| Author | Message | ||
| Fred (I Luv 4REs) (Iluv4res)
Member Username: Iluv4res Post Number: 376 Registered: 8-2002 |
Martin, Some sellers ARE idiots!!! | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4366 Registered: 5-2001 |
Fred, give you an idea about how strong that law is: Same as in Real Estate. If I sell your house and ask for a commission without being licensed or you pay me a "referral feel" without me being licensed. Your license is toast, I will never get one and we will both end up in front of a judge getting slapped in the face. | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4365 Registered: 5-2001 |
Fred, the bond is $25K. As for your open title suggestion here is where this can bite you as the seller in the arse. If you agree to sell with the open title for $ 10,000 and the guy who buys from you sells for $14,000 and puts just that into the title, then you will have to declare the extr $4K as additional income and pay taxes on it! You can easily get •••••• there. Further if you buy from a guy like that you have no recourse later. Being the seller you have to be an idiot. Also for liability since you have never filled out who you sold the car to. The car could be used ina crime etc and you would still show as the owner. As I said in Florida this is a Fellony. Don't know if that is worth going to jail for. As for the shop and frontage, you need a business location as well here. The location has to be clearly identified and deals at your house are also curbstoning. I have met some people on weekends at my house to show them cars simply becuase I did not feel like driving out to the warehouse but the actual papers were signed in the office not at my dinner table. Big No-No. | ||
| Fred (I Luv 4REs) (Iluv4res)
Member Username: Iluv4res Post Number: 369 Registered: 8-2002 |
I think here in FL, you need to have a $10k bond, an actual location that's verifiable, a clean record, and fill out some paperwork. Not really sure exactly what's involved, but from what I understand, it doesn't seem to be too difficult. | ||
| Mfennell70 (Mfennell70)
Junior Member Username: Mfennell70 Post Number: 112 Registered: 7-2001 |
My understanding is that in NJ, you need frontage (ie: own a business on a public road) in order to qualify for a dealer license. We did buy a car from a guy with dealer tags selling from his house though. I ASSume that he was a "real" dealer in the past but I didn't think to ask at the time. | ||
| Fred (I Luv 4REs) (Iluv4res)
Member Username: Iluv4res Post Number: 367 Registered: 8-2002 |
Martin, I was referring to holding an open title. Seller signs & prints name, however, no buyer info or mileage info is printed on the title yet. Seller also signs a bill of sale without price, mileage or buyer's name. Once you find the end-user "buyer", you fill in all of the appropriate info. Your name never appears in the transaction except on the checks. Don't fill in the dealer info/transfer since there is none. Other option is to have the original seller sign a power of attorney limited to the automobile. Either way, it can be done. Defintely not the best way, but I lent some money on a few cars that defaulted, this is the best way without having a dealer's license for a limited number of transactions. By the way, obviously, you must claim the gains, if any, for tax purposes. If you're going to do this often, I agree, you should get a dealer's license. | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 47 Registered: 4-2003 |
Eric, a Fixed Rate 15 or 20 year loan is great for someone who is used to making the "larger" payment. You mentioned that this is the second home that you have owened (indicating previous home ownership experience). I think it is a very prudent choice in your case. In the other gentleman's case he knew for 100% sure that he was going to move...7/1 ARM okay. However, in our first case, the gentleman had been tight on cash flow, probably started with 100% financing (in the form of an 80/20 loan). He REALLY would have been better off with the lower payment and had the flexibilty to make the larger payment. Sorry, everyone for being off topic. | ||
| Eric Eiland (Eric308gtsiqv)
Member Username: Eric308gtsiqv Post Number: 746 Registered: 11-2001 |
I'm currently 4 years into a 15 year mortgage. Was this a good choice? Went 15 years on my first house as well -- and it paid off very well on the equity side. A 30 year mortgage sort of scares me...or am I just too conservative in my thinking? BTW, sorry to get off topic here. | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 45 Registered: 4-2003 |
Again, the reason is that the 30 year Bond is now antiquated.The 10 year It is just another "Gauge". Mortgages are priced of off MBS(Mortgage backed securities). | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3315 Registered: 9-2001 |
I was not disputing your advice on the 20 to 30 year issue. I was merely pointing out that the yield curve is someone steep at this point and that 30 years are generally priced off of the 10 year - which you now agree with. If you want to think that this has nothing to do with the average duration of the loan that is fine. | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 44 Registered: 4-2003 |
