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Buyer Beware: Avoid Manhattan Leasing for Exotic Car Financing

Manhattan Leasing is a boutique exotic car financing bank with offices at 3275 W. Hillsboro Blvd, Suite 304, Deerfield Beach , FL 33442 and 20 East Sunrise Hwy, Valley Stream NY 11581. Mel Steinberg is their managing principal and they are a finance company that any exotic car buyer should avoid.

I have dealt with virtually every exotic car lender in the space over the course of the last 10 years either in personally financing cars through them or securing credit for my customers. I also founded VINwiki to be a valuable used vehicle information resource and put together resources like these to empower buyers and shoppers.

The Rules of Exotic Car Financing & Leasing

How Does Exotic Car Financing Work?

Some simple exotic car payment estimates

Exotic Car Insurance Resources

There are certain bad apples that have definitely stood out over the years but none with more recurring significance than Manhattan Leasing.

Manhattan Leasing offers very similar leasing programs to Premier Financial Services and Putnam leasing. These are generally structured as 60 month open-ended leases with 30-50% balloons at the end. “Open-ended lease” (as opposed to traditional closed ended leases you see from mainstream OEM captive banks) means that you don’t get to turn the car back in at the conclusion of the finance term.

These are the issues that you should be aware of:

1 – The fees are deliberately unclear. You will see high acquisition fees, security deposits, and occasionally disposal fees that increase the cost of the loan.

2 – There are up front payments that are not actually payments. When you see the “up-fronts” or monies due at inception, there will be two payments due up front. There will still be 60 payments in the finance agreement. These two payments are simply profit for Manhattan Leasing in the deal.

3 – Your payoff is completely up to them. This is the case with any lease where you do not pay it to term but most banks treat the payoffs similarly to a simple interest loan if you decide to trade early. Manhattan is much less reasonable. I have seen loans where after 18 months of perfect payments, the payoff amount was $25,000 more than the initial amount financed.

4 – Their management team is dishonest and mistreats the dealers and people who represent their product.

As you can see, I don’t think very highly of the organization or the way they treat people. I did very little business with them due to these reasons and would only send them customers that could not be approved at banks with better lending practices and customer service, always with full disclosure of these issues.

There are plenty of excellent options out there for financing your exotic car purchase. If you have happened across Manhattan Leasing in your search, please keep looking.

  • avatar image
    HueJass
    October 18th, 2017 at 2:43 pm

    RUN! If you are going to lease an exotic car, I suggest you RUN from this company and fast. First off Mel Bernstein and his son Jay Bernstein are the only guys in their 2 man crooked lease company band. They sound like New York mafia hit men and act like it. Not only will you get the WORSE lease deal you can imagine, ending up paying double for the car in the long run. When you go to pay it off, they will create an accounting mess that will end up costing you thousands of dollars more as their books are obviously cooked! One of their biggest scams was sitting on your checks for several weeks saying they don’t get them, so they can charge you $100 late fee EVERY month. I had an issue with 1 car I leased with them, when I paid it off… all their received payment amounts were not the same amount of my checks paid to them. They basically extorted the difference and if I did not pay I would not have received my title in order to sell the car to the new buyer. I chalked it up to a mistake and like a dumb ass leased another car with them. It was not until my second car and after the 5 years was up that I realized this was their scam. As they pulled all the same shit again. Same wrong payment amounts credited, even when my checks showed correct amounts paid but this time their pay off quotes from two different dates were missing over $5000 in payments made between them! Clearly wrong, but again. If I did not pay them, I would not get my title in order to sell the car. There are many other reputable finance companies out there, I hope you find this review and save yourself the money I lost to these mob bosses… (Legally: this is all just my OPINION I am entitled to share based on free speech.)

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