Lotus Emira Financing/Lease Rates

[EZcheezy]

theres no way i am going to rationalize this as being a smart purchase. its not, never will. even if i bought it with cash, moving 100k from my investments into a depreciating asset is going to hurt my net worth so much in the long run.

doesnt matter tho! iv never been more excited for something in my life. 100% worth it for me.

😁

 

[KAR120C]

theres no way i am going to rationalize this as being a smart purchase. its not, never will. even if i bought it with cash, moving 100k from my investments into a depreciating asset is going to hurt my net worth so much in the long run.

doesnt matter tho! iv never been more excited for something in my life. 100% worth it for me.

😁

I'm sort of in the fixed income stage of life, so it's super smart for me to buy as many cars as possible now before inflation makes my money worth less!

 

[EspritGuy]

theres no way i am going to rationalize this as being a smart purchase. its not, never will. even if i bought it with cash, moving 100k from my investments into a depreciating asset is going to hurt my net worth so much in the long run.

doesnt matter tho! iv never been more excited for something in my life. 100% worth it for me.

😁

Let's see..... choice between (finally) spending your money on yourself or letting others have all the joy of it.

 

[Maurice R]

I was about to say, buying this car really shouldn't be a huge financial decision. If it is, then it's most likely a bad move. Buying this car is purely an entertainment play. Let's hope the price is worth the fun!

Definitely think it will be worth the fun.
Also not a great financial decision.
But will say it again. Life is short so live it to the fullest while you are able.

 

[Maurice R]

Let's see..... choice between (finally) spending your money on yourself or letting others have all the joy of it.

Lol definitely spend it on yourself.

 

[Hell4Leather]

I just want to throw some numbers out. I looked at some finance numbers. I have exceptional credit and this is what I was quoted. I am already thousands into the vehicle, but I will show numbers as if i am just buying the car with ZERO down for the first. This is something to think about, seeing these numbers hurt. Pay cash if you can and finance as LITTLE as possible.

For 93900

36 months​

$2,986
monthly payment

8.99% APR*​

with AutoPay and excellent credit
Loan option 2 of 5, 9.19% APR, 48 months, $2,345 monthly payment autopay and excellent credit,

48 months​

$2,345
monthly payment

9.19% APR*​

with AutoPay and excellent credit
Loan option 3 of 5, 9.49% APR, 60 months, $1,972 monthly payment autopay and excellent credit,

60 months​

$1,972
monthly payment

9.49% APR*​

with AutoPay and excellent credit
Loan option 4 of 5, 9.49% APR, 72 months, $1,716 monthly payment autopay and excellent credit,

72 months​

$1,716
monthly payment

9.49% APR*​

with AutoPay and excellent credit
Loan option 5 of 5, Lowest payment, 10.99% APR, 84 months, $1,607 monthly payment autopay and excellent credit,

Lowest Payment

84 months​

$1,607
monthly payment

10.99% APR*​

with AutoPay and excellent credit

-----------------

Now I will be financing around 15k for it because I would still like to have some money in my savings to enjoy my lifestyle, but if it keeps getting pushed I will be able to pay cash for it. For 36 Months it puts me at 477 a month at 8.99%. This whole delay is whopping my ass as far as getting a good finance %. My last car was 4% and the one before that was 3.5%.

Are you in the United States? This is from my local Credit Union website. Depending on some account types you can take 1% off the numbers here:

 

[DerTheDer]

Are you in the United States? This is from my local Credit Union website. Depending on some account types you can take 1% off the numbers here:

View attachment 30867

I am US. Must you be a member of said credit union to take advantage of their rates?

 

[Davebeats]

I am US. Must you be a member of said credit union to take advantage of their rates?

I paid $5, to become a member of GTE FCU

 

[VL3X]

I paid $5, to become a member of GTE FCU

FWIW, I searched rates and ended up financing my Evora purchase through Navy Federal Credit Union. They had the best rates and stellar customer service. They actually answer when I call and everyone I've spoken with has been helpful and pleasant. They were quick to process my application and send me a check. Some others didn't even respond to my application until weeks after I had already bought the car. 🙃

You don't have to be in the Navy (or military at all) to become a member. I think you do have to have someone in your family who's served, but I didn't have to provide any proof of this. As a member, I believe I have the ability to refer others as well, so lmk if you need a referral. I have an 800+ credit score, but I think they'd happily work with anyone with a decent score and I imagine a new vehicle (Emira) purchase would have lower rates than a pre-owned purchase.

