anyone finance through ferrari?

Been a while since I financed a car. What sort of rates are we seeing out there for financing this car in a top tier 1 credit rating?

 

no prepay penalty, no fees.

 

you might also consider a lease. i leased through ferrari with an effective interest of 7.1%. makes sense if you have your own business.

 

Yeah, the 8.5 % sounds highly irregular, it has to be a typo or error. My bank would give me 6.25% to finance it with 10% down, if I went through them, which is why I was curious. I suspect the real rate from FNA to be somewhere between 6 to 7% in order to remain competitive.

 

I just did one with FFS... paid half but the rate was 6.2% with tier 1

 

The IRS doesn't beat the dickens out of you making a Ferrari a company car?

 

The IRS has not adjusted the add-back for lease deductions of exotics enough to offset the write-off value, so leasing is a good deal on that basis. The problem is that lenders have adjusted the residuals downward over the last three years because so many leases wound up underwater. So, for example, the lease on my 911 was $1,625 a month in '06 at 8.125%. Today, leasing the same car for roughly the same purchase price at 3.5% results in a monthly payment of $2,200. That completely offsets the business write-off advantage for me over ownership, and it should for almost any other exotic lease where residuals are not in the 58-63% range, regardless of the interest rate.

 

What does that mean "add-back?" My accountant told me that a leased vehicle must be "reasonable" for the business for which it is used for. Whether an IRS agent views a 200k Ferrari reasonable for a doctor, I don't know.

 

I used to deal with government contracting agents in my software business while I also worked a non-associated job within the government. They simply would give trouble to anyone making much more then them. I would assume that IRS agents could fall into the same trap ... so my accountant said even though the business can afford it, don't do it. He is quite conservative though.

 

3.9% penfed
100k limit

 

you were right, sorry!

 

I got ferrari financials financing on my 612. 4.75 percent for 84 months. I think it was a special that month but boy I was thrilled!

 

Damn. I am glad that I know that is available!!!

 

BTW, congrats on the 612. That is a beautiful machine. Pictures??

 

Dam! That is a smoking rate! looks like I got screwed out of the best rate :-(

 

+1000

Same experience, I never took anything except a rental car or a cab to a military base. CO don't understand software to begin with and they sure as hell hate anyone with any cash.

I fly on biz approximately 10,000nm a year or more and I get nothing but grief in expensing my plane. To get my F-Car and others expensed, I give my guys a free day (think employee of the month kind of thing) and write off only the documented miles that they or I drive for biz.

 

There used to be, and may still be, a couple of companies taking 10yr term paper. Google should bring them up, interest only was one plan. Don't know if they are still around considering the hammering of residuals.