2000 360 for 102,000 1 owner Mileage: 21,764 what am i missing ?

Do a search on "Don L Leasing" here on FerrariChat and you will know to stay far, far away.

 

don l leasing is by my house.... dont dont dont!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

+1000

Robert

 

truth is..

donlleasing LEASES cars on short term or long term basis.... so most people leasing these cars are DEFINITELY driving the cars to the ground.... ive been there a few times... decent guys but i certainly wouldnt buy a car from them.

i would, however, lease a car from there short term and beat it silly.. indeed.

 

Prices are all over the place on the 360. You just don't know what to think anymore. I've been watching cars on Ebay for the past month and a half. It's mostly the same cars being re listed over and over and over again. I've noticed last week that a few cars that haven't sold for lower prices. A couple of dealers have increased the prices by $4k to $8k. I guess if you can't get $85K for your car try $92.5k. And describe that 2000 360 as "Rare" because it is a Euro.

 

I was just checking Don L's rates on a 24 month lease. It's not bad at all.

 

Been watching myself. Last 00 that I inquired about was sold for 95K with 2x,xxx miles (non-euro). Ch grill and tubi.

Just waiting for my hot rod truck to be finished before I get my 360.

Steve

 

Don L Leasing does mainly leasing and finance. The fact that they have showroom is just a minor aspect. They don't care if you pick a car from them or from any dealer in the USA. They'll provide the leasing or financing.

It's no different than if Woodside Credit had a showroom over at their offices in Newport Beach, CA. Woodside provides financing all over the country, but yes they could have some cars sitting around from trades, etc. (of course this is for example, from what I know Woodside has no showroom and is financing only).

So at a place like Don L that specializes more on the leasing aspect of the equation, when the cars come back in off a lease, whether early or at term, they have TO GO SOMEWHERE. Most often times they end up in their showroom.

Also, if you're in an out of cars alot, many leases don't let you jump into and out of cars, i.e. once you lease you're responsible for ALL the future payments. At Don L, and some others, like perhaps Premiere, (check with each bank/financer), as long as you want to get out of your current lease for the purpose of getting INTO another car, with them providing the financing, all your remaining payments/finance charges are waived, and the car is revaluated almost as if you purchased it.

So if you leased a car from Don L and a year later want a different one, front anywhere on the planet, even a private seller, they'll take back the one you have at market valuation, and since leasing is paying depreciation, you're only responsible for the difference between the depreciation you've paid and the market vaue of the car. Sometimes, if the car is holding its value well, the depreciation you've paid through the lease keeps pace perfectly with the market's depreciation, and in order to step into your next car you may even owe zero.

Most often cases though, it will cost you a few bucks. But you can roll the difference into the next lease/financing if you want. It's a pretty slick system for people who have basically decided that they always want to drive an exotic, and constantly want something different in a year or two.

The people who get hosed in these types of deals, are usually the ones leasing a relatively new car that hasn't hit the steep part of the depreciation curve. In the lease, since all your payments are the same, the depreciation is averaged over say five years. So pictue a graph with two lines. A straight line 'depreciation' that you are paying on, and a curve that the car is ACTUALLY depreciating on, month by month, year by year.

At the end of 5 years say, both lines end up at the same place/point/value, which is why leasing works overall. However, if you've only made $20,000 in payments on a car that in that time period has depreciated $40,000 in reality, and you want into a different car, well than you're going to have to come up with $20K to get you OUT OF the current car, plus the downpayment and all the fees to get into the next car.

And also yes, in the short time period some people have these cars, they can get beat or trashed. But that goes for any car held by anyone. Just because someone says they babied something doesn't mean squat.

Now that's not to say maybe some people haven't had problems with this dealer or another dealer, as someone mentioned maybe there are some stories on the board. But I can attest to the fact that if you have a good business relationship with them, and you find a car anywhere in the country from any seller that you want, with about 2 phone calls and 2 FedEx's of paperwork the car can be at your door within a week. Because they are mainly financing providers and not specifically car dealers, they are in super-tight with the banks they work with. This goes a long long way towards getting creative deals done, and done fast...

 

Also to answer your question, if that car has been in service for 8 years, and let's say leased out 3 times for 2 years each time (with another couple years just sitting around) in all those leases those people who leased have paid way way into the depreciation on the car. The typical residual for a car like that on a 5 year lease is $50,000 which means that no matter what the retail price, all the lease payments add up to the difference between the purchase price and a final future value of $50,000 (plus a finance charge called a money factor). So if the car got 'paid down' to a point where the bank/dealer owns the car for just $50,000 - $70,000 - well putting it back on the market at $100,000 still makes the dealer an assload of money yes?

Banks in the 90's got hosed on lease deals over-estimating the future value of the vehicle, or even getting it close to right on. They figured out mighty fast that's it's better to cover their butts and peg the future value as low as possible, getting the maximum depreciation pay-down possible from the lessee. That way when the car comes back at the end of lease term or sooner, they still have an asset that can be leverage to make money again, and again, and again.

Edit: You mention it shows one owner on this particluar car. Again though that one owner could have held the car on a 5 or 6 year lease and paid the depreciation on the car all the down to a final residual value of $80K (or whatever) so now even at $100k it's a money maker. Most exotic leases allow 5,000 miles per year so at this mileage it's about right for having been out on a 5 year lease. That's not to say it not just one piston stroke away from all the rods shooting thru the pan, I'm just putting it in perspective financially...it could be the most beautifully cared for car ever, or a beat box, you'd have to go look at it and drive it.