How Thoughtful: Lamborghini offering 0% financing on new Murciélago LP640 models
Lamborghini Murciélago LP640 – Click above for high-res image gallery
A Lamborghini Murciélago LP640 starts at around $350,000 and can quickly crest $400,000 with the addition of a few options and a dropable top, and the LP640-4 starts at $450,000. That's a lot of coin to be sure, but in the spirit of pulling together to ride out this whole "recession" thing, Lamborghini is looking to ease the blow of $7,000 per month financing with a new 0% offer for the 2009 and 2010 Murciélago coupe and roadster. The Italian supercar maker is offering 0% for up to 60 months for customers with credit scores over 740 and down payments somewhere north of 10% (the press release doesn't provide an exact number). That's a pretty big bargain considering a buyer picking up an LP640 for $400,000 with $80,000 down (20%) for $5,333.33 per month over 60 months, while the typical 5.9% interest rate would bring the monthly payment to $6171.63 with $50,297.67 in accumulated interest over the course of the loan.
Lamborghini is also offering 5.9% interest for up to 12 years for customers with 10% down and a credit score of 700. That makes for a monthly payment of about $3,500 per month on a $400,000 LP640, with $143,000 in interest over the course of the loan. While those loan terms sound all right to us, we're sadly still a bit short on funds for the Autoblog garage. Hit the jump to read over the Lamborghini presser.
All photos Copyright ©2009 Drew Phillips / Weblogs, Inc.
[Source: Lamborghini]
PRESS RELEASE:
SANT'AGATA BOLOGNESE, Italy, Oct. 13 /PRNewswire/ -- Today Lamborghini America LLC announced a new Lamborghini Retail Finance Plan for its most exclusive vehicles on the market, the Murcielago LP640 Coupe and Roadster (model years 2009 and 2010). The super sports car company is partnering with Woodside Credit and Volkswagen Credit, Inc. to provide alternative financing programs through authorized U.S. Lamborghini dealers.
"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," said Pietro Frigerio, Chief Operating Officer of Automobili Lamborghini America, LLC. "We are pleased to continue our relationship with Volkswagen Credit as well partner with Woodside Credit, an established financing organization in collector and specialty cars, in order to provide several financing options to our clients."
The Murcielago LP 640 Coupe and Roadster are instantly recognizable Lamborghini models, with iconic scissor doors and an aggressive body. The 640 horsepower Coupe and Roadster can sprint from 0 to 62 in 3.4 seconds, and have top speeds of 211 and 205 miles per hour, respectively.
Qualified buyers with a credit score of 700 or higher will enjoy rates starting at 5.99 percent, a minimum down payment of 10 percent, low monthly payments and terms of up to 12 years. For those buyers with a credit score above 740 and making a higher down payment, the program offers a zero percent interest rate over a 60-month period.
About Lamborghini
Founded in 1963, Automobili Lamborghini is headquartered in Sant' Agata Bolognese, in Northeastern Italy and manufactures some of the world's most sought-after super sports cars. With 34 dealerships in North America and 122 worldwide, Automobili Lamborghini has created a succession of dynamic and elegant super sports cars including the Miura, Islero, Urraco, 350GT, Espada, Countach, Diablo, Murcielago LP 640, Murcielago LP 640 Roadster, Gallardo SE, Gallardo Superleggera, Reventon Coupe, Gallardo LP 560-4 Coupe and Spyder, Murcielago LP 670-4 SuperVeloce, Gallardo LP550-2 Valentino Balboni and the recently introduced Reventon Roadster. For more information on Automobili Lamborghini, please visit the Web site at www.lamborghini.com.
Reader Comments (Page 1 of 3)
yomama84 1:38PM (10/14/2009)
How thoughtful of Lamborghini.....
Reply
John 2:11PM (10/14/2009)
I honestly thought peoplep didn't finance these super cars... I figured you just signed a check and were on your way... or at least a lump-sum one-time lease payment or something along those lines...
naturalyshocked 2:31PM (10/14/2009)
@John
only realy stupid people would pay their car in cash.
example: you have 500.000 @ the bank and pay $450,000 for a car, will leave you with 50.000.
how much interrest do you get over 500k and 50k?
if you crash the car and it's YOUR fault, 450k is gone(depending the insurance).
but you still have 50k @ the bank.
on the other hand you will still have 500k on your account, pay the loan and still have money/bankhand garantee for a other vihicle loan.
don't worry even bill gates or warren buffet take loans for most of the things they buy.
it's the smartest thing to do.
Scott 2:33PM (10/14/2009)
I was always under the impression that most people did one of 2 things. Paid Cash and drove home, Or leased the car for a couple of years and then paid cash for the depreciated value of the car.
But what really strikes me about this is that I would not consider myself a “rich” guy but I just finished paying for my car and I could swing that payment (if my wife agreed paid the mortgage) lol But 12 years really? Who would…. Or why?
Venom 2:41PM (10/14/2009)
John,
there is a very good reason for financing even if you have a lot of money that people don't think of.
If you get sued and lose and get a judgment against you, if you owe nothing on the asset it can be seized.
