Buyout/re-lease question...
06-20-2008, 03:41 PM
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2007 ML63 ///AMG
Buyout/re-lease question...
I have an 07 ML500 which I love, but want to upgrade to an ML63. My current lease is through a leasing company which I've been dealing with for many, many years. Unfortunately, they recently got bought out by a more corporate entitiy, so there are new rules and regulations in place.
Anyways, I have about 30 months remaining on my lease and trying to get out of it by selling the vehicle or looking for someone to assume my lease. Neither scenario has seen any success of late. I asked my leasing company on whether or not I would be able to trade in my ML500 and apply the trade-in value towards my current buyout. This would not cover the entire amount, so the difference would be applied to the new ML63 re-leased through them. The answer in the past would probably be yes, but since the corporate bigwigs are watching, the answer is a most definite "no".
My question is if I went straight to the Mercedes dealership, would I be able to swing a deal like this through MB Financial? They would probably screw me on the trade in value I figure. Oh, an the only reason why I would consider doing this because it is an open ended lease through my company.
Anyways, I have about 30 months remaining on my lease and trying to get out of it by selling the vehicle or looking for someone to assume my lease. Neither scenario has seen any success of late. I asked my leasing company on whether or not I would be able to trade in my ML500 and apply the trade-in value towards my current buyout. This would not cover the entire amount, so the difference would be applied to the new ML63 re-leased through them. The answer in the past would probably be yes, but since the corporate bigwigs are watching, the answer is a most definite "no".
My question is if I went straight to the Mercedes dealership, would I be able to swing a deal like this through MB Financial? They would probably screw me on the trade in value I figure. Oh, an the only reason why I would consider doing this because it is an open ended lease through my company.
06-20-2008, 05:58 PM
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2008 E63
the dealer will offer you a trade price, but you will have to make up the difference for the payoff. if you were to finance (buy) the car, they could probably roll it into the payments. however, if you were to lease the new car, that would have to come out of your pocket up front or be paid off entirely within the term of the lease. there's no way they would residualize that amount.
06-20-2008, 07:01 PM
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We can put a certain amount of negative equity in the new deal usually up to 110% of the MSRP.
You an try listing your current vehicle on http://www.FrontRowCars.com using the code "freelisting".
You an try listing your current vehicle on http://www.FrontRowCars.com using the code "freelisting".
06-20-2008, 09:39 PM
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2007 ML63 ///AMG
the dealer will offer you a trade price, but you will have to make up the difference for the payoff. if you were to finance (buy) the car, they could probably roll it into the payments. however, if you were to lease the new car, that would have to come out of your pocket up front or be paid off entirely within the term of the lease. there's no way they would residualize that amount.
It will be a lease so I was hoping that the difference would be paid off during the term of the lease. Since it is open ended, the leasing company is guaranteed the residual amount at the end of term.
The difference would be within the 110% bracket. It sounds like some leasing companies would do it. My question is would MB Financial do it?
