Trading in leases
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Joined: Apr 2013
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2013 C250 Sport
Trading in leases
Anyone have experience with mercedes and trading in your lease early? I've only had mine for 7 months and its a 48 month. But wondering if anyone has done an early trade in or maybe even a year early. After i got the car, it was pretty much more desired to get the GLK.
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2010 911 Turbo Cabriolet, 2014 Mazda3
While I have not attempted this on an MB I have done something similar in the past on a different make - sold a leased car back to the dealership 6 months into a 36-mo lease. I had to do it because I was given a company vehicle - no point in keeping two cars.
The process was rather simple - the dealer takes a look at what the payoff is and evaluates what they'd be able to sell it for and willing to pay for it. You could get several quotes from different dealers and ultimately take the most competitive offer. But you'd be more than likely cutting a bank check to cover for the negative equity (which I had to do) because a good chunk of your lease payments are finance charges instead of being used to pay down the principal. And given the much higher (1st year at least) depreciation on a luxury brand as compared to a regular make you could be looking at 5-10K out of pocket easily. That's just something to keep in mind before you make a decision.
Having said all that - I'm not even sure what MB's policies are on early lease trade-in's/returns. I know you can transfer the lease contract anytime after being 6 months into it - not sure about fees associated with trading/returning it though.
The process was rather simple - the dealer takes a look at what the payoff is and evaluates what they'd be able to sell it for and willing to pay for it. You could get several quotes from different dealers and ultimately take the most competitive offer. But you'd be more than likely cutting a bank check to cover for the negative equity (which I had to do) because a good chunk of your lease payments are finance charges instead of being used to pay down the principal. And given the much higher (1st year at least) depreciation on a luxury brand as compared to a regular make you could be looking at 5-10K out of pocket easily. That's just something to keep in mind before you make a decision.
Having said all that - I'm not even sure what MB's policies are on early lease trade-in's/returns. I know you can transfer the lease contract anytime after being 6 months into it - not sure about fees associated with trading/returning it though.
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Joined: Nov 2010
Posts: 214
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From: Lake Tahoe
2017 C43 AMG
I traded in 13 months early. They waived 9months of payments. Took my last four and put the money due towards the new lease.
I was unhappy in my car so I was more than willing to do it. Still came out to less a month than my previous.
Some dealerships will not do anything, everyone is a bit different.
I was unhappy in my car so I was more than willing to do it. Still came out to less a month than my previous.
Some dealerships will not do anything, everyone is a bit different.
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Joined: Aug 2013
Posts: 192
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2012 C 250 Sport Sedan
Go in and see your salesman or the Finance manager and explain what you want to do. All Dealerships are different and some will be very helpful working with you as long as your getting into another vehicle from them. Either way you will take a loss due to early termination, its just how much and if it is worth it to you.
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Joined: Apr 2013
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2013 C250 Sport
yea, not what i was looking for. I'd be into trade the 2013 lease for a 2013 used car, even if it had a little more miles. But not looking to go in there for a loss. You'd think trading in a lease would be like trading an apartment at a complex. I've done that before, go from a one bedroom to a 2 bedroom. no fees, just switch and pay the extra rent.
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Joined: Jan 2008
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C300 Sport/Palladium Silver on Black/P2
Well, cars lose value fast, which is why it's never advantageous to to trade in (even if purchased) a car after a short time. It's also why some people don't like buying new cars.
With C Class instead of GLK, you are only losing a bit of power and versatility (the room to put stuff in the back of the GLK). Otherwise, the two vehicles are based on the same platform. The passenger space is similar.
If there is anyway you can just enjoy the C250, I'd recommend that. It's a good car, and you're saving some gas money until it's time for your next lease.
Normally Mercedes Financial has programs that will waive your final 5 lease payments or so, once you are 44-45 months into your current lease, *IF* you go in to lease another Mercedes.
Otherwise, turning in a lease early can be a very expensive option. You can ask, but it tends to be very expensive to do that.
With C Class instead of GLK, you are only losing a bit of power and versatility (the room to put stuff in the back of the GLK). Otherwise, the two vehicles are based on the same platform. The passenger space is similar.
If there is anyway you can just enjoy the C250, I'd recommend that. It's a good car, and you're saving some gas money until it's time for your next lease.
Normally Mercedes Financial has programs that will waive your final 5 lease payments or so, once you are 44-45 months into your current lease, *IF* you go in to lease another Mercedes.
Otherwise, turning in a lease early can be a very expensive option. You can ask, but it tends to be very expensive to do that.
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Joined: Jun 2013
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2010 911 Turbo Cabriolet, 2014 Mazda3
I'd take the advise from others and stay away from doing so for as long as you can unless it's THAT unbearable to you......
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Joined: Mar 2013
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From: Brooklyn, NY
2017 GLC Coupe
It's basically the same as trading in a financed car - they look at the current value of the car vs your current buyout and if the value is less, then you have to make up the $ difference
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