If there is a lien already on the asset, that lienholder has first position and it is much harder if not impossible to have the asset seized.
naturalyshocked 2:57PM (10/14/2009)
@Venom
you're correct.
you would have moeny on the bank to pay for the coosts and still have the car.
like you said, the bank is always first in line.
travisty 3:37PM (10/14/2009)
@naturallyshocked - I'm with John, I really can't fathom why someone would finance something like a Lambo. People have insurance (both personal and auto) so that your $450k isn't just "gone" as you say. If I get into an accident and it's my fault, my insurance company still writes me a check for the car. If I owe more on it than that check is worth, I have to come up with the difference (or would have had to have extra insurance on it to make sure that didn't happen). Yes, if you're sued you can lose items if the amount is greater than your personal insurance covers, but in that case they'll just go after the $500k you have in the bank instead of the $500k car you have sitting in your driveway.
So unless someone was willing to offer me some special deal on financing where it was *below* what I could invest the money at, my main rule of financing is to borrow as little as possible and pay it off as soon as possible. The current new car loan rate at my bank right now is 5.3%. Since you'd have to have the money available to pay off your monthly installments, you could probably get 2-3% return on it (my local bank has 12mo for 2%, and 5y for 3%). Even at 3% ROI you're still paying an additional $26,000 in interest just to finance the car instead of paying it outright...
And if you're going to invest it beyond that and hope that the stock/bond/commodities market beats that 5.3% financing cost, you could lose a LOT as the last year has shown.
Jake 4:06PM (10/14/2009)
I think that naturallyshocked works for a bank.
Yeah, it's much better to have monthly debt that you are tied to than to own something. I like to be a slave to a bank. Why wouldn't I?
Because I can just invest that money in the market that always goes up with no risk at all and come out ahead. Maybe even real estate, that can't go wrong. Then I'll make kabillions in real estate and that car loan payment won't bother me a bit.
I paid for both my cars cash. Now they're mine. End of story. I lose my job, the cars are mine. I wanna sell it, the car is mine; I can do what I want and not worry about being upside-down.
I can also afford to carry high-deductable insurance so I don't have to pay the insurance company so much. Why? Because I can save money instead of blowing it on a car loan every month.
Banks love for you to go into debt. Because it fosters more debt. What could possibly go wrong with everyone carrying tons of debt?
PumaGTO 5:06PM (10/14/2009)
@Scott
I can´t see myself paying a car in 12 years either. It´s ok that a Big-Bad-Lambo does´t follow the rules of normal cars and at the end of this period it will probably begin to raise the price (because a LP640 will be a classic and everything) but is too much time for something to go wrong. And if you realy need to finance your Lambo in 12 years... well, lets face it, you can´t afford it. Too risky to be smart.
But then again... The world is full of poseres, Lambo just want her share of it.
CAPSGOD 8:57PM (10/14/2009)
BEEN HAD LAMBO CHAINS
http://www.youtube.com/watch?v=3S95Mh4-BX8
Sean 3:01AM (10/15/2009)
The only time I would ever consider financing a car is with 0% interest. If I can't afford the car when I buy it, I should not be purchasing it.
...and no, I don't apply that thinking to houses or college, but I would hope people try to stay within their means.
John P. 1:39PM (10/14/2009)
Well that settles it then, where do I sign?
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Lar7789789 2:19PM (10/14/2009)
yea really, I am thinking about buying the middle of the line model $400,000 LP 640 if I can sweet talk the Lamboghini salesman down to $385,000.......
then oh maybe...... Im thinking about plunking about 300 large down, then maybe financing the $90,000 with a 3 year loan - maybe pay it off early, save some money on the interest
KC 1:43PM (10/14/2009)
Even though we all lust for supercars like Lamborghinis, Lambo just ain't practical to participate in real life. They scratch their bottoms everywhere they go; people glare at you like you have murdered their children; you worry every time you leave it in public parking lots. In the less than perfect world, Lamboes are just too much, unless of course you are a lotto winner, a gold digger, or an oil tycoon.
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IronDukeFTW! 5:17PM (10/14/2009)
What about Ferraris, Porsches, Astons, Etc??? They all fit your idea of a "just ain't practical to participate in real life" car. Do you really think someone buys a lambo (or any supercar) to be practical?....."I chose the F430 for its interior space and its a Consumer Reports top pick!" Why are you on Autoblog?
Rob 5:30PM (10/14/2009)
As someone that has owned similar cars, I understand what KC is saying - I used to arrive at my destination bright red from the sun & heat (gotta have the top off right?), sneezing with red eyes from my allergies, and deaf from the engine & wind noise. It was exhausting but it took dealing with that for a year for me to get the picture it wasn't for me.
Benfolio 1:43PM (10/14/2009)
$5,333 a month? I'm gonna go check my credit score, because if I qualify I'm SURE I can swing that!
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Randy915 5:28PM (10/14/2009)
Might want to get an insurance quote and also do some research on maintenance; I can't imagine either of those being affordable.
dukeisduke 1:52PM (10/14/2009)
So what's next, TV commercials? It's been interesting lately, seeing Porsche run commercials for their 1.9% financing. It's been awhile since I've seen any Porsche commercials.
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Bungle 1:54PM (10/14/2009)
Who gets financing for a Lamborghini?
(i.e., Shouldn't that be a good sign that you can't afford it?)
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