Eric H.

Haus of Imports gave me these numbers.

Going off a 105K (estimate 98K sticker + 7k rolled in negative equity) finance amount on a 51 month lease term with tier 1 credit. They are telling me about 1700 plux tax (Cali). This is effing ridiculous. Currently my payments on my CLS500 are 1135 a month with tax and lowjack on a 74,300 sticker with a 48 month lease. Both are inclusive of 15K miles per years based on the same credit. If this wasn't an eff off from the dealership I don't know what is. No idea what money factor they were using but it must have been real high, even after telling them to go off an 805 credit score with all the right assumptions. The payoff on my CLS (06' 8 months old, 9200 mi.) is about 68K and they were telling me I was about 7K underwater.

Let me hear your lease terms including term, bank, and amount financed. Thanks.

Heisenberg

I did a 48mo lease through USBank on a CLS55. Sales price was $94,590 (sticker $101,090) with zero down. Payments are $1599/mo including AZ tax of 7.95%.

Leasing through MB Credit may not be a good idea. In my case, monthly payments for MB Credit & USB were basically the same, but the residual for USB was $36k while MB Credit was about $50k. So if you want to purchase or sell the car at or before lease end, you're screwed with MB Credit. Better to pay more depreciation each month and less interest... USBank gave me a very reasonable money factor of 0.00202.

I'm planning on purchasing or selling the car at lease end, via a third party to avoid sales tax. Almost certainly the car will be worth more than $36k. I'm doing this now with my Lexus SC430 and have built about $8k in equity over the three year lease, because of a low residual and the car holding its value well.

Also be aware that leasing over $100k will probably require initial capital reduction and also above a certain threshold (about $93-94k for a CLS55) additional costs are not residualized in the lease.

If you haven't already checked, look at Leasecompare.com. Bank A on their site is USBank and they usually have the best deals.

Eric H.

Thanks for the information. I did in fact check on lease compare and the numbers were high...1900-2000. Wow. My primary concern is I never keep a car at it's full lease terms so I need to figure out what is the best way to take the loss. I guess I could get rid of the car on swapalease.com but I have heard through MBcredit there is no way to transfer the lease in it's entirety. You are still personally liable if the new leasee defaults on payment. BTW that money factor with US Bank is definitely good! I guess it's a wash with the residual because some have high residuals and low money factor or vice verse. Arrgghh.

blazinginder

Just recently MB Credit changed that policy, they now allow you to hand over a lease to a new leasee and change possesion of the car into their name leaving you detached from the lease completely and no liabilities

ajf1

eric h check your pm.

Eric H.

O really?! Snap! When did this happen. If that's the case I can easily lease it to someone else without the worrying.

blazinginder

If I remember correctly...they announced it within the past couple weeks...I read it in the newspaper or online

TectiteE

you remember where you read it at? I just got off the phone with mbcredit and they told me it hasn't changed

blazinginder

I can't remember exactly where I read it, but im sure it was online...after reading Tectite's post, I'm doubting that I'm right...it may have been from a forum member or an actualy source online...not quite sure...sorry guys...but if MB Credit told you its not true...then i must be wrong

Eric H.

I hate MB credit!

CynCarvin32

Yes but they are even more strick about qualifyingthe new leasor for the vehicle in an effort to make sure this person qualifies for the car without any cash as a downpayment.

But my sister did just do this go get rid of her car being that she became a mother and needed to go for an ML.