Buying a 360 Modena (Leasing)

I really like the 360 Modena and I spend alot of time researching it, looking at pics of it, etc. So, I have decided to place myself in the market for this cute little sports car. Where I am moving (Oaklawn neighborhood of Dallas, Texas), there are lots of people drive Boxsters and 911's due to the higher income of the people that live there.

So my question is: Could I possibly lease a 360M or even a preowned 355B or spider with paying the full lease amount in cash? If I do that, I am assuming that no credit issues would arise. Am I right? If my lease on a Ferrari is one year, and I pay the entire year upfront in cash, do you think I have a good chance of taking delivery of the vehicle?

Thanks for your input.

 

CD... this is exactly the kind of thing we had conversations about. Don't put the cart before the horse.

 

So you're looking at dumping ~20K into a 1 year lease on a 360. What happens at the end of that year?

You realize for that price you could buy a 308?

Best course would be to slow down, get something cheaper and interesting (Alfa Romeo maybe, or just another Porsche) and put the money into building a business or real estate or anything that results in an asset

 

Don't you mean the "horse" before the "house"?

 

I really want to stay away from the older Ferrari's because I am not very knowledable about them, nor am I a technician when they break down.

I will consider the much cheaper Porche 911 or even cheaper Boxster.

But my point is is: Can the whole leasing situation be done, you think?

 

Call Chet and ask him. He's the resident leasing guru

 

I'm moving to the Oak Lawn area of Dallas as well...in a month (March 27th, 2005). I just bought a 2001 360F1 Coupe in Dallas which I will be picking up the day I arrive. I will be looking for fellow Ferrari owners when I arrive to learn my way around the racing, club scene there in town...let me know if you are interested when you get your car.

 

Are you SURE this is the right car for you?

Gary

 

I think your credit will still be an issue. Leasing is more difficult to get than financing in many cases.

You're better off putting the cash down on a purchase and then selling it after the year...if you intend to only keep it for a year.

However, I must echo what others have said. Shelling out all that money for a year to having nothing isn't the smartest thing. You should wait until you can afford to BUY a Ferrari before you get one. Then when you finally do get it - it will be that much more rewarding.

 

^Okay guys, I get the picture.

I am totally convinced now (what a bummer) to wait until I can BUY the freakin Ferrari all at once.

I kinda wanted the Ferrari to be my first automotive purchase. I know that's weird, seeing that it would be my primary car, but if Im living on the same street I am also working on, taking the car to work everyday for half a mile isnt bad at all. No harm doing...

So until then, I will continue to take use of public transportation and save up all my pennies...lol

thanks
cd allen

 

To answer your question, yes plenty of companies will do a "one-pay" type lease with a lump sum up front. I looked at doing that on a 3 yr lease on my new LX470, and there was a considerable cash savings, i.e. they did consider the present value of the funds. I ended up just purchasing the car though.

There is still a credit issue though because you're still theoretically carrying a loan balance i.e. the car. If you skip town, they're out big dough.

 

Generally speaking lease companies don't like to do prepaid leases less than 24 months in length for obvious reasons.........has a dealer suggested to you this short a lease term is available......?

It sounds like $20K is not going to cut it either..........if you paid $150K for a 360 coupe.............I'd probably need to get about $80K up front on a prepaid lease over a 36 month term based on my experience.

 

^I kinda figured that,

I just want to get my hands on a Ferrari first hand...just a ride or something at least till I can buy one. I feel like I'm going to explode!!!! Im tired of looking at pics of them, dreaming about them....buying every magazine that has an article on them. I WANT FERRARI!!!!!

Hey, anyone here in the Dallas area want to give me a ride in their Ferrari?

If interested in fulfilling a 20 yr old's dream come dop by my office:

2911 Turtle Creek Boulevard
Suite 300
Dallas, Texas 75219

My pastor often says "We have not, because we ask not"...lol

 

IIRC, the saying goes, "ask not, want not."

Conrelius, I'm talking about the PM messages we traded. Remember the ones where we discussed not claiming things which are not based in reality?

You disclosed to me that you are young, and just starting out on your own in life, trying to build your own business.

As I shared with you, I am in a similar position. There's no shame in that. Everyone here, started somewhere.

You are utterly embarassing yourself, trying to position yourself as "Mr. Generic Turtle Creek Successful Guy" and starting threads like this.

 

I am afraid not, sir.

BTW, the editing I did in the post that he was referencing was only to correct grammatical errors. I did not edit my post after I recieved this weak ass mesasage.
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Sounds like you've got much bigger issues, but the last thing you want to do is drive a 360 for half a mile. Several miles are required to warm up all that oil.

 

I think he's joking. He posted on mbworld.com a few days ago asking about a C230 using the same name:

"Okay everyone. I am now convinced, due to researching price, options, and features, to get a 230SS. As a 20 yr old, I am a first time Mercedes buyer. Now I need a personal owners opinion of their own C-class...."

Then he had another thread about getting the C320 because he doesn't want the auto in a 4 banger. I think he needs to get his head out of the clouds and back to school.

 

Nnnnnoooooo! But I think the IRS may begin to take an unhealthy obsession with you.

BTW, didn't your pastor also mention to you to stop b*llsh*tting on F-Chat? You know that lies make baby Jesus cry.

 

At 20years old the F-Car payment would be pretty steep. Probably about as much as what your insurance for the car would probably run.

I remember back when I was 20 and wanted a brand new corvette. I could handle the payments on the vette easy enough, but the insurance rate was a deal killer.

 

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CD - Please, by the grace of God, get some help.

 

He definitely has his head somewhere, but it's not in the clouds...

 

????????? Tro_____ !!!

 

credit is of course an issue.
even if u pay the total payment due up front, leasing co is still trusting u the whole price of the car, thats where credit comes in.

 

definitely the most efficient and time saving way to ruin a car, especially a ferrari.