Looking to purchase with 10% down and monthly payments to follow. Anyone intested?

Glassman, a 59 250 gt? I say WOW. To everyone else, I wouldnt finance a lawnmower to a good friend. To many times I have been burned. And its all been one of those last three. They stop paying. They wreck it and stop paying. Something breaks and they stop paying. Bottom line is shortly after its in thier posession, they stop paying. With any luck they move out of state and you cant find them.

My first 308 was sold to a "friend" and financed through the sellers finance buddy. Guy never made one payment on the car. Someone clobbered in a front corner slightly, Wifey got pissed and keyed the crap out of it, someone yanked the radio out and tore the fiberglass surround, and then the car got "lost". A year later the car was found in non running condition with no keys, and was impounded in an outside storage area for over a year until they could straighten out the title and ownership.

I have other stories, and some on stuff my wife or I have sold to "friends" ourselves, and they arent any better. I am not about to say thats what will happen in this case, but to anyone selling a car, you may be better off letting the buyer find funds elsewhere.

 

Gee, Paul. Boris Karloff couldn't have starred in a better horror story. Totally agree. Arm's length is a virtue!

 

I'm willing to offer 10% down on an interest only payment-skip option loan at 5.5%, no credit check and stated income. Let me know.

 

Let me guess, Kitty holds the paper?

 

Well, I don't actually have a car, but then he doesn't actually have any money.


Haha, just kidding.

Actually, I thought I'd make a bunch of these loans, pack them up and float them on the secondary market. what do you think?

 

Call your company New Millenium Financial...

BT

 

Was gonna comment on the above, but when i looked up UroTrash's profile, i got interested in his pic/puzzle. Kinda nifty how the two triangles have very -slightly- different slopes, eh? Upper pic, the slope bends inwards a bit, on the lower pic, it bulges out a bit, which provides just enough room for a square 'hole' on the bottom.

Took me all the way back to Mr. Park's 9th grade Algebra class, with x-y coordinates, slopes, etc.

 

You haven't checked the reasons for the sinking stock market lately, have you? Not a wise idea to enter the secondary market. I hope you're kidding. Sure you are. So am I.

 

I'm glad I didn't read this a few weeks ago, I would have taken your wise advice and not buy a Ferrari.......NOT! Did Elizabeth die and make you king. What a pompous, selfish attitude. I can't pay cash for my Ferrari, I worked hard and saved a long time for my down payment. My choice is new Corvette, or nice 348, both about the same price. I already own a Vette, and I've dreamed of owning a Ferrari since I was a kid the first time. I'm buying a Ferrari. I bet you won't wave when I pass by because I financed it and I don't have 12 cylinders. A financed Ferrari? There goes the neighborhood.
Name and adress witheld
Bee Jay

 

+1...funny thing about this site is that someone will post a request for specific information or a specfic query but there are always those who don't even respond with relevant info and simply provide opinion which wasn't even requested.....

 

So when someone standing knee-deep in gasoline asks how to light a torch, you just tell him without volunteering any other information?

Look at the records of any used Ferrari. A lot of people get in over their heads with high maintenance cars.

I don't think it's out of line to say, "Danger Will Robinson".

Okay, if the OP had been a rosso member with 8000 posts, you might figure he already knew those things, but for an unsubscribed newbie? The OP could have come back and clarify that he'd looked at the numbers.

Just my opinion; but giving more info than requested isn't as bad as withholding "need to know" items.

 

I don't own a ferrari, I purchased v8 lotus esprit, however I financed most of it. I did this for a few reasons:

1. I would rather have my cash on hand to invest in real estate, rental properties that make me an income (that pays for the exotic)
2. Having just turned 30 I don't have a massive cash stash to toss 60k into a car, but I make a good income for my age and can easily toss up the 1kish a month I am paying for the car.
3. Buying a used Esprit that cost 100k new at half price means I have gotten past most of the depreciation, if issues arise I should be able to sell it in 1-2 years without losing my ass, therefore I am out of the doghouse on the loan.

I guess this rationate partially only applies to a car that has already gotten past it's initial value loss, so if you purchased a used 348/355 it would make more sense.

My esprit since I purchased it had 10k of work done to it in maintenance in the first year, was I happy to pay it? no, but I could afford it, it wasn't a problem, I know ferrari maintenance is up there but I doubt it is more than I had to put into the Esprit this past year..


Another thing, why are these cars toys? I can drive my Esprit 15-20k miles a year if I wanted to, it could be a partial daily driver. I know a 355 owner who drives the crap out of his car he doesn't seem to have any problems doing that. I mean they ARE forms of conveyance if wanted/needed.. It's not like you only take it to the track and back twice a year..

