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Financing a Foreign Ferrari?

Discussion in 'Ferrari Discussion (not model specific)' started by Mackage, Jan 29, 2025.

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  1. Mackage

    Mackage Rookie
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    #1 Mackage, Jan 29, 2025
    Greetings everyone! I'm trying to pick your brains on a logistical issue I'm running into. You all have a plethora of experience in the F game so hopefully I can get a solution to my problem.

    The problem... I am trying to buy a Ferrari (private party) from Canada but my bank will only finance for a Ferrari that is in the US with a US title. The Ferrari was originally a US vehicle, so it meets all the requirements and I'm not too worried about the importing part. The only liquid money I have is my emergency funds and savings, so I won't be pulling my stocks to do a cash buy.

    I was hoping the seller had some friends or family in the US that they could transfer title to, bank would finance to them and then transfer money to the seller as the seller lives right over the border of Canada and Washington. But they do not have said family or friends. I am also near that area on the US side.

    Get Canadian title into a US title so the bank finances to the seller...

    Any ideas? o_O
     
  2. Nospinzone

    Nospinzone F1 Veteran

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    #2 Nospinzone, Jan 29, 2025
    Any friends or family of the seller would have to be nuts to agree to that solution. I suggest you try another bank.
     
  3. Mackage

    Mackage Rookie
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    #3 Mackage, Jan 29, 2025
    Is there a bank you suggest that does this?
     
  4. technom3

    technom3 F1 World Champ
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    #4 technom3, Jan 29, 2025

    Why doesn't the seller just register it in the US.

    Pay them a deposit that will cover the fees etc... have them import it and complete the deal.

    Or pay for the car in full and then refinance it to yourself when you get the car registered stateside.
     
  5. GrigioGuy

    GrigioGuy Splenda Daddy
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    #5 GrigioGuy, Jan 29, 2025
    Have you talked to PenFed? They are pretty flexible, both my recent purchases had weird title issues and they worked through them.
     
  6. Mackage

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    #6 Mackage, Jan 29, 2025
    Can a non resident non citizen title a vehicle in the US (WA)? That might be a solution if it's possible.
     
  7. technom3

    technom3 F1 World Champ
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    #7 technom3, Jan 29, 2025
    In Arizona you can. If Washington has a 3rd party DMV system (privatized) you should ask them. They will know instantly.
     
  8. Mackage

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    #8 Mackage, Jan 29, 2025
    I
    I'm working through Woodside right now, trying not to hit my credit again unless I know for sure they can work around these parameters.
     
  9. Nospinzone

    Nospinzone F1 Veteran

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    #9 Nospinzone, Jan 29, 2025
    Bank of America, however you might have to be an established preferred customer.
     
  10. tbuff

    tbuff Formula Junior

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    #10 tbuff, Jan 30, 2025
    Margin loan against your holdings. Get the car into the stated then get a title. Then get traditional loan and pay off margin

    **posted by a Canadian where we don't do titles so this may notnwork
     
  11. BenB

    BenB Karting

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    #11 BenB, Jan 30, 2025
    Why must it be THAT Ferrari? You would save yourself a lot of grief (& probably some cash) if you bought one already in the U.S.
    Even better, don't finance.
     

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