Need advice about Extending Lease Return
05-11-2021, 05:47 PM
#1
Need advice about Extending Lease Return
My lease on my 2017 GLS450 lease ended 5 months ago, they allowed three extensions, followed by two more months they did not accept, but i paid for on the mbfs website.
The issue is there is no inventory, and the price for a new lease is almost double what i am currently paying, and i cannot return the car, cause i cant pay the new prices on a new car, i keep holding out hope that production and new lease programs would be offered, which they do not.
They would extend lease with a valid PO number for a new order, is it possible to go to dealership to get one without a deposit or a low deposit?
They keep telling me that i am in default of the agreement, even though I am making the payment online, after how many months would they realistically reposess the car in NY during this pandemic?
I am really not that worried, if they take the car, they can take it, i just want to get an idea what to expect , thanks everyone
The issue is there is no inventory, and the price for a new lease is almost double what i am currently paying, and i cannot return the car, cause i cant pay the new prices on a new car, i keep holding out hope that production and new lease programs would be offered, which they do not.
They would extend lease with a valid PO number for a new order, is it possible to go to dealership to get one without a deposit or a low deposit?
They keep telling me that i am in default of the agreement, even though I am making the payment online, after how many months would they realistically reposess the car in NY during this pandemic?
I am really not that worried, if they take the car, they can take it, i just want to get an idea what to expect , thanks everyone
Last edited by Michael F; 05-11-2021 at 05:58 PM.
05-11-2021, 06:37 PM
#2
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Are you serious? No idea what the consequences would be, but a lease is a term limited contract and you are obligated to return the car at the end of the term absent of an official extension. They can repossess it at any time. You broke the lease terms and failed to negotiate a new payment arrangement that is accepted by both sides. They can reclaim their property now any minute. Your option is to buy out the car if you are not ready to get a new one. You'll have to pay the sales taxes and buyout amount, which you can finance if you need to (assuming they gonna approve you for a loan after breeching the lease agreement). Probably will keep you around the same monthly payment. Then you have time to think about what's next. Inventory won't improve any time soon. The global semiconductor shortage is getting worse and will last for a while. It's the main supply chain issue that affects production currently. There are few deals to be had, because dealers can't get much new inventory at the moment. As for placing a new order and putting down a deposit that depends entirely on the dealership. Some want a deposit, and others don't. You have to talk to them.
Last edited by superswiss; 05-11-2021 at 06:40 PM.
05-12-2021, 11:23 AM
#3
Its ok, i went to Mercedes dealership today and placed an order and put a refundable deposit, got PO number same day, MBFS accepted it and sent out a regulation M lease extension, so crisis averted.
Just annoying that i had to get a PO number for them to accept lease extension.
Just annoying that i had to get a PO number for them to accept lease extension.
Last edited by Michael F; 05-13-2021 at 10:36 AM.
The following 2 users liked this post by Michael F:
carlosinseattle (02-08-2023),
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