Financing older Ferrari - Ferrari Life
 
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post #1 of 5 Old 04-16-2003, 10:35 PM Thread Starter
 
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Financing older Ferrari

I am just an average working guy putting two kids through college. I really want to purchase an older 308 as my first Ferrari. My local banker has no desire to loan any money on such a car. Is there a source for financing for these older Ferraris, or am I just going to have to save up the entire purchase price?

I have lined up cheap insurance thanks to the members of this board and I am hopefull ya'll can help again.

steve
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post #2 of 5 Old 04-17-2003, 10:03 AM
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Yeah, no bank is going to touch it. I was in your situation a couple of years ago. (the Ferrari financing, not the kids in college). I ended up just waiting and saving because I was close. I am scratching my head here trying to remember the deal. There is a company that specializes in the financing you are talking about. You can't get a loan using the car as collateral. The deal is - the finance company buys the car and leases it to you. At the end of the lease they sell it to you for something like $100.

I remember now, the problem I had with them is the fact that Maine is not a title state. You don't need a title as proof of ownership for a car more than 10 years old. So they couldn't help me because they wouldn't have anything to hold onto as proof of ownership.

I can't remember the name of the finance company but you might try to give Peter Sweeney of Forza Motors a call and see if he has the name, I think I got it from him. Peter's phone # can be found on his website http://www.forza.weblobby.com/ Another option would be to call the place you are talking to for insurance and see if they have a recommendation.

Capt. Pete
'79 308 GTS, '82 Jeep CJ7 Jamboree
"Time is what prevents everything from happening all at once."
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post #3 of 5 Old 04-22-2003, 11:40 PM
 
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The companies that buy the car and lease it to you are Premier Financial Services and Putnam Leasing. If you want to buy the car outright, J.J.Best and Company will finance it. Follow this link: http://www.jjbest.com/ . Hope that helps.
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post #4 of 5 Old 04-25-2003, 02:56 PM Thread Starter
 
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Thanks guys.

I contacted J.J.Best today and everything looks great.


steve
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post #5 of 5 Old 04-29-2003, 11:02 PM
 
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Steve, glad to hear it. Keep us posted.
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