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Financing an F-car with J.J.Best

Discussion in 'Ferrari Discussion (not model specific)' started by sduke, Oct 31, 2003.

  1. sduke

    sduke Formula Junior

    Mar 10, 2003
    825
    The Hub City, Texas
    Full Name:
    Steven D
    I understand that financing a Ferrari is not the ideal method of obtaining a Ferrari but.............I am quickly running out of time on this mortal coil. Having raised a couple of great kids alone, and after paying for two college educations, real-life pretty much destroyed any hope of my saving enough cash in my remaining lifetime to be able to pay cash for my dream car. I have finally dug myself out from under a mountain of student loans and I am debt free besides a house payment. I currently drive a paid-off POS in order to save enough to afford a car payment.

    I have checked on the J.J.Best website and they have very good rates and long term financing.

    Does anyone have any experience with J.J. Best or another company that caters to people like myself that are tired of waiting and dreaming?

    I realize better than most that financing a depreciating asset, even a Ferrari, does not make much financial sense. I almost see this as a reward for my being a responsible person for most of my life and sacrificing just about everything in order for my kids to have a chance at a successful life of their own. If I am destined to work at a job I don't particularly enjoy for 10 more years until I retire, I would at least like to have a reason to go to work.

    Like someone said here a while back " Go for it.....you might be dead tomorrow"

    Suggestions?
     
  2. chanh

    chanh Rookie

    Oct 31, 2003
    9


    sorry don't think its a good idea..................

    I go with a rule, a car must be atleast 10 percent my networth, before it's touched...........


    Btw, if u can handle the stress, go ahead :)
     
  3. cmparrenzo

    cmparrenzo F1 Rookie
    Rossa Subscribed

    Mar 3, 2002
    2,685
    Kansas
    Full Name:
    Chris Parr
    WHY NOT FINANCE? Some of my cars I have paid cash for, others I do finance.

    Ford keeps giving me 0% financing, you would have to be an idiot to pay cash.

    While Ferrari does not give 0% you can use a home equity loan at about 5.00%, deduct the interest, and drive your Ferrari today!

    Even if you decide to finance through normal channels, if you can afford the payments, enjoy the car!

    None of us will live forever, enjoy life while you can....
     
  4. mr. green

    mr. green Formula Junior
    BANNED

    Oct 31, 2003
    263
    Go get your car if you can afford to make the payments. My friend got killed 2 weeks at a young age. You never know when your time is up.

    Enjoy
     
  5. rob lay

    rob lay Administrator
    Staff Member Admin Owner Miami 2018

    Dec 1, 2000
    49,192
    Southlake, TX
    Full Name:
    Rob Lay
    Agree with Chris 100%!
     
  6. todd montandon

    Nov 1, 2003
    3
    premier financial doug ewing is great gives a real good rate and does mainly f cars i leased mine through him it took about one phone call to him the deal was done my accountant told me it would be smarter to lease it for business reasons so i used doug he went out of his way to take care of me.
     
  7. Artherd

    Artherd F1 Veteran

    Jun 19, 2002
    6,588
    Bay Area, CA
    Full Name:
    Ben Cannon
    Do it, life's TOO DAMN SHORT!

    Best!
    Ben.
     
  8. andrewg

    andrewg F1 Rookie
    BANNED

    Sep 10, 2002
    4,667
    Chester, England
    Full Name:
    AndrewG
    Go for it just be v carefull about the car, as always

    1. get it inspected by a Ferrari Expert (just ask on Fchat for recomendations)
    2. if your financing it make sure you get a litlle extra to put away for servicing or if anything goes wrong
    3. insure the hell out of it and the loan

    4. Enjoy one of the best cars on the planet
     
  9. adamr

    adamr Formula Junior

    Aug 16, 2002
    720
    Chicago
    I have a couple of friends, who (many years ago) purchased WAAYYY too many cars at too much expense and compromised their future. Many years later, I see them looking back going "What the f was I thinking". That's what concerns me about the young guys financing/buying the F cars.

    But in your case I say - Go for it! Sounds like you've done very well with your life.

    Not sure who said this (Joan Biaz (sp?)) "The strange thing about death is, we never know exactly how or when it will happen, the only thing we know, is that we're alive; right now".
     
  10. GrigioGuy

    GrigioGuy Splenda Daddy
    Global Moderator Owner

    Nov 26, 2001
    23,026
    E ' ' '/ F
    Full Name:
    Yes, I have one
    I can't comment on their loan value, but JJ Best is a bunch of spammers, to the point that I have them filtered at my mail server. All I did was ask about a rate and I started getting a bunch of useless ads from them.

    Back to the point, if you can afford it without stretching and don't mind paying some interest, why not finance? It's just a matter of whether the 4-5 additional years you get to drive the car are worth the interest cost. Heck, if you think about it, most "entry level" Ferraris cost less than a loaded SUV, and those are financed without a second thought.