Tom, if you know that you will move within 7 years, the 7/1 ARM amortized over a 30 year period is viable. My only point is that NOBODY should ever take a 20 year vs a 30 just to "save" on the interest rate. The 30 can be paid off as a 20 with no pre-payment penalty. | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 43 Registered: 4-2003 |
Okay, with all due respect who is the Sales Manager for the largest Mortgage banker in the nation, and who just refied 2 years ago? Here is the deal: Up until last year, ALL 30 year mortages were priced off of the 30 year Bond.Investors would compare the return (yeild equivilant) to other similar investments. When we fund a loan the servicing (collection of the monthly principle and interest) is retained by us. The note is sold to an investor in bulk. Primarily FNMA or FHLMC. However, any large investor can by a MBS (Mortgage Back Securites). The "Bench Mark" 30 year Bond is now antiquated, so where is your next highest correlation? The 10 year note. That is why we now use the 10 year note as the "New" bench mark. Quite frankly has nothing to do with the average life of the investment (pre paid due to refinancing). The investor figures that in his own paradigm. Furthermore, the STRONGEST CORRELATION is the Mortgage Backed Securities index (MBS). The steepness of the yield curve is relative. Sometimes (when short ternm rates are DROPPING) quickly the yeild curve is actually inverted. My point is that the interst rate on a 20 versus 30 year amortization is only 12.50 to 25 basis points (1/8 to 1/4%) lower for the shorter amortization. That means you will save some money over the life of the loan but you MUST make the larger payment. If you opt for the 30 you can still pay off as a 20 (sure it is .125% higher) but now you can control your own finances. | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3313 Registered: 9-2001 |
most 30 year loans are priced off of 10 year rates - if you think about it most loans are never o/s for 30 years. Also I would argue that more recently the yield curve is fairly steep. when I refied a few year ago I went to a 5 year fixed - knowing I would be moving in less than 5 years - even now I would argue that it is still ok to take advantage of the low rates by doing a 7/1 arm with 9% caps. you can get a 4.5 rate and the most it can ever be is 9%, which is still pretty good given historical rates and better if you plan to pay off your loan in 10 years  | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 42 Registered: 4-2003 |
Jim, FYI. The steepnes on the yeild curve (ie shorter maturities have a lower interst/yield than longer maturites). Right now the yeild curve is relatively flat (short term rates are only nominally lower than long term.) My analysis. Got rid of the PMI...Good idea. Going to a 20 year amortization. ....Not the greatest idea. Why? the interest rate on a 20 year loan is only slightly lower. If you would have opted for another 30 year loan, you can ALWAYS make the larger 20 year amortization payment. Now you are forced into the larger monthly payment with the flexibilty. What would I do?? Call my Loan Officer immediately and say these words: BAAAD LOAN OFFICER....NO DONUT! | ||
| Jim Schad (Jim_schad)
Intermediate Member Username: Jim_schad Post Number: 1028 Registered: 7-2002 |
Well only been in my house a little over a year and refinanced a few months ago to a 20yr vs 30yr. Pmt same since PMI went down and Insurance went up and rate went from 7 3/8 to 5 3/8. Anyway we didn't put squat down on house so have zero equity. Just bought a repo'd mobile home for $11K and selling for $24,500. If I can get the clowns financed or sell the note I will have some cash to do it again and again...otherwise I have to wait to get my returns. | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 41 Registered: 4-2003 |
Martin, FYI, California has no provision for recapture of paid sales tax to individuals. Those crooked bastards can kepp collecting every time the car is sold. If you trade your can in here in Cal. you will not get one red cent back. Even if it is next week. | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 40 Registered: 4-2003 |
Since you have no equity position in the car (100% leveraged), isn't the feeling as shallow as leasing (interpeted long term renting) a car? I thought that a large part of the enjoyment (at least to me) is pride of ownership. Any home equity line of credit (up to, but not exceeding 100% of property value) is generally tax deductible. The 4% rate is derived from Prime (now at 4.25). As the economy heats up, rates will ratchet up. Most HELOCS are tied to prime and have a 18% cap. Depending on the economy, that means cheap money no more. | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4360 Registered: 5-2001 |
