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Prices Paid: Buying & Leasing Experiences Mercedes-Benz CLS-Class Lease Questions
43 messages, Last post on Feb 20, 2009 at 8:54 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Is the mf .0030 and residual still 62 percent for 36/15k I was at the dealership today. and he was saying the residual for 39 months was 62 percent. can you tell me the residaul for 39 compared to 36 months. Also how does the taxes work on lease in New york. I have leased a bmw and is going to finish this may. I always thought the 8.625 % tax was multiplied on the lease payment. However this dealer says that when calculated it is with a tax adjusted cap cost. Here are the numbers hope you can help with all my questions. thank you 39 month/ 15k a year msrp $76784 Purchase option 46,950.08 (doesn't make sense with the residual)........capcost 72,809 . he states out of pocket $1421.54 and $1159.04 a month. can you calculate the numbers. thanks
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Replying to: namja007 (Mar 09, 2006 4:20 pm) I am not personally all that familiar with how sales tax is calculated on leased vehicles in your area, but you may be able to find out more information on this subject by visiting one of the following sites: New York State Department of Motor Vehicles Internet Office or New York State Department of Taxation and Finance. Car_man Host Smart Shopper / Prices Paid Forums |
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In NY, sales tax on leases are calculated: (Pretax lease payment) X (tax rate) X (number of months). A $1,000 lease payment on a 36 month lease, in an area with 8% sales tax, would have a total tax of $2,880. This amount is payable up front. Most people "roll" the tax into the payment, which just means the dealer will add that $2,880 to the amount being financed. Interest will be charged at the same money factor as the rest of the lease. If you have a favorable money factor (which you probably do, otherwise the lease itself would be a bad deal), then it makes sense to roll the tax into the payment and keep that money in your pocket. For one thing, if you get out of that lease early (including involuntary reasons like theft or total loss), then you will have wasted money by paying the tax upfront. My rule of leasing is to roll everything into the payment and pay as little as possible upfront, usually just security deposit and DMV fees. Never put money down on a lease, and don't pay taxes upfront.
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Replying to: rbirns1 (Mar 22, 2006 10:34 am) Car_man Host Smart Shopper / Prices Paid Forums |
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Hi Car Man, Thanks for taking the time to help me out. I have been shopping a CLS 500 lease at a few dealers in Miami-Dade County. I have a quote from one dealer. MSRP including destination ($775) and gas guzzler tax ($1300) is $74,675, selling price is $71,593. I have a 758 FICO. Can you work up a lease payment for me for 36-39 months, 12,000 miles and 15,000 miles? with $2000 down? This dealer gave me an estimated payments worksheet that looks like the payments are padded; $7500 down, $1039/mo for 39 months. I'm assuming the residual is set in stone by MB at 62%? I've read in earlier posts that the money factor is .0030. Another dealer worked up payments for me and used a .0045 money factor. Is the money factor negotiable? They also included a dealer fee of $600. Is this standard or padding? When calculating the lease is the gas guzzler tax and destination charge included in the MSRP? Thanks a lot!! Take care, John
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Replying to: johnnygxp (Apr 15, 2006 8:27 pm) |
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Hello Car Man, My husband and I are trying to lease a CLS500, MSRP was $69,000 and we negotiated it down to $62000...Our credit is 718 and they wanted $2584 down, $872 per month for 39 months 12000 miles per year. Is this a good deal or should we continue to shop around? |
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Looks like this board does not generate too much traffic. I am looking to buy a CLS 550 in the next month or 2, I am just wondering how everyone's doing on their price negotiations? The salesperson I talked to told me he could get very competitive pricing on 06 CLS 500s, close to the invoice.... which sounds really tempting to me, but the new CLS 550 has 80 more horsepower, which is going to be very hard for me to ignore. The differencce between the 06 CLS 500 and 07 CLS 550 is probably going to be around $5,000 for the same level of equipments, perhaps more, does anyone have any opinions?
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Replying to: gshocksv (Jul 27, 2006 4:45 pm) I leased a 2006 CLS 500 three months ago for $1000 over invoice. If I were you, I would take the 550, period...it's better and newer. To get the best price, as you probably already know, go to 3-4 dealers and offer them a mini-deal - $1000 over invoice is fair. You'll need to put on a show and walk out a few times, wait for the salesman to follow-up and then get your mini-deal. With the 550 being so new, you'll probably need to let them make a little profit.
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Replying to: johnnygxp (Jul 27, 2006 6:13 pm) Thanks very much for your reply, I agree shopping around is the best. I live in Aliso Viejo, right next to 2 of the largest Mercedes dealers in the world, so I'll definitely take advantage of my situation. A co-worker of mine just bought a SL550 (we went at the same time actually, he was suppose to wait for me to buy at the same time to get a better deal, but he couldn't wait). After driving the SL550, he just couldn't go back to the SL500 even though you can get almost $15,000 off. He did manage to get $5,000 off on the SL550. I think I'll be happier with the 07 CLS 550, for more hp and perhaps better equipment. I will update when I do pull the trigger. |
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