Negotiating with a Ferrari Main dealer

Negotiating with a Ferrari Main dealer

Author
Discussion

xcentric

722 posts

218 months

Friday 3rd July 2020
quotequote all
/thread hijack/
Lombard only do business finance though, right? - or am I missing something?
/end hijack/

Taffy66

5,964 posts

101 months

Friday 3rd July 2020
quotequote all
xcentric said:
/thread hijack/
Lombard only do business finance though, right? - or am I missing something?
/end hijack/
Not quite 100% correct..Lombard will finance all assets including super yachts, private jets, high end cars etc for private use..However you need to be a registered business to access their finance even if the car will be used only for private use..All payments has to come out of business accounts..

tuscaneer

7,738 posts

224 months

Friday 3rd July 2020
quotequote all
Francois de La Rochefoucauld said:
Disappointingly the 488 I'm keen on looks as though it's not in top notch condition. Does anyone have any experience of Redline cars? They have a couple of 488's I like the look of.

On the finance front I've been offered 4.4%APR over 36 months from Lombard. 50% balloon.
i've bought 2 ferraris and a big 5 ltr rangey from redline... all 3 perfect cars.



Francois de La Rochefoucauld

460 posts

77 months

Friday 3rd July 2020
quotequote all
Thanks, good to know about Redline, their cars do look pretty immaculate.

achaddy

35 posts

128 months

Friday 3rd July 2020
quotequote all
Francois de La Rochefoucauld said:
Disappointingly the 488 I'm keen on looks as though it's not in top notch condition. Does anyone have any experience of Redline cars? They have a couple of 488's I like the look of.

On the finance front I've been offered 4.4%APR over 36 months from Lombard. 50% balloon.
They have a few in stock. Which one are you looking at if you don't mind me asking?

Second question. How does it work if you are financing through your comapny but the asset is for private use only. Don't you hit some benefit in kind tax, which for something this expensive would be some tax bill.

Taffy66

5,964 posts

101 months

Friday 3rd July 2020
quotequote all
achaddy said:


Second question. How does it work if you are financing through your comapny but the asset is for private use only. Don't you hit some benefit in kind tax, which for something this expensive would be some tax bill.
Only if you're a Director of a Limited company..No BiK if you're a Self Employed business owner.

Francois de La Rochefoucauld

460 posts

77 months

Saturday 4th July 2020
quotequote all
achaddy said:
Francois de La Rochefoucauld said:
Disappointingly the 488 I'm keen on looks as though it's not in top notch condition. Does anyone have any experience of Redline cars? They have a couple of 488's I like the look of.

On the finance front I've been offered 4.4%APR over 36 months from Lombard. 50% balloon.
They have a few in stock. Which one are you looking at if you don't mind me asking?

Second question. How does it work if you are financing through your comapny but the asset is for private use only. Don't you hit some benefit in kind tax, which for something this expensive would be some tax bill.
https://redlinespecialistcars.co.uk/used-cars/ferrari-488-3-9t-v8-gtb-f1-dct-s-s-2dr-2-202005199418018/

Seems to be pretty well specced and looked after. I enquired about it yesterday and they promised to send the spec sheet through asap, I'm still waiting...

Also I'm not financing this through a company, Lombard are sorting it through our private banking.

Taffy66

5,964 posts

101 months

Saturday 4th July 2020
quotequote all
Francois de La Rochefoucauld said:
https://redlinespecialistcars.co.uk/used-cars/ferr...

Seems to be pretty well specced and looked after. I enquired about it yesterday and they promised to send the spec sheet through asap, I'm still waiting...

Also I'm not financing this through a company, Lombard are sorting it through our private banking.
After looking at their website noticed that Redline have the best choice and best value 488s in the whole of the UK..They only retail the best cars which means any one of these 488s will be a safe bet..Depending on how risk adverse you are its worth factoring in how much a Ferrari main dealer warranty would cost..
I particularly like the Grigio one however the Nero 16/16 one which is high spec has just been reduced to £149K looks great value unless you really want the Carbon seats

bad company

18,483 posts

265 months

Saturday 4th July 2020
quotequote all
Superleg48 said:
Out of principle, I will never deal with a brand that requires me to earn ownership points in order to qualify to be allowed to go on a waiting list for a particular new car. My money is as good as yours or the next person’s. If I want an F8, why do I have to jump through so many hoops to be considered for one? It’s not even a special limited edition. Brand snobbery of the most outrageous form. Elitist and distasteful.
Fair enough but if you hold those views what are you doing here?

Jack-flash

172 posts

71 months

Tuesday 7th July 2020
quotequote all
Francois de La Rochefoucauld said:
Disappointingly the 488 I'm keen on looks as though it's not in top notch condition. Does anyone have any experience of Redline cars? They have a couple of 488's I like the look of.