Fred, you have to be careful here. As an individual you can not Not-register the car and resell it. If you look at the back of your title is says re-assignments and it will ask for your dealer number. re-assignments are for dealers only. Without the dealer number and the check digit dealer number you can not re-assign a title. You have to register. One of the perks of being a state licensed dealer, which BTW is not cheap either. Insurance, lot, plates, licenses and so on. The sale stax is really secondary since if you trade in you can still take advantage of your previously paid sales tax. BTW if you buy and sell, even if you register, you can become liable under the curb-stone law for dealing in motor vehicles without a license. A fellony in Florida of the whatever degree. And in contrary to popular thought there is not a 4 car limit per household or person. You can get busted for one and may get away with 10. I can not recommend doing that unless you get your dealer license. Not that hard, look at me, I got one | ||
| Kevin Butler (Challenge)
Junior Member Username: Challenge Post Number: 134 Registered: 9-2002 |
Jim, you can't step out on the court with the Lakers and then complain about how much higher they jump than you... :-) | ||
| Fred (I Luv 4REs) (Iluv4res)
Member Username: Iluv4res Post Number: 366 Registered: 8-2002 |
Jim, To answer your question, the car's get re-sold. If you buy a f-car, don't register it in your name, drive it for a month and re-sell at a slight profit (not including gas, etc.) you've really driven it virtually free. For ones that you make $ on, even better. Like Martin said, with a dealer license, he doesn't have to register the car as his own, he can keep an open title since he's a dealer. Translation=don't pay sales taxes, etc... which is expensive. Also, since he's a dealer, he can write off the expenses of 'holding' the cars. You don't necessarily need to be a licensed dealer to do this, although legally, you probably do. You can hold an open title for a month (since that's usually the timeframe your auto insurance carrier automatically insures you) and try to sell it to someone else in the meantime while you drive it. In essence, it never is titled in your name, you're just collecting the spread as the middle-man. Line of credit, for example a home equity loan can be obtained at approximately 4% annual interest with interest only payments. Translation= 100k outstanding equals only $333 per month payment. If you hold it for 3 months it only costs you a grand for the use of the money. If you make 3-5k on the car, whoa, that's a great return!!! | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4357 Registered: 5-2001 |
gotcha Frank. Would have surprised me from you if you would have been okay with that, but then if something would have failed you had the FNA warranty. Jim, no secrets. You know how. Just got to implement it. BTW $100K is nothing today. Ghee even a Million is nothing anymore. Secret one: Own your own home! Secret two: You need more and more "own homes", so many that you can rent them out! | ||
| Frank Parker (Parkerfe)
Intermediate Member Username: Parkerfe Post Number: 2132 Registered: 9-2001 |
Martin, I agree that a lot more should be done at a major service. The recent service on my Boxer included water pump rebuild,seals, bearings and much more. The "fuel tank out" cam belt change done by Shelton on my ex-348 was done prior to my purchase so they could offer the FNA warranty on the car. | ||
| Jim Schad (Jim_schad)
Intermediate Member Username: Jim_schad Post Number: 1025 Registered: 7-2002 |
Note to self: Do something that nets me $100K cash. Then do it again. | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4355 Registered: 5-2001 |
Frank, timing belt for $1800 is a steal unless they did nothing but the belt, which is really stupid but not unheard of at Shelton. Just had a friend of mine with his 30K service there and they did not change pully/tensioner bearings, which fail on the car and are truely the cause for the 30K service. Also had a friend with a 355 electric shock probelm. They changed the 4 shocks at an exorberant cost and it would have been done with the sensor exchange for a few hundred bucks. They said that shocks go bad after 15K Miles. Those would be the first shocks that do that. Cutting corners is not an option in the 30K service. You do more than what the book says. waterpump is also a good idea if you have the engine out already. Valves need shimming. etc. To get to the tanks is almost as hard as dropping the damn engine. They could not have possibly replaced the pullies and tensioners because those parts are $1000. So Shelton did a half ass service right there thank you very much! | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4354 Registered: 5-2001 |
