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How can I get a Ferrari Loan and how much down?

Discussion in 'Ferrari Discussion (not model specific)' started by Kenneth Ramirez, Apr 23, 2018.

  1. bisel

    bisel Formula 3
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    Sep 12, 2012
    1,198
    Scottsdale, Arizona
    Full Name:
    Steve Bisel
    I thought I would add my experience...

    I dreamed about owning a Ferrari since I wash a teen. I saw my first Ferrari in the flesh in London while serving in the Air Force. I attended the BOAC 500 road race and saw Jackie Stewart race a Ferrari 330P4 to second place. Glorious to see it. After college I got married and kids came along. It wasn’t long before the money was there but I could never justify the extravagance with a family besides me. So I kept a rainy day fund going and several years ago the kids are adults and the siren was calling my name again. I paid cash for mine. And before making the purchase I made sure I could afford the maintenance ... trust me, they do need maintenance.

    So others gave pretty good advice ... get a job. Buy a house. Raise a family. Take vacations. Travel to foreign countries and experience other cultures. These are far more important in life than a Ferrari. The Ferrari or other cars will be there when you have achieved those other goals.

    Steve
     
  2. Natkingcolebasket69

    Rossa Subscribed

    What i question is the silly number give. 50% down 7k a month lol
    Non sense.
    2800 a month is really not that bad.
    I pay 2100 for my s63coupe. I paid 1k a month for my tr.
    As i said u make 200k a year u can afford this and/or you have a business like me it’s pretax money you can deduct. Thats howputnam and premier make their main business ...


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  3. Natkingcolebasket69

    Rossa Subscribed

    Older car are cheap.
    Im sorry but 1k per month for my tr was cheap. Heck a mercedes is more expensive!
    Someone making 150k a year can easily afford this.
    Even 2500 a month which gets u a hurracan as mentioned above, if u make 200k plus u can do it.
    Me personally i have my car as corporate lease so it makes sense.


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  4. davemqv

    davemqv F1 Rookie

    Aug 28, 2014
    2,953
    USA
    Full Name:
    Dave
    With due respect I think this is great advice for some and terrible advice for others (someone like myself for example). We all care about some experiences more than others, and we're not all the same. Maybe kids and a home were important to you. I didn't want kids at 23, nor do I want them at 43. I bought my house at 34. Had I "towed the line" I probably could have done it sooner, but then I'd have missed out on years of doing what mattered to me...which was having fun and checking things off my bucket list while my body was 100% young and able.

    I think when dispensing advice one has to take the person asking at their word. If someone says to me, "I want a Ferrari more than anything", I understand where they're coming from, even if it means eating Top-ramen noodles 5 nights a week to make it happen, and I advise accordingly.
     
  5. Natkingcolebasket69

    Rossa Subscribed

    Agreed.
    I also think that it depends on your school of thoughts. Your relationship to money.
    My parents were more cautious, and believed in the car to be an accessory.
    I believe one can have it all but obviously health comes first.
    There are no right or wrong answers i think. It’s all about personal preferences.


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  6. Unknown523

    Unknown523 Karting

    Jan 7, 2018
    66
    Yeah, if you have a million dollar home and 3500 left lol? three thousand five hundred... Unless you're buying your toothbrushes and paste at thrift stores 3500 won't give you anywhere near a good life. Also 60K down has to come from somewhere....
     
  7. Unknown523

    Unknown523 Karting

    Jan 7, 2018
    66
    Yeah, I wasn't considering the cheaper models in my equation but please look at my response I just wrote to him. I do with people who ask these kinds of questions are more serious. At the same time, if you're "serious" this questions shouldn't even be asked!

    King Regards As well.
     
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  8. Natkingcolebasket69

    Rossa Subscribed


    That’s on ONE income, one.
    It really depends where you live too. Numbers i gave were california tax, you make that in florida you add another 3k in your income which would leave you 6500 left
    I don’t know where you got those performante numbers from but they are way too high. Even shark 1 got 2800 for a huracan which is pretty cheap to me.
    I personally like classics and would not buy or lease newer model because you will be under /upside down really quickly. Not on a classic in most cases.


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  9. Unknown523

    Unknown523 Karting

    Jan 7, 2018
    66
    If you're leasing, it's gotta be new. It makes sense in that regard. And it would be better to wait until you have more saved up and put 30% down on a finance for a 2-3 year old CPO Ferrari/Lambo and know the depreciation curve is becoming minimal. And you know that you'll have a lot more saved up. Good luck getting out of a 3,000-7,000 dollar lease in a crisis or something. With a finance it's yours. And never the less you gotta make a **** ton to afford it, indeed ;)
     
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  10. Unknown523

    Unknown523 Karting

    Jan 7, 2018
    66
    The performante numbers were quoted to me when I was doing a test drive for one. He got that number because his is 140K cheaper and he's putting 10K down. And I've said somewhere above, yes I do agree you could pay 1-2K a month for an older model. Good for you on liking classics, makes life a bit easier for you.
     
  11. Natkingcolebasket69

    Rossa Subscribed

    Well the s63 is a 190k car, still just paying 2100+tax with 10k down. Not an exotic but call putnam there are great deals to be had!


