If you have GP4Builder or Editor, open the Ferrari model, and check the textures, not Materials. If the textures say, for example, hi_f2007.tga, then the game will be looking for the hi_hi_f2007.tex file. Thats not what your after. So you can then just remove the hi_ part, and the game will look for the correct file.
If it's all ok, and the texture file is looking at the correct files, then you'll need to change the graphics settings in-game to run the highest textures.
FAILING THAT!!!! Try removing the Hi_ from the Tex files of the Ferrari, and see if that works. :0P
Hope that helps. Any other questions, don't hesitate to ask. :0)