Ferrari Financial Services

[leemanning]

Hi all

Looking into getting my first piece of exotica! I'm being told different things by different main dealers though and wondered if you guys may be able to advise.

I'm being by some that FFS will only accept a minimum 15% deposit, whereas another dealer is OK with less than this.

Any experiences on this one guys and girls?

[leemanning]

Hi All

Sorry to bump a thread, but does anyone know for sure on this one?


Thanks

[kbf1981]

leemanning said:

Hi all

Looking into getting my first piece of exotica! I'm being told different things by different main dealers though and wondered if you guys may be able to advise.

I'm being by some that FFS will only accept a minimum 15% deposit, whereas another dealer is OK with less than this.

Any experiences on this one guys and girls?

I heard 10% - but to be honest Lombard will beat those rates and it's not like Ferrari offer PCP which would protect against depreciation. It's standard HP, like Lombard etc., and the rates weren't amazing.

[starmonkey]

Oracle beat FFS rates for me and had a lot more finance options available

[paul71a]

Another tick for Oracle here; talk to Robert Jones, who sorted out a good package for my 430 spider and Ferrari Finance couldn't get near....

[e-mail]

[PGN6]

I used mark Pearson at oracle last time who was excellent (non Ferrari purchase).
My understanding was that ppl use FFS as they offer the largest % balloon (although not guaranteed of course), so although interest was higher, monthly payments were lower as a result. Last time I spoke to FFS they would offer 55 50 and 45% balloon on a 2, 3 and 4 yr package respectively, regardless of the age of the car etc. not sure any of the other providers do this but interested to know otherwise ! All about brand pricing and protection I guess !

[Shmee]

I must be really missing something here... twice I've contacted Oracle for finance quotes and both times they came back with things like 13% APR, surely you'd have to be absolutely crazy to take a deal at that when 5-6% is easy to obtain?

[sfp]

Another vote for Oracle. Beat FFS by miles.

[gcpeters]

FFS will more than often match the rate, or discount the car to make a better deal than you would get with oracle...

oracle always come back with a high rate first time, ring round a few others and they will rapidly get lowered when you tell oracle about this... annoys me a bit as they are trying to cream as much of the deal as possible, so I would rather use one of the companys that offered me a lower deal in the first place!

GP

[MartinTorque]

gcpeters said:

FFS will more than often match the rate, or discount the car to make a better deal than you would get with oracle...

oracle always come back with a high rate first time, ring round a few others and they will rapidly get lowered when you tell oracle about this... annoys me a bit as they are trying to cream as much of the deal as possible, so I would rather use one of the companys that offered me a lower deal in the first place!

GP

Ferrari Financial Services will discount a car to match a finance deal? I cant see that. They are nothing to do with the dealers. In fact they arent even part of Ferrari UK.

[Dino550]

I used Oracle 5 years ago when I bought my 550. They got me a good deal with Lombard - base rate plus 3 %. Found them excellent.

[RoyaleDetailing]

I tried to use Oracle on two purchases. First time was a Ferrari and their rate was very high, and took weeks to come back with a deal. I ended up backing out of the car.

Second time was a 911. I sent them the details on the monday after seeing the car. By Friday lunchtime the finance wasnt in place (dealer was not set up with their lender), so i sent my paperwork through to the dealer and done it through their lenders within 2 hours! Picked up the car the next morning.

Also on both occassions i only got the APR details very late in the discussion.

Nice guys at oracle, but rates are high and slow to complete with the details.

[leemanning]

Hi guys

Thanks for the updates. I have used Oracle a few times myself, but they can't offer the type of deal I'm after on this one.

It seems that FFS can offer a balloon type agreement even on slightly older cars (Oracle can only offer this on cars that will be under 10 years old at the end of the agreement). Whilst I know that dealer finance typically attracts a higher APR, they generally are willing to discount the finance to whatever they need to in order to shift the car.

With Oracle, they will always be making a profit on this finance, whereas a dealer can choose to do this against the car, the finance, both or neither.

Thanks for your suggestions guys, but I'm still not 100% sure if 15% is the min with FFS or not

[MartinTorque]

leemanning said:

Hi guys

Thanks for the updates. I have used Oracle a few times myself, but they can't offer the type of deal I'm after on this one.

It seems that FFS can offer a balloon type agreement even on slightly older cars (Oracle can only offer this on cars that will be under 10 years old at the end of the agreement). Whilst I know that dealer finance typically attracts a higher APR, they generally are willing to discount the finance to whatever they need to in order to shift the car.

With Oracle, they will always be making a profit on this finance, whereas a dealer can choose to do this against the car, the finance, both or neither.

Thanks for your suggestions guys, but I'm still not 100% sure if 15% is the min with FFS or not

Hi Lee. My experience with all Finance Companies is that the deposit is dependent on risk. Therefore its down to you and the car. Once upon a time you could get 100% funding if you were absolutely blue chip but 10% is the the minimum these days although i have done a couple with 5% (who were long standing finance customers). FFS shouldnt be any different. I hope this helps. Martin

[Hughesie]

leemanning said:

Thanks for your suggestions guys, but I'm still not 100% sure if 15% is the min
with FFS or not

Give them a call.

Andy Webb
UK Field Manager - Ferrari North Europe
Direzione Ferrari Financial Services
Ferrari North Europe 275 Leigh Road, Slough, Berkshire, SL1 4HF. United Kingdom.
M ([phone]
E [e-mail]

[gcpeters]

MartinTorque said:

Ferrari Financial Services will discount a car to match a finance deal? I cant see that. They are nothing to do with the dealers. In fact they arent even part of Ferrari UK.

sorry my bad, I meant the dealer will discount the car or chuck in other freebies etc that you would be purchasing so that it works out "as cheap" even with a slightly higher finance rate - first hand experience of this I would like to add

GP

[leemanning]

Just as an update to this for anyone searching in the future, it seems that 15% really is the min deposit for ferrari financial services.

If you have purchased a couple of cars before, they'll let you run with 10% in. New customers it is 15%.

[wineman02]

leemanning said:

Just as an update to this for anyone searching in the future, it seems that 15% really is the min deposit for ferrari financial services.

If you have purchased a couple of cars before, they'll let you run with 10% in. New customers it is 15%.

That would scare the life out of me. Say you specced a £220k 458 and put down 15% of £33k. You keep the car for the 3 year term and sell it for £140k to the trade. You have a £80k depreciation plus the cost of finance of £35kish. So you sit on a £115k loss over 3 years. Seems a little mad when all you could get together was £33k for the deposit in the first place.

Of course you may have all the cash available but are using it for other things that finance the car payments... But I bet a whole bunch of people aren't. An awful lot of money to lose in my book.

[propaganda]

80k depreciation is a lot to lose in my book...I am not sure what your point is as none of it is remotely financially sensible. Fun perhaps, sensible no.

[kbf1981]

wineman02 said:

leemanning said:

Just as an update to this for anyone searching in the future, it seems that 15% really is the min deposit for ferrari financial services.

If you have purchased a couple of cars before, they'll let you run with 10% in. New customers it is 15%.

That would scare the life out of me. Say you specced a £220k 458 and put down 15% of £33k. You keep the car for the 3 year term and sell it for £140k to the trade. You have a £80k depreciation plus the cost of finance of £35kish. So you sit on a £115k loss over 3 years. Seems a little mad when all you could get together was £33k for the deposit in the first place.

Of course you may have all the cash available but are using it for other things that finance the car payments... But I bet a whole bunch of people aren't. An awful lot of money to lose in my book.

Depends what else you're using the money for - tbh if you got a rate of 4.9% APR or so (possible), then it's cheap money.