During an interview with Steven Posner, CEO of Putnam Leasing, I learned about how Putnam leases some of the most incredible high-end cars to customers through partnership dealer programs, using open-end leases, and what the coolest car he’s leased has been.
How can you lease a high-end exotic car from brands such as Porsche, Bentley, and Rolls-Royce? Do you have to choose a new model, or can you lease a pre-owned classic with a storied history? Although most dealership leases are only offered on new vehicles, Putnam Leasing does things differently.
How does leasing through Putnam benefit customers?
Putnam’s business is mostly in pre-owned exotic cars, with a split of about 75% pre-owned and 25% new models. This helps customers get into that special car they’ve always dreamed of or add to their current lineup of high-end cars.
Regarding lease programs, Steven says, “Putnam has been around for 42 years and I have been in the business for 47 years. We offer an open-end lease program, which is a lease-to-own, not a conventional type of lease. Customers taking advantage of Putnam leases typically want to own their car but have all of the advantages of leasing, including spreading out the payments for sales tax across lease payment rather than paying it up front.”
Putnam leases run between two and five years, and many will lease for only two years and call for a payoff.
He goes on to say, “Nothing that we lease people need; these cars are made for fun, investment, and status.” Putnam’s customers typically look for special cars which are often found at auctions, but most of the business is handled through dealer programs.
What does Putnam offer to dealers?
Posner explains, “We have satellite offices in all NFL cities. Reps go into dealerships and offer the programs to them. Special quote system set up and sent to Putnam reps. Our dealer relationships is about 75% of the business. With the other 25% is in auction business and referrals. Customers want to buy at auction and get approved through Putnam to buy/lease high-end vehicles.”
As for the speed at which Putnam can get a deal approved and done, which would be especially crucial during an auction, Steven goes on to say, “Approvals are coming within a couple of hours.” Despite typically suggesting to customers they receive approvals ahead of auctions, most don’t, but Putnam Leasing is versatile enough to get approvals done quickly, which helps high-end shoppers get into the pricey auction cars they want to drive and enjoy.
What about dealership captive financing? Is there an alternative?
Despite high earnings and impressive financial status, some buyers with little to no credit might find themselves distraught when dealership finance companies turn them down. Thankfully, there is still a way these customers can get into the high-end exotic cars they want to drive.
According to Steven, “Putnam can be a great alternative option to the captive financing done at most dealers. At Putnam, the financing is done by looking “outside the box” by looking at comp credit and money down to get deals approved that most banks won’t approve. Looking between the lines at where expenses are to lease cars to high-end clients.”
Putnam works with professional athletes regularly and sometimes they don’t have great credit, but Posner goes on to say, “Athletes, often have credit that is not very good because they were not with the right people to start with, but now they are. Putnam will often get these deals done.”
“When your bank says no, Putnam says yes.”
– Steven Posner
Are you concerned about the looming tariffs impacting your business?
Because Putnam Leasing deals mostly in pre-owned exotic cars, many of which have reached classic status, the potential tariffs aren’t an issue. That said, Steven weighed in his thoughts on which area of the automotive industry will be impacted by them and which companies and customers might not be by saying, “The customer buying a $500,000 car will likely find a way to swallow the added cost of tariffs in order to have the car they want, but the average consumer spending between $50,000 and $75,000 on a car will be impacted by them much more significantly.”
He also noted, “Dealers are concerned, especially with some auto manufacturers that have stopped shipping vehicles to the United States, in response to the potential tariffs.”
“High-end brands and dealers, such as Rolls-Royce, Bentley, Aston Martin, etc., will find a way to absorb the tariffs for the time being. Brands that aren’t shipping cars to the United States because of these tariffs will be impacted because the used cars from these brands will be sold or leased for a premium compared to the current pricing.”
There is a silver lining for one area of the automotive market, and as Posner explained, “the used car market is going to go up” because these cars are already built and in the country, they won’t be subject to tariffs.
The purpose of tariffs is to encourage domestic manufacturing, and Steven pointed out, “The thought of bringing production to the United States is a good idea, but factories won’t be built overnight. Eventually, things will likely work out.”
How do customers build equity in the cars?
“Structured through an open-end lease, which allows the customer to either buy the car outright or refinance/re-lease the vehicle through Putnam. All leases have low residuals, which allows customers to have some equity going into another vehicle. Customers pay a little more each month than they might normally, which allows them to build equity and pay off their current leases early to move into something else when they are ready, without writing a super large check to get into the new vehicle.”
How often do customers switch cars?
When asked this question, Steven gave a bit of a chuckle because, as you would expect in the high-end lease market, many customers change cars regularly. The example he gave me was, “If he leased 100 cars in April 2025 with five-year lease programs, maybe 12 of those leases would see the end in April 2030.” That means about 88% of Putnam Leasing customers change cars during their lease terms, and Putnam is ready to help them get into the next car and offer another lease program.
Creating a collection
“Customers who show they can pay for the cars can build collections through Putnam Leasing. Some have as many as 10 or 12 leases going at once. The benefit for most customers is that they pay less each month due to the end-of-lease balloon payment, they pay less in sales tax, and Putnam’s leases don’t show up on the customer’s credit.”
The last item leaves the customer open to purchase more major financial items, such as homes, apartment buildings, etc., without a car lease impacting their credit or ability to buy. “This means they can buy items that will make them money instead of being weighed down by cars, which don’t.”
It’s the right time to lease an exotic sports car
Have you ever wanted to get behind the wheel of an exotic sports car, especially one with a convertible or targa top that can be lowered or removed? It’s the right time of year for drivers to enjoy an exotic sports car. The weather is nicer and tax day is behind us, which leads to the perfect time for customers to work with Putnam to lease the car they want to enjoy during these warmer months.
What is the coolest car you’ve leased out?
“One of Paul Newman’s race cars, which is a Porsche model. Other cool leased cars are classic Mercedes that go back to WWII, some that were owned by movie stars and sports personalities, but one of the coolest cars would definitely be one of Paul Newman’s race cars.
Putnam Leasing provides several ways for customers who are ready to get into their first, fifth, or hundredth exotic, high-end vehicle to be able to do so. Their lease programs are set up to benefit customers, and by partnering with dealerships, they also benefit car dealers throughout the country.
Special thanks to Steven Posner for such an informative and enjoyable interview, and to Dan Weikel from IBP Media for setting it up.
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