Last post on Dec 11, 2013 at 2:06 PM
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Mercedes-Benz E-Class, Car Leasing, Sedan, Wagon
#613 of 3266 Lease transfer for Mercedes E350
May 28, 2008 (5:45 pm)
I was offered by one current E350 mercedes owner to take over/ transfer his lease to my name. The offer was as follows;
Lease ends March 2009.
The seller pay the changeover fee to MB Financial...
Monthly payment = $480.03/month including sales tax
Residual $39,272 (plus $595 turn-in fee if not purchased)
11,000 miles remaining through March 2009
$500 cash incentive up front.
Is it good deal? What should I ask him more?
#614 of 3266 Re: Lease transfer for Mercedes E350 [jhujb]
May 29, 2008 (1:24 am)
Yeah - that looks like a really good deal, especially since the current lessee will pay the assumption fees. You only have 9 months left to drive that car, though. What are you planning on doing at lease-end?
#615 of 3266 Did I get a good deal on my new E350
May 29, 2008 (5:15 am)
I just recently bought a new Mercedes Benz 2008 E350. Came with Cognac Leather, Black, P2 package, iPod integration, Burl Walnut, and Sport package for an MSRP of $58500. Got it at $53500 and now paying $742/mo with $3500 down incl taxes and everything for 33 months. This is in Florida. Did I get a good deal? I also contacted regency leasing after I bought it just to see what they could give me and they said $740/mo with $1800 down but that seems to good to be true as I got it $3000 below sticker, just wondering if I got a good deal.
#616 of 3266 Re: Lease transfer for Mercedes E350 [jhujb]
May 29, 2008 (10:18 am)
I would be careful about assuming a lease for the following reasons. All responsibilty is transferred to you. If the car needs tires or has excessive w/t when you turn it back you will get billed. Also, if the car has been in an accident and upon turn in inspection they find something wrong, you would get stuck with the bill. Also, any aftermarket changes to the car could trigger a bill to you at lease end.
It can be a good way to get a short-term lease with no money down. Check swaplease.com as they have thousands of people trying to get out of their leases. Again, I would use caution because if the car messed up in any way you could be stuck. There are inspection companies that you could hire to look the car over before you assume the lease. You can find them on the internet.
#617 of 3266 Re: E350 lease check [calbear05]
May 29, 2008 (8:38 pm)
Signed the deal today...what do you think?
Rear Window Blinds
Electronic Trunk Closer
$650/month including 8.5% CA tax
$1200 drive off - First month, Tags/Title, Doc fees
#618 of 3266 Re: E350 lease check [calbear05]
May 30, 2008 (3:25 am)
Thats a REALLY LOW miles/year allowance, you sure you only drive that? I know I can drive double that without a sweat, but it would probably up your monthly payment alot, just wondering since youll probably have a hard time staying under that
#619 of 3266 Re: E350 lease check [commex]
May 30, 2008 (5:11 am)
Probably even less than that. My lease on the 2006 M class is coming up on expiration in August and I had an allowance of 12k miles/yr and after 2 years have a total of only 9000 miles on it! I guess its because I have 3 cars so I keep the mileage low on all of them.
Dealer mentioned that its actually a great time to lease the E because with the model change in 2009, the mkt value for the current E should fall which would result in MB Financial trying to be even more aggressive in adjusting the residual value for a potential buyout. The residual on my M class was close to 39k but they offered to knock off $7500.
While I'm not sure what the mkt or status of the economy will be in 2 years, even at the current residual I can still buy the car for the same amt if I had purchased today since they knocked $8500 off the MSRP.
There are rumors out there that MB will increase the incentive to $5,000 (from $2000) as well as instruct dealers to offer the AMG package for free (since it will replace the sport package for 2009) to move the last of the 2008 models.
#620 of 3266 Good deal or no deal
Jun 01, 2008 (7:20 pm)
So just wondering if you think the following is a good deal or not.
Negotiated price: 50K
12k miles per year
Residual value 57%
$3k drive off
$605 per month
In southern California with 7.75% tax
#621 of 3266 Re: Good deal or no deal [doctorleo]
Jun 01, 2008 (11:41 pm)
Looks like a pretty good deal. You'd be ~ $645/mo (including tax) with no down, just drives (1st mo, dmv's, acquisition fee, etc.), so it looks like ~$1200-$1300 of that $3000 upfront will be ultilized as a down payment/cap cost reduction. They could have structured it slightly different, but it looks pretty solid to me.
The residual is correct. They are giving you the buy rate money factor. You have a very aggressive cap cost.
Just have them itemize (clarify) what the $3k at signing includes. The majority should be inception fees. If you can live with a slighly higher payment, I'd say keep the additional cash in your pocket, but that's up to you.
From this perspective though, I'd say go for it!
#622 of 3266 Re: Good deal or no deal [doctorleo]
Jun 02, 2008 (3:44 pm)
Who is the dealership? Penski?