Negotiating with a Ferrari Main dealer

Negotiating with a Ferrari Main dealer

Author
Discussion

footsoldier

1,690 posts

147 months

Tuesday 9th June
quotequote all
I wouldn't assume that £66k won't leave you in negative equity in 4 years (which is worst case - you keep paying throughout).
Plenty cars about, plus a lot of Portofinos which were bought to get on the pista list, or similar, and will be surplus.

If I were you, I'd go back, say you have checked market and also finance terms, and you'll pay 110, 20k down, 4 years, and 60k final payment (assuming its a lease purchase).
Interest sounds like it needs to be 5.8%, and I'd start there, but say 6% worst case.
That will give you monthly at more or less £1k, and less risk.


chrisbell08

34 posts

3 months

Tuesday 9th June
quotequote all
footsoldier said:
I wouldn't assume that £66k won't leave you in negative equity in 4 years (which is worst case - you keep paying throughout).
Plenty cars about, plus a lot of Portofinos which were bought to get on the pista list, or similar, and will be surplus.

If I were you, I'd go back, say you have checked market and also finance terms, and you'll pay 110, 20k down, 4 years, and 60k final payment (assuming its a lease purchase).
Interest sounds like it needs to be 5.8%, and I'd start there, but say 6% worst case.
That will give you monthly at more or less £1k, and less risk.
Great feedback thanks smile

jtremlett

859 posts

177 months

Tuesday 9th June
quotequote all
I have sales history on this car if it is of any use. Let me know if you want me to post it or you can contact me by PM if you prefer.

chippy348

402 posts

102 months

Tuesday 9th June
quotequote all
I find this all very interesting, I bet the dealers are not keen on threads like this where you can see what others have been offered.

I am looking for a used 458 and I thought the dealers may be having a “lean” time with customers at the moment and it would be a buyers’ market, I think I may be wrong on that one.

I just reached out to Oracle out of the blue yesterday and they quoted me 6.9 APR off the bat on a straight HP deal, wondering what Ferrari are going to offer me ?

Taffy66

3,791 posts

57 months

Tuesday 9th June
quotequote all
I'd much prefer this one from Nottingham personally.
https://nottingham.ferraridealers.com/en_gb/search...

I avoided RC when i was looking for a 458 and bought a Grigio Silverstone instead..I don't like Californias in Red or any other open top car for that matter..
They look great in dark silvers or greys in my personal view..In terms of finance the top rate i'd pay is 5.8% APR and should be easily achievable..The deal they've offered you is not a good one and a little bit arrogant IMHO..

Edited by Taffy66 on Tuesday 9th June 14:24

Oaky

26 posts

127 months

Tuesday 9th June
quotequote all
Carwow PCP Calculator thinks £93k, £13k, £1k, 24 mths is 8.65%APR.

chrisbell08

34 posts

3 months

Tuesday 9th June
quotequote all
jtremlett said:
I have sales history on this car if it is of any use. Let me know if you want me to post it or you can contact me by PM if you prefer.
messaged you mate, appreciate it smile

chrisbell08

34 posts

3 months

Tuesday 9th June
quotequote all
Oaky said:
Carwow PCP Calculator thinks £93k, £13k, £1k, 24 mths is 8.65%APR.
Maybe they had added serving onto the £93k or I've forgotten the exact numbers (I've not had the proper quote it was just first discussions)

chrisbell08

34 posts

3 months

Tuesday 9th June
quotequote all
chippy348 said:
I find this all very interesting, I bet the dealers are not keen on threads like this where you can see what others have been offered.

I am looking for a used 458 and I thought the dealers may be having a “lean” time with customers at the moment and it would be a buyers’ market, I think I may be wrong on that one.

I just reached out to Oracle out of the blue yesterday and they quoted me 6.9 APR off the bat on a straight HP deal, wondering what Ferrari are going to offer me ?
I think the lower end of the market is more likely to struggle, from my experience in the last week Aston, Lambo, McLaren, and Ferrari have all been pretty busy. I assume lots of people like me have been sat around for 2 months waiting to get a new car for the summer

This forum has been like gold for me. They could obviously see a first time Ferrari buyer from a mile away and thought they could take advantage. Before places like this it probably would have worked too

W4NTED

469 posts

169 months

Tuesday 9th June
quotequote all
Oracle are a waste of time. I have contacted them numerous times over the years based on talks on here but they are always in the mid 6's with APR and their balloons are low so you pay quite a lot more. Try Magnitude finance who are always more competitive.

For Ferrari I have had my past cars in with the APR in the 5's - you need to keep pushing and they will bring the APR down.

Taffy66

3,791 posts

57 months

Tuesday 9th June
quotequote all
I've used these guys before who i highly recommend and will negotiate a better rate with various partners.
https://supercarfinance.co.uk/

I agree with above that Oracle are a waste of time but very persistent.

