- Buyers might not be aware that they can lease a car they win at auction.
- Putnam Leasing is a company that provides alternative leasing options. It’s the leasing agent behind the auction house Gooding & Company’s Geared Online 2020 auction.
- Putnam Leasing’s terms for multimillion-dollar Ferraris carry hefty down payments and subsequent monthly payments, but they do offer a financial alternative for those who don’t want to buy outright.
- Visit Business Insider’s homepage for more stories.
Look, we get it. You’re in the market for a multimillion-dollar supercar but you can’t quite spare the funds to buy the thing outright. If only there were leasing programs available so you could split the cost up into manageable monthly payments.
Ask and ye shall receive: enter Putnam Leasing, a company that specializes in providing alternative leasing options. It is the leasing agent behind Gooding & Company’s Geared Online 2020 auction, according to The Drive.
The auction, which opened on August 3 and will close on August 7 at 12 p.m. Pacific Time, includes lots such as a 1966 Ferrari 275 GTB Long Nose, 2003 Ferrari Enzo, 1938 Bugatti Type 57 Cabriolet, and 1992 Ferrari F40. Putnam Leasing will offer leasing options for a few of the cars, Lux Exposé reports.
On its website, Putnam Leasing says that it provides leasing alternatives for cars ranging from $75,000 to more than $1 million with 24- to 60-month terms. In a 2018 Autoweek story, Putnam Leasing founder and CEO Steven Posner said most don’t actually know that they can lease the cars they win at auctions.
“The program that we have isn’t like a traditional closed-end lease where you give it back at the end of the lease, like a new Mercedes or a new Ford or a new Chevy,” Posner told the outlet. “Those closed-end programs go for three years, you return it and walk away. Putnam specializes in an open-ended lease-to-own program. It has all the financial beauty of a lease, the tax benefits. It’s, in essence, like a balloon note finance, although it’s a lease.”
A 2003 Ferrari Enzo is valued at $2.6 million, Lux Exposé writes. Putnam Leasing’s terms ask for $520,000 as a down payment and then $25,689 per month for 60 months after that, plus tax.
Without knowing how much those taxes would amount to, that works out to about $2 million over the course of the lease for the Enzo. Lessees can then choose whether to finish purchasing the car outright or go find a shiny new toy.
Keep scrolling to see Putnam Leasing’s other options for the Geared Online auction, if you want a taste of how luxury leasing works.
Options trading 1938 Bugatti Type 57 Cabriolet
This 1938 Bugatti Type 57 Cabriolet has a $1.6 million valuation. Putnam Leasing’s terms ask for a $220,000 down payment and then $16,049 a month for 60 months after that, plus tax.
Source: Lux Exposé
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