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Porsche Cayman Lease Questions

kyfdxkyfdx Posts: 148,569
edited May 2015 in Porsche
For current leasing information, go to 2015 Porsche Cayman S Lease Questions




Ask your Porsche Cayman lease questions here.

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Comments

  • I understand they change from month to month but I wanted to get an idea of what the rates were since I doubt they would change significantly by May.
  • I AM LOOKING TO LEASE A PORSCHE CAYMAN S FOR 24 MONTHS 10K/YR. COULD YOU FIND THE RESIDUAL AND MONEY FACTOR FOR TIER 1 CREDIT?
  • I'd be happy to help you out, erica007. I assume that you are interested in a 2007 model, let me know if that is not the case. Porsche Credit's current buy rate lease money factor and residual value for a 24 month lease of a 2007 Porsche Cayman S with 10,000 miles per year are .00310 and 71%, respectively. Let me know if you have any other questions.

    Car_man
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  • hughdhughd Posts: 1
    Wondering if you could tell me Porsche Credit's Money Factor and Residual with excellent (750+) credit for an '07 Cayman (non-S) for a 2yr. lease with 10K mi/yr?
    Thanks!
    Hugh
  • Here you go, Hugh. Porsche Credit's current buy rate lease money factor and residual value for a 24 month lease of a 2007 Porsche Cayman (non-S model) without a Tiptronic transmission with 10,000 miles per year are .00310 and 69%, respectively.

    Car_man
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  • changw1changw1 Posts: 15
    Can someone tell me what is the money factor and residual value for a 30 and 36 months lease for a 2007 Cayman S assuming 10,000 miles per year? Thanks.
  • changw1changw1 Posts: 15
    I have been quoted a 3 year lease rate for a 2007 Cayman S (6 speed) with a money factor of 0.0031 and a residual of 61% with 10K miles/year. Is that a reasonable rate? Are documentation fee of $750 plus an annual Lease Fee of $85 standard fees charged by Porsche Leasing?
  • What is the MSRP and pymt amount? How much down?
  • changw1changw1 Posts: 15
    That price is based on 66000 MSRP and a 62000 Net cost. Zero down.
  • Your pymt amount?
  • I need your help guys and would really appreciate it. I'm looking into leasing, if possible, a 07 Porsche Cayman. I'm not really interested in any of the options but would like automatic. The invoice on a base Cayman is $43,075.00 but I don't think any dealer wants to sell it at invoice or close to it.

    The latest lease special I've seen was the following on a $49500 MSRP

    Down: 7,000
    Monthly: 399
    Months: 36
    Miles/Month: 10,000

    I'm looking at something more along the lines of,

    Down: 3,000
    Monthly: 500
    Months: 36
    Miles/Month: 10,000

    I think this is possible if the dealer sells the vehicle close to invoice. Please advise.
  • Hi changw1. Here's the information that you're looking for. Porsche Credit's current buy rate lease money factor and residual value for a 24 month (I haven't seen this car's 30 month lease program) lease of a 2007 Porsche Cayman S with 10,000 miles per year are .00310 and 69%, respectively. The numbers for an otherwise identical 36 month lease are .00310 and 61%.

    Car_man
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  • Hi changw1. The money factor and residual value that you were quoted for the Cayman that you are interested in are right in line with Porsche Credit's current lease program for it. Porsche Credit charges a $745 acquisition fee on every vehicle that it leases. If you are charged any other "doc fees" in addition to that it is nothing more than a way for the dealer that you are working with to add additional profit to your deal.

    Car_man
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  • Hello namshik. I don't know exactly how much you will have to pay for a 2007 Cayman right now, but you're right I highly doubt that you will be able to get a Cayman for close to dealer invoice. What I can tell you is that $3,000 and $7,000 are way too much money to put down when leasing. I always advise consumers not to make large down payments on leased vehicles. Those who do risk losing them if their vehicle is totaled in an accident or stolen and never recovered.

    I would be happy to use Porsche Credit's current lease program to tell you exactly how much it would cost you to lease this car right now. Just provide me with the full MSRP and approximate selling price of the exact Cayman that you want and I'll crunch some numbers for you.

