ngoan

Hello everyone! Great forum, I've been lurking for a while but now I have a chance to ask a question.

A situation has come up where I can take over payments on a 2011 GL450 (prem. package 2, exterior package) with 40K miles. Total purchase price was around $83k out the door. Remaining balance is $45k, ($1100/month x 45 payments). The vehicle belongs to a family member, so I know the history of it and it is in pristine condition.

Is this a good price for a 2011? Any comments would be appreciated, thank you!

jcbutta

thats a hell of alot of miles for a 2011.

newyorktoLA

These cars are meant to be driven up to 200,000 miles plus
My 2010 diesel has 60K miles on it

BlownV8

Interested rate is too high. Purchase price seems OK but you can finance that loan for 4% and bring the payments down to $1,016.06/mth. I don't think you can take over payments without a bill of sale where you will have to pay sales tax.

ngoan

Correction on the price. The out the door price is $83K. The loan is at 4% now. The purchase price now reflects the $1100 a month.

I can take over payments as my family member will just hang on to the title without having to get a new loan.

BlownV8

In essence, you are renting the car for $1,100 per month? Will you be required to perform maintenance on a car that you will not own?

ngoan

I will own the vehicle. But technically, I will not be the registered owner until the loan is payed off. But I'm not too worried about that part.

aggst1

I think the price is fair. I bought a same year fully equipped vehicle back in March (six month old car from manufactured day ) with 6K miles for $65K. The original sticker price was $76K. Yes it has more miles than normal for a one year old car but you know the previous owner and their driving habits. Was it maintained according to spec? At this mileage the car needed more than oil changes. If yes then it is a fair deal. If not, go to any dealer and get a CPO vehicle with half the miles for about a little more money and in your name. The "little more" money is exactly the dealer profit which varies but it is a good bet it will be $3-4K more in my experience.

jcbutta

But he doesnt have a diesel. he has a 450.

JimBarnhart

The price seems decent to me.

I know it's none of our business, but how are you going to handle insurance? Since the title is in the family member's name the insurance would have to be in his/her name as well, especially since it has a lien against it. That would mean he'd own the liability. I'd never want that even if it was family.

BlownV8

In addition, if something happens to the family member, it will go to their estate. If you are making the payments, it needs to be in your name. There are just too man downsides to this deal even if it is a family member.

The only benifit is if you are unable to get a loan due to credit, job status, or age. But, you are still paying for a car in someone elses name. I think you will end up paying more in gift taxes when it is put in your name after you pay it off than if you just purchased it from the family member.

jcbutta

I would definately purchase and extended warranty on the vehicle since the original factory warranty will expire at 50k miles.

ngoan

Thanks for the reply guys. Thanks for putting everything into perspective. I will be selling the vehicle. It is currently in my dad's name, but I have it in my possession here in Orange County.

Here is the for sale link if anyone is interested: https://mbworld.org/forums/mercedes-...011-gl450.html

hubert

Looks good, you should jump on it...

BlownV8

How not to sell a car:

Tell everyone that you can't afford it. Anyone interested many will think you also can't afford to maintain the car properly.

Tell your prospective buyer that you like your other SUV better and there are things that make you not like the GL.

Seriously, edit your for sale posting and take away any negatives.

ngoan

It is what it is. I'm not going to skew any facts. Thanks for the input, though.