need advice/help! :(
09-04-2011, 07:36 AM
#1
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2010 C300
need advice/help! :(
hey everyone,
ive been on mbworld for a year now, just havent gotten around to making an account.
here's my situation, please let me know if you have any advice for me.
I am currently leasing a 2010 C300. $600/mo payment.
Allowed mileage : 36,000 miles
Lease Start: August 17, 2010
Lease End: August 17, 2013
Current Mileage: 25,000 miles.
So clearly I have a huge problem...i have 2 years left to pay on this car and only 11,000 miles left allowed. i hve driven this car way more than planned (new job) and will continue to do so at this rate.
what would you do in this situation?
what are all the options, and what do you suggest i do to avoid losing money!
thanks!!
ive been on mbworld for a year now, just havent gotten around to making an account.
here's my situation, please let me know if you have any advice for me.
I am currently leasing a 2010 C300. $600/mo payment.
Allowed mileage : 36,000 miles
Lease Start: August 17, 2010
Lease End: August 17, 2013
Current Mileage: 25,000 miles.
So clearly I have a huge problem...i have 2 years left to pay on this car and only 11,000 miles left allowed. i hve driven this car way more than planned (new job) and will continue to do so at this rate.
what would you do in this situation?
what are all the options, and what do you suggest i do to avoid losing money!
thanks!!
09-04-2011, 08:32 AM
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2012 Mercedes Benz C350 4Matic in Magnetite Black
Depending on your buy-out, you could purchase the car at lease end and the overage isn't applicable.
If you still love the car after a year, you may still love it after 2 more years, and you could keep driving the car you know after purchasing it.
Or you could sell it privately or dealer trade immediately after you purchase it. My last lease return buyout was $5,000 less than what dealers were selling the same year/model/miles. Obviously I wouldn't make $5,000 on the deal as a dealer or private individual wouldn't give you that same amount (an individual would rather buy it from a certified dealer than privately). But, even if you come out even, another way to get rid of the overage.
Another option, you could get out of your lease via LeaseBusters. Compare what it would cost to use LeaseBusters with the overage miles you'd pay if you kept it. You can deal directly with Lease Busters, or if you're planning on getting another new MB (leased with higher allowed miles, or financed), MB can actually help you with LeaseBusters by sometimes finding a match quicker.
MB Finance will let you out of your lease early if you're purchasing another vehicle by up to 3 months "officially". Unofficially, a dealer can negotiate up to 6 months early termination to get you in a new car. Just something to think about if you decide to keep it and eat the mile overage charge.
I just picked up a new 2012 C-350-4M yesterday and financed it and turned in my 2009 C3004M lease. I too started a new job with 150 km round trip every day, so thankfully I didn't go over yet, but I would have if I had kept the 2009.
Good luck.
If you still love the car after a year, you may still love it after 2 more years, and you could keep driving the car you know after purchasing it.
Or you could sell it privately or dealer trade immediately after you purchase it. My last lease return buyout was $5,000 less than what dealers were selling the same year/model/miles. Obviously I wouldn't make $5,000 on the deal as a dealer or private individual wouldn't give you that same amount (an individual would rather buy it from a certified dealer than privately). But, even if you come out even, another way to get rid of the overage.
Another option, you could get out of your lease via LeaseBusters. Compare what it would cost to use LeaseBusters with the overage miles you'd pay if you kept it. You can deal directly with Lease Busters, or if you're planning on getting another new MB (leased with higher allowed miles, or financed), MB can actually help you with LeaseBusters by sometimes finding a match quicker.
MB Finance will let you out of your lease early if you're purchasing another vehicle by up to 3 months "officially". Unofficially, a dealer can negotiate up to 6 months early termination to get you in a new car. Just something to think about if you decide to keep it and eat the mile overage charge.
I just picked up a new 2012 C-350-4M yesterday and financed it and turned in my 2009 C3004M lease. I too started a new job with 150 km round trip every day, so thankfully I didn't go over yet, but I would have if I had kept the 2009.
Good luck.
09-05-2011, 02:27 AM
#5
Super Member
This seems to happen to a lot of young people that lease... Jobs, habits, activities, everything changes and BAM suddenly you find yourself commuting 60 miles a day instead of 30.
Two of my uncles got to drive Benzes because their daughters leased them and then could not deal with the low mileage allowance and swapped cars with their parents.
Since they both PT into the city it worked out very well for them.
It wasn't THIS bad though.
How much overage is charged per mile?
Is leasebusters available in the states? I see it is a Canadian company and the OP is not using metric measurements so...
09-05-2011, 09:14 AM
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2012 Mercedes Benz C350 4Matic in Magnetite Black
In the US, LeaseTrader is a similar system. Check with your dealer to see if they have an account and could list it for you (providing you're looking at getting into another car with them). Having them list it can save some of the marketing fees.
Assuming your overage rate is the MB average of around 20 cents per mile, you're going to owe around $7,800 plus the $350 disposition fee at the end of the lease. That's around $325 per month you need to start saving now.
The 20 cents per mile is not negotiable during the lease, but at the end, if you're purchasing another MB, dealer will definitely waive the disposition fee and might be open to negotiation on the $7,800 (worked in the deal perhaps as a discount because MBFS won't let you out of the penelty cost). But you might have repairs that need to be made before MB will take back the old car etc. so this could add up. Definitely check out one of these lease buster companies, or buy that baby at the end.
Assuming your overage rate is the MB average of around 20 cents per mile, you're going to owe around $7,800 plus the $350 disposition fee at the end of the lease. That's around $325 per month you need to start saving now.
The 20 cents per mile is not negotiable during the lease, but at the end, if you're purchasing another MB, dealer will definitely waive the disposition fee and might be open to negotiation on the $7,800 (worked in the deal perhaps as a discount because MBFS won't let you out of the penelty cost). But you might have repairs that need to be made before MB will take back the old car etc. so this could add up. Definitely check out one of these lease buster companies, or buy that baby at the end.
