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The C7 wheels are the same as the Merc. The Ferrari Italia Motegi are a slightly different fitment/rim design and the Porsche and racing 458 Ferrari Italia are "center lock" type wheels used only in racing, not standard 5 bolt attachment. However, the 7 spoke design is similar.
It is lowered all the way on just the stock bolts. I have driven cars with low front spoilers for years and am used to being careful. At present, I think it is sufficiently lowered without going to an extreme.
Lowering the car and putting on the new wheels were the first things I did on the 2nd day of ownership.
I figured the cutting edge looks of the C7 (a little bit of "boy racer") should be complimented by something other than a traditional 5 spoke wheel. However, I am used to being in the minority and also prefer silver wheels.