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Ferrari clients often have complex financial situations and needs. They're looking for a financial partner that shares their passion for Ferrari and helps make it easier for them to acquire new and pre-owned Ferraris. Since 2007, Ferrari Financial Services (FFS) has been that partner.
FFS, which draws on its own funding sources, fully understands the unique borrowing requirements and lifestyles of Ferrari clients. "Ferrari is a brand built on individual relationships with its clients, and those relationships are crucial to FFS, as well," said Frank Ponzo, Area Sales Manager, FFS. "Banks just look at certain numbers. At FFS, we understand the uniqueness of the Ferrari brand and its automobiles — and we understand the individuality of each Ferrari client."
Ferrari SpA launched FFS as a captive finance company three years ago. Operating directly from Ferrari headquarters in Englewood, N.J., FFS caters only to Ferrari clients for both new and pre-owned models. It is staffed by people who understand the brand, its cars, the market and, most importantly, those who drive Ferraris.
What surprises some Ferrari clients, according to FFS Credit Manager Dan Bejin, is the speed at which FFS can approve a contract, along with the flexible terms it can offer. FFS offers short-term leases, 60-month leases, balloon loans and customized financing packages — with minimal documentation required. "We can sometimes approve within 30 minutes. That's quick for a $300,000-400,000 loan," Bejin said. "And, we might not require as much money down as a bank."
David Weber, Finance Manager, Ferrari of Ft. Lauderdale, has seen the difference that FFS has made for his clients. "Some banks won't even consider you if you have four car loans driving down your FICO score," Weber said. "FFS is the opposite. They continue to lend money in a market where many banks are not."
Richard Stein, profiled in this month's issue, is one of a growing number of Ferrari owners who might otherwise pay cash for their cars but find using FFS more efficient. "They know me at FFS. They let me move quickly, whether or not I have the cash on hand," Stein said. "People don't believe me when I tell them I financed my Enzo! Approval on the loan came within a day. The process was effortless."
For the collector, FFS also offers financing on classic and historic Ferraris. "We can do multi-million dollar deals that banks won't even touch," Ponzo said.
For further information about Ferrari Financial Services, please see your authorized Ferrari dealer.
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