Eric, seen it? e-mail me. Jim, listen to me my student! Obi Wan speak to you: Since I am running this dealership idea my wife does not get pissed if I buy cars all the time. She loves the Spider because she likes power steering and new cars. I like non-power steering. The 348 was my personal car for 3 years. Sold is 3 years to the day I bought her. Still with a tear in my eye but I know she has a good home in CT. The 355 was supposed to be the replacement. Just can not quite get used to the power steering. Also have to keep in mind that I have almost $100K tied in this car and that is cash! I also work with a line of credit I have with my bank. So when I see a good deal I can jump on it and buy but will not keep. The 288GTO-rebody was sold this week. My fiberglass 308 was sold in March so I have to stock up again. The TR is on my desk as a model for over a year and I guess now is the time when I will finally have one for a few weeks. Also I drive a lot of miles (22K in 3 years on the 348) so I have to switch cars often. With the dealer plates you can drive the car a while and not put a tag on it. Since I am on Ferrari 24/7 I am always promoting the dealership with my car, get into conversations and make newe connections. So it is a legit business trip anywhere I go. | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 39 Registered: 4-2003 |
I like to play somewhat stupid and wait for the seller to make a mistake. This whole darn thing is a cat and mouse game and as you know you really need to play detective. Their are some sellers out there that believe you will be mesmerized with the glossy paint and just roll over. | ||
| Eric Eiland (Eric308gtsiqv)
Member Username: Eric308gtsiqv Post Number: 744 Registered: 11-2001 |
Nevermind, Martin...I'm familiar with the TR you mentioned | ||
| Frank Parker (Parkerfe)
Intermediate Member Username: Parkerfe Post Number: 2127 Registered: 9-2001 |
You can change the timing belt(s) on both a 348 and 355 by removing the fuel tanks. But, it would still cost more than $380.00 I would think. Shelton changed the timing belts on my ex-348 Spider that way and charged $1800.00 I believe. | ||
| Tim N (Timn88)
Advanced Member Username: Timn88 Post Number: 2852 Registered: 6-2001 |
It amazes me that they clearly didnt even try to engineer a beleiveable lie. | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 38 Registered: 4-2003 |
Tim, is that a foolish staement or what? Additonally, they pumped the car full of castrol 20-50, (no synthetic). Probably used a Pep Boys filter too but, once I saw the timing belt R&R charge I stopped looking any close...I had seen enogh. | ||
| Tim N (Timn88)
Advanced Member Username: Timn88 Post Number: 2851 Registered: 6-2001 |
$380 for a timing belt? Does this guy charge $10 an hour for labor? Who was that seller trying to fool?? Alot of F355's listed at www.thecarexperience.com seem to be way overpriced witch some 95 berlinettas asking $99k. I dont think any of those will be selling any time soon. | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 37 Registered: 4-2003 |
Fred, I will let TWA respond but from personal recent experience (just bought a 355 Spider), EVERY "low priced" 355 DID have a story. Just told or covered up in a different fashion. ie: 1998 15K miles from "original owner" car was never registered to him, his friend told him it was a good deal so he bought it, but nobody ever got the service records from the original owner....Sure. Saw another car, it ran through auction as most have, 30K service done, I read the reciept and a small "all foreign" shop has down $180 for parts and $200 labor for R&R on the timing belt. Please, I am not that stupid. ah the engine has to come out to do the service. In my experience the list went on and on and on and on. | ||
| Eric Eiland (Eric308gtsiqv)
Member Username: Eric308gtsiqv Post Number: 742 Registered: 11-2001 |
Martin...you lucky guy...picking up a TR...congratulations! What year/color/ is it? I've seen a couple of TR's in Orlando, both priced at each end of the spectrum. Been waiting for NaplesM.S. to posts some pics/details of their "incoming" TR -- think their asking around $60k, which seems reasonable on the surface. | ||
| Jim Schad (Jim_schad)
Intermediate Member Username: Jim_schad Post Number: 1016 Registered: 7-2002 |
seriously, what am I doing wrong or not understanding? You guys don't all have endless supplies of money yet you had a 348 sold it, now a 355 spider for sale and you are getting a TR. Are these on consignment or are you really "buying" all these fcars? Just don't see how you can float 3 or 4 ferrari payments until it sells and if you have an extra $500K laying around to pay cash then I guess I am just way out of my league. Teach me Obi Wan. | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4351 Registered: 5-2001 |
Frank, since my car has only 5500 Miles, it is clean as a whistle. I am driving it though and since I am not yet retired I can not toy around detailing 4 hours a day like you I can have the car detailed to perfection by Eddie is\f he is buying. Heck I sell him the car for $12K less than he offered you and he can detail himself a little more. You know my car. It is almost perfect. Stongard ($800), Stereo $3,000, Tubi $3,500, Challenge pedals $ 200, Shields $ 800, full car and seat cover $ 400, and there are some other small options. $ 98,000 Buys the car today! I am getting a Testarossa on Sunday. Will drive her down from Orlando | ||
| Fred (I Luv 4REs) (Iluv4res)
