Financing for 458, running into roadblocks, looking for options

Can you put your house as a collateral so that they would accept to lend you more than 75% of your yearly salary?

 

One thing he is also not considering is at 150K per year, he is highly susceptible to inflation and tax increases for his disposable income to buy a car like this. We do know if something isn't done all our taxes in the states will be going up in 2025 as the tax cuts from 2017 expire, not counting any additional taxes that may be enacted by local municipalities as many are not in good shape today. I don't mean to turn this into a P&R thread, just pointing out that aspect.

I also want to make one comment, it's not that we are trying to rain on the OPs parade, he is free to do whatever he wants with his money, but many of us here are able to afford our cars without a financial stretch or ego about it. My suggestion for the OP is to buy a new C8 Corvette which has a warranty. You will get the same women you would in a 458 paying attention to you. Ferrari's usually only attract 12-year-old boys and 45-year-old men. With a new C8, the costs would be simple maintenance and tires for 5 to 6 years. Instead of trying to pay off the car early as he suggested he would do with a 458, pay off your mortgage and then invest in something which generates passive income. When your investments can generate the money for a Ferrari payment you will be in a better position to get one and deal with any unexpected life or car problems. I am a firm believer in Murphy's law and this is a way to mitigate that a little.

 

Wow man, not getting off on a very good foot here. 6 posts in and already getting in pissing matches with long time members, not exactly the best way to get helpful info. I had a similar experience when I first started and asked a similar question, but nowhere near this extreme because I was looking at $65k cars. You will always have the groups that pay cash for their cars and God bless them for that. Personally, I don't give a **** about your finances, and you don't care about mine, but a lot of these guys are business owners, finance guys, etc., so you need to know your audience. Me, I'm just another working stiff, but my old jalopy of a 360 has long since been paid off and my humble house has doubled in value.

What I do know though, is about Ferrari since I maintain and repair mine. If you want the car in those loan terms, go for it. There are several banks out there (Collector Car Lending is who I've used in the past, I never let my loans go to even 50% of their term unless it's a mortgage) that will be more than willing to make 6 digits off of you. If you get into trouble, sell the car and pay off the loan, if you are upside down, you should have the liquidity with your situation....right?

My question (and yours should be) is...can you turn a wrench? Can you do the basic maintenance for a few hundred bucks rather than paying a dealer thousands? The 458 is not as DIY friendly as some other models but you should be able to do some. If not, then maybe getting your feet wet with something more "entry level" than a 458 might not be a bad game plan. Don't buy a Corvette as suggested if you don't want a Corvette. If all you are looking for is to impress women, then a 348 is an Enzo is an F40 is a 360 and a 250 is just an old, ugly car with no power windows. Just keep in mind that the minute that thing breaks, it's not impressing anyone. Trust me, mine hasn't run in over a year since I'm doing a "light" restoration in my free time. But I'm married to someone who was never impressed to begin with...Good luck in whatever you decide, but don't discount the advice from the people you asked it from, a lot of guys come here with an attitude, myself included. and once the car is in their driveway, get humbled really quick.

 

Don’t know how banking works in Dane Law (sorry, watching too much Vikings) but in the US, putting your home up as collateral against a 15 year loan for an old weekend cruiser would be the worst decision one could make.

So instead of the car owning him with that terrible loan, which is bad enough, it might also own his house.

 

Try Putnam Leasing you can do a 5 year ballon, much better idea.

 

Im much more in tune to the older 456/550 cars, but they made 15000 'regular' 458 cars. By Ferrari numbers they will never be rare. And your example is for outliers and limited production. Perhaps thats what the OP is after an investment piece, but assuming not and he wants a driver. Routine Maintenance, Insurance and interest even Carrying a loan to half term would essentially make this an underwater car from day 1 unless some serious appreciation happened. And it likely wont ever appreciate that much to a true drivers car. There are simply too many of them.

 

Go to Dave Ramsey for the answer to your question.

 

i'd say the OP has his priorities straight. I'm a fan. get a co signer maybe?

 

That would make for a very entertaining segment.

 

he is mostly show and no go. 50% of what he advises makes sense, the other 50% is crap

 

LOL…..and I guess you only watch auto racing for the wrecks.