    Car_man
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  • let's try the following MSRPs:
    $50,195
    $52,875

    i just noted that on carsdirect, the target price has changed. it was usually the same as the msrp but have changed to $47,195 and $47,195 respectively. looks like good news.
  • Thanks Car_man. I have just put down a deposit on a new Cayman S with a March build date so I still have another two months before making the financing decision. I assume money factor is tie to general interest rate. But how about residual? Will residaul value go down during later months of the product year? I see there is a huge difference between 06 and 07 model.
  • Car_Man -
    I have been looking at a Cayman S with Tiptronic in the San Francisco Area. The features on the car are the preferred package Plus & powerseats, xenon headlights....

    MSRP:$68,450
    Price they offered: $63,400
    Term: 39 month lease
    Miles: 15K
    Drive off is $2500
    Monthly Rate: $1001 (including tax - SF, CA)

    This seems high and they claiming the residual for the Cayman S w/tiptronic is only 49%. But I keep seeing much higher on this site - am I getting ripped off?

    Thanks
  • vwguild1vwguild1 Posts: 98
    Is this a US Bank Lease or Porsche Financial Services???
    What is the Money Factor???
  • habitat1habitat1 Posts: 4,282
    For what it's worth, my dealer has/had several low mileage used Cayman S's in stock when I stopped in a couple of weeks ago. They were marked down considerably, especially the Tiptronic versions. He even commented that the tiptronic, which costs $3,400 +/-, is a severe impediment to resale, which may be being reflected in the lower residual value you are being quoted.

    Before you spend $40,000 to lease a Cayman S for 39 months, you might want to look into buying a low mileage certified used one. They were all in the high $40's to low $50's, with room to negotiate, and looked brand new to me.
  • It's a US Bank Lease and the money factor is 0.00253.

    Unfortunately, there aren't any used Tiptronics with the features I want in the state of California.

    Thanks for your advice.
  • changw1changw1 Posts: 15
    PCNA offers better money factor but also a much higher money factor. Try leasecompare.com. I think they use US bank as one of the lessor.
  • changw1changw1 Posts: 15
    Actually, I mean to say PCNA offers both higher residual and higher money factor.
  • Car_Man,

    What is the current money factors, and residuals for an '07 Cayman S 36 month lease 18K miles/year. I recently ordered a car for late May delivery (MSRP approx 63K, purchase price 58K) and when I asked the dealership what the current rates were they wouldn't give me an accurate quote. I wanted to do my research before picking up the car so I can get the best rate.

    Also I am definitely leasing the car, and have no plans to purchase the car at the end of the lease. Will going with whoever gives me the best residual or lowest money factor give me the lowest monthly payment?

    Thanks
  • vwguild1vwguild1 Posts: 98
    The reason your Dealer could not provide Rates or Residuals is that they change month over month...What is accurate today will not be the same in May or June...
  • changw1changw1 Posts: 15
    Check the March rate out here:

    http://www.caymanclub.net/showthread.php?t=9664

    Based on my research, residual goes down gradually over the course of the year.
  • Thanks changw1, I'm actually a member of the caymanclub and saw the post. I was hoping to get the rates Porsche financial offers.
  • changw1changw1 Posts: 15
    I believe those are the official PCNA rates. However, the money factor is based on tier-2 credit rate. The tier-one credit money factor should improve by 0.0001.
  • vwguild1vwguild1 Posts: 98
    FYI...That requires a score of 740+
  • Thanks for the additional information, namshik. OK, so you're interested in seeing what the monthly payment would be like on a 36 month, 10,000 mile per year lease of a base 2007 Porsche Cayman without Tiptronic that has an MSRP of $50,196 and a selling price of $47,195. According to my calculations, this car's zero down, pre-tax monthly payment should be around $715.

    Car_man
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  • You're very welcome, changw1. You're right, vehicles' residual values gradually decrease as the model year progresses. Porsche's lease programs usually run in two month increments. While there is no guarantee that a vehicle's residual value will drop when a new program is published, it's very possible that it will fall by a point or two.

    Car_man
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  • Hi mightykc01. Porsche Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Porsche Cayman S without Tiptronic with 15,000 miles per year are .00310 and 57%, respectively. 15,000 miles per year is the highest mileage allowance that Porsche Credit publishes residual values for. I believe that if you need to drive more than this you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty. Some independent banks have better money factors than Porsche Credit, but their residual values tend to be worse.

