Recession Touches the Wealthy – Lamborghini Now Offers Financing
Oct 14th, 2009 @ 8:05 PM by Amber Nelson
The recession (which is supposedly over) has made its way all the way to the top. Even luxury sports car company Lamborghini has started to offer payment plans for two of its “most exclusive” cars, the Murcielafo LP640 Coupe and the Roadster, which retail at $345,000 and $382,400 respectively. Here’s how the auto loans work, according to Kicking Tires :
“The offers include 5.9% for a 12-year term. Yes, 12 years. If you have really good credit, including a credit score of more than 740, you can get 0% financing for 60 months. That comes out to $5,310 a month after the required 10% down payment.”
And just FYI – most car loans last between three to five years. A 12-year loan is virtually unheard of in normal markets.
Lamborghini must have seen its sales go down dramatically if they are willing to offer this plan, but of course all they say is:
“The Lamborghini Retail Finance Plan allows enthusiasts to finance one of most exclusive cars on the road at a more competitive rate than ever before,” according to Pietro Frigerio, chief operating officer of Lamborghini’s American operations.
The Motor Trend blog laments:
“If you’ve typically got several thousand dollars laying around at the end of each month and a big enough chunk of change in the bank to buy an Acura straight cash, it’s not a bad deal at all. For the rest of us, it’s a carrot dangled slightly closer, but still woefully out of reach.”
And Kicking Tires sums up the current economic situation well.
“From what we hear, most exotic car purchases are done in cash by very, very wealthy individuals, but Lamborghini’s financing program could mean that’s a thing of the past. Now the ludicrously wealthy can [and need to] make monthly payments, too.”
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.