Member Username: Iluv4res Post Number: 364 Registered: 8-2002 |
TWA, where are you finding clean, no story, 97+ spiders in the 80's? Are they high mileage cars or Euros? Just curious b/c that sounds cheap. | ||
| Frank K Lipinski (Kaz)
Junior Member Username: Kaz Post Number: 192 Registered: 11-2002 |
Last Monday I had an offer for $110 for my spider. I'm not interested in selling because what else would I buy? I prefer the 355 over 360 and this car is really pristine. Martin - want me to send this guy your way? Car must be damn near concourse or he's not interested...and he's just as a detail freak as I am...so beware! | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 29 Registered: 4-2003 |
There is still something weird... Let's see, he not bidding in Pesos, maybe it is the old I give a "cashier's" check for 130K because that how it was printed and you give me 20K wired to Nigeria and you get nothing because the check is no good.Or one last thought: Maybe it is an old Italian man who doesn't realize that his country went to the Euro in 2001 and he is bidding in Italian Lire?? I do not mean to jinx you, but I find it really hard that someone spending that kind of money would be that un-informed. | ||
| TWA (Exoticars)
Junior Member Username: Exoticars Post Number: 98 Registered: 8-2001 |
There are clean spiders in the 80's now (97+) and GTS's in the 70's. Your car is worth 79-86k. You are getting 15k over what dealers are getting!!! I hope your 'dream' buyer comes through. Yikes. | ||
| noel smith (Noel)
Junior Member Username: Noel Post Number: 193 Registered: 2-2003 |
Amir, my old 99 355 f1 spider went for 107k with 13k miles. hope that helps you make a market. | ||
| Henryk (Henryk)
Member Username: Henryk Post Number: 650 Registered: 8-2001 |
Amir: Remember one thing; Those who can't afford it will always offer more!!!!!!!! | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 28 Registered: 4-2003 |
That is truly top dollar for a Berlinetta.... Are you sure the guy isn't bidding in Pesos??? | ||
| Tyler (Bahiaau)
Member Username: Bahiaau Post Number: 672 Registered: 12-2001 |
Like everyone says, if you can get 108 don't think twice. If it goes to open market expect 85-90 | ||
| P. Thomas (Ferrari_fanatic)
New member Username: Ferrari_fanatic Post Number: 21 Registered: 4-2003 |
Amir see me other post on my 355 Spider purchase. Paid 110K through a FNA Dealer, and they threw in a 30K service, and Tubi exhaust. | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4343 Registered: 5-2001 |
if he does not like yours but wants to spend $ 108K send him my way. I can make money for the first time! | ||
| Blue Knight (Blue_knight)
New member Username: Blue_knight Post Number: 16 Registered: 3-2003 |
yup, even spyders of that year are around 100k now......sorry to bust your bubble. i say stalk the buyer.....can't let him get away now...hope he's not a frequent visitor here | ||
| Blue Knight (Blue_knight)
New member Username: Blue_knight Post Number: 15 Registered: 3-2003 |
yup, even spyders are around 100k now..... | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3295 Registered: 9-2001 |
hopefully its not a friend, because the friendship may not last | ||
| Frank Parker (Parkerfe)
Intermediate Member Username: Parkerfe Post Number: 2116 Registered: 9-2001 |
Amir, if you have a $108k offer, I would chase that fellow down like Bush on a Muslim. | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3294 Registered: 9-2001 |
if you get 108, grab it | ||
| Amir H. (355spiderman)
Junior Member Username: 355spiderman Post Number: 85 Registered: 5-2002 |
I was offered 108,000 a few days ago... I think I will stick to that buyer, Thanks | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4339 Registered: 5-2001 |
Amir, hate to be the bearer of bad news but you are a good $25K off target or 2 years to late. $90K if you find the right buyer. We sold a 1998 F355 red/tan with 6.500 miles the other day. Wade Nunez of Fortune Motors (his buyer) and my seller. The car went for low $90s. and was a concourse platinium car. (not that I suggest yours is not) | ||
| Jim Schad (Jim_schad)
Intermediate Member Username: Jim_schad Post Number: 1003 Registered: 7-2002 |
It won't sell to anyone on this board for that much! I personally like the color, but since it is an off color that technically should reduce the price. Also a B is worth less than a GTS/Spider right? I don't see why anyone would pay more than something in the $90's for ANY 355 regardless of age/condition. | ||
| Frank Parker (Parkerfe)
Intermediate Member Username: Parkerfe Post Number: 2113 Registered: 9-2001 |
No. The market is now below $100k for such a car. | ||
| Amir H. (355spiderman)
Junior Member Username: 355spiderman Post Number: 84 Registered: 5-2002 |
I am selling my 1998 355 F1 Berlinetta soon and was wondering what is a good price range to price it? The car will be in Dupont(May Issue) and selling for 118,000. I know that is a very high price to ask for but never hurts to ask. The car only has 7120 miles on it. Do yall think it will sell for anywhere 110k-115k range? Thanks Amir |