Ferrari finance

[kryten22uk]

burnt said:

kryten22uk said: I got a quote direct from Capital Bank about a month ago, as follows: RHD 360M Coupe 2000(W) reg 37k miles on clock £63000 price tag 10% Deposit paid in cash 18 month balloon was £46750 24 month balloon was £43750 Not bad, I thought? What does that work out per month, you have me tempted now!

About £880per month on the 24mnth contract, assuming 8% interest. A bit more for the 18month contract.

[t1grm]

kryten22uk said:

I got a quote direct from Capital Bank about a month ago, as follows: RHD 360M Coupe 2000(W) reg 37k miles on clock £63000 price tag 10% Deposit paid in cash 18 month balloon was £46750 24 month balloon was £43750 Not bad, I thought? >> Edited by kryten22uk on Friday 6th May 11:41

Capital bank won't deal direct with the general public unless you are an existing customer. Otherwise you have to go through the dealer. I asked what if the dealer doesn't use captial bank. The guy on the phone just said "then you have to go through whoever the dealer uses". What's that all about then

[minimax]

kryten22uk said:

burnt said: kryten22uk said: I got a quote direct from Capital Bank about a month ago, as follows: RHD 360M Coupe 2000(W) reg 37k miles on clock £63000 price tag 10% Deposit paid in cash 18 month balloon was £46750 24 month balloon was £43750 Not bad, I thought? What does that work out per month, you have me tempted now! About £880per month on the 24mnth contract, assuming 8% interest. A bit more for the 18month contract.

holy f**king shit.

you cannot be serious.

a 360 for £880 a month?

no wonder one sees quite a few around!!!!!!!!!

jesus christ I could do that! even with the insurance!!!!

I bet it would come to just about 1100 a month...

:minimaxshakesheadinutterdisbelief:

I'm going to get some quotes...

I really can't believe this...I've not ever looked into financing a car, but I would for a ferrari!

please excuse the rambling but i'm rather excited...!

[rich1231]

Is it capital bank that also do Renault and Porsche Main dealer finance?

[kryten22uk]

rich1231 said:

Is it capital bank that also do Renault and Porsche Main dealer finance?

Never asked. Quite possibly though, as I do know that they do all TVR dealer finance.

[4WD]

Would make even more sense on a car that's finished free falling, like a 355. Almost seems sensible

[minimax]

4WD said:

Would make even more sense on a car that's finished free falling, like a 355. Almost seems sensible

it would be wrong of me not to look in to this.

I have yet again been sidetracked in my good intentions by lack of time at work but it will be done!

mmmm 355

[132]

Please excuse my ignorance here as I not that clued-up on financing cars, but am I right in saying that you are essentially financing the depreciation over the desired period? If that is the case, if you chose a car that has hit the bottom of the depreciation curve e.g. Ferrari 328, Testarossa etc, is the financing considerably cheaper than on a 360? Does anyone have an idea on the cost of financing a £35K Testarossa over 2 years?

Many thanks.

[t1grm]

132 said:

Please excuse my ignorance here as I not that clued-up on financing cars, but am I right in saying that you are essentially financing the depreciation over the desired period? If that is the case, if you chose a car that has hit the bottom of the depreciation curve e.g. Ferrari 328, Testarossa etc, is the financing considerably cheaper than on a 360? Does anyone have an idea on the cost of financing a £35K Testarossa over 2 years? Many thanks.

Well a) a 328 or Testarossa would cost less than a 360 so it would be cheaper anyway and b) given that a 328 or Testarossa would depreciate less (as a percentage) over a given period than a 360 then in theory you should be able to get a larger percentage balloon (of the original purchase price) so you would have lower repayments on both counts.

However I don’t think finance companies are too happy about giving large balloons on older cars.

I think a 355 is about as early as you could go with any significant balloon payment. However if your going for a 50’s or 60´s collectors car or a car with special provenance then the situation may change again.

[Scottster]

Guys,

I'm with minimax and the last chap on this one - Seriously considering a 355 in the very near future and have never financed a car before (or considered it to be honest) as I've always bought them cash (or added a sensible extra amount on the mortgage).