    Car_man
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  • lbh2315lbh2315 Posts: 6
    2007 Porsche Cayman, turned in by owner with 5K miles on it
    Red with tan leather

    Tiptronic S
    Preferred Package
    MSRP = 56K

    Price = $46,500
    39 month lease
    56% residual
    12K/year
    mf = .00340
    $2,300 negative equity from my Saab trade-in
    $3,700 total out of pocket at delivery
    payments of $799/mo

    I cannot figure out if this is a good deal or not. Sounds good considering the negative equity and the discount on the car, approx. $2k of out of pocket goes to fees (just tags on a Porsche are $850 in AZ!). Not often I can get into a Cayman with tip for $46,500 - but I am just concerned b/c it is fairly stripped down, no Bose, no xenons, no navi, no sunroof. But I would be willing to overlook these things if you told me this was a great deal. Any help Carman???? I probably need to act quick as I already put a deposit on a 2008 Audi TT roadtser leased at $680/mo. Thanks in advance for your help - or anybody else of course! Now if only someone could help me decide between the Cayman and the new TT roadster!!
  • "Now if only someone could help me decide between the Cayman and the new TT roadster!!"

    Forgive me in advance, but I'm feeling rather opinionated this morning and not inclined to mix my words or try to be politically correct. So take the following as you wish:

    - Do you know what the heck you are buying? The "Preferred Package" on the Cayman does include Xenons and Bose.

    - $680 to $800 per month for what? In the case of the TT a grossly overweight pretender of a sports car and in the case of the base Cayman, a competent sports car, but handicapped with that god-awful tiptronic. Obviously, you don't really care about performance...but, you are spending a small fortune for exactly what? Looks? For someone who is upside down to the tune of $2,300 on a Saab it seems like you like to waste your money.

    I get kick out of some who comment that I must be rolling in the dough to be driving a 2007 911S coupe. I do well, but a long way short of "rolling" as I define it. I negotiated a great discount to MSRP, paid cash and, based upon my calculations, it will cost me less than $800 per month over 3+ years. $8,000 to $10,000 per year to lease a TT or base Cayman with tiptronic? :confuse:
  • lbh2315lbh2315 Posts: 6
    First, let me say Go Sox. Second, allow me to reply to your somewhat angry posting.

    1. The preferred package on the Cayman does NOT include Bose or xenons, that is the preferred package PLUS.

    2. I assume you know plenty about cars. The new TT certainly is not overweight and the reviews have been absolutely stellar in saying that the TT can finally be called a sports car. That being said, no - performance is not number one in my book. Both the Cayman and the TT will out-perform 95% of the cars on the road, and that is good enough for me since 95% of my driving is done in harsh urban conditions. I don't need 0-60 in 4 seconds. So yes, I care about looks, build quality, good performance, value, service, technology and the fun factor. Either of these cars will be fun on a daily basis.

    3. Wasting my money? Simple concept. Bought the Saab. Bad decision to ever buy a Saab because of depreciation. I can admit that. And at this point in time, I was interested in getting a new car and seeing if the inequity was going to kill me on a trade. If so, I wait a few months and get even and I have no worries. I think my reason for getting a Saab in the first place was because I didn't want to waste money living in the city on a car I didn't use much - now I am in the burbs and drive all the time.

    4. As to your final comment, we simply choose to spend our money in different ways. I don't like to buy depreciating assets - that is why I normally lease and that is why I should have never bought the Saab. If I would have saved $80-$90K, I certainly would not have thrown it into buying a Porsche outright. When I have nice chunks of dough like that I invest with long term growth in mind. I am sure you have your investment strategies and I am sure they work for you. We just do things differently.

    And finally, yes - tiptronic. Again, I do a lot of driving in traffic and don't want to drive a stick. Simple as that. So, I guess thanks for your comments - considering that the majority of those who lease either of these cars are well into 700/800/900/mo payments, I wanted to see how the price and total lease package on the Porsche was. Obviously, you don't like the car, me or the deal. So I guess I have at least one opinion the matter.
  • habitat1habitat1 Posts: 4,282
    Ouch, did the Red Sox make another bad trade? ;) That was a pretty brutal assessment by redsoxgirl - someone who is normally pretty pleasant in these forums.

    However, if you want an equally biased, but perhaps gentler assessment, I'd say negotiate your best cash deal on the Cayman, margin borrow against your long term investment account (assuming you can match the 6% Fidelity just quoted me) and buy, rather than lease it. I'm not going to claim expertise in the lease vs. buy analysis, but $800 per month on a $46,500 car seems way too high. Just stopped in the BMW dealership next to my Porsche dealership and the lease on a brand new loaded 335i coupe, with an MSRP of around $45,000 was UNDER $500 per month.

