Opinions needed on 488 terms

Hi all...Seeing as my 458 is now a dud I've decided to pickup a 488 spider. Decided to balloon finance as I have better ways to use my cash then sinking it into a car. I've been given the following terms from the dealer through FFS. If it matters the car is brand new with only 40 miles on it.

MSRP: $342,101

Down: $125K

Financing: $217,122.00

5.99% rate on 60 month balloon which is 40% of msrp at end of term.

Finance Charge: $53,323.81

Total: $270,445.81

Final Cost: $395,445.81

Just some notes on my credit profile: I'm 20 and self employed, low 8 figure income, 750 FICO. I do realize the rate is high but that's a symptom of my age and lack of history. How did I do? Keep in mind I'll only own the car through the summer so not paying anywhere near that final cost.

 

Why?

 

8 figure income?? And you can't stroke a check for 200K. And the best interest rate you can get is 6%? Bull5hit.

 

So, in effect, you need to be able to make $53K on roughly $200K in 5 years. or 5%/year. Doable, unless something goes horribly wrong.

On the other hand, you are paying $53K above MSRP in order to have the chance.
Whereas if you just bought the car, you save $53K up front and don't have to make money with your money.

Why do you think your 458 is a dud?

 

I can stroke a check, if you read my post you'd see I don't want too. 8 figure income from the sale of a business is not insane by any means. I can get 4% through a bank but they will not let me register in Montana.

I made another thread about it. Ends up I bought a car with significant undisclosed paint damage. As for interest, as I stated I only plan on keeping the car for a few months. I am ordering another one through tailor made so in effect I'm paying interest for only a few months.

 

8 figures from the sale of a business is not income but a one time event. Income is a continual flow of $$$

 

I realize that. I have a continual employment contract for 5 years plus options and whatever I make on my money which should easily cross 10. I'm not doing napkin math the first thing I did when I made money was put it with good managers which in my case was JPM's private bank.

 

Hard to say right now how you did. Come September they're going to rape you to get out of the lease.

BTW, I don't know where you live, but registering the car in MT has its perils. If you live in a state that frowns on that practice, don't let anyone who doesn't like you see those plates.

 

I read just fine. And you're full of crap. Your "paint" thread was full of questionable info...

Move on folks... a child posting from mommy's basement between popping pimples.

 

Hmm that’s funny. Awefully stupid to have an insurance policy for an imaginary car then..
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Also I assume being behind the wheel in my c4s means I’m somewhere in mommy’s basement?

 

Yup.

 

ahh, the watch pic, that belongs in the " what are you wearing thread", just saying...

 

Lol the time of the post and time of your watch don’t match also lol at that cheap watch, if I made 8 figures it would be tourbillon or bust.

 

8 figures? Just get a McLaren F1. Even though you're 20, yolo.

 

Dansage - Please stop. You're embarrassing yourself!

 

Insatiable. Mostly for my own amusement if there's anyone in battery park in NYC who wants to come see my cars in person and confirm I do indeed exist for the forum please feel free to reach out.

 

1) Why would you pay msrp for a car that is significantly discounted? You obviously didn't order it and it is not new so this is a red flag.

2) Who is successful enough to build a business and sell for 8 figures and need to go on a forum to ask financial advice on buying a car? Makes no sense. Ask your guys at JPM... Thats what they are there for.

 

1) see the purchase order and look at the mileage it's a new car

2) I asked JPM and they will not title it in Montana. Additionally, I asked because I have no clue what the range on FFS rates are and there are very few data points online.
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Reguardless of anything else I hope that your money is at least generating a decent return. As a more seasoned business man my advice is skip this car and wait for the tailor made car. But if I had the money you have when I was your age I’d probably splurge too. To me the rate is the dealbreaker, and you are assuming you will be able to unload the car right away which might not happen. You could be stuck paying for 2 cars. It might be a better idea to purchase the car outright, order your tailor made and recoup what you can when it does finally sell. In the end only you know what your financial situation is but if it were me I’d either pass on this car and find another car as a placeholder until the new car came in.

 

Jesus, I dont know why anyone takes these threads seriously. He's got an 8 figure income from sale of a business at 20? That right there is all you need to know about this thread.

 

If you're doing 45 in a residential neighborhood & caught by someone like say, Dirty Harry of SFPD, that's going on your Permanent Record.

"I am weak-ish on snatch" ~ joker57676

 

Not for nothing , but did you check with your insurance company to make sure they will insure you ? I would want that answer before I purchased. Best , Kirk.
Ps. Check with your banker for a better rate , that seems high. And I think the Montana plate is a mistake. There are no free rides bro. Pay the tax and be done with it.

 

Are you 20 or 28? Your fchat profile says you’re 28 but that could be wrong of course.


Sent from my iPhone using FerrariChat.com mobile app

 

I don’t get these threads at all....
This one...
The other one where the guy is just out of school....talking about getting a 600k house....300k car. He has another one too.
They keep asking questions then changing the car, or the price or what ever .....to string the thread along.
It’s straight up trolling...
I think anyway....