Trading in a lease
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Joined: Jul 2013
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From: Florida
E350 MB Black on Black
Trading in a lease
I drive a leased c class 2015. I purchased it in December 2015. My lease is up November 2018. How does a trade in work on a lease? I read I could take it to another dealer and see how much it's worth. My payoff per the Mb finance app is $37200.
The program where they pay off the last 6 months won't apply to my until June 2018.
Any advise?
The program where they pay off the last 6 months won't apply to my until June 2018.
Any advise?
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Joined: Feb 2017
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From: Michigan
2017 C43 AMG
the value at the end of the lease is predetermined by the residual percentage when you sign the lease. this will not change. mb finance sets these rates and will be the same at all dealers. plus you dont own the car. mercedes finance owns it. you would be buying it off of them. what you could try to do is negotiate the price of car after you trade it in. So end the lease and turn car in. wait a week and try to buy it from them. but the only issue with this is they may just send it straight to auction and you may have to track it down to get it. could be shipped across the country.
Or you can ask for a lease extension and keep driving it and see how much more money the residual goes down if you drive for another 3 months 6 months etc. most places wont let you lease for longer though unless extreme circumstances because the car loses more value.
but as far as your current lease goes, the price is the price. if you dont buy out of lease, anything could happen to the car.
Or you can ask for a lease extension and keep driving it and see how much more money the residual goes down if you drive for another 3 months 6 months etc. most places wont let you lease for longer though unless extreme circumstances because the car loses more value.
but as far as your current lease goes, the price is the price. if you dont buy out of lease, anything could happen to the car.
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Joined: Jan 2008
Posts: 12
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From: SE Mass
2016 C450
I've "traded in" a leased car before. Definitely not the smartest thing to do from a financial perspective. For me, it was more so an impulsive buy, so my smile justified the money lost on the lease. The dealer would essentially be buying the car from MBFS. You probably won't see positive equity unless you put a good chunk down on your lease. I believe the amount owed on the lease is the residual value + the remaining x amount of payments (could be wrong). You'd have to see what the trade in value is for your 2015 C300 to see how you stand for equity (positive vs. negative) and see if it makes sense for you to go forward.
Other option I've heard of is www.swapmylease.com. Haven't used it myself, nor do I know anyone that has. But, you essentially have someone legally take over your lease. Any miles or damage on the vehicle when it's turned in at the end is the responsibly of the new lease.
Other option I've heard of is www.swapmylease.com. Haven't used it myself, nor do I know anyone that has. But, you essentially have someone legally take over your lease. Any miles or damage on the vehicle when it's turned in at the end is the responsibly of the new lease.
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Joined: Nov 2012
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A gaggle of MB's
If it was me...
Your best "bet" on early/early out - and move to another Mercedes -
would be to shop around February..
Shop for a retired Service Loaner or "Brass Hat" where that additional 8%-10% off of market price will help bring your new lease more in line - combined with the MBFS 5-month credit/end-payments on your car now.
MBFS let's say pays 5 months - additional "demo" savings take care of the other 4 - your out early/early - and even with no baggage,
would be to shop around February..
Shop for a retired Service Loaner or "Brass Hat" where that additional 8%-10% off of market price will help bring your new lease more in line - combined with the MBFS 5-month credit/end-payments on your car now.
MBFS let's say pays 5 months - additional "demo" savings take care of the other 4 - your out early/early - and even with no baggage,
Thread Starter
Member
Joined: Jul 2013
Posts: 166
Likes: 2
From: Florida
E350 MB Black on Black
I've "traded in" a leased car before. Definitely not the smartest thing to do from a financial perspective. For me, it was more so an impulsive buy, so my smile justified the money lost on the lease. The dealer would essentially be buying the car from MBFS. You probably won't see positive equity unless you put a good chunk down on your lease. I believe the amount owed on the lease is the residual value + the remaining x amount of payments (could be wrong). You'd have to see what the trade in value is for your 2015 C300 to see how you stand for equity (positive vs. negative) and see if it makes sense for you to go forward.
Other option I've heard of is www.swapmylease.com. Haven't used it myself, nor do I know anyone that has. But, you essentially have someone legally take over your lease. Any miles or damage on the vehicle when it's turned in at the end is the responsibly of the new lease.
Other option I've heard of is www.swapmylease.com. Haven't used it myself, nor do I know anyone that has. But, you essentially have someone legally take over your lease. Any miles or damage on the vehicle when it's turned in at the end is the responsibly of the new lease.
Thread Starter
Member
Joined: Jul 2013
Posts: 166
Likes: 2
From: Florida
E350 MB Black on Black
[QUOTE=fabbrisd1;7270076]Your best "bet" on early/early out - and move to another Mercedes -
would be to shop around February..
Shop for a retired Service Loaner or "Brass Hat" where that additional 8%-10% off of market price will help bring your new lease more in line - combined with the MBFS 5-month credit/end-payments on your car now.
MBFS let's say pays 5 months - additional "demo" savings take care of the other 4 - your out early/early - and even with no baggage,[/QUOT 😎
Can you explain the demo savings? This sounds interesting
would be to shop around February..
Shop for a retired Service Loaner or "Brass Hat" where that additional 8%-10% off of market price will help bring your new lease more in line - combined with the MBFS 5-month credit/end-payments on your car now.
