hello, anyone see the lake forest sportscars ad in sunday's Chicago Tribune? Maserati Quattroporte for 144 months @ 8.75% now i know the lenght of the loan is silly, but 8.75 percent? two weeks ago "autoweek" magazine had a ad from porsche with the interest rate on any new porsche @ 7.5% i'm aware we're in a credit crunch and banks have had their heads handed to them in the sub-prime lending market. but maserati & porsche aren't exactly sub-prime. anyone in retail banking or the auto business know what's up with hi-end auto financing recently? thanks. joe
The price of $ is going up. My buy rate on A credit for 84 mth is 8.5% so for 144 mths its not a bad rate.
The rate is high due to the long length of the loan. I love the Quattroporte but what will the car be worth in say 5-6 years? I actually think the rate is relatively low for such a long term loan on an depreciating asset. If you were going to do a normal car loan I would guess the rates are much more attractive. Although you would think Porsche would be offering better rates since the majority of the customers most likely have good credit. This year Maserati finally started offering factory backed financing (Maserati Financial Services)through CNH Capital. See link for more info. It would be interesting to find out if the 144 month loan LFSC is offering is through Maserati Financial Services or another finance company. http://naias.mediaroom.com/index.php?s=press_releases&item=254 My credit union offers 5.00 % on 24-60 months 5.25% on 72 months 5.50% on 84 months (Minimum of $30K) That is for 100% Financing. So better rates are available if you look around.
We started working with these numbers a couple of weeks ago. We had two things in mind, one was to get more people into the Quattroporte that may have overlooked it before and second was to have very little down upfront. The program also offers no penalties for early buy out, which can be a deal breaker for some clients. These conditions aid the customer by freeing them of worry about being locked down for such a long term. Our goal was achieved with this package and we think the APR is very fair in today's market. These rates are also not marked up, we are passing on the best possible rate with this term. In the long run we are trying to make our Maserati products accessible. We are working on a zero down plan for the future. I hope this helps you understand our reasoning. -Jim
Good to know and thanks for posting! I have Jerry Fisher's old 308GTB, you guys did a good job with the Service, runs great!