Buy extra miles with MB Financial?

[mac911]

Is it possible to buy extra miles, once you have a lease with mercedes financial? Would that save over the 25 cent a mile charge otherwise? How much do extra miles typically cost? Thanks.

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[BMWFanboyy]

Good question, I'd be interested in this as well. I know with BMW you can buy extra miles before your lease is up, but wondering about MB too.

[GGM]

If I remember correctly, I either received a separate mailing from MB Financial lately, or there was a message on one of my monthly statements, that offered to let me buy additional miles. I have had my car for a little over a year. You may want to contact MB Financial directly and ask them.

Hope this is helpful.

[BMWFanboyy]

Great. This will be my first foray into MB so this is good to know. I'll ask the dealer when I get a chance and post back what I find.

[mac911]

Ok, I asked Mercedes Benz Financial. They say you can buy any miles you want for 25 cents per mile, and they will spread the amount over your lease. So say you buy 10,000 miles that is $2,500, and they break it up among your remaining 30 payments or whatever.

At least that is the way they made it sound. Please everyone check for yourself first. I make no promises on how they do it. Just what I think they said.

However, only those terrible in budgetting would choose that option.

I say keep your cash, make money on it whatever, and pay the lump sum at the end. Since it isn't discount over the 25 cent a mile, I see no benefit.

[BMWFanboyy]

I think you made things more confusing . It wasn't clear to me from you original post whether the $.25/mile cost was for buying miles up front or in the middle of your lease.

[mac911]

Originally Posted by BMWFanboyy

I think you made things more confusing . It wasn't clear to me from you original post whether the $.25/mile cost was for buying miles up front or in the middle of your lease.

Well, when you do a lease you can choose the mileage. Common choices are 10k, 12k, or 15k a year. Depending on the money factor, it may or may not be cheaper to have a lower residual and more miles per year up front.

However, I was talking once you're in a lease like me...

On Mercedes financial lease contracts extra miles are 25 cents per mile, at least the ones I've seen.

MBF told me you can anytime before 6 months to go on lease go ahead and buy more miles, but it will still be the 25 cents per mile, so if that is true, I say keep your money until end of lease, since you won't save buying extra miles now, if you're already locked in a lease.

[BMWFanboyy]

Yeah, brain fart on my part about the buying miles up front on a lease. Thanks for the reply.

[Txhurdle]

Aside from not having to pony up the $$ for mileage overage at lease end, the other real advanatge in my opnion is that when you add extra miles to your lease later, like you asked, you will be refunded for any miles that you don't use. So you actually pay to the exact mile you drive. If you do a larger mileage allowance at the beginning and don't use all the miles, you just payed for miles you didn't use.

[mac911]

Originally Posted by Txhurdle

Aside from not having to pony up the $$ for mileage overage at lease end, the other real advanatge in my opnion is that when you add extra miles to your lease later, like you asked, you will be refunded for any miles that you don't use. So you actually pay to the exact mile you drive. If you do a larger mileage allowance at the beginning and don't use all the miles, you just payed for miles you didn't use.

But if you pay it at the end, you pay the same amount per miles, and you can make money on your money, in the meantime, instead of MBF making money on your money.

[BMWFanboyy]

I think Txhurdle is saying the same thing you are-buy the extra miles near the end of your lease.

[Txhurdle]

Originally Posted by mac911

you can make money on your money, in the meantime, instead of MBF making money on your money.

Or lose 40% of your money in this wonderful non-recession we're in. Seriously though, you do wind up with the same out of pocket, but a one shot check of $1,700 is sometimes a bit more to swallow from some people rather than $141 monthly over the last year of a lease.

[mac911]

Originally Posted by Txhurdle

Or lose 40% of your money in this wonderful non-recession we're in. Seriously though, you do wind up with the same out of pocket, but a one shot check of $1,700 is sometimes a bit more to swallow from some people rather than $141 monthly over the last year of a lease.

Another point though...if there is the SLIGHTEST chance you are going to buy the car, don't buy the 25 cent miles before lease end because they won't lower your buy out price like having a higher mileage lease does.

[Txhurdle]

Originally Posted by mac911

Another point though...if there is the SLIGHTEST chance you are going to buy the car, don't buy the 25 cent miles before lease end because they won't lower your buy out price like having a higher mileage lease does.

Good point about not paying for those miles if you're going to buy at lease end. With the inflated residuals of '05 - '07 though, it'd be hard to swallow that buyout price in almost any model when the market value is so much less for a majority of them. Just don't want to paint yourself in a corner where you feel you have to buy because ponying up a couple of grand extra to turn in the car is the short-term worse of two evils.

[ldangeli]

Originally Posted by mac911

Is it possible to buy extra miles, once you have a lease with mercedes financial?

Would that save over the 25 cent a mile charge otherwise?

How much do extra miles typically cost?

Thanks.

Yes, up to the last 3 months of your lease. And usually, you can negotiate a price with them. Generally 5-10 cents lower then the over mileage penalty.

[KingMota]

When I leased by C230 in 2005 they sold me 10,000 miles for 1,200 ($25 per month on my 48 month lease). What I didn't think of at the time was for them to lower my end of lease buyout.

I ended up buying the car at the end of the lease and not using the miles so in my mind I wasted $1,200. Even if I had used the miles, it would have been stupid to pay up front since it wouldn't have cost me any more when I bought the car.

[krown]

as far as I know, any unused miles are bought back up at a lower rate than what you would be paying up front