19 Year Old YT'ber Gets First US Pista...

Yes he has , but alas I really don't care or am I interested. Ild say well done to him. My point is whether its a F, Mac , lambo etc anyone that thinks lets pimp my ride is a DHead. What I would say if I had the 200 million why would I pimp my 458 , gee Mr Ferrari build me a car. What $5,000,000 , no problems , call it the Bieber

 

Ferrari the manufacturer had nothing to do with this sale. It was a dealer choice who to sell the car to. I do agree that it certainly diminishes the brand image, but with the IPO, they're going after every sale, whereas most of these artists would flock to Lamborghinis, Porsches and RR/Bentley.

No idea how on earth these folks have 12 million followers with content like this:



Maybe follower farms that sell followers/likes?

 

If they have serious viewers they have money. Demuro makes 100-200k a month off his videos.

 

Woaw.... I'm lost for words.... takes retarded to unprecedented heights.. I suspect the 12m watchers have come about purely as a holy f you have to see this s ht! I seriously doubt anyone is watching it for pleasure.....more just to actually see it for their own eyes. I mean you wouldn't believe it if you didn't see it would you? It's clearly a great formula to make a ton of money but I guess your dignity has to be sacrificed completely - collateral damage as you will.

 

I have little doubt you could make videos that would get more than 12 mil views.

 

I love the doug score but i cringe every time when i see his sweating t shirt

 

Money for nothin' and chicks for free...

 

Wow - sorry guys - had no idea they were trying to make music - thought they were just a couple of boys playing silly buggers on youtube using cars as props. OK - now I see the relevance of Socals previous posts regarding JB! Talent-wise JB is brilliant in comparison. No question there.

 

I want 4 mins of my life back. They should go join our army and be useful to the society.

 

Some things can never be recovered unfortunately. I feel kind of ripped off and fooled at the same time. I seriously had no idea these guys were musicians - genuinely though it was just some kind of retard act involving a couple of cars and a boombox. Guess i must be getting old...

Hmm not so sure if assigning them to the army would be a wise move for the country's defense corps. The goat can go.....maybe more trainable....effective in some way perhaps..

 

I've met them at my dealership, I was there when they picked up a 720 and Performante earlier this year. Paid cash, they couldn't get financed. Might some family money but they were nice kids working the system. Good for them.

 

Why would anyone be critical of anyone who makes a great deal of money so long it is done honestly and hurts no one. Jealousy is a self defeating, non productive human foible.

 

If they were truly making money, they would have the tax returns to prove it and easily get financed, especially from easy credit VW group. Likely source of funds came from somewhere else or the YouTube money ain't what people think it is.

What's disheartening is that it seems Ferrari is going the way of others with sales. Dealers will love it, but it'll tank the brand long term.

 

This morning I saw two high schoolers walking to the bus and each was intently immersed in their phone- probably watching stuff like this. Just goes to show that there are probably at least 12 million young persons aspiring to the Dobre brothers lifestyle. This, too, shall pass.

 

i dont know about that. Ive been turned down consistently because i dont have a 'stable job=W2 paycheck', even though i have the cash. I had to pay cash for my house because i couldnt get a mortgage.

Its a different world when you are self employed and take a lot of write offs.

 

This.

 

That's not how it works. Underwriting looks at a lot more than just cash in the bank and tax returns, some of it is even automated. I was in my late 20s with millions in my bank and brokerage account, but they still asked for more tax returns, asked why my income was lower the last year, and asked me to put more money down when I wanted to finance my car. I'm self-employed.

The risk that someone goes broke is never 0. You can't trust immature people to pay back loans even if they seem like they can afford it. People who win the lotto go broke all the time. People with $5M in GE stock could end up with $2.5M in GE stock a few months later.

I have no doubt in my mind that a rich 18 year old can't get financing for exotic cars. It's likely underwriters would have to get personally involved and manually approve the loan since by default the systems would likely spit out denials.

And think about it this way: If VW Credit knows the car is going to get sold regardless, why deal with credit risk of 18 year old YTers when you can just sell the car to some 35 year old business owner with an 800 credit rating? I don't think anyone is desperate to underwrite an exotic car late in a credit cycle with rising interest rates. I imagine that anyone who would finance a Pista for these kids would try to rape them on interest rates.

 

Underwriting for a car from a captive finance company is wholly different than a traditional bank. They don't scrutinize anywhere close, especially from the large brands.

Come up with financial statements or even a high credit score and you'll get approved, in the case of Ferrari you'll need both. Going from Gh's statement above, these kids had neither, despite the dealer probably hounding his VW Financial contact to get the Lambo financing denied.

My prior statement was for the OP, yes, running a business on your own leads to a lot more hurdles, especially if your FICO is less than 800.

 

Doesn't that assume a captive finance company sees urgency in selling the car? I didn't read the post where they said what exactly they were trying to buy, but if VW Credit, or whoever, is confident they can sell the car to a lower credit risk individual, then there is no need to entertain the high risk individual.

So the Pista for example. That car will sell for all cash at MSRP in less than 24 hours. Likewise, they could move it in a financing deal at MSRP in less than 24 hours to one of thousands of established clients with good credit. So unless Ferrari is going to try and milk them with a high interest rate, there is little reason to underwrite a higher risk loan over a lower risk one.

And just because someone has cash, doesn't mean it's free, cheap, or easy to collect in a judgement. As a business owner, I'll take less headaches and peace of mind over headaches and a little extra cash from financing. Just create 501 versions of the next LE car and you'll recoup all that high-risk interest

 

Please dont put words in my mouth. I dont know what they had or have, I stated they couldn't get financed and paid cash. I dont know the details or care, it is not my business or anyone else's here.

 

Wouldn't it be catastrophic if anyone who had the means and the desire to buy a Ferrai would actually be able to get one. Imagine the horror of seeing them on every street corner. I would no longer feel special and elitist. Hopefully that day never comes.

 

Do you really believe some people with the means and desire actually do not manage to buy a Ferrari?
That's a nice marketing pitch for Ferrari, but I think the reality is that while many people not having the means would like to buy a Ferrari (frequently because they associate it with the means they dream of), many people actually having the means just do not care about owning a Ferrari - so that in the end people having the means and desire have no difficulty at all.

Regarding financing of a Pista, as long as everybody believes it will sell in a blink of an eye for far more than its initial (list price) value, it seems a very good deal for any lender: zero risk with at least interest payments, or at best resale with a large profit... a nice business isn't it?

 

You just said in a prior post they couldn't get financed, how is that putting words in your mouth?

When you deal with VW Financial as a dealership, the finance arm for Lamborghini, you'll know they don't look into much other than credit history and FICO. If needed, dealer GM can quickly call their contact in the finance arm and get a deal approved, which dealers do behind the scenes, especially on cars they want to really move.

To reply to another user's comment, they can approve riskier deals because it'll move the car off the dealer's lot, since almost all cars depreciate. So either take the loss on the showroom floor by sitting on the car, or sell it and get something out of it.

Same goes for RR and Bentley, that's why most of these brands were the first stop for artists and others new to money.

 

I personally have no issue with these kids having the car and just find it unbelievable how they actually made the money to do so in the first place. From what I've read there are a criticisms not necessarily associated to jealousy.

 

Those girls will wreck within a few weeks.