On the finance front I've been offered 4.4%APR over 36 months from Lombard. 50% balloon.
Bought from redline before , I’d say there better than the main dealers , car prepped and after sales are better

Francois de La Rochefoucauld

460 posts

77 months

Tuesday 7th July 2020
quotequote all
Thanks chaps, good to know about Redline! Drove a yellow one at Dick Lovett this morning, epic! Vetoed by my wife on grounds of taste...

Edited by Francois de La Rochefoucauld on Tuesday 7th July 15:48


Edited by Francois de La Rochefoucauld on Tuesday 7th July 15:49

f1_dragon

310 posts

223 months

Tuesday 7th July 2020
quotequote all
Just to echo others, I bought my 458 from Redline, all fine and as described. When I thought I had an issue a couple of weeks into ownership they booked the car in to my local Ferrari dealer to get checked out, turned out to be a non-issue but the response was good.

achaddy

35 posts

128 months

Tuesday 7th July 2020
quotequote all
Francois de La Rochefoucauld said:
Thanks chaps, good to know about Redline! Drove a yellow one at Dick Lovett this morning, epic! Vetoed by my wife on grounds of taste...

Edited by Francois de La Rochefoucauld on Tuesday 7th July 15:48
Bet they were gutted you didn't buy it. They have had that one up for sale for ages. Really nice looking car and spec but guess the solid yellow isn't attractive at the price.
What was the format of the test drive. Did the salesman go out with you in the car?

Saweep

6,593 posts

185 months

Tuesday 7th July 2020
quotequote all
achaddy said:
Francois de La Rochefoucauld said:
Thanks chaps, good to know about Redline! Drove a yellow one at Dick Lovett this morning, epic! Vetoed by my wife on grounds of taste...

Edited by Francois de La Rochefoucauld on Tuesday 7th July 15:48
Bet they were gutted you didn't buy it. They have had that one up for sale for ages. Really nice looking car and spec but guess the solid yellow isn't attractive at the price.
What was the format of the test drive. Did the salesman go out with you in the car?
My friend had a test drive in a Lambo he bought last week.

The dealership had one staff member who had already had CV confirmed by a test to go out with him. He wasn't a sales person, just some random bloke who worked there. biggrin

Francois de La Rochefoucauld

460 posts

77 months

Wednesday 8th July 2020
quotequote all
Ha! The yellow is an acquired taste, but in the flesh it did look fantastic! Car presents as new as well.

The test drive was about half and hour or so unaccompanied, salesmen was in a BMW in front leading the way. Very civilised way of doing it.

Coxey

407 posts

106 months

Sunday 20th September 2020
quotequote all
Apologies for resurrecting this thread, but just been to see a 488, got sent the following finance quote

Period of hire - 37 months
Cash price including VAT £169,660
Cash deposit £60,000
Balance of cash price/amount of credit £109,660
Charges £28,947.96
Balance £138,607.96
Total amount payable £198,617.96

APR 8.9%

Monthly rentals £804.11
Final payment £109,670

Having read the above thread it looks to me that the APR should be nearer 5 or 6%?

Does this look like a good deal or do I need to start negotiating hard?

Cheers

Saweep

6,593 posts

185 months

Sunday 20th September 2020
quotequote all
Is it your first Ferrari?

Ime they always try the high apr trick on first timers as they (probably rightly) think you’re so excited you’ll pay anything.

They will go lower when you point it out to them.

Ferruccio

1,832 posts

118 months

Sunday 20th September 2020
quotequote all
Coxey said:
Apologies for resurrecting this thread, but just been to see a 488, got sent the following finance quote

Period of hire - 37 months
Cash price including VAT £169,660
Cash deposit £60,000
Balance of cash price/amount of credit £109,660
Charges £28,947.96
Balance £138,607.96
Total amount payable £198,617.96

APR 8.9%

Monthly rentals £804.11
Final payment £109,670

Having read the above thread it looks to me that the APR should be nearer 5 or 6%?

Does this look like a good deal or do I need to start negotiating hard?

Cheers
Assuming you have some property equity, you can mortgage owner occupier residential at <2%.

R8Reece

1,484 posts

88 months

Sunday 20th September 2020
quotequote all
Coxey said:
Apologies for resurrecting this thread, but just been to see a 488, got sent the following finance quote

Period of hire - 37 months
Cash price including VAT £169,660
Cash deposit £60,000
Balance of cash price/amount of credit £109,660
Charges £28,947.96
Balance £138,607.96
Total amount payable £198,617.96

APR 8.9%

Monthly rentals £804.11
Final payment £109,670

Having read the above thread it looks to me that the APR should be nearer 5 or 6%?

Does this look like a good deal or do I need to start negotiating hard?

Cheers
Looks very high. Seen figures of 5/6% mentioned on here before.

LordOfTheManor

1,267 posts

110 months

Sunday 20th September 2020
quotequote all
Avoid the London dealership as they are too lazy and busy with the COVID thing !