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Financing questions for purchase of a 2000 F360

Discussion in 'Canada' started by robbreid, Nov 11, 2007.

  1. robbreid

    robbreid Karting

    Feb 25, 2007
    164
    I currently have a 911 C4S 2004, I owe $83000 on the car, I can buy the same car in LA for low $50's! A friend of mine sold his last week for $54000 US in Orange County. Dealer in Toronto offered me $58000 for the car last week. So in order to get out of this Lease/Car, obviously it is going to cost some money.

    My question is, I am actively looking at model year 2000, F360's in the USA. It seems to me an equivalent car in Canada sells for $155000 and up. The same cars in the USA can be bought from $90's to $100K Canadian, and there are many to choose from.

    Any ideas on the best way to finance this car in Toronto??? The Porsche payment is $1400 a month, so I'd like to keep my payment on the Ferrari at that or less. Is there any preferred way to finance a year 2000 car in Toronto???

    My best option so far, is financing on a purchase, thru Don L. Leasing in Florida. They don't do leasing in Canada, but will do purchase financing on used Ferrari's in Toronto. Any other suggestions would be appreciated.
     
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  3. MS250

    MS250 Two Time F1 World Champ
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    Rob, welcome aboard.....as for leasing and going from a 911 to a 360 and that type of money, i would tell you not to do this type of deal.

    Ferrari's in general are not like Pcars....if something went wrong, whether with the car, or your financial status it would be a hard knock lesson to learn. Ferrari's are not cheap on both ends. I am of the mind set that if you need to worry about payments on an Fcar, you are better off not to make the move....cause a service on a 360 over time will blow your mind over a pcar. And given by your question, you want payments to be 1,400 or lower, comes off to me that you need to stay in a certain budget....and that is an oxymoron.

    Ferrari and budget dont go hand in hand at all.
     
  4. raw tubor

    raw tubor Karting
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    Feb 13, 2007
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    This is GOOD advice.

    Owning a 360 is a wonderful experience BUT its not stress free and the anxiety factors rises if you owe money on it for several reasons. First, costs of servicing almost always result in jaw dropping bills. Second, any major repair will knock your socks off. Third, the car is likely to depreciate, monthly, as much as the payments you cite. Fourth, if you incur an accident it will ratchet down the value of your ferrari more than you'd imagine -- people want them pristine, absolutely accident free, virginal. And, finally, if you're like most F owners, you won't drive the car much because its one of the most impractical cars in the world but you will look at it sitting in your garage (representing a huge chunk of cash) wishing you would/could drive it more. Owning a 911 is a highly satisfying experience and its relatively stress free as well -- more reliable, less costly to repair, more practical use as daily driver, depreciation from a much lower value point. Of course, this is just my personal perspective of course. I never angst over my 993 twin turbo; I angst for most of the reasons cited above over my 360CS. If money is no object, of course, then the angst I refer to will tend to evaporate.
     
  5. asb9987

    asb9987 F1 Rookie

    Dec 4, 2004
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    Er, do some research on Don L. Leasing on this site. You'll be surprised with what you find...
     
  6. ClassicFerrari

    ClassicFerrari F1 World Champ
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    LOL, at least someone said it.

    raw_tubor get a 997 Turbo. Man, they are cheap now :)
     
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  8. raw tubor

    raw tubor Karting
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    Feb 13, 2007
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  9. Kds

    Kds F1 World Champ

    Transport Action Lease Systems will do a deal for you as long as you have 25% + down. They have offices in TO.

    Almost all of my clients lease their high end cars thru TA Lease, so that tells you something........they are richer than me, therefore they are also smarter, nest pas ? Leasing is smarter than buying.
     
  10. MS250

    MS250 Two Time F1 World Champ
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    true dat, if you plan on throwing them away after 2 or 3 yrs or so....dont change the oils, drive them alot and dont service....hence why so many on the market with no history, and you pull the VIN and it has a longer rap sheet than the most notorious criminals in the country :D:D:D i recall seeing a 87 328 in 1999 before i bought the TR it had 11 owners on the VIN....and funny enough the books were with it, BRAND SPANKING NEW....not one card pulled out...hahahaha....and 25,000kms on the ODO.....told me all i needed to know.
     
  11. Kds

    Kds F1 World Champ

    Pretty much everyone I know who leases high end cars takes exceptional care of their cars. The same as if they paid cash. If they don't........I won't buy them back.......or resell them on their behalf. They are on the hook for the residuals.....if they let them go that is. Leasing is a financial tool. Nothing more.

