55 cabdriver

My employer has announced that it is eliminating all auto allowances in '05, in favor of a per mile reimbursement. I had been using the allowance to cover my lease of my '03 C32. It's looking like I will have to drive one of my other vehicles and get out of the lease. Chase Financial will allow me to tranfer the lease, which has another 18 months and 21,000 miles to go @ $750 a month. My other option is to purchase the car from Chase at my payout number and then try to sell the car myself, hopefully close to the payout #. Any words of advice from those who have been here before? This is my first lease so I'm really not cognizant of all the options. TIA! (I'm also thinking of changing jobs...)

rguy

Well, it sounds like you are getting fed up with the crap you are putting up with at work. My suggestion would be to talk to your employer (if you are in that kind of company) and let them know that their policy change is kicking you in your a$$. I would just tell them that they need to help you get out of your lease since their decision is messing with your livelihood. Anyway, I hope this makes sense, but a company can't just change policies without expecting some damage control. Good luck, but honestly that is what I would do.

Kar don

I got out of my lexus lease 12 months early and the dealership actually cut me a check to take the car back (500 bucks). I did not purchase a car from the lexus dealer i sold it back to either. Basically you need to find out your current lease pay off to end the lease right now, find a dealership or someone to purchase it at or above that price... then the car will no longer be your responisibility. It is basically like paying off the principal of a loan.

Vic55

The best days of a Chase lease are the first day and the last day. The residuals are so high that you get a decent lease payment but if you ever try to get out early--- good luck unless you leased the car at cost or a little above. I have noticed in the past that Chase residuals were 3-5 percentage points higher than that of US Bank or Wells Fargo while carrying similar money factors. Check your payoff and then check to see what C32's in your model year comparably equipped are selling for. I had a Chase lease on my 2001 E55 and luckily I stole the car so my payoff was not so harsh but the residual was nasty and I still lost money.

In regards to your company it may be more beneficial to get the allowance. My old company used to give me 500 per month and my new one gives me 37.5 cents per mile which ends up averaging out to 640-680 dollars per month.

55 cabdriver

...for all the input. The allowance the company will offer in '05 is .40 a mile. Problem is, I drive maybe 200 miles a month on business...or $80. Well short of the $750 lease payment. I guess there are others like me, hence the decision to stop the allowances. Maybe it will help us achieve greater profitability, and salaries will increase, right? My payoff is $43k, so I am getting bids from a number of wholesale sources at this point. Hopefully I can come close to that number. Chase would allow me to transfer the lease I've learned w/o being responsible for the new owner's payments or lack of same. It's not the end of the world, I suppose, since in the winter I often drive the AWD R32 anyway and park the C32, and I'll still have the toy in the garage for nice summer days. But the corporate policy change with five weeks notice does bite. Any newbies on the board looking for a nice black AMG with relatively low miles? No mods other than 35% tint...

Nickerz

Hmmm, wonder if your company hired a new consultant and if so, the first thing on his/her agenda is....you guessed it! CUT COSTS! I'm sure someone asked the "dumb" question, "why the hell is the company paying $1,000's for this!?" and WHAM! The new policy was put in place! OUCH!

And yeah, it will definitely add more to the company's bottom line but whether or not those savings will make it back to the employee's pay checks is a question that may never get answered. Don't hold your breath! Sorry to hear about this too. .40 cents per mile seems competitive but definitely not gonna help ya with your now adjusted income

Nick

C32 MIA

I would say just take the really long way to work everyday to rack up extra miles lol

ur lucky, mercedes credit would let me get out of my last lease even if i was going to get $100k car from them when i was looking at CL's a couple years ago, i hear chase is flexible with that stuff