yourebrownwhen

My friends friend is selling me his 2014 c63 507 edition with 15,000 kms for $16,000 cash plus a lease transfer for two years of $415. The car has $25,000 worth of damage before it has been fixed (two headlights, front bumper and hood) should I take the deal. Please I am very nervous I need advice. Thank you!

bjonesmd

That's ~ 26K out of pocket for you, over two years. The questions I would have are; How much do you trust your friend? Was all the damage repaired? Was it all cosmetic or was there suspension or frame damage? How was it damaged? Will the warranty still be intact?

Overall, if it has been repaired and you will be paying 26K, sounds like a steal. I would drive it hard to see if there are any issues. Maybe have it checked out at MB.

Mike450

Doesn't exactly sound like a "deal", especially considering you'll be the one on the hook if there is a lease end issue with the repair.

I'd pass, plenty of lease takeover options out there.

yourebrownwhen

I called the local dealership and Everythig was done and competed by mercedes and they said that there was no frame damage only the front end and as it sits there is no extra free at the end of the lease meaning I won't be liable to pay any other fees

Mike450

If you believe it's a good deal and there is sufficient mileage remaining, go for it then. Short term lease transfers can be great, as long as you know what you are getting into.


MB has a lease transfer fee also, about $500 last time I check. (MBUSA that was)

bjonesmd

I misunderstood. I saw the word "sell" and didn't really key in on the lease transfer. So yeah, 26K for two years is not so good especially when you can get a good used C63 for 40-50.
If you have no fee due at lease end. I would offer him less than 16K. I don't know what he had to pay at lease signing, or how long he has been in the lease, but if his lease payment is 415/mo, then he pays about 10K per year. So for him to offer it you at 16k, it sounds like he may be getting all his money back. I have never done a lease so if any one knows differently on these numbers, please chime in.

abcut973

$415/month for a 507 lease??? Impossible unless your friend put down a huge amount. Which was not a smart choice.
What are the terms of the lease and when did it start?
Bear in mind you have lease transfer fees, more expensive in California. Some states require no fees, you need to check mbfs website. As well you need to qualify for the transfer and be as good as the original lessee's credit worthiness.

Mike450

The $16k is most likely what your buddy put down to get the $415 payment. For what it is worth, almost no one on sites like lease trader get 100% back what they put down on a lease when they are looking to transfer it.

He's very fortunate they didn't total the car from the accident because he would have been out that $16k.

johnny--2k

I'm guessing he did, seeing as how he is also paying him $16k cash on top of the lease payment. My guess is the guy put down $25K on the lease, which is just plain stupid IMO. You will never see that money back, so it's just a waste on a lease. The point of a lease is to pay as little as possible in the beginning, and have a cheaper payment than financing it.

papashango

Yea no point putting a substantial down payment if you're leasing a vehicle. That's dumb because you're losing that money on a car that you may not even buy back. Stay the heck away and rather lease directly from the dealer even monthly payments are a lot higher. If you plan to buy out the car and keep it on lease end it's a little different story.

g-f

Doesn't sound like a deal.

I'd pass.

jcfay

caveat emptor. pass

black lavender

walk away, actually run away.

Thrilla

I would pass too. Lots of nice c63sout there with clean stories and well cared for.

yourebrownwhen

So here's the deal he put down $8000 cash and traded in a car worth $32,000 making the whole down payment $40,000 and I will get the $8000 back from them at the end and I do wish to purchase the vehicle it's actually at $47,000 to buy it out right now. Now with that in mind should I take the deal or no? Maybe I'll reduce the cash to 10,000

CarHopper

If you want a c63, take your cash and go buy one without an accident.

Want a 507? Set some of the cash aside for a hood and a tune. Boom, 507, accident free.

Like others said, run away from that car. You don't need to bail out a friend for his mistakes.

yourebrownwhen

Thank you for the feedback!

Guilty

don't do it don't be stupid

yourebrownwhen

I told him the only way I will do it is if he transfers it with no cash that way for the 2 years I will only be paying $1900 because I get back $8000

Sidv22

Like others said, this doesnt sound like a deal at all. I just don't understand the concept of dumping money in a lease. Instead use that money as a down payment, look for a accident free C63, and own the damn thing!

unruin

He traded in an $32,000 (owned) car on a leased car? LMAO.

That's one way to do it, I guess. The wrong way.

Mike450

If he has an $8k (multiple) security deposit on it and you are guaranteed to receive it at lease end, I'd consider giving him $8k.

~$9,600 is a great deal to drive a C63 over the next 24 months, if that is what you are looking to do. Roll into a new C63 at that point in time or move on.

I certainly wouldn't buy that car out at $47k with its history.

-Marlin-

$16,000 is a LOT of money in this circumstance.