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Mar 8, 2005 11:21:14 AM

dutycalls: Newbie; Loc: UK; Posts: 17, Gallery; Registered on: Oct 29, 2004

UK OPC Finance question

Sorry if this is a dumb question, but what exactly is the difference between a balanced payments scheme and a lease purchase scheme. Both have fixed payments and both have a balloon figure at the end of term. So what's the difference?

I am currently being offered 4% above FHBR on a balanced payments scheme. This is obviously too high, so how low have people managed to get Porsche Finance?

I have looked through the archives and I do apologise if this has been covered before.

Recent information is much appreciated.

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Mar 8, 2005 12:15:21 PM

newboxster: Co-Pilot; Loc: Reading, UK; Posts: 194, Gallery; Registered on: Jan 14, 2005; Reply to: dutycalls

Re: UK OPC Finance question

Balanced payments gives you flexibility to pay more off if you want to, reducing the term. Leasing has fixed terms ie. monthly payment and duration.

The former can be more expensive if you intend to keep to the monthlys and terms in which case leasing is better.

I used Lex as they were, overall, Pounds2500 cheaper over a 4 year term.

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Mar 8, 2005 12:49:35 PM

dutycalls: Newbie; Loc: UK; Posts: 17, Gallery; Registered on: Oct 29, 2004; Reply to: newboxster

Re: UK OPC Finance question

Thanks newboxster.

So presumably the rate at which the agreement is set is a fixed percentage over FHBR. If FHBR varies up or down during the term, I could be liable to more or possibly less interest at the end of the term?

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Mar 8, 2005 1:42:46 PM

Martin Tyler: Co-Pilot; Loc: London, UK; Posts: 230, Gallery; Registered on: Jul 25, 2003; Reply to: dutycalls

Re: UK OPC Finance question

I used porsche finance when i first got my current boxster, but found the service was terrible - after being sold on it for its flexibility. No statements, no confirmation after I paid off a 10k lump some, even after asking all i got was a 1 line letter, as if they had never done it before.

I did get some silver cuff links after complaining to porsche GB though

I stopped using them and got better rates from my bank instead.

It's not really a porsche company, just outsourced.

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Mar 8, 2005 4:07:34 PM

newboxster: Co-Pilot; Loc: Reading, UK; Posts: 194, Gallery; Registered on: Jan 14, 2005; Reply to: dutycalls

Re: UK OPC Finance question

Quote:
dutycalls said:
Thanks newboxster.

So presumably the rate at which the agreement is set is a fixed percentage over FHBR. If FHBR varies up or down during the term, I could be liable to more or possibly less interest at the end of the term?

Yep, like e.g. Virgin One account, interest is calculated daily hence the flexibility.

I did go back to Porsche after Lex quoted and they "sharpened their pencil" but not enough!!

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