bad lease! 610 a month
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Joined: Jul 2007
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bad lease! 610 a month
four year lease 2k down, 610 a month. 4 years. c 300 sport p1 option and tiptronic. really bad lease but i just had to have it. i got it on august 6th. first one. any ideas how i can get out of the lease i really regret it and it sucks now!!!
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Joined: Jun 2004
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kease trader or swap a lease but no one is going to take a 35k car for 610 a month your going to have to lower the payments by giving the new lessee money....hate to tell you but the only to get out of that lease if gunna cost you alot of money because since it is a 4 year lease, that means you would have to offer a higher incentive (money to the buyer) in order to lower your monthly payment......I cant believe someone would actually take a lease like that.....you couldve gotten a 335i coupe ($45k) for the same price
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From: Mid-west
IS300
can you buy the car out and sell it? It would sell fast
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From: New york
05 m3 , 96 camry
I don't think he would pay the buy out price since he hate the car, plus you can't sell a lease you don't own the car your pretty much renting the car from the dealer but you can trade it in and take a big hit. i would say 5 to 6g upside down on the trade. fyi most people who lease can't afford the car to begin with leasing is just another fancy word for renting 
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From: SoCal
C55, w211 E55, ML320 CDI
I believer you can buy a car out at any point during a lease. You see this alot with people looking to transfer a lease. Contact the dealer or mb financial and see what that price is. Good luck.
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MBWorld Fanatic!
Joined: Jul 2007
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From: San Antonio
2008 C350
You can always buy out a lease, it will just be at a higher purchase price then if you had financed it to begin with...lower downpayment plus lower monthly payment equals higher buyout price. You aren't dealing with the dealer anymore because they sell their leases to banks and finance co's. So, even the dealer would have to buyout the lease at the higher cost.
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Super Moderator Alumni
Joined: May 2006
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From: Southern Cal
a C32 AMG & S-Works Tarmac
If you knew it was a bad deal to begin with, what were you thinking?
Are you interested in loaning money to a sub-prime home buyer too?
Senior Member
Joined: Jul 2007
Posts: 389
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2002 E430
You must be kidding me. Talk about bad decisions... but watever... you like it so that's all that matters. But give it about 4-6 months you're going to see the W204's at every stoplight and you're going to beat yourself for taking such a bad deal. Good luck
EDIT: I didn't read the part that says you regret it ALREADY... sorry to tell ya but looks like you're in this for 4 yrs
That's $31280 total in payments.. ouch
EDIT: I didn't read the part that says you regret it ALREADY... sorry to tell ya but looks like you're in this for 4 yrs
That's $31280 total in payments.. ouch
Last edited by KA8; Aug 17, 2007 at 02:10 PM.
Member
Joined: Nov 2006
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From: Manhattan Beach, CA
2011 SL550, 2007 CLS63, 2004 X5
You are kidding, right? Have you EVER leased before? Do you realize the bank or lease company owns you for the next 4 years? The buyout will be the total of payments plus the residual and any end of term costs. So, in other words, the buyout should be about 150-200% of the original sticker on the car.
If you knew it was a bad deal to begin with, what were you thinking?
Are you interested in loaning money to a sub-prime home buyer too?
If you knew it was a bad deal to begin with, what were you thinking?
Are you interested in loaning money to a sub-prime home buyer too?
Super Member
Joined: Jul 2007
Posts: 616
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From: Kirkland, WA
c300
Hey, so speaking of bad leases. I can't find any really sold definitive answers on this. But modern leases are 'closed' right? At the end of the lease term, you turn the car in and walk away? I'm finding mention of a disposition fee, but no solid definition of that.
I remember my Dad leased a truck for work way back in the early 80's and it [edit: mean't wasn't] wasn't closed. He had to pay the difference between what the dealer would actually give him for the car, and what the residual was. Didn't matter that much to him since it was a work truck and written off, but I don't want that.
I'm finding a lot of sites that like to tell you all about money factors and residuals but nothing about the end of term process.
I remember my Dad leased a truck for work way back in the early 80's and it [edit: mean't wasn't] wasn't closed. He had to pay the difference between what the dealer would actually give him for the car, and what the residual was. Didn't matter that much to him since it was a work truck and written off, but I don't want that.
I'm finding a lot of sites that like to tell you all about money factors and residuals but nothing about the end of term process.
Last edited by oblu; Aug 17, 2007 at 02:36 PM.
Super Moderator Alumni
Joined: May 2006
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From: Southern Cal
a C32 AMG & S-Works Tarmac
Yes, a bank will require you to pay more. If you don't believe it, you might want to assume this $610 a month lease and see if you can turn a profit on it.
To Oblu's question, yes all automotive leases are closed ended now. The end of term options are spelled out in the contract these days. The banks will usually charge a disposition fee (about $300-$500) to cover their cost of running the car to auction.
Member
Joined: Nov 2006
Posts: 171
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From: Manhattan Beach, CA
2011 SL550, 2007 CLS63, 2004 X5
Back when I was young and naive, I too wanted to get out early from my lease. I was at least a year into it when I learned the buyout was going to be higher than the original price. The lease contract is exactly that. You are agreeing to pay a specified amount to the bank, whether it it over 48 months or 1 one month.
Yes, a bank will require you to pay more. If you don't believe it, you might want to assume this $610 a month lease and see if you can turn a profit on it.
To Oblu's question, yes all automotive leases are closed ended now. The end of term options are spelled out in the contract these days. The banks will usually charge a disposition fee (about $300-$500) to cover their cost of running the car to auction.
Yes, a bank will require you to pay more. If you don't believe it, you might want to assume this $610 a month lease and see if you can turn a profit on it.
To Oblu's question, yes all automotive leases are closed ended now. The end of term options are spelled out in the contract these days. The banks will usually charge a disposition fee (about $300-$500) to cover their cost of running the car to auction.
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From: San Antonio
2008 C350
if you really want to know what the payoff is just read the lease. it is usually pretty close to the sum of payments for the remainder of the lease term plus the residual value at the end of the lease, discounted by NPV to the termination date.
regardless of what it is though, it is in the document itself. the dealers turn around and sell the leases to a finance co or bank at a rate discounted a few points below the "value" of the lease. that value is what the finance co would tell you what the buyout is and it is in writing in the document.
incidentially i've had a dealer offer me a better deal if i trade in my lease. they can negotiate better deals with the finance co and may even be willing to take a bit of a hit if you are buying a new car.
still, going to be tough to get out of that lease without it hurting
regardless of what it is though, it is in the document itself. the dealers turn around and sell the leases to a finance co or bank at a rate discounted a few points below the "value" of the lease. that value is what the finance co would tell you what the buyout is and it is in writing in the document.
incidentially i've had a dealer offer me a better deal if i trade in my lease. they can negotiate better deals with the finance co and may even be willing to take a bit of a hit if you are buying a new car.
still, going to be tough to get out of that lease without it hurting
Member
Joined: Nov 2006
Posts: 171
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From: Manhattan Beach, CA
2011 SL550, 2007 CLS63, 2004 X5
Out Of Control!!
Joined: Aug 2004
Posts: 10,574
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From: Silicon Valley, CA
1999 C280 Previous / 2008 E350
I see why you want to return it because $610 is too high....
