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Time share on wheels: How'd you like to spend your vacation in a Ferrari?


By JOHN D. STOLL


For $40,000, George Kiebala can put you in a 2003 Ferrari 360 Modena Spider. Make that you and four of your best friends, or you and four total strangers.

Kiebala runs a car club of sorts on Chicago’s north side that has, until now, made its money lending out exotic cars—both new and vintage—to club members for three or more days at a time (don’t say “rental” around these guys—it’s “usage”). Members choose from 13 well-maintained cars, among them a Mustang Mach 1, a ’69 Corvette Stingray and a ’67 Jaguar E-Type. Club members lay down an initial fee to join, and then pay a usage fee for each loan.

Now Kiebala is taking his three-year-old company, Exotic Car Share, to the place where vacation villas, private jets and expensive boats have gone: time shares. The company is offering one-fifth ownership in these 2003 models: Bentley Arnage T, Porsche GT2, Ferrari 360 Modena Spider, Lamborghini Murciélago (pictured) and Hummer H1.

Initial buy-in for a minimum three years is between $20,000 and $60,000, with an annual maintenance fee of $7,500 to $15,000 kicked in. Exotic Car Share negotiates the exotic purchase and maintains the car, while the five buyers have sole equity.

The cheapest offering, the H1, costs $42,500 over three years for nine weeks with the vehicle per year.

A 360 Modena will set you back $77,500 over three years for seven weeks per year. The most expensive, the Lamborghini, costs $105,000 over three years and nets the buyer seven weeks per year.

The program is set up to give each shareholder an equal chance at getting into the car during prime motoring months. If members’ needs conflict, Kiebala insists Exotic Car Share will “do everything” to accommodate, including dipping into its stable to provide exotic transportation.

Gabriel,
2001 CL Type S
2001 Lexus RX300 Silversport
 
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