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FERRARI FINANCIAL SERVICES INC. CREATED TO OFFER FERRARI CUSTOMERS INNOVATIVE FINANCING PROGRAMS

 ENGLEWOOD CLIFFS, N.J., March 15 /PRNewswire/ -- Ferrari North America Inc. announced the formation and launch of its new financing arm, Ferrari Financial Services Inc. In order to provide the best possible service on a national basis, Ferrari Financial Services will sign a servicing agreement with Chase Automotive Finance. Chase will provide credit analyses and administrative processing.
 Citing the desire to offer Ferrari customers specialized services and alternative ways of purchasing the world's finest sports cars, Gian Luigi Longinotti Buitoni, president and chief executive officer of Ferrari North America Inc., said, "It's the way of the '90s for Ferrari. We are going to cater to the needs of our clientele by providing them with an economically sound and appealing way for realizing their dreams of becoming an owner of a new Ferrari."
 Prices have never been the crucial factor for buying a Ferrari, according to Buitoni. "Ferrari customers recognize and identify with the painstaking workmanship and rich Italian racing heritage found only in the Ferrari line. Ferrari's appeal is unmatched by any other sports car," he added.
 Ferrari's documented high resale value is the catalyst in providing enhanced consumer benefits for the financing programs that will be offered. Michael Vecchione, president of Ferrari Financial Services, said, "A customer can drive a new Ferrari for several years and due to the high resale value the average yearly cost is comparable to less expensive cars found on the road."
 According to Vecchione, "It is not uncommon for a typical customer to deliver a $100,000 down payment. Our goal is to work as creatively as possible to accommodate the buyer's specific needs which may vary from person to person."
 "Improving the manner in which a customer can purchase a Ferrari is important to us," added Buitoni, who reports a 70 percent repeat customer base for all domestic Ferrari purchases, the industry's highest when compared to the U.S. industrywide average of 13 percent.
 In order to generate interest in this new financial company, Ferrari has decided to present a 0 percent financing program on selected 1992 models for a limited period of time. Attractive financing will also be available on all other models which include the 348 Serie Speciale, 512 TR, and the forthcoming 348 Spider.
 "We plan to continue in the Ferrari tradition of excellence which includes performance, luxury, reliability and service," he confirmed.
 For additional information contact Ferrari Financial Services Inc. at 250 Sylvan Ave., Englewood Cliffs, N.J. 07632 -- phone 201-816-2703.
 -0- 3/15/93
 /CONTACT: Michelle Nino of JMPR, 818-992-4353, for Ferrari Financial Services/


CO: Ferrari North America Inc.; Ferrari Financial Services Inc. ST: New Jersey IN: AUT FIN SU:

LS-KJ -- LA027 -- 6243 03/15/93 17:09 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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