any recommendations for long term financing I was looking to purchase a Ferrari soon and can use any recommendations
More than 60 months? That is a long time to finance. Maybe you should lease instead? I heard that PenFed is good and cheap but has like a 70k max finance amount.
I am expecting my Spider in May and researched leasing as an option. This what what I came up with based on the full value ($325,000) of the car: Lease: Residual value after 5 years - $155,000 (wholesale value, not retail value) Money factor (interest) - 5% Monthly payment - $4000 Pay sales taxes upfront: $17,000 60 months of payments plus buy at residual totals $395,000 Regular finance: Everything same as above except: Pay sales taxes upfront - $22,750. monthly payment - $6200. 60 months x 6200 = $372,000. Monthly payment difference of $2200 Pay out of pocket of $155k at end of lease to own outright will cost $20 k more leasing vs regular financing if not financed. Conclusions: Leasing looks better if Sell/trade in car before 5 years (3-4 yrs) for new future model. Any thought or am way off.
No catch. Penfed is great. Yes, you need to be a member and you need to be a military person but if not they have a work around that costs $15.00
You don't need to be military, just need somebody in your family that's military, or use the workaround.
Looks ok analysis to me. What is the down payment on the lease, if any? Some states like CT tax the lease payment not the total lease so if you get out early (mb always allows it) then you save tax on those payments you never made. I think the lease may be better if you sell the car before the 458 spider replacement hits. With an open end lease you can do this. Even if you keep for 5 years it will likely be worth more than 155k trade in. However I don't know how much more so if you buy it out at the end, pay the sales tax and trade in that might be a very slim profit if at all. Another advantage to the lease is that it is not your car so if it needs paint work or gets a bad carfax or autocheck report you need not get killed at turn in time. A FL F dealer told me last year that if you lease new cars at the beginning of their model runs keep miles very low and get out in 1 year or less it can be cheaper than buying. This is easier said than done as it is hard to get a brand new model at start of a run unless you buy lots if cars. Who would you lease or finance with?
The only money down is taxes upfront, first month payment and the normal tag fees. The tax is based only on the actual payment that is the difference. The other point I liked was that if car is sold say in three years, you are still on the hook for the entire 60 months but only for the remaining monthly payment less the interest. I am confident the cr will sell more than wholesale given the enhancements over previous years like free maintenance for 7 years. I think it better utilization of money. Pm me for the company