    Capital One Auto Finance, formerly PeopleFirst, also has good rates and they don't care what kind of car you buy. The website is www.PeopleFirst.com
     
  11. fanatic1

    fanatic1 Guest

    Nov 1, 2003
    553
    columbus
    Full Name:
    philip
    The only thing I'd like to add here is this....if you can afford the loan payments, I think that is great! However, be very well aware that buying a Ferrari and MAINTAINING a Ferrari are entirely different things......you must have the liquid cash to fix/maintain/repair the car for WHEN little things happen. If you can do alot of work yourself, it's not as much of a concern, but if you're not a wrench monkey, the maintanance should at least be acknowledged.

    GOOD LUCK!
     
  12. 550

    550 Rookie

    Sep 19, 2003
    46
    Get the most financing you can get. Keep it 1 or 2 years. sell and you can say you owned a Ferrari. My 2000 maranello is for sale in Oct. 2004. I'll be going back to a bullet proof porsche turbo. but I do love the Ferrari. I used Peopleschoice.com for my loan. took $75,000. great rate. Note: with a home equity loan you still have to pay the full loan amount when you sell the car. DO IT NOW Good luck.
     
  13. chanh

    chanh Rookie

    Oct 31, 2003
    9
    sduke - What F car u looking at??
     
  14. ryalex

    ryalex Two Time F1 World Champ
    Owner Consultant

    Aug 6, 2003
    21,377
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    Buying a reliable 328 is like money in the bank! Lower/cheaper maintenance, and it's depreciation is sloooow. No one will doubt it's a Ferrari, either!

    -Ryan
     
  15. Kds

    Kds F1 World Champ

    I am going to put about 35% down on my first F-car..........an 86-89 TR. Keep about 35% in the bank for the "inevitable", and lease the balance over 36 months with a very low buyout and a good equity position as a result. If the car is good and I love it, I'll buy it out and keep it.

    Why not ?

    Even if I could write the cheque I would never do it. Ferrari's depreciate, eventually, but not like regular production vehicles from the mass production manufacturers. A used TR will never get cheaper than they are now, so where's the risk ?

    Cost and use of money also come in to play in a transaction of this size.

    My 2 cents.......FWIW.
     
  16. G-force

    G-force F1 Rookie

    Aug 4, 2002
    3,053
    so california
    Full Name:
    wayne skiles
    Suggestions?[/QUOTE]

    try peoplefirst.com.
    Im just got 75k from last week at 4.49% 60 month term.

    their max loan amount is 75,000.
    I could have paid the full amount in cash for the car but with rates like that i couldn't pas it up as my opportuniny costs for the funds are far greater!!!
     
  17. SeaBayR

    SeaBayR Karting

    Sep 15, 2003
    65
    On the Chesapeake
    Buy your Dream. How many of us have had other expenses:boats, vacations, building projectes... that we funded instead of the Ferrari first.


    Look at what you can afford a year
    Pull 3-5K out for maintence and look at what the rest will buy.
    328 are terrific, from ewhat owners say ok to maintain, if you can, a 348 gives you a great interior, supperior everything and a big-Ferrari look for $50coupe-$70spider but you have to like the TR strakes, 355 are cool,big money ($90+K)and while they made 13k of them still relitively rare, the elect roof on the spider can be an extra expense but a spider is the best for open roading and about-town visibility.


    Older 80's Ferrari's depreciate roughly $3-5K a year for 4k in miles. Same as that boring old Honda and lots less than a BMW. Milage cost a lot in the 20-40,00k range but after that the value bottems out a bit anywhy.

    On a 30-45 car guestimate these numbers:
    So $500-800 in payments 0n $30-45K, $8000 a year
    Maintiance on a good, serviced car $3-5000 a year
    Drive it for 3 years for $45K, recover $25-35K
    What a deal. $20K a BMW-3 ease would be 30K

    Life is short. Think of what your going to spend, look at your priorities. and make a decision. Not deciding on a draem is still a decision made.

    Leases are ok if your company pays, you have a business with partners where everybody gets the same amount or the $300+ differance makes the deal, or you have to tax deductions.
     
  18. allanlambo

    allanlambo F1 Rookie

    Jun 9, 2002
    4,363
    Maui
    Full Name:
    Allan
    I think you guys are slightly off in your depreciation and maintenence costs on older Ferraris. Ive owned several 308/328, never lost a dime on them, and never, ever did it cost me 3-5k in maintenece yearly. Buy one priced right, major services completed,ie belts, keep it for 2 years, sell for what you bought it, and let the next guy worry about servicing it.
     
  19. NYJETSFAN

    NYJETSFAN Formula 3

    May 11, 2001
    1,093
    Kalifornia
    Full Name:
    Jr
    average cost of a Ferrari = $50,000.00
    average cost of maintenance = $2,500.00
    insurance on your Ferrari = $1,000.00
    detailing your Ferrari every weekend = $35.00

    your ex-girl friend seeing you driving your Ferrari = priceless

    ha ha :D
     
  20. sduke

    sduke Formula Junior

    Mar 10, 2003
    825
    The Hub City, Texas
    Full Name:
    Steven D
    Thanks for all of the input guys.


