Woodside Financing

Can you share your terms ?


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I second the recommendation...I've done at least five cars with Woodside and good experience all around.

 

I did my first Ferrari with them, no problems at all.

 

I also did my 360 with them, stellar company.

 

I’m seeing a few different links when I Google. Is it based in Newport Beach Ca?

 

wow, really bad reviews online though.

https://wallethub.com/profile/woodside-credit-15081972i

what is going on?

 

People with good experiences just go on their merry way and don't leave a trace. People with axes to grind write bad reviews on the internet.

I've also found that people who leave bad reviews on the internet are the sort of people who have bad experiences everywhere they go. And if you have a problem with every business you interact with, then the problem is you, not the business.

 

Sure. I agree with that. There is obviously sampling bias at play here, but if there is an overwhelming number of negative reviews overall, it is also telling. I never dealt with Woodside before, so I am impartial. I am speaking statistics from an academic angle. Anywoo, let's move on.

 

So far, this thread is full of people w/ good experiences leaving a trace.

 

I used them several years back and the experience was just fine.

 

Woodside and Premier Financial do the same type of loans/leases. They are generally quite high interest balloon loans which they call leases for business write offs. I’m used premier 3-4 times a while ago but never woodside. The key to look at is the interest rate. They call it around 5-6% on paper but after all the fees and prepaid my CPA calculated it to be closer to 10%. IMO it’s harder to pencil given how cheap money is in general just for the potential 35% write off you can get, especially if you are business owner and can do a defined benefit plan with your cash?

 

If you were to lease through traditional means or use Ferrari Financial Services you can still achieve the same write offs. Woodside works well for dealerships who don't have lenders that offer balloon financing. Woodside offers terms up to 15 years, albeit at 6-7% APR, prepayment penalties and upfront fees. Doing a 12 or 15 year old with a 20% down payment makes your monthly payment the equivalent of a S class or 7 series.

 

Chris here from Woodside. I'll leave it to our customers for opinions on working with us. But clarifying the notes above, Woodside Credit only offers simple interest loans with no balloon payments and no prepayment penalties. Generally, our clients who know how to make their money work harder for them elsewhere (like investments), which is why they choose Woodside. Happy motoring!

 

Are you similar to FFS, Putnam, Premier etc... in that you don't report to the credit bureau?

 

Woodside Credit's program is different in regards to lease programs. With a loan program, lenders are required to adhere to the fair credit reporting act.

 

2 cars with Woodside
Nothing but a positive experience


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I don't know if you stopped doing pre-payment penalties but on my previous exotics financed through Woodside I had a pre-payment penalty on both.

 

Just used Woodside for my first Ferrari. Good to work with, good communication, and No Pre-payment penalty.

 

I think when I was looking into them I think the pre-payment penalty at that time was if you paid off the loan in 12-24 months, which if you’re looking for a 8+ year term probably isn’t likely. They may not have one any more.


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