Regy53

59 posts

86 months

Tuesday 9th June
quotequote all
blueg33 said:
Have you tried Oracle Finance - they have financed cars for me at better rates than dealers

I have a contact there i can put you on to if you require (I have no connection with them other than having been a customer)
One in Hampshire 😂

Stickyone

Original Poster:

34 posts

2 months

Tuesday 9th June
quotequote all
Visit to the Ferrari Main dealer confirmed for Thursday.

I have their initial finance quote, I know what I want it to change to , IF they want me to fund via Ferrari FS. They will be making c2% of the amount borrowed as a commission from FFS so I expect there to be movement. If not, I have a back up plan with two quotes from brokers, who I am more than happy to deal with.

I have a quote with 6.8% APR finance and a stupidly high balloon of 74% of the selling price (30 month contract). What I want is to lower the balloon by £12k to give me a fighting chance of getting my full deposit back in equity and for the finance rate to drop to 5.9%. It will be an additional £200/month on the finance, but decent peace of mind.

I want them to be calling me in two years to persuade me to sell the Cali T to get into a 458/488 for not a lot more money smile

Regy53

59 posts

86 months

Tuesday 9th June
quotequote all
so to confirm i have dealt at 6% but others offered me 6.4% with ease too. In the end the supplying dealer was trying to win my business and done their upmost to do so i suppose. pleasant experience

chrisbell08

34 posts

3 months

Tuesday 9th June
quotequote all
Stickyone said:
Visit to the Ferrari Main dealer confirmed for Thursday.

I have their initial finance quote, I know what I want it to change to , IF they want me to fund via Ferrari FS. They will be making c2% of the amount borrowed as a commission from FFS so I expect there to be movement. If not, I have a back up plan with two quotes from brokers, who I am more than happy to deal with.

I have a quote with 6.8% APR finance and a stupidly high balloon of 74% of the selling price (30 month contract). What I want is to lower the balloon by £12k to give me a fighting chance of getting my full deposit back in equity and for the finance rate to drop to 5.9%. It will be an additional £200/month on the finance, but decent peace of mind.

I want them to be calling me in two years to persuade me to sell the Cali T to get into a 458/488 for not a lot more money smile
Which dealer?

Stickyone

Original Poster:

34 posts

2 months

Tuesday 9th June
quotequote all
chrisbell08 said:
Stickyone said:
Visit to the Ferrari Main dealer confirmed for Thursday.

I have their initial finance quote, I know what I want it to change to , IF they want me to fund via Ferrari FS. They will be making c2% of the amount borrowed as a commission from FFS so I expect there to be movement. If not, I have a back up plan with two quotes from brokers, who I am more than happy to deal with.

I have a quote with 6.8% APR finance and a stupidly high balloon of 74% of the selling price (30 month contract). What I want is to lower the balloon by £12k to give me a fighting chance of getting my full deposit back in equity and for the finance rate to drop to 5.9%. It will be an additional £200/month on the finance, but decent peace of mind.

I want them to be calling me in two years to persuade me to sell the Cali T to get into a 458/488 for not a lot more money smile
Which dealer?
Leeds.....

jsw777

19 posts

2 months

Tuesday 9th June
quotequote all
Regy53 said:
so to confirm i have dealt at 6% but others offered me 6.4% with ease too. In the end the supplying dealer was trying to win my business and done their upmost to do so i suppose. pleasant experience
Which car did you decide on?

Regy53

59 posts

86 months

Tuesday 9th June
quotequote all
jsw777 said:
Which car did you decide on?
A 458 from down south me, nice spec and in the end the dealer did a nice job in sorting a deal for me, the price was ok (as it ever can be) given what else is out there
https://preowned.ferrari.com/en/gb/search/2012/fer...

changing the wheels for me too

RunEveryInchOfTheWorld

288 posts

4 months

Tuesday 9th June
quotequote all
Regy53 said:
jsw777 said:
Which car did you decide on?
A 458 from down south me, nice spec and in the end the dealer did a nice job in sorting a deal for me, the price was ok (as it ever can be) given what else is out there
https://preowned.ferrari.com/en/gb/search/2012/fer...

changing the wheels for me too
That is rather nice. smile

Gosh, it's tempting but I need to sort the house out first and then maybe, hopefully, one day.

LamboPH

40 posts

5 months

Tuesday 9th June
quotequote all
Very helpful thread, and very interesting.

On a side note, could someone help with the following 3 questions?

Q1 - Can someone please explain the negative equity part of these deals?

Q2 - Am I right in saying that if your balloon is £75,000 at the end, and if the car is actually not worth £75,000 at the end, it is negative equity?

Q3 - Are most of these deals structured that you are basically just paying for the depreciation + their APR?