R8 in Canada - financing experiences

[joel in to]

Hey all,

Finally just received my delivery date for my R8 (Daytona Grey/Oxygen silver sideblade) from audi Canada - May 22. So excited but now comes the decision - do i pay cash or do i finance? Audi Canada quoted me an outrageous sounding rate of 8.9% last week. If this the best I can get, i will definitely just pay up. However, I'm curious to know if anyone in Canada has received any better offers on financing this car... I'd really rather not liquidate assets that are significantly down due to the lousy markets if i can avoid it!

Thanks for any thoughts/experiences.

[Inrev]

I got offered 7.84% high but still lower than your 8.9%

[petrolhead]

How about extending your mortgage, you should be able to beat that rate easily, but make sure you don't take too long to pay it off !

[imclueless]

I did that - it will be paid off when I retire. You are only 51 once you know

[joel in to]

Thanks for the replies. I'm going to try a few third party financing agents to see if I can beat Audi's atrocious rate. The mortgage option is out for me as i just refinanced my home back up to 75% in order to buy a second property.

Disappointing how Audi Canada is willing to give 0.8% financing to move all their basic cars but sticks it to their big ticket customers. I don't expect 0.9% but something at least in the vicinity of prime would be more appropriate.

[HovyR8]

if u have the cash, why finance? pay cash and that's it, that what i did.

[richcliffe]

Cheaper for you to pay cash. Why pay 8.9% on borrowed money when you're never going to get anything like that return from your savings account if you keep it in there?

[russman]

When I bought mine in January in the states, Audi quoted me 8.9%, too. They really don't want to hold paper on that car. The best we found was in the low 6's from a bank who's name I cant recall. I bought it from a line of credit on my home... 2.74% tax deductible.

[Keyser]

Hi Joel in TO..

I'm pretty close to you..

Congrats on the car! you will love it - I am still shocked at the reaction this car gets - every single day I get the head turns or the cell phones snapping pictures or thumbs up..

Have you looked at a line of credit thru your bank?

About the worst thing to do is sell your investments at a loss - IMO we are near the bottom of the drop and when the market recovers you'll gain much more, compared to the interest you will pay on a line of credit..

[sonnythebull]

contact jamie taylor at pfaff leasing. they gave me the best deal. leasing is a better option i think as you are only paying for the time you use the car not the full purchase price