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  12. Unknown523

    Unknown523 Karting

    Jan 7, 2018
    66
    What 50% down are you talking about? The residual value is 50%. 7,000 is with 0 down.
     
  13. Natkingcolebasket69

    Rossa Subscribed

    So 175k lease for 7k a month?
    Honestly not going to argue with you but this should not be more than 4 or 5k a month. Likely the mileage chosen was high and the lease short. That’s way too high.


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  14. Unknown523

    Unknown523 Karting

    Jan 7, 2018
    66
    Rate on all exotic leases here are mostly 6% and tax is 13%

    Monthly Lease Payment: $6,976.18
    Monthly Depreciation $4,861.11
    Monthly Interest $1,312.50
    Monthly Tax $802.57
    Upfront Payment $0.00
    Total 36 Lease Payments $251,142.50
    Total Cost to Own After Lease Ends $448,892.50
     
  15. paulchua

    paulchua Cat Herder
    Moderator Owner

    Jul 1, 2013
    6,763
    Menlo Park, CA
    Full Name:
    Paul Chua
    I liked your math about a new car and what it takes for comfortable ownership; that being said, both you and I (and everyone else on this thread) are just having fun until our main man, Kenneth, gives us some more color.
     
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  16. Natkingcolebasket69

    Rossa Subscribed

    Jeez that’s insane.
    My numbers are based on 60 months so that would likely get it down to 5k maybe 5,5k.
    For that i would definitely consider registering the car in montana to save $.


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  17. paulchua

    paulchua Cat Herder
    Moderator Owner

    Jul 1, 2013
    6,763
    Menlo Park, CA
    Full Name:
    Paul Chua
    Agreed, especially since you have a business and use your structure (smart thing to do)

    That said - Kenneth could have billions in a trust fund, or he could be a starving student with 200K of debt. His two degrees could be a JD from Yale and an MBA from Harvard, or he could have majored in Eskimo Studies from the Community college of South Dakota. The Ferrari he has in mind could be a Pista or a Mondial 8. The ball is definitely in his court, hopefully, he proves those that gave him the benefit of the doubt and goodwill right, and responds soon. Hate it when the majority of folks that assume it was a troll end up being right...again.
     
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  18. Dakota

    Dakota Formula Junior

    Jun 27, 2012
    408
    Alvord Texas
    Full Name:
    Dakota Crafton
    Im 23 and got a 3% interest rate on a 05' Quattroporte, 60 months 275 a month, full coverage insurance for 115. I would say buy older, I plan on a 06-08 Continental GT next.
    My customers still think it is a 120k car. It seems very wasteful for someone my age to stretch their self out that much on a depreciating asset(liability). Unless their income is super high.

    The Quattroporte does everything an more I expected out of it. I also saved up enough for when that clutch comes due from the crappy duoselect.
     
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  19. Jana

    Jana F1 Veteran
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    Mar 4, 2015
    9,850
    If you think you can write off a 300k exotic on your tax return, you're crazy. That's just asking for an audit. Unless your business is renting exotic cars. The IRS really, really hates rich people trying to pass off luxury items as business expense. Mostly because IRS employees can't afford luxury items.
     
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  20. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,357
    C'mon Paul, quit stalking my LinkedIn profile..
     
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  21. Natkingcolebasket69

    Rossa Subscribed

    Audited twice, no issues whatsoever.
    1-my car is not 300k
    2-the car is strictly used for business events
    4-mileage is Accurately kept
    It really isn’t that hard.


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  22. vrsurgeon

    vrsurgeon F1 World Champ
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    Dec 13, 2009
    13,091
    Charleston, SC
    Full Name:
    Curt
    WOW QP's are CHEAP! Just be careful padwan... I just did the clutch on my 360 this last week and it was $6000. Very similar parts. Just sucks that a repair could be half the cars value...
    Be careful with the Continental. Parts and service are $$$$$ as friend who has one tells me.

    Worst part of all this is.. *ahem* when I was your age... I had a Porsche 928. Same thing as the Italian exotic. Parts prices and repairs were exorbitant. I did a lot on my own as a grad and medical student.. the biggest rub of high priced car ownership is you will be USED to and NUMB to high prices for car ownership for the rest of your life. lol :) You'll hear people complain about an $800 transmission repair and just chuckle. :)
     
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  23. Jana

    Jana F1 Veteran
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    Mar 4, 2015
    9,850
    I prepared taxes for 20 years. I had several clients who insisted in taking luxury cars off, were audited, and were hit with large bills and accusations of tax evasion. You got lucky. Your auditor didn't have an axe to grind.
     
  24. Natkingcolebasket69

    Rossa Subscribed

    No i didn’t get lucky. I am sorry but i just know what i am doing. I worked for EY for years as an auditor. There is nothing wrong in any way shape or form if you have a car whatever value it is to deduct it if you use it strictly for business and keep the mileage usage for each of your trips.
    Same thing if the car is over 5000lbs. There is a difference between lucky and being diligent.
    I don’t know how many cars your clients have/had or the amount of deduction they were looking but there is a big difference deducting a $1000 a month vs $5000 -$7000 for a performante.


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  25. Unknown523

    Unknown523 Karting

    Jan 7, 2018
    66
    Yeah, I'm not sure Kenneth will have a good time waking up from his coma. He'll be too flustered.
     
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