Last post on Dec 08, 2013 at 1:16 AM
You are in the Prices Paid - Buying & Leasing Experiences
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Mercedes-Benz E-Class, Car Leasing, Sedan, Wagon
#3156 of 3246 Please help with new lease
Sep 25, 2013 (7:19 pm)
My lease is up on my current car(2010 E350) and I plan to get a 2014 E350 Sport pkg. This is my 3rd Mercedes Benz but although I have never been late on car payments my credit score is a little lower this time around at 680. Some of my questions are should i bump it up to 720 before applying for the new lease(i could bring some card balances down) or since I'm a "legacy" customer will that matter as much? Also what deals should I be aware of right now? I have one car payment left(October). The sticker price on the vehicle I want is about 60K. Any help would be VERY appreciated. Oh also I want at least 36months and I'm only getting 7.5k Miles this time because I only averaged 5k a year on my last two leases.
#3157 of 3246 Re: 2014 e350 [sibra74]
Sep 25, 2013 (7:27 pm)
Hey there do you know how you got so much taken off the sticker price? Are there things incentives I should ask for? I'm getting the same car but mine has a few more options. The sticker price is 60k. And im only getting 7.5K miles per year because i barely drive it.
Im a novice to all this stuff lol
#3158 of 3246 Re: 2014 E350 Sedan [ghstudio]
Sep 25, 2013 (7:31 pm)
Would you mind explaining about getting the maintenance pkg up front? I'm about to lease a 2014 E350.
#3159 of 3246 2014 E350 Leasing Question
Sep 25, 2013 (9:57 pm)
I've tried to do the various calculations for leases but I just don't have the head for it. I'm being offered the following deal. I'd love the group's opinion.
Premium 1 package
Electronic trunk closer
27 month lease
750 miles (Yes, it's low but I will still come in under)
Drive-off: 1,619 (price includes tax, license, first month payment)
Monthly: 499 (price includes tax)
#3160 of 3246 Re: 2014 E350 Sedan [vertigoinla]
Sep 26, 2013 (4:37 am)
If you include the maintenance package, it is treated as a feature on the car. If the maintenance MSRP is $1000 and the residual for your lease is 60%, then you will only pay $400 over the period of the lease...not the full $1000.
If you take a non MB maintenance package as was offered by my dealer, you pay the full $1000 over the period of the lease.
The safe way to make sure your dealer is handling maintenance correctly is to compare the monthly lease cost with and without maintenance. multiply the difference in monthly payments by the length of your lease and see how much that package is costing you. Make them run the numbers...don't just accept a statement by the salesman/manager...or a quick calculation...make them run it through the MB finance leasing program....and make sure they include it as a feature.
#3161 of 3246 Re: Please help with new lease [vertigoinla]
Sep 26, 2013 (4:43 am)
If your current lease price is good, you might just want to extend your current lease up to six months while you get that credit score up. You can just call MB and extend for 2 months over the phone with no credit check....3-6 months they will look at your credit but you might still be ok since you have always paid on time.
#3162 of 3246 Re: 2014 E350 Leasing Question [philishome]
Sep 26, 2013 (7:40 am)
Myself and others would be happy to assist, so please furnish the key inputs: MSRP, Negotiated Sales Price, RV, and MF. Always remember that a lease is based on only three variables: Negotiated sales price; Residual Value (RV); and Money Factor (MF).
RV is a fixed percentage set by the MBFS. There is a base rate MF that is suggested by MBFS as well but dealers have the latitude to mark it up as another source of profit. Both RV and MF are based on your model, lease term, and mileage per year.
The calculations would be as follows,
Monthly Depreciation = (Cap Cost - (RV*MSRP))/Lease Term
Monthly Interest Charges = (Cap Cost + RV*MSRP)*MF
Monthly Lease (pre tax) = Monthly Depreciation + Monthly Interest Charges
*N.B.: Cap Cost assumes Negotiated Sales Price + Acquisition fee only (i.e., no cap cost reduction or $0 down)
My unsolicited advice follows below,
- Don't do cap cost reduction (i.e., make $0) down. All that matters is the total money that you expend over the lease term so don't be deceived by a 'low' monthly payment
- Negotiate the sales price and ensure that you are getting any incentives such as Conquest, fleet, USAA, etc. Some are treated as a cap cost reduction
- Consider Multiple Sec Deposits (MSD) to reduce the MF. However, if the MF offered is promotional, MBFS may require you to use a higher MF off of which to assess MSD.
-Consider MB maintenance as it is residualized (see posts from ghstudio and others)
#3163 of 3246 Re: Please help with new lease [ghstudio]
Sep 26, 2013 (12:47 pm)
Thanks ghstudio, i already extended it which ends Nov 1st. Last time my friend who had been in the car business went with me and negotiated my deal but this time 4 yrs later hes not in LA to do that so I'm going in alone and want to make sure i get the best deal. My credit score will be 680-710 with two previous MB leases all paid on time.
The car I'm looking at has a sticker price of 61k. I'd like to put no money down except for 1st month, taxes and registration.
Do you or anyone else know what numbers I should be shooting for?? I want at 36 month or so lease, 7.5k miles per year (last two leases i only averaged 5.8k per year)
Any help would be appreciated !!
#3164 of 3246 Re: 2014 E350 Leasing Question [philishome]
Sep 26, 2013 (6:58 pm)
hi, what was the MSRP? also which dealer? thx
#3165 of 3246 Re: 2014 E350 Leasing Question [dewarsandsoda]
Sep 26, 2013 (9:54 pm)
Thank you but I have zero sense for these things. Reading your post made me feel like I was a student in Charlie Brown's class listening to the teacher go "wah wah wah." LOL I promise it's me, not you.
Based on the information I gave and your overall knowledge of what people pay to lease similar vehicles, are you able to tell me if its an average lease deal, a good lease deal, or a horrible lease deal?