2014 FF - Lease, carfax, value questions

Hi everyone!

New here and been searching for a pre owned FF for a while now. Finally found a 2014 which has a minor accident mark on the carfax. Work was repaired and car is flawless at this point.

Price is reasonable for year, color, mileage etc but concerned with open end lease and value in 3 years when balloon / residual is due.

Will I have any issues getting the value with a trade in for another car or selling this one in 2019 for $130k +?

Also any feedback on the pfs simple lease and the "unlimited mileage" the dealer is pushing to me?

Thank you in advance!

 

I wouldn't count on getting $130k on trade in in 3 years... Retail price maybe but trade in no way... The current trade in is $180k, that car will loose way more than $50k over the next 3 years.

 

Thank you! What about the ding on Carfax? Thats my big concern. Its marked as minor damage. I know I will loose money not an issue. I am thinking the residual that PFS came up with does not count that. I would really like to get the car since the color is perfect, pano roof, led steering wheel, decent options, etc. Just want to make the right decision and while I will loose money I would like advise.

 

How is everyone a psychic on values? What if it's at the bottom? No one knows
Honestly I wouldn't buy it with accident history however if it's an extra 10-15-20k loss will it really affect you?

If it's truly what you want and checks out I don't see an issue

Buyers of these cars (well Ferrari) are very finicky hiwever

 

What is the nature of the accident/repair? What is the current health of the car? If it were me, I'd want to know that before making a decision. An accident wouldn't necessarily scare me, but I tend to keep my cars for a long time. Many others, however, would likely be much more hesitant to buy a Ferrari with an accident history unless it were a screaming deal...T

 

An open ended lease is stupid, as you can't get out of it easily. The only advantage is most companies don't report to credit. Just buy it and you will pay it down faster.

Would have to see the car online to say more.

A small ding matters with a Ferrari, traditionally. If it's on Carfax someone was not smart enough to do it off books, and you will pay less now and get less later.

Usually best not to bottom feed, but your call.

 

So the carfax says:

Accident reported
Vehicle involved in a sideswipe collision
Involving left front impact
with another motor vehicle
Left front primarily damaged
Minor damage reported

Damages minor to the front bottom of the bumper and was repaired by the dealer.

The PFS lease says no early termination and was only mentioned to us because the dealer lied and said that this lease was an unlimited mileage lease and that at the end we would just turn it in. Obviously a lie. We found out after the fact that these are just loans with a balloon payment at the end. Basically we have already signed the offer and paid a deposit but the dealer is letting us walk away with no penalties if we want because they admit they really did not know how the lease really worked.

So we love the car and color and we know that nobody is a psychic but we don't know what the values are really for the wholesale or dealer side when a car like this is traded in or sold. The price of the car is around $200k and the mileage is under 4k. We could buy it cash, traditional finance, etc. We are planning on only driving it on weekends but I know it will be more. Probably 15k miles in 3 years would be a decent guess. I already have an M6 thats my daily but I really want a Ferrari. Just trying to get some support here vs the non help from the dealer.

 

1) you keep referring to "PFS".....did you mean "FFS" (Ferrari Financial Services) or some other? Generally speaking, from experience the FFS guys are really straight up on what the deal is, and isn't...

2) you're working with an authorized Ferrari dealer? I'd say it's odd that they didn't know the mechanics of a standard open-ended lease

3) FWIW, open-ended leases generally allow you and the lessor agree on a residual that determines the payments, but in reality it is a balloon. Mileage doesn't matter per se.

4) unfortunately, CARFAX is a "scar" to many people, especially on high-end cars. If this car is REALLY one you like, go out and get a copy of the repair invoices, assuming it was an insurance claim there are pictures somewhere. A scraped bumper? I wouldn't worry. Having to replace the front radiator cages? I'd reconsider.

5) crystal balls on market price on these cars in 3 years is a wild guess. I'd negotiate in a buffer up front with the seller on the CARFAX ding and just be prepared on the other end.

 

Sorry - I should have been more clear - Premier Financial Services - Simple lease - Looks to be the most common one to be pushed on Ebay and many non Brand dealers.

Not an authorized dealer but a very large big brand dealer that got this car as a trade in for a Bentley.

We had an option of 36, 48 or 60 months. We did the higher payments and 36 months. The residual was $20k more which I know means nothing.

Nothing with the radiator. I saw the damage and this high line dealer is the one fixing it in the same body shop that does Bentley and Rolls so I have to hope they know what they are doing.

I was hoping someone used Premier financial before and if someone had an experience with a Ferrari that had a minor ding and how they fared when they went to trade or sell the car. I would hate to take it in to a dealer in 2-3 years and they say " I am sorry but negative mark on the carfax so I cannot take it" or " negative mark on the carfax so I can give you $100k"

I saw a flood damaged 2012 for $139k so I figure in 2 years same position with the 2014 but no flood so $139 would not be the end of the world.

More so looking for experiences then psychic readings.

Thanks!

