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Obviously because I've ordered a 430 Scuderia I received today a information package from "Ferrari Financial Services". This separate company informes future Scuderia owners about their "Premium Ownership Program" with the name "Formula Scuderia". Centerpoint of that program is (as I understand it) the following: If you are willing to finance your Scuderia purchase by a ferrari leasing program, then you are entitled to join a exclusive 2 day track pilot course with Michael Schumacher (and other instructors of course) including first class accomodation, food and all the "goodies" immagible.:)

It would be straightforward lying if I said that I'm not interested in meeting Mr. Schumacher and joining a driving course with him. On the other hand I have my principles and have never ever bought a car on debt.

In the letter, Ferrari Financial Services writes that they are offering "high level solutions" totally individualized to every clients personal needs. Reading this I started to think that I may choose to pay 99% upfront and put a lease on the remaining 1% of the sticker price ! Do you think they would let me join the "Formula Scuderia" with Mr. Schumacher ?:(
 

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Sounds like a fantastic opportunity. Could be worth making a down payment of 75%, financing the balance to qualify for the driving course and pay off the balance after the course. That way you will only pay minimal interest on the finance. Just check the set up and exit fees aren't too high.
 

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Maybe you can consider the additional cost of the leasing arrangement the actual cost of the unique experience... I think I would take it :cool:
 

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I would do it due to the fact that its an experience of a lifetime....although so is owning a Scuderia:)

Chris
 

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I'd never pass up a chance to drive with or be coached up by Michael...no matter how much finagling it might take!
 

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Discussion Starter #8
I would call and make sure that you will actually get to spend time in the car with Schumi. Often these "celebrity" courses involve nothing more than Michael showing up for an hour and signing autographs (and cars).
This was exactly my first thought: How much time would he spend sitting next to me (if at all) ? In the programm one point is a half an hour time capsule for a "photo session" with the participants (24 per course) and Michael. I will find out but it "smells" like this photo session would be actually the part of meeting Michael. It must not be so but I would not be surprised if it is so.
 

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Discussion Starter #9
Maybe you can consider the additional cost of the leasing arrangement the actual cost of the unique experience... I think I would take it :cool:
I fully understand your argument. I will start to calculate the interest and interest on interest on the minimum amount required to take a lease. I will let you know the actual applied interest rate and their minimum amount and time span (very important) they require. In capital markets we say that "there is no free lunch out there" and after all I would be surprised to find a free lunch, especially with Ferrari:)
 

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Obviously because I've ordered a 430 Scuderia I received today a information package from "Ferrari Financial Services". This separate company informes future Scuderia owners about their "Premium Ownership Program" with the name "Formula Scuderia". Centerpoint of that program is (as I understand it) the following: If you are willing to finance your Scuderia purchase by a ferrari leasing program, then you are entitled to join a exclusive 2 day track pilot course with Michael Schumacher (and other instructors of course) including first class accomodation, food and all the "goodies" immagible.:)

It would be straightforward lying if I said that I'm not interested in meeting Mr. Schumacher and joining a driving course with him. On the other hand I have my principles and have never ever bought a car on debt.

In the letter, Ferrari Financial Services writes that they are offering "high level solutions" totally individualized to every clients personal needs. Reading this I started to think that I may choose to pay 99% upfront and put a lease on the remaining 1% of the sticker price ! Do you think they would let me join the "Formula Scuderia" with Mr. Schumacher ?:(
Looking at this again, it reaks of another attempt by Ferrari to force owners into revenue raising programs that should be completely optional. One would think that if you are spending $$$ buying a 430 Scuderia you would automatically qualify for the Driving Course regardless if you paid for the car in Euros, $, GBP, SFR, cow hides, or gold bars. Yet another good idea, as per the Classiche Certification Program, with completely misguided hamfisted execution. On the Classiche Program, they are now requiring that your car be certified before it can attend any official Ferrari Factory event (in some cases you can still enter but have to pay a significantly higher entrance fee, in many countries this is called coercive extortion). Not a surprise that Ferrari was only able to get 25 owners to attend Daytona's 40th Anniversary event last month.
 

