PRESTIGE ON A PAYMENT PLAN; Leasing makes dream car ownership a cinch.(News)(Putnam Leasing)

Byline: ANDREW LUU

You've just scored a million-dollar salary and it's time to celebrate. Since you're reading this magazine, your most likely dream car of choice is an exotic-perhaps a Ferrari Enzo or Porsche Carrera GT.

Ah, but you say, those cars will cost you the better part of your annual wage. What if we said you could drive an Enzo for $7,595 a month, a Carrera GT for $6,295, or just about any car attached to a nice monthly payment plan?

Companies such as Putnam Leasing (putnamleasing.com) and Premier Financial Services (whynotlease.com), which specialize in the leasing of exotic, luxury and vintage rides, use a financing system similar to a balloon-note loan. Whereas most banks base the terms on the total price of the vehicle, Putnam and Premier use the total price minus the projected buyback, giving you a lower monthly payment.

Unlike the more common closed-end leases where you can walk away at the end, Putnam president Steven Posner says, "We only do open-end leases [where you must assume the buyout]. We deal with people who want to buy the car at the end of the lease.''

Premier also sticks to open-end (or finance) leases because, as founder and president Mitch Katz says, "We're not in the business of buying and selling cars. Think of it as financing, with the appeal of leasing.''

The word "lease'' misleads people, Katz says, because when most people think of a lease, they picture being locked into a term or renting to return.