    Second, even though you may not care about ultimate performance, I'd have to disagree about the TT's weight. It is a cow. Nearly 3,500 lbs for the "roadster" is nearly 700 lbs more than my former S2000, 550+ lbs more than a loaded Boxster S that I considered in 2005 and 200 lbs more than the loaded 911 Carrera S Cabriolet that I bought. I even consider my 911 slightly heavy, but my daughters fit in the back and it's still capable of a low 4 second 0-60 sprint, so it's hard to complain. The TT - as with all Audi's - is just too damn heavy, without acceptable justification, IMO.

    And yes, I paid cash too. Previously paid off my mortgage and had the margin borrowing capacity, so I didn't feel guilty about losing the interest on my money at an after tax rate of about 3%. But, based upon your numbers, if I had a payment of about $1,500 coming due every month, I'd feel sick to my stomach. I am quite certain that after 18 months and 12,500 miles, I could sell my car for about $10,000-12,000 less than I paid for it, taxes included.

    Get whatever you want, but I think the Cayman is a true sports car and the TT isn't. Still.
  • changw1changw1 Posts: 15
    It is very difficult to compare deals between different vehicles. But relative to other cayman deal, the residual appears to be in line with the PCNA rate. Money factor is a little high. I think tier-one credit should have a money factor of 0.0031. In terms of purchase price, most people can get a brand new in-stock cayman for 10% off MSRP. Getting only additional 10% off a used car does not seem like a bargain to me.

    On the other hand, a tiptronic Cayman is pretty rare so if that is a must have option, you have limited choice.
  • vwguild1vwguild1 Posts: 98
    Banking "Rule of Thumb" #1 $20-$25 for every $1000 borrowed...

    Porsche Financial Services subvents no rates v. BMW that carries of great deal of rate on their backs...4.9% on 2004s, for example.
  • carnievecarnieve Posts: 2
    I've never leased a car before and have been thinking about the Caymen Coupe (not S). Want manual transmission and maybe the preferred package. Dealer says there is a Porsche lease program right now of $5K down and $599/mo for 48 months. I know nothing about leasing. Is it better to buy under these circumstances? What would be the chance of getting them down from MSRP? Dealer has 20 Caymens on the lot right now. I'm leasing nieve.......please help!

    Thanks,
    Car Nieve
  • lbh2315lbh2315 Posts: 6
    Horrible idea. With a lease you want to put as little down as possible. I was considering a Cayman lease, but ended up with a 2008 Audi TT roadster and only paying fees upfront, no cap cost reduction. $5K down is crazy. It will effectively add $104/mo to your payment, meaning that you are quickly up to $700/mo. in real dollars. Moreover, the 599 car is as base as base gets. You will want some options as base Porsches have NOTHING on them, plus you will need to pay taxes and finally, you should not lease for more than 36 months (maybe 39). After 36 months, the residuals crash and that affects your monthly payment. Finally, you should be able to get at least $4-7K off an in-stock Cayman. If they say no, there are plenty of other dealers that will discount. Also, Porsche Credit North America offers the worst money factors in the business when comapred to the big three German competition. You might want to see what money factors Audi, BMW and MB offer and compare against Porsche. I learned that leasing a Porsche is simply not a good idea absent a fantastic deal.
  • habitat1habitat1 Posts: 4,282
    I agree with ibh2315 that Porsche is not very lease friendly. When you compare the lease terms on a $55k Porsche to a similarly priced BMW, it's like night and day, with the BMW payments often 20-30%+ less.

    That 48 month lease will cost you a total of approximately $34,000. Not sure what the exact MSRP is of the Cayman you are considering, but if it's in stock and the dealer has 20 Caymans on the lot, you should be able to get at least 8-10% off, maybe slightly more. Assuming the MSRP is around $53k for a base Cayman with just the preferred package and metallic paint, you should be able to buy that car for around $48k

    Hopefully, I don't need to point out that buying the car for $48k is a heck of a lot better than renting it for 4 years for $34k. Unless you are just strapped for cash, I'd buy it outright. And if you are strapped for cash or on a tighter budget, I'd wait (or buy a nice Honda S2000 like I did in 2001, before I bought our 911S Cab in 2005).

    In any event, don't buy or lease any Cayman without at least trying out the $920 sport chrono option. Have it in my 911S and the sport setting increases throttle response and makes the car feel much quicker. Not sure how much it will transform a base Cayman, but you should look into it.