This sounds like a great idea if my thinking's right:

Say £40k for a LHD 355?
Assume 10% deposit?
No idea what baloon you could get but assume it's still worth £30k in 24 months so you only finance the difference for 2 years?
Would work out at about £300pm by my quick calculations!

Am I missing the point totally or is this 'about' right?

Cheers in advance!

[kryten22uk]

Scottster said:

Guys, I'm with minimax and the last chap on this one - Seriously considering a 355 in the very near future and have never financed a car before (or considered it to be honest) as I've always bought them cash (or added a sensible extra amount on the mortgage). This sounds like a great idea if my thinking's right: Say £40k for a LHD 355? Assume 10% deposit? No idea what baloon you could get but assume it's still worth £30k in 24 months so you only finance the difference for 2 years? Would work out at about £300pm by my quick calculations! Am I missing the point totally or is this 'about' right? Cheers in advance!

Unfortunately there are a few points which dash dreams here.

1. They only do PCP's for cars which will be upto a maximum car age around 7-9years at the end of the agreement.

2. They dont give you a balloon payment of what they actually expect the car to be worth, but will usually build in a safety margin, and then apply a 5-10% reduction again.

3. They wont touch LHD.

4. Your calcs are a bit too low, as the interest rates on PCP's are not too low (around 8-9%), you would end up with £500 per month.

[z1000]

Hmmmm.....

Honest money man said:

Please find below the Lease purchase quotation over 36 months as we can not offer 48 months on a Ferrari of this age. Ferrari 348 £32,000.00 Deposit £5,000.00 36 X £646.52 5.5% Flat rate Balloon £9,600.00 ** Please come back to me with your comments. Kind regards,

Now that is tempting , balloon could be higher though....

[insurance_jon]

I used capital through ferrari finance and got the following:

00 v giallo 360 12500 miles £69,000

2k down

5 years at £1250 no baloon. Didn't think that was too shabby

[Angelis]

A few examples:

Price £42,000.

Deposit £8,400.
Balance to finance £33,600.
47 monthly payments of £498.83
followed by 1 payment of £18,900.

Total charge for credit £8,890.01 APR 8.7%

---------------------------------

Price £32,000.

Deposit £6,400
Balance to finance £25,600.
36 monthly payments of £498.95
followed by 1 payment of £12,800.

Total charge for credit £5,307.20 APR 9.2%

---------------------------------

Price £20,000.

Deposit of £4,000.
Balance to finance £16,000.
36 monthly payments of £514.44.

Total charge for credit £2,785.08 APR 10.8%


Got it from www.911virgin.com/finance.htm

[burriana]

insurance_jon said:

5 years at £1250 ...

Jaysus ouch! ... that's my mortgage!!!

[insurance_jon]

Al - I live on my own with no kids! means most of my income is disposable!

[Angelis]

insurance_jon said:

Al - I live on my own with no kids! means most of my income is disposable!

Do it now, before you get married, have kids, get divorced, pay your ex-wife maintenance, have the CSA chasing your for money, paying the mortage for the house where your ex wife and her new boyfriend live.

The Cynic

(Sadly I'm divorced. I say Sadly because I would have preferred to have been a widower!)

[chris_crossley]

insurance_jon said:

Al - I live on my own with no kids! means most of my income is disposable!

You lucky, lucky, lucky bugger.

I have a lovely wife, two kids, house, two cars, THREE cats and about 8 Bloody fish!

So the Masser was a cheap alternative to a fezzer
Interesting quotes on the finance. Hmmmmmmm Lambo!

[minimax]

this...

Angelis said:

A few examples: Price £32,000. Deposit £6,400 Balance to finance £25,600. 36 monthly payments of £498.95 followed by 1 payment of £12,800. Total charge for credit £5,307.20 APR 9.2%

combined with this from nick cartwright for circa 32k...



=




:rubshandsandconsidersnextmove:

[burriana]

minimax said:

combined with this from nick cartwright for circa 32k...

Which is very expensive for a TS.

Having said that, if you want to pay the premium, Nick's cars are usually all superb. I was looking at his red TS and 328 GTS but they are just too pricey for me for the year.

On the above finance, why don't you put the same deposit down, get a loan for £25k over 5 years which will cost probably a bit less than £498, then eventually you own the car without having the baloon to find?

Or find an extra £6k and buy mine