 

Is this the car?

http://www.carfax.com/VehicleHistory/p/Report.cfx?vin=ZFF73SKA6E0198406&partner=CCO_0

http://www.bramanmiami.com/VehicleDetails/used-2014-Ferrari-FF-2dr_HB-Miami-FL/2797504673


It's a sweet looking ride. Car has done 2+ years and 2K+ miles since the accident FWIW. I'd definitely get as much info on the accident as I could, and if you're happy with what you find out, precede from there. However, if the current dealer isn't being helpful, to me, that's a red flag. It's the cheapest 2014 FF on cars.com & appears loaded to the hilt....T

 

IMHO, I don't think this is a great deal. I just purchased a '14 from a local ferrari dealer with similar options (except the forged wheels but I have the passenger display) for a little less and it had less miles.

 

Premier is a good company. Many others like them. A dealer car allows you to work with FFS, Ferrari Financial. How much down on the lease do they want you to pay? Why would you not buy?

 

To your questions

1) I do not know Premier, but I"ve worked with Putnam Leasing over the years on a few cars with simple, open-ended leases. They were great to work with, and there was no penalty or hurdle at any point to get out early

2) re the Carfax and damage, that sounds rational. (I say that since the usual reaction to prior body damage with Ferraris sounds irrational typically).

3) There are a decent number of FF's on the market, I'd shop around and be sure that you are getting the exact car you want, at a good price. Regardless of lease, buy, or otherwise, the only certainty in the economics is what you to pay to drive off the lot. After that...

4) not to start a(nother) pricing debate, but FF's seem to be seeing a pretty wide variation in prices for comparable cars, whether from dealers or independents, and I'd guess usually tied to their tolerance to hold the cars.

5) advantages of getting from a F-dealer (if possible) are to create a good relationship for the future, get a CPO car. You can use FFS even if from an independent dealer. Also, a ferrari dealer might be willing to discount you a bit on the extended warranty I"m sure you'll want after the initial one wears out.

6) again, as for +3 year, +30,000 mile pricing (residual), I would assume conservatively and think $85-100K. It will be a 5-6 year old car, one generation out, with 35K miles (or whatever you accrue), a great car nonetheless, so I'd think "negatively" now and perhaps be ecstatic if you get $120K. 612 vs FF are different cars and different times, but you can look at the 612 curves to get an idea.

Good luck

 

Very good advices. Personally I would not care if the CarFax says there was some minor damage, however it must be reflected in a lower sales price, which is hard to tell without more details (CPO or not?)

 

Yes, very good information! Thank you!

 

Reason was that the dealer was not informed apparently how open leases really work. When he told us that we would just turn in the car at the end of the lease and unlimited mileage we thought it sounded odd being that we only have done purchases and traditional closed leases but he confirmed it and we asked him many times. He said that was the beauty of these leases. So we bought it. Then we did some research after and found the truth about it. Sure we could buy it but there are also the promises of tax savings for our business.

 

Not CPO - Just used. Small balance of warranty remaining. Checked with Ferrari by vin and they confirmed services were kept up on and no major concerns. Only the seat belt pushers failed which I guess is common but that was replaced by them. We can purchase the extended warranty through Ferrari before this one ends @ $9500 for 1 year or $13500 for 2 years.

Based on what I have read here these cars are really well built and the repairs will probably be less unless something major happens which I guess I would just tackle at that point. Its not like I will be taking this to the track or anything. Plus the local Lambo dealer also works on Ferrari and charges $159 an hour and can get all OEM Ferrari parts.

 

OP - if you're open to an FF with a blemish on the Carfax, might be worth checking this one. If the seller has pics of the damage, that would go a long way to getting comfortable. If truly a minor incident, this is a screaming deal.

Ferrari FF Base Hatchback 2 Door | eBay

 

Saw that one but also saw " Vehicle Title: Salvage "

and the autocheck "
Title and Problem Check
Major title or other problem(s) reported"

02/10/2016 NY
1,635
Auto Auction REPORTED AT AUTO AUCTION
03/03/2016 NY
Auto Auction AUCTION ANNOUNCED AS SALVAGE, EXTENT OF DAMAGE UNKNOWN
04/29/2016 NY
1,635
Motor Vehicle Dept. TITLE
SALVAGE


That was not minor to get salvaged.

 

Gorgeous build. What a shame.

 

I saw that too. You never know, sometimes cars get salvaged for stupid stuff ... which is why I suggested asking for pics of the damage prior to being repaired. If no pics, yah...stay very far away.

 

Bought at auction so probably none. But what about getting a clear title? Registering in Florida? Thought these type of cars can only go overseas but who knows.

 

Thanks everyone! Decided to get a brand new 2016 FF from the Ferrari dealer in Rosso. Better decision and I will feel better. Hope to post and read more on here as this is my first Ferrari and a dream since I was a little kid.

 

Congrats! Pictures when you pick her up...T

 

Congrats!!!!

Please post pics.