 

I don't believe the story , just too much going on there

But some of the replies and opinions were interesting

I've been there , still there , so I can relate . It's about passion imo.

 

trust me i call out the fakes as soon as i see them (dan lesin).
The OP might have access to money we dont know about, might have a terminal disease, who the hell knows. if he was fake he wldnt be posting the details he supplied. who is anyone to judge what he wants to do. when i bought my f355 it cost more than my apartment at the time, i was 26 and happy. i still have the car 20 years later.

 

There is a large % of adults that would benefit from his simple approach. I try to get my 22 year old daughter to watch occasionally before going more in depth with her.

 

idk bro i think this guy is legit...

 

yes like everything else gotta filter out his noise...the concepts are basic, as always execution matters. I'm very happy to be "irresponsible" with my current 2.375% 30 yr mortgage - risk free carry trades are very dumb and irresponsible, clearly.

 

"Unfortunately, my years of being financially responsible are biting me in the ass."

Yea, no. That's not what's biting you in the ass. What's biting you in the ass is trying to finance 40k more than you make in a year for a 10 year old car. If this is your first F car you need to be prepared for repair bills, maintenance, etc... They're probably far more than you expect.

And you know those jokes and memes about people with lamborghinis parked at mobile home parks? Yea, that's you.

 

A refi on the house would put enough extra in your down payment to get to the financeable amount, but you really missed the window for that by about a year with the rising interest rates.

Are you set on a 458? The 430 would give you 90% of the street-usable performance of the 458, cost WAY less, and you wouldn't have to deal with belts like on a 360.

 

I think a 512TR would be a good starting car and nearly half the price.


Sent from my iPhone using FerrariChat

 

Pretty much the same thing here. When I bought my 328 it cost as much as I was making per year and the payment on a 7 year note was really close to the house payment. But it got paid off, and it's still here after 21 years -- long after the house and that wife went away

 

15000 would be worldwide, not for USA, correct?

appears fewer than 70 currently for sale in USA, as time goes by, more and more will continue to find 'forever homes', the 225K price mentioned by OP would not be for a low mile example, probably 20K+ miles, and that's what will be the issue, because most of the Italias currently on the market are drivers, in 5 years expect to find fewer and fewer available due to forever homes or destroyed (crashes,etc). As for the car being under-water, if the OP's intent is to hold forever, what does that matter?

my other point regarding regulation impact on what Ferrari produces is as more and more persons like the OP want an unassisted NA V8 Ferrari, like the 458 Italia (where there are no required 'belt' services like earlier V8s), and Ferrari as a company has moved on to hybrid V6 and the like, where are they going to go?

I presume the number of 458 Italias being offered will continue to decline (about 6 years ago there were well over 120 regularly available now it is just above 50% of that), the reality will be, I presume, within 4-5 years there will fewer and fewer Italias on the market and those may be undesirable due to many reasons, not well cared for, etc... time is good now, even if it is a stretch

 

Good reasoning, but I still feel thats a lot of assumptions and other things that need to line up to be true. It still seems like a lot of cars for sale by Ferrari standards. No idea of US allotment to total production numbers.

A separate discussion, and Im not well versed enough to argue a position, but is the last NA V8 as historically important to the moment they consider hanging up the V12?

 

??? Aren’t 512TRs more than $225k these days? And the maintenance would kill this guy.

 

Wikipedia shows 458 production at 15,000 coupes and 6,000 spiders (not counting special editions).

Certainly not rare even by modern standards.

 

Wow, lots of negativity here. My only thought is to use someplace like JJ Best, or one of the financing companies that specialize in exotics and know the market.
I say go for it. Life is short and can be unpredictable. enjoy what you want when you can. I think you could look in Hemmings for specialist financing ... I have a loan with Wells Fargo on my Abarth, but I think they stopped doing auto deals, and ours was from the dealer, and the rate is like 2%... so I think they are much higher now... As for the 458 depreciating... unless its super high miles, etc... they have maintained their value and or gone up. its a great car, and it is the end of the line ... so I would think there will be minimum depreciation... unless the entire bottom drops out of the world. Go FOR IT.