I don't know, but I suspect that it is as you say. He is a very approachable guy that loves cars and was possibly snubbed by a Ferrari rep and/or doesn't like how they do business. Ferrari doesn't make themselves approachable and generally assume they are better than..... Regardless of why, he seems to have made a very conscience decision not to own any Ferraris.

 

I googled it and this is what I found...

"Well I just got back from my lunch break. I was at a local news stand and who do I see. None other than "The Tonight Show" host Jay Leno. He was right in the same section I was, the automotive magazines. Well we all know that Jay doesn't have any Ferrari's. I have alway been curious as to why. After introducing myself to him I say "I'm a fellow car buff. I was just wondering why you don't own any Ferrari's?". Jay replies, "Cause they are a pain in the a$$." To which I agreed, and told him that he wasn't the only one that got treated this way. Jay then said, "Don't get me wrong I like Ferrari's and think they are a great car. But every time I go into a dealership they automaticly slap more money on the price. That's just bull*****." Again I agreed. "The other thing," He continued, "is that if I walk into a Porsche dealer these guys go out of their way to help me. They give me little books, pamphlets, mail me info, show me the cars. But if I walk into a Ferrari dealership looking for a Daytona, I don't get the same treatment. I would like to get one but there is too much bull***** involved." He asked what kind of Ferrari I had, and I told him a 348. Jay was very nice and was even signing autographs for the people that stopped to ask for one. Before he left I told him about FerrariChat and invited him to stop bye. It was a pleasure to meet Jay, and heard it right from his mouth as to why he does own a Ferrari. He is a VERY big car buff and has an awsome collection, and the money too to keep a collection like that. It is sad that because of bad treatment from dealers he doesn't have a Ferrari in his collection. So listen up Ferrari. You guys really need to change your song and start treating people better. Especially us owners in the U.S."

Source: Why Jay doesn't own any Ferraris

 

Jay is an awesome guy, very approachable and a true enthusiast. Would love to meet him one day and chat cars (of course in his garage ), nothing else!

 

We get just the same treatment in the UK,this is why Mclaren will change the attitude of the Ferrari dealerships,ferrari cannot rely on their die-hard fans for ever,they have been able to be arrogant for years,but now they have a player on the scene they cannot ignore.So it will be win win for the customer,which ever camp you sit in!!

 

and the video where he presents it:

McLaren: And Then There Were Two... - McLaren - Jay Leno's Garage