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PORSCHE ANNOUNCES FIRST-TIME AVAILABILITY OF LEASING AND BALLOON PAYMENT FINANCING FOR ITS USED CARS

 RENO, Nev., May 5 /PRNewswire/ -- Porsche Credit Corporation, the year-old financing arm of Porsche Cars North America, today announced that it will offer both lease and balloon payment financing programs for used Porsches for the first time. The announcement comes only weeks after improved rates were announced for Porsche's new car leasing and financing programs.
 "Porsche Options," a financing program combining the economies of leasing with the benefits of ownership, will now be available on used 1990-1994 Porsche models. The company's "Porsche Preferred Lease" program will now include used cars from 1991-1994 model years.
 "This is just the latest example of how Porsche Credit is moving aggressively and creatively to allow more American drivers to enjoy the thrill of the Porsche experience," said Fred Schwab, president and chief executive officer of Porsche Cars North America. "These attractive, flexible programs for obtaining used Porsches are being launched only a few weeks after the announcement of improved financing terms for certain new models at rates as low as 1.9 percent A.P.R. and for terms as long as seven years."
 As an illustration of how the new programs would work, a 1991 Carrera 2, which had an MSRP of $58,500 when new and a current book value of $41,850, could be financed under the Porsche Options program over four years with monthly payments of $699 after a $4,000 down payment. Monthly payments for the same car under Porsche Preferred Lease would be $796 with no down payment.
 The Porsche Options program allows drivers to pay for only the period they actually drive the car, from 24 to 48 months. Drivers in this program own their vehicles, while enjoying low monthly payments similar to a lease and a variety of options at the conclusion of their selected term. At that point, they may keep their car by paying off the remaining loan balance; sell the vehicle, pay off the balance and retain the possible profit; refinance the balance without any increase in the monthly payment amount; or simply return the vehicle without further obligation (subject to mileage and excess wear and tear restrictions).
 Under the Porsche Preferred Lease program, drivers may lease their cars for up to five years, with an option in most states to purchase it for the residual value at the lease's conclusion.
 -0- 5/5/93
 /CONTACT: Dan O'Connell of Robert Marston and Associates, 212-371-2200, for Porsche Cars N.A.; or Bob Carlson of Porsche Cars N.A., 702-348-3707/


CO: Porsche Credit Corporation; Porsche Cars N.A. ST: Nevada IN: AUT SU: PDT

GK-CK -- NY036 -- 4799 05/05/93 10:39 EDT
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Publication:PR Newswire
Date:May 5, 1993
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