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Discussion Starter #11
Looking at this again, it reaks of another attempt by Ferrari to force owners into revenue raising programs that should be completely optional. One would think that if you are spending $$$ buying a 430 Scuderia you would automatically qualify for the Driving Course regardless if you paid for the car in Euros, $, GBP, SFR, cow hides, or gold bars. Yet another good idea, as per the Classiche Certification Program, with completely misguided hamfisted execution. On the Classiche Program, they are now requiring that your car be certified before it can attend any official Ferrari Factory event (in some cases you can still enter but have to pay a significantly higher entrance fee, in many countries this is called coercive extortion). Not a surprise that Ferrari was only able to get 25 owners to attend Daytona's 40th Anniversary event last month.
As prices go to the sky (red gold:eek: ) so goes probably the marketing excuberance. How long will that "extension" go on ?
 

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Discussion Starter #12
Dear all

Finally I have received the propositions from FFS (Ferrari Financial Services) and will admit that they have been very kind and helpful to "stretch" my individual needs. Here it goes:

1. FFS is asking normally for a minimum lease amount of 50% to the sticker price. In my case they would accept a minimum of 38%.

2. The lease would be 24 months.

3. Interest rate calculations range from app. 7% to app. 8.7%, depending on the monthly payment variations to choose from.

4. Risk free interest rate on 2 years Swiss Gov. bonds is app. 2%, therefore the leasing rate is 5 to 6.7% above risk free rate.

5. In Switzerland, leasing payments are tax deductable only if the car is bought by the company, not for private persons. Buying such a car on behalf of my business is out of question.

Final result: Calculating leasing payments minus interest on capital the costs of the 1 day driving course with M. Schumacher including one night hotel, meals and a racing overall for my personal, very favorable, individually stretched version sums up to between USD 17'108 and 21'449, depending again on the choice of monthly payment.

Naturally I choose not to participate also since I believe that once in the future, Ferrari will probably organize a meeting with Michael also for the more "conservative" friends of the Cavallino.

But I think this particular marketing strategy is great since Ferrari will increase income app. 3% on the total sum of lease amount per year! I found out that around 40% of all new Ferraris in Germany are leased.
 

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Final result: Calculating leasing payments minus interest on capital the costs of the 1 day driving course with M. Schumacher including one night hotel, meals and a racing overall for my personal, very favorable, individually stretched version sums up to between USD 17'108 and 21'449, depending again on the choice of monthly payment.
Approx $20K to meet Schumacher for a few minutes:eek: It would be cheaper to hire him for a personal appearance, and them show him your 430 Scuderia and ask him if he wants to take it out for a spin with you as the passenger:D
 

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Wow for a 1 day meeting.....that isn't worth 20k in my opinion....

Chris
 

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Approx $20K to meet Schumacher for a few minutes:eek: It would be cheaper to hire him for a personal appearance, and them show him your 430 Scuderia and ask him if he wants to take it out for a spin with you as the passenger:D
I like that idea Archie...you front the cost and we can bring him to the first annual Ferrari Life meet.
 

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I wouldn't pay $20 to see Schumacher. I still have painful memories of him crashing into Damon Hill and ending Hill's world title chances.
 

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Discussion Starter #17
I wouldn't pay $20 to see Schumacher. I still have painful memories of him crashing into Damon Hill and ending Hill's world title chances.
Assuming that your are an english gentleman in every aspect I fully understand your doubtful thoughts:D
 

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Herr Schumacher was certainly a fantastic driver and very single minded, but his lack of sporting behaviour in his early career didn't win him many friends in the UK.

Even so, I'd still love to have him showing me how to drive. Just make sure you have comprehensive insurance cover just incase he suffers from road rage:D
 

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Even so, I'd still love to have him showing me how to drive. Just make sure you have comprehensive insurance cover just incase he suffers from road rage:D
His drive at his final race in Brazil last year has to be one of the most impressive sporting feats I have ever witnessed. If the race had gone another 10 laps he probably would have won.
 
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