"We do 60-month lease terms but by the end of two years, more than half of our customers have paid off the lease, traded the car in or sold it because they want the newest, greatest, hottest car available," Katz explains.
Premier Financial specializes in exotic contemporary cars like the Ferrari, Lamborghini, Aston Martin, Bentley, Rolls Royce or Porsche and vintage classic cars like the 1919 Pierce Arrow or the antique Rolls Royces the firm owns. The company sponsors vintage car rallies, usually for charity events.
Premier has representatives across the United States and has a business alliance with Aston Martin.
David Tunkl, a fine art dealer in Los Angeles, has worked with Premier for several years and now has four exotic cars, including an Aston Martin DBS and a Porsche Carrera GT.
"This makes it easy for me to have multiple cars," the art dealer says. "Economics is part of it because I am only putting down a tenth of the value and it makes it easier to own several cars. But it is more the simplicity that makes leasing attractive. I can own one car for a little while and then easily change to the newest thing if something else strikes my fancy."