HMMRTME

Mine is waiting for me in Baltimore... Waiting for the mid month 2009 release date. Anyone know any real lease info... Residual, rate, money factor... Just want to know where I am at as far as payments on a 36 month lease w/8k down versus a 60 month buy w/20k down?

Any advice is greatly appreciated.

6.3AMG

Well, what does the car sticker at? I'm sure the rates will be a carry over from Junes rates.
2008 Mercedes C63 AMG
24 Month – Residual 65% of MSRP – .00365 Base Rate
36 Month – Residual 56% of MSRP – .00330 Base Rate
48 Month – Residual 48% of