Lease Assumption question and hookup at Mercedes Financial Wanted
05-09-2008, 01:10 AM
#1
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Thread Starter
Lease Assumption question and hookup at Mercedes Financial Wanted
I'm curious if anyone has any connections to anyone in Mercedes Financial? I am trying to do a lease assumption and I was told the process is about 6-8 weeks. I want to see if anyone had a hookup to speed up the process.
On to my deal.. feedback welcome please.
2007 C230. White w/ black tx interior, auto tranny, sunroof pckg, 6 cd changer, only 4,400 miles, lease up apr 09, 18,000 miles left, payment is only $323.71 and residual is $23,000+ at lease end. I can renew for an additional year or 2 if I wish at same or less payment. Seems like a really good deal so far. Heres the only kicker, the seller wants me to pay one months lease, pro-rated dmv reg, and insurance while the car sits in garage waiting to get transfered. I figure that equates to something in the $500 dollar range. The current lessee said its possible to trade possession of the car in about 21 days or so when he gets a letter saying hes no longer under contract with MBZ. But there is about a 3 week period or so left where the new lessee (me), turns in paperwork to dmv for title to change till its all official. I did speak with someone at MBZ financial saying that people do often transfer possession at the time when the old lessee gets a letter stating they are no longer responsible.
What do you guys think? Good deal? Worth paying a little extra while the car is sitting in the previous owners garage?
On to my deal.. feedback welcome please.
2007 C230. White w/ black tx interior, auto tranny, sunroof pckg, 6 cd changer, only 4,400 miles, lease up apr 09, 18,000 miles left, payment is only $323.71 and residual is $23,000+ at lease end. I can renew for an additional year or 2 if I wish at same or less payment. Seems like a really good deal so far. Heres the only kicker, the seller wants me to pay one months lease, pro-rated dmv reg, and insurance while the car sits in garage waiting to get transfered. I figure that equates to something in the $500 dollar range. The current lessee said its possible to trade possession of the car in about 21 days or so when he gets a letter saying hes no longer under contract with MBZ. But there is about a 3 week period or so left where the new lessee (me), turns in paperwork to dmv for title to change till its all official. I did speak with someone at MBZ financial saying that people do often transfer possession at the time when the old lessee gets a letter stating they are no longer responsible.
What do you guys think? Good deal? Worth paying a little extra while the car is sitting in the previous owners garage?
Last edited by scottamc; 05-09-2008 at 01:17 AM.
05-11-2008, 08:26 AM
#2
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'06 CLS55, '86 911 Turbo, '07 Subaru WRX STi, '07 Jeep Cherokee SRT-8 (Wife)
I'm in the process of assuming a MB lease via the LeaseTrader website. MB Financial has a rigid process and the timetable of 6 weeks or so is likely. The first phase is signing papers that can be routed from the current lease holder "seller" to the assuming lease holder "buyer" and on to MBF by overnight courier. After the full package (including checks for a $50 application fee, $495 for a transfer fee and the next regular lease payment) is received by MBF, they say it takes 4 more weeks if all is in order, and up to 6 weeks if there are any irregularities in the papers that need correction. My experience bears this out. When all is done, MB sends final papers to the DMV in the buyer state of residence. Buyer then goes to the DMV and licenses the car. If the car is going to another location, and with seller agreement, MB will permit shipment even before the papers are sent to the DMV if buyer carries insurance as well as seller retaining their insurance. If you are going to do this without a market maker, I think a call to MB Financial customer service is all you need to d. Hope this helps.