MBFS let's say pays 5 months - additional "demo" savings take care of the other 4 - your out early/early - and even with no baggage,[/QUOT 😎
Can you explain the demo savings? This sounds interesting
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Joined: Nov 2012
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A gaggle of MB's
"Demo" and/or "Brass Hat"
"Brass Hat" refers to Mercedes previously driven under Manufacturer's plates - which can range from Executive driven Mercedes (they are allowed 2 every year ) and/or special marketing projects cars (trade shows, event) - and not registered - so 2nd owner can be the 1st registered owner for purchase or lease.
These Brass Hat's are thrown into the MBFS pool for Mercedes dealerships to buy - usually at dealer discount of a additional 8%-10%.
"Brass hats" can be purchased or leased at new car rates - with balance of 4yr/50K new car warranty - or purchased as CPO at CPO rates with CPO warranty.
Service loaners are "retired" out of loaner fleets every 6mos or so - and for most states these loaners have been titled - however they qualify for Mercedes new car finance rates or Mercedes new car lease
rates. Or can be purchased as CPO with CPO finance rates and CPO warranty
These Brass Hat's are thrown into the MBFS pool for Mercedes dealerships to buy - usually at dealer discount of a additional 8%-10%.
"Brass hats" can be purchased or leased at new car rates - with balance of 4yr/50K new car warranty - or purchased as CPO at CPO rates with CPO warranty.
Service loaners are "retired" out of loaner fleets every 6mos or so - and for most states these loaners have been titled - however they qualify for Mercedes new car finance rates or Mercedes new car lease
rates. Or can be purchased as CPO with CPO finance rates and CPO warranty
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Thread Starter
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Joined: Jul 2013
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From: Florida
E350 MB Black on Black
Thank you!
so MB would pay for 5 months and I would have to pay for any remaining months.
So far when I called they are offering the gla glc and I think the E and the GLe as an option. Maybe it will be different in 2018.
Im hoping they pay for my mileage if I'm over also..
so MB would pay for 5 months and I would have to pay for any remaining months.
So far when I called they are offering the gla glc and I think the E and the GLe as an option. Maybe it will be different in 2018.
Im hoping they pay for my mileage if I'm over also..
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MBWorld Fanatic!
Joined: Nov 2012
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A gaggle of MB's
I don't want to leave wrong impression..
I don'tr want to leave you the wrong impression on "who pays":
1. The Pull-Ahead or EZ-Out program is "paid for" by Mercedes Financial - as a smart business strategy - Mercedes lease customer's are the strongest/most-likely to be repeat Mercedes customers - Mercedes Financial pays for the pull ahead so that they have greatest opportunity to secure you for the next lease - the Pull-Ahead money comes from Mercedes Financial so that you can be thinking/shopping for your next Mercedes because it's to your financial advantage -, something other brands can't offer you.
This Pull-Ahead monies from MBFS are great - since it doesn't come out of your pocket or the dealer's pocket
The ONLY reasons to go full term on your lease to the last payment are - you want to switch to another brand - you want to buy your MB at lease end - you're not going to get another new replacement vehicles - etc.
2. Early-Early Out - additional payments that are not covered by by Pull-Ahead have to be "paid-covered" from somewhere - that money doesn't come from the sky.
A Demo/Service-Loaner or Brass Hat - that additional discount can be used to mop up more of the unpaid payments.
Sure you a a few miles to start with that your wouldn't have new/new - but that mileage is not a biggie.
If a "dealer pays" - well - you are still actually paying since that money should have been in your pocket for a greater discount
3. Excess Miles - if you are planning to get out 6-8 months early AND you have excess miles over the full term of your lease - then maybe you need to rethink leasing your next one if you drive too dang much (like over 15K per yr) that makes leasing attractive is lower mileage.
1. The Pull-Ahead or EZ-Out program is "paid for" by Mercedes Financial - as a smart business strategy - Mercedes lease customer's are the strongest/most-likely to be repeat Mercedes customers - Mercedes Financial pays for the pull ahead so that they have greatest opportunity to secure you for the next lease - the Pull-Ahead money comes from Mercedes Financial so that you can be thinking/shopping for your next Mercedes because it's to your financial advantage -, something other brands can't offer you.
This Pull-Ahead monies from MBFS are great - since it doesn't come out of your pocket or the dealer's pocket
The ONLY reasons to go full term on your lease to the last payment are - you want to switch to another brand - you want to buy your MB at lease end - you're not going to get another new replacement vehicles - etc.
2. Early-Early Out - additional payments that are not covered by by Pull-Ahead have to be "paid-covered" from somewhere - that money doesn't come from the sky.
A Demo/Service-Loaner or Brass Hat - that additional discount can be used to mop up more of the unpaid payments.
Sure you a a few miles to start with that your wouldn't have new/new - but that mileage is not a biggie.
If a "dealer pays" - well - you are still actually paying since that money should have been in your pocket for a greater discount
3. Excess Miles - if you are planning to get out 6-8 months early AND you have excess miles over the full term of your lease - then maybe you need to rethink leasing your next one if you drive too dang much (like over 15K per yr) that makes leasing attractive is lower mileage.
Thread Starter
Member
Joined: Jul 2013
Posts: 166
Likes: 2
From: Florida
E350 MB Black on Black
This is my first time leasing and I made a big error at getting a lease with 10k miles a year. If I lease again, I'll make sure I get 15k miles.. that should be enough
