K-A

Argh, the E63 is the only car I can think of right now that I'd want to give my car up for (loving it). The next CLS is up in the air for me still.

Problem with my situation is I put a large downpayment down (had to, and wanted to), so getting out of my Lease will be COSTLY. I think I'm just gonna plan it out for the long haul with this baby, but check with Dealers anyway when the '12's start coming out, to see JUST how much one wants to move a leftover E63.

LaicepsYdobon

Worst case senario I can always pick one up for you and drive it until your E350 lease ends

K-A

HAH! I'm glad to see you have my back! All I know is, come July-ish, someone's gotta be behind the wheel of an E63 for an E350 price!

LaicepsYdobon

A speak of the Devil:

New C63 AMG to go on sale this summer

Better get your checkbooks ready because the prices of the current gen will hit rock bottom. Now we just need news of the new E AMG engines coming out this summer

C300Kid

I never understood putting a down payment down on a lease. If you total the car at any point during the lease dont you lose all money you've put into it? If you put nothing down you have nothing to lose.

That's what I was told by a salesperson..forget the brand he sold for.

Also, it's not like you're paying off a loan early and reducing interest.

LaicepsYdobon

Yes are absolutely correct. And, unfortunately, I am living proof of that...

K-A

It's a long story (that I don't care to remember really )

I've always been a "Cash Only" type of person, and am a creditors nightmare, because not only am I cash only, but I rarely borrow on interest. I.e, my CC's are all paid off, and are paid before the statement periods, and even my previous car loan on my W211 was paid off before the first year.

Therefore, even with a Tier-1 Credit, MBUSA didn't have confidence in my Credit History (especially all of a sudden on a $60K car). So they asked for a major sum of money up front (relatively speaking), and wanted me to pay off my Malibu (which ended up saving me a couple of grand in the long run, due to interest).

Basically, I went to the Dealer to buy a Used model, and ended up Leasing a new one. I didn't have enough time to think it through to my best abilities.

On the plus side, that sum of money up front saved me over $1,200 in CA Tax money (10% Tax each month applied to payment). So if I don't total it, it got me about a couple months of payments for free.

Oh no. Please tell (so you can scare the sh** out of me, lol).

LaicepsYdobon

It wasn't anything dramatic like a terrible accident per say but I lost my car in a more milder "safer" way. I was not at 100% fault but at the mercy of the impatience of another driver. In a nutshell I got caught on the highway during a torrential downpour and traffic started backing up. I decided to outsmart everyone else and turned off at the first exit only to find myself on some flooded streets. Got into a convoy of cars that were slowly, and skillfully, crossing smaller rivers of water. During the crossing of a flooded overpass some impatient jackass decided to power through by overtaking everyone and creating a huge wake that covered about three-four cars; unfortunately I was one of them. My engine took in water and my car stalled and I had to call roadside assistance to get me back home. I wrote about it on a previous thread here:

https://mbworld.org/forums/e-class-w211/249721-so-my-car-totalled-long-post.html


I was pretty peeved since my car was only 6 months old.

K-A

Oh sh**! That sucks. And you had a downpayment on it?

Of course my Salesman told me that "you would get the money you have down, spun into the replacement car", which I knew was BS, but I guess he was just telling me what I wanted to hear, realistically.

Oh well, gonna have to avoid from living my life in fear in this aspect.

LaicepsYdobon

Yeah; I put $5,000 down. It's not the end of the world but I'd rather have lost $5,000 at the Blackjack table then by killing a brand new car

And yes the salesperson was BS-ing you saying that the downpayment transfers over to the new car; it doesn't. With the new car I put down another $5,000 and count my losses. It's not like I total every car I lease

K-A

Ouch, that sucks! I put down $9K, so here's to hoping I don't have to "part with it"!

After this, I'm setting a limit (or not Leasing). At the same time, with CA Taxes, having to pay 10% on a high dollar Lease every month is ridiculous, so my "high downpayment" side comes out.

I've heard some salesman say that some people will pay off the WHOLE Lease in advance. Can you imagine, if they totaled their cars?!

LaicepsYdobon

A friend of my told me about this. Pretty much you pay all the lease payments upfront and then don't have to worry about another payment until your lease is up. It's better because you only get slapped with taxes once as opposed to every month and your calculated monthly payments are lower. But yes; it would REALLY suck if you totalled your car during the first half of the lease life. BMW calls it One Pay Lease but MB Financial referes to it as a Single Payment Lease. It's pretty much the same thing. I was thinking about it with my current car but it seemed too risky if something happens again. It would have been around $50 cheaper per month to do a Single Payment Lease as opposed to the monthly thing that I'm doing now.