.

    Car_man
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  • dwynnedwynne Member Posts: 4,018
    Getting the Porsche dealer to acknowledge that and pass the savings on to the buyer can be the tough part - some dealers just will not deal that low.

    BTW, my dealer said the August lease number carried over to September unchanged.
  • cayman2cayman2 Member Posts: 1
    I am trying to determine the PFS buy rate lease money factor and residual value for a 2011 Cayman S at 12000 Miles. Thanks for the help.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings to the appropriately named cayman2. Here's the info that you're looking for.

    Porsche Financial Services' October buy rate lease money factor and residual value for a 36 month lease of a 2011 Cayman S with 12,000 miles per year are .00118 and 54%, respectively.

    Car_man
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  • xfdriverxfdriver Member Posts: 3
    Has anyone leased a used 2008 Cayman recently and if so, what was the MF and residual?
    Thanks
  • dwynnedwynne Member Posts: 4,018
    I asked a dealer about a lease on a CPO and the numbers were terrible (compared to a new Cayman or S). You can also check leasecompare.com to see what they have, but I don't expect you will be happy - Caymans just don't seem to lease well used.
  • xfdriverxfdriver Member Posts: 3
    Carman or anybody-
    Got quoted on a 2011 Base Cayman rates and wanted to know if they sound right.
    MF .00158
    Residual at 12k, 36 months 54%

    Thanks
  • dwynnedwynne Member Posts: 4,018
    The dealer can't change the residual, it is set by the lease bank. So whatever they told you (unless in error) is correct.

    The last few months the lease MF has been 0.00118 so either the current rate is higher or (more likely?) the dealer has jacked up the rate for extra profit.

    I would just ask them if they are giving you the "buy rate" or not - most will honestly answer the question when asked - or check another dealer.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi xfdriver. Dwynne is right, the dealer appears to be marking up this car's buy rate lease money factor. According to the latest information that I have seen, PFS' buy rate for the Cayman is .00118.

    Car_man
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  • xfdriverxfdriver Member Posts: 3
    Thanks Car man
    I will challenge the dealer on that. Does the 54% residual on a Base Cayman for 12,000 miles sound correct?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem xfdriver. PFS' current 36 month, 12,000 miles per year residual value for a base 2011 Cayman is 55%.

    Car_man
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  • easy87easy87 Member Posts: 11
    Does anyone know if PFS released new January lease terms (residuals and money factors) on Caymans today? I am considering leasing a new 2011 Cayman and not sure if I should pull the trigger today on the final day they will honor the Dec terms (.00118 MF and 56/57% residual on S/non-S assuming 7,500/yr mileage allowance and 36 months). I am trying to find out if the new Jan terms will be the exact same carried over from these Dec terms or if the lease deal will get better or worse.

    Does anyone have any info or insight?
  • easy87easy87 Member Posts: 11
    Does anyone know if PFS released new January lease terms (residuals and money factors) on Caymans today? I am considering leasing a new 2011 Cayman and not sure if I should pull the trigger today on the final day they will honor the Dec terms (.00118 MF and 56/57% residual on S/non-S assuming 7,500/yr mileage allowance and 36 months). I am trying to find out if the new Jan terms will be the exact same carried over from these Dec terms or if the lease deal will get better or worse.

    Does anyone have any info or insight?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi easy87. PFS January buy rate lease money factor and residual value for a 36 month lease of a 2011 Cayman S with 7,500 miles per year are .00118 and 56%.

    The numbers for an otherwise identical lease of a base Cayman are .00118 and 57%.

    Car_man
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  • anijhawanijhaw Member Posts: 24
    Car_man,

    Thanks for everything that you do for this forum!

    Can you provide updated residuals on a 1, 2, and 3 year lease for a 2010 Cayman (7,500 mi per year)? If you could also provide the money factor for each, that would be greatly appreciated.

    I plan to make an offer this weekend, so this information will be very helpful.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome anijhaw.

    Porsche Financial Services' January buy rate lease money factor and residual value for a 24 month lease of a base 2011 Cayman with 7,500 miles per year are .00118 and 68%, respectively.

    The numbers for an otherwise identical 36 month lease are 00118 and 57%.

    Car_man
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  • anijhawanijhaw Member Posts: 24
    Thank you Car_man. I believe those are for a 2011. How about a 2010?
  • k_man_sk_man_s Member Posts: 3
    I am considering acquiring a "new" (never titled) 2008 Cayman S. If a lease is offered and is favorable, I may lease instead of purchasing. Given the car is already two years old, based on its estimated new price in 2008 and what I can purchase it for now, its value today is about 60% of its original price.

    If I take a new lease now (based on its current age as a 2 year old car and its currently depreciated price) what would be the residual and the money factor for a new 36 month lease (that will expire when the car is 5 years old)? Also, what would they be for a new 42 month lease? I have a credit score over 725 and would want a mileage allowance of 12,000 miles per year. I am requesting for a closed-end lease. THANKS!
  • kyfdxkyfdx Moderator Posts: 235,188
    Porsche isn't going to have a lease program for a 2008 vehicle. If you wanted to lease it, you'd have to go through an independent bank, and consider it a used car...

    I wonder why a 2008 model is still on the lot? Dealerships that hang on to older models, usually don't have a realistic price.. that's why they still have the car.

    Also, used cars don't lease well.. It may be counter-intuitive, but it often is more to lease a used car than a new one...

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Sure, anijhaw. Porsche Financial Services' January buy rate lease money factor and residual value for a 24 month lease of a base 2010 Cayman with 7,500 miles per year are 00230 and 52%, respectively.

    The numbers for an otherwise identical 36 month lease are .00230 and 45%.

    When negotiating your lease on this car, make sure to take the $4,000 final dealer cash payment that Porsche made to dealers who had 2010 Caymans left in stock into account.

    Car_man
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  • k_man_sk_man_s Member Posts: 3
    Thanks kyfdx. This dealership has used the car as a service loaner for 1+ years and about 20K miles. They said it will be treated as new with regard to financing since they have not titled it. They have certified it with regard to warranty. I think I can purchase it for approximately $40K. Does this change things in your opinion?
  • kyfdxkyfdx Moderator Posts: 235,188
    It might be a good purchase.... I still don't think you'll find a lease program for it, that will make much sense.. It's 2011... it will be a six year old car, after a 36 month lease... That's going to be a pretty low residual...

    Figure a residual on a 3yr/36K lease to be somewhere around $15K-$18K... With a $40K purchase price, you'll probably have a lease payment of $900-$1000 per month... or more...

    You could buy the car for $800/mo..

    You can ask them... maybe Porsche will have some sort of program.. maybe a special finance rate for certified used cars.. But, treat it like any other used '08 Cayman S, when making a purchase decision...

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  • k_man_sk_man_s Member Posts: 3
    Thanks kyfdx. I think you have given me good advice.
  • ras912ras912 Member Posts: 18
    My lease expires mid-March and my new car (non porsche) will be delivered 10 days later. I know BMW allows for a 10 day grace period. Does Porsche allow you to return the vehicle within 10 days of the lease expiration? Thanks
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