    Good luck.
  • carnievecarnieve Posts: 2
    Thanks for your help - I'm off to the Porsche dealer armed with good info! I appreciate you sharing your knowledge!
  • Hi lbh2315. Let's take a look at the deal that you were quoted. The first thing that I notice about it is that the money factor you were quoted is a little high. Porsche Credit's current buy rate for consumers who qualify for its top credit tier is only .00310. If your credit is in good shape, the dealer that you are working with is trying to mark your car's factor up to add additional hidden profit to your deal. Try to get them to use the .00310 factor.

    The selling price that you were quoted looks outstanding. Even with the marked up money factor, this is a good deal. As I said earlier, try to get the dealer to lower the money factor, but other than that I don't see any reason not to go for it.

    Car_man
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  • Greetings Car Nieve. Since you admittedly do not know much about leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Porsche usually does not provide lease support on its vehicles and the advertised Cayman lease that you mentioned is no exception. If you choose to lease a 2007 Cayman through Porsche Credit right now, you will have to use its standard lease money factor of .00310. This is equivalent to an interest rate of around 7.44%, which isn't great.

    Both leasing and financing or paying cash for this car have merits. Neither one jumps out at me as the better deal right now. Whichever one you choose, make sure to negotiate the selling price of the Cayman that you want. The selling prices of leased vehicles are negotiable, just as if you were paying cash or financing. Porsche dealers seem to be providing substantial discounts on the Cayman right now. If you decide to lease, negotiate the lowest possible selling price and then have the dealer that you are working with use the aforementioned money factor to calculated your monthly payment.

    You also should not make such a large down payment when leasing. I always advise consumers to put as little money down as possible when leasing. Lessees who make large down payments risk losing them if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • elmfd3selmfd3s Posts: 23
    Car_man,

    I was wondering if you know the current buy rate from Porsche Finanical for a New 2006 Cayman S leftover. I could not find any residuals or money factors for a new 06.

    Thanks.
  • vwguild1vwguild1 Posts: 98
    No longer available from any lender...only 2007
  • b6s4b6s4 Posts: 2
    "Second, even though you may not care about ultimate performance, I'd have to disagree about the TT's weight. It is a cow. Nearly 3,500 lbs for the "roadster" is nearly 700 lbs more than my former S2000, 550+ lbs more than a loaded Boxster S that I considered in 2005 and 200 lbs more than the loaded 911 Carrera S Cabriolet that I bought. I even consider my 911 slightly heavy, but my daughters fit in the back and it's still capable of a low 4 second 0-60 sprint, so it's hard to complain. The TT - as with all Audi's - is just too damn heavy, without acceptable justification, IMO."

    You must be confusing the new TT with the old. The new TT has an aluminum space frame and is some 300 lbs. lighter than the previous car. Car and Driver weighed the TT at 2960 lbs., which is lighter than the Boxster, Cayman, and 911.
  • b6s4b6s4 Posts: 2
    "What I can tell you is that $3,000 and $7,000 are way too much money to put down when leasing. I always advise consumers not to make large down payments on leased vehicles. Those who do risk losing them if their vehicle is totaled in an accident or stolen and never recovered."

    This is not exactly true. The down payment goes to reducing the payoff amount on the lease, so you do not really lose the down payment. The payoff amount is the cost to purchase the car from the lease, and is the same amount for the insurance company to purchase the car from the leasing company, as in the case of an accident or if the car is stolen. The difference in the payoff amount and the street value of the car is refunded to you (or owed to the insurance company). I know this well because I have been through it.
  • elmfd3selmfd3s Posts: 23
    So, how does a dealer lease a brand new 2006 Cayman S on their lot?
  • kyfdxkyfdx Posts: 148,569
    Technically, you could still lease any car. You can even find an independent bank on your own.

    But, if the Porsche dealer doesn't have a bank that wants to do it, then you can guess that the payment will be outrageous.

    Leasecompare.com is a broker for independent bank leases. You can check out their website for quotes.

    regards,
    kyfdx

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Thanks for sharing your experience, [b6s4. The problem with making a large down payment when leasing is that vehicles are often worth significantly less on the open market than what consumers owe to the bank that they are leasing through. If this happens, gap insurance covers the difference, but it does not refund any down payment that was made. Down payments have absolutely no impact upon vehicles' residual values or their lease-end purchase prices. While there is no guarantee that one will lose the down payment that they made on their lease if their vehicle is in an accident, it frequently does happen and in my opinion is not worth the risk.

    Car_man
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