I also found that post arrogant "If You can't pay cash you can't afford it". <- I could have paid cash I just didn't see the point.

I think the previous poster who purchased a 348 and financed a good portion of it is right on the money, it's actually a better move to finance a car that is past is depreciation bubble, because you don't really lose that money.. 3 years later when you sell it you only lose a few K....

 

Financing toys privately is probably going to be hard, you'll have to find somebody that really trusts you...

As far as the whole cash vs. finance thing I think each individual should be responsible enough to decide what is best for them.

Regards,

Kevin

 

well it is just a car, but lets be real it is a frivolous expense. They are exotics and require more than the usual maintenance which also costs more than average car. can they be driven daily? sure why not, but that only means more maintenance which means more expense.

cash vs finance comes down to the buyer, however for the older car owners you are limited on traditional financing. compound the high cost to age of the vehicle and interest on the loan and the maintenance, and you'll find yourself in a tight spot if you needed to sell.

paying cash alleviates alot of the issues, your left with no monthly payment but a monthly 'savings' to be set aside for maintenance. your cash may be 'tied' up in the car but with these cars a high percentage break even on purchase price. I drive my Mondi as much as I can, and even at that it's not driven much, about 6k a year, although that mileage occurs over a 4~6 month span. My operating costs so far have been an average of $5k a year, or $416 a month and I haven't had any BIG problems.

the concern is real, I'd love for everybody to able to get the chance to own one, but lets be real just because the initial purchase price is on par with the INCREASING costs of new cars today doesn't always mean they are in the same cost program. a neglected or abused exotic is a sad thing

 

I 100&#37; agree with that, that aside, I say that if you make enough money to include the monthly payment PLUS 5-10k a year for maintenance you should be alright.. as long as you buy a car who's depreciation is already taken it'*****.

If you are buying a new f430 that will lose 20-30k initially it's a bad idea, BUT if you plan to get a 100k 360 or a 70k 355, then you are doing much better when you finance it.

lets look at it this way, say you finance 60k of a ferrari 355 payment and put down 10k on a 70k car.
you take that 60k and invest in lets say 2 properties that you rent out, those two properties make you between 800-1000k a month, so that is 2k a month profit.

you take 1/2 of that profit and put it towards the monthly payment on the car you are financing, plus pocket the other 1k..

See where I am going? one of your properties you purchase is paying for your ferrari AND you are making another 1k off the 2nd one with the money you would have dumped into the car, that 1k can be your maintenance cash.. or not.. if you car is fortunate to only costs you 2k a year in maintenance or less, you made 10k that year instead of not making anything.. OH and you own 2 pieces of real estate that likely raise in value.

 

but that's flawed reasoning, you have to carry costs for the mortgage and liability not to mention the management of said property. the only profit you'd have left would not be smart to use for a car purchase. then you have tax implications on said rental property.

in the end it's what someone is comfortable with and it's not always what the smart move should be.

 

I am talking NET profit, not gross, after taxes/utilities/mortage..

I don't know where you live but here in philly there are many properties that you can make 800-1200 a month off of net profit. Management is fairly easy if the property is in good shape, again this is if you know what you are doing..

regarless what I am referring to is more along the lines of an investment, forget real estate, that 60k can be invested in any busines or stock that could yield way more than all dumped into a car you will probably sell for only a few K less in 3 years..

 

It always amazes me that people smart enough to buy one of these cars can't get the concept that the cost of the money to buy the car is independant of if you use your own money or borrow it. The car costs what it costs regardless of where you get the money. If you have no choice but to borrow the money I agree you probably can not afford it. With good credit you can get financed at about 6.5%. I make 5% on my money market. I'll take the 1.5% penalty for the ability to take the 250k out any time I want it.

 

Or, if you have heavy duty equity in your house, AND you have assets making better than 10% per year, you could come out on the positive side. Voila, my cars. However, if AND only if. There may be some small recoup from the deductibility of the interest from the home equity loan. Just an idea.

 

ditto. usaa offers 5.99% fyi

 

contact a company called newcentury out in CA. they specialize in subprime lending. they might finance you at 100%. hurry - they haven't filed yet.

 

Do you need to be military or ex-military to get that rate? Thanks for the tip.

 

I think so, yes.

 

And, let's pray Mr. Greenspan doesn't testify before Congress on this subject.

 

So my $60k can make $24k/yr by doing this. That's a 40% return. I'll take 3.

Have you actually done this? I'm guessing no.