    When you can get a return exceeeding the cost of funds on a lease.......why pay cash ?
     
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  13. MS250

    MS250 Two Time F1 World Champ
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    not the ones ive seen come to market.

    Though the newer ones today like 360s,430s,SLRs i can believe to a certain degree.....but not all these cars get there oils or rads changed regularly.
     
  14. F355_guy

    F355_guy Karting

    Jun 26, 2004
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  15. ClassicFerrari

    ClassicFerrari F1 World Champ
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    Oh now were talking. I'd take a 993 Twin anyday. I was only talking 997 in thinking you wanted something newer. As I have mentionned here many times before...the 993 TT is one of the best cars in the world :).

    Keith, yes we do have transportaction offices here. I do believe they are from Ontario originally anyways. And Rick, you may be right in some cases regarding the poor maintenance of leased cars. But remember MOST of the leased out used have to be guaranteed by the buyer. So as Keith mentionned, alot of guys will still take care of them as if it's "their own".
     
  16. kaz550

    kaz550 Formula 3

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    Agreed!
     
  17. MS250

    MS250 Two Time F1 World Champ
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    I think we need to define this.....a leased 2/3 yr exotic wont need much............im still waiting for Arshad to advise on his friends 2 yr old 430 where he did "Zero" on maintence. You guys can say all you want, all these cars i see....the paper work is always missing......how many of these cars come with a documentation of oil change every one, and a rad flush and brake flush every second year when they are leased ? 90% of these cars flip with low k...case in point....FoO had a 2002 360 with 3,000 kms...the only thing out of the book was the orginal tag...this car is 5 yrs old...are we to assume that the oil was only changed once in 5 yrs ? the answer to this question is "YES" and if you ask me, thats not a serviced 360.
    I'll save the rest for another thread at another time.
     
  18. Kds

    Kds F1 World Champ

    All of the ones I lease do.
     
  19. MS250

    MS250 Two Time F1 World Champ
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    Maybe you should start selling in Ontario then and expand :D
     
  20. red3555gtb

    red3555gtb Formula 3
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    If your cash flow supports it and if you can get a great % rate go lease one and enjoy.
    Dealers around here with used F360's that were not leased to begin with, will gladly arrange to finance or lease them to you.[ hey owning a Ferrari is like owning a house every months they are major bills to pay thats life]
    No need to go to the USA for the car if you look around here you will see that prices are and will be droping for the F360's.
    Good Luck.
     
  21. JamesSimpson

    JamesSimpson F1 Rookie

    Jun 29, 2005
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    if you want out of your porsche and into a ferrari it's very easy to do, and i'm 99% sure your payments will be similar to what you are paying now, and as keith said I pretty much ONLY use Transportaction as they are easy to work with, will help you out of your lease. And if your buying down south you are already avoiding depreciation as if you were buying a cdn car. Let me know and i'll help you out. or call brenda 416-409-4219 and tell her I sent ya and she should take really really good care of you, or shoot me a message and i'll see if i can help you.
     
  22. robbreid

    robbreid Karting

    Feb 25, 2007
    164
    Thanx for all replies, did talk to Scott Feneey at Transport Action, they write the terms, but as mentioned, they can do the deal.

    As for Don L. Leasing, did read all the input, though I wasn't looking at their cars, just the financing of an american car.

    James, will be talking to you shortly. Met you at the Chrysler dealer on Yonge, when the owner bought the red F360, and you just received the blue Gallardo, and siver F360 Spyder from Vancouver. In the market now, to get out of Porsche, and into a F360.

    Thanks again, Robert.
     
  23. JamesSimpson

    JamesSimpson F1 Rookie

    Jun 29, 2005
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    no sweat give me a ring when you're ready.
     
  24. arshad

    arshad Formula Junior

    Mar 10, 2004
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    Hehe. First of all I fully agree with Rick's advice at the top of the thread, and it's echoed by other owners.

    My friends 430 .. when I asked him how much he had spent on it in the past 2 years, he said "zero". I'm assuming that literally meant zero, ie no oil changes etc. Then again, maybe he was just talking about larger service. He did spend big bucks on a capristo, but most don't consider that a maintenance item.
     
  25. MS250

    MS250 Two Time F1 World Champ
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    Can you ask him if he did change the oil, just curious...as too why he didnt ? Is he going by mileage ? what does the book say on the new models....just interested Arshad.
    Thanks !!
     

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