 

[Hell4Leather]

FWIW, I searched rates and ended up financing my Evora purchase through Navy Federal Credit Union. They had the best rates and stellar customer service. They actually answer when I call and everyone I've spoken with has been helpful and pleasant. They were quick to process my application and send me a check. Some others didn't even respond to my application until weeks after I had already bought the car. 🙃

You don't have to be in the Navy (or military at all) to become a member. I think you do have to have someone in your family who's served, but I didn't have to provide any proof of this. As a member, I believe I have the ability to refer others as well, so lmk if you need a referral. I have an 800+ credit score, but I think they'd happily work with anyone with a decent score and I imagine a new vehicle (Emira) purchase would have lower rates than a pre-owned purchase.

Yup, Navy Federal is here too. Used Lotus is next to impossible to finance because they don’t have enough sales volume to get a value. New cars, any new car - they are good to go. You could finance a Pagani for all they care.

 

[trackday14]

If you are looking to finance your Emira, read this article:

Lotus Partners With Subprime Lender To Finance Its American Auto Loans

Buyers that want to finance their Lotus in the U.S. will have to go through Santander to do it.

jalopnik.com

 

[benjh1028]

If you are looking to finance your Emira, read this article:

Lotus Partners With Subprime Lender To Finance Its American Auto Loans

Buyers that want to finance their Lotus in the U.S. will have to go through Santander to do it.

jalopnik.com

Not financing, but no way in hell would Lotus force a specific lender on me. It's not even legal.

 

[KAR120C]

Not financing, but no way in hell would Lotus force a specific lender on me. It's not even legal.

The customer can always choose who they want to finance with. This is merely a (questionable) option.

The article is poorly written to imply you must use the Lotus financing.

 

[Cwolf]

Not financing, but no way in hell would Lotus force a specific lender on me. It's not even legal.

Agreed. You're bank/credit union should be able to finance. Soon as you see the word "subprime" run. That is code for massive interest rate.

 

[Nova]

Not financing, but no way in hell would Lotus force a specific lender on me. It's not even legal.

I think they may be working with Santander to offer lower-than-market borrowing rates. You are, of course, free to get your own lender.

 

[Nova]

The customer can always choose who they want to finance with. This is merely a (questionable) option.

The article is poorly written to imply you must use the Lotus financing.

It's par for the course for what passes as journalism these days.

 

[GetawayDriving]

If you are looking to finance your Emira, read this article:

Lotus Partners With Subprime Lender To Finance Its American Auto Loans

Buyers that want to finance their Lotus in the U.S. will have to go through Santander to do it.

jalopnik.com

From the article;

“All I can say is good luck to the high income earners who finance these things.”

I think they mean high income earners who have never heard a credit union.

 

[benjh1028]

From the article;

“All I can say is good luck to the high income earners who finance these things.”

I think they mean high income earners who have never heard a credit union.

Funny how a Lotus Emira is for "high income earners". I priced out a Ford F150 the other day and it was $88k, and an Expedition was $94k. Cars aren't cheap these days!

 

[Hell4Leather]

From the article;

“All I can say is good luck to the high income earners who finance these things.”

I think they mean high income earners who have never heard a credit union.

Credit Union. 4.5% on new for 72 months. Just need the official MSRP. Anything more and you gotta pay that first.

 

[Max]

If you are looking to finance your Emira, read this article:

Lotus Partners With Subprime Lender To Finance Its American Auto Loans

Buyers that want to finance their Lotus in the U.S. will have to go through Santander to do it.

jalopnik.com

The article is pot on as far as Santander's lending practices go. Real "can they fog a mirror" stuff.

Other posters are correct: no one can force you to use a specific lender.

"After all. We are not Communists."