    I am looking for a TR. I would prefer a 88 1/2 for the 5 lug wheels, but that isn't a deal maker. I would like to find a black, or a blue one. I love the 308-328 but I am pretty tall. I sat in a 308 GTB and I just felt very cramped. Most of my height seems to be in my legs and they were up against the steering wheel. I have never had the chance to sit in a TR, but several posts here over the months have emphasized that tall people are comfortable in a TR. (plus the 575, but the 575 is a bit beyond my reach)

    I love the 355, but several recent posts mentioned that their line of sight was exactly even with the top of the windshield. If I remember correctly the poster was about 6'1". I am 6'3"

    My big problem is that stuck out here in the wastelands of Texas, there are zero Ferrari's to examine or even sit in. I try to stop by Ferrari of Dallas when I can, but the last few times I was in, they didn't have anything except 360's and 575's. There is no need for me to even dream of owning a car like this for at least 20 years. (they have to depreciate down to my level first) I have considered going to Dallas for one of Rob's "Ferrari Nights", but I have never had the courage to inconvenience some total strangers and beg for a ride.

    I am a professional technician (toyota master, ase master), and an ex-racer, so the mechanicals don't bother me. Hell, I used to be a Jaguar mechanic back when they were owned by British-Leyland. If I can fix one of those pieces of sh#t, I can fix anything!

    I will look into a home equity loan as I had not even thought of such a thing. I was told that in Texas, home equity loans have some major stipulations, but that might not be correct. I will also check with Peoplefirst.

    I knew that the fine folks of Ferrarichat would have more information than any other place I could think of.

    Thanks again, and when I find my dream car, you can be certain the first pictures I take will be posted right here.

    Forza Ferrari
     
  21. wax

    wax Four Time F1 World Champ
    Advising Moderator

    Jul 20, 2003
    42,136
    SFPD
    Full Name:
    Dirty Harry
  22. GrigioGuy

    GrigioGuy Splenda Daddy
    Global Moderator Owner

    Nov 26, 2001
    23,026
    E ' ' '/ F
    Full Name:
    Yes, I have one

    Come on down/over/whatever. The next event is gokarting on the 11th (Tues night). If I can drive by then, you are welcome to try out my 328. There's also a tech session on Sat Nov 15 at Norwoods
     
  23. M.James

    M.James F1 Rookie

    Jun 6, 2003
    2,720
    Worcester, MA
    Full Name:
    Michael.C.James
    I've filed paperwork with JJ Best - they're great to work with. One thing to consider, however, is that they will inspect a car before cutting a check to the seller. So don't try to buy a crappy car and expect them to just give you a loan - they'll check over the collateral. If you're buying a good car to begin with, its not an issue.

    Most of the paperwork can be emailed to you - one document must be notarized, the rest signed in ink. If you FEDEX all completed paperwork, including a bill of sale, JJ Best can cut a check in less than a week.
     
  24. sjmst

    sjmst F1 Veteran
    Lifetime Rossa

    Jul 31, 2003
    9,760
    Long Island, NY
    Full Name:
    Sam
    Do it. No question. I used JJ Best (albeit for a small loan) for my f car and was happy with them. If you don't, are you going to look back and say, "Boy I am SO glad I never realized my dream of getting a Ferrari"
    Not likely.
    Good luck.
     
  25. Tspringer

    Tspringer F1 Veteran

    Apr 11, 2002
    6,155
    I have financed 2 Ferraris with JJ Best. I paid off my 308 within 6 months but still had no penalty for early payoff. I put 50% down on the Daytona and got a great rate. JJ Best was very easy to deal with, they understand old cars and they can work fast to make the entire transaction go smooth.

    They do require an inspection.... but dont rely on this as a PPI. They are only looking at it to make sure its not a wreck or something. They dont do compression tests and inspect for rust....

    If you buy an older, fully depreciated Ferrari and you can do the maintenance yourself owning a Ferrari will be much cheaper than buying a new Honda. Given that cars like the 308 and 328 are fully depreciated its tough to go wrong if your careful when you buy. A TR may be a bit risky. They are still depreciating. Sportscar Market Letter had a really nice condition '88 TR selling at auction for $45K. Their comment is "just when you think they are done depreciating, they drop even further". Whats the bottom for a TR? Who knows? My point is there are lots of folks still asking $70K for an '88 TR or $60K for a '86 and I think those prices may still hold significant depreciation potential. On the flip side, a really nice '85 308QV at $32K or so is already fully depreciated and stable in price.

    Perhaps you should look at some of the older cars. If your a big guy and your capable of working on the older cars (sounds like you are) take a look at a 365GTC/4. They are nice looking, sound great and have lots of room inside. They can apparently be bought for $60K for a very nice car and its more likely to up than down in value. Only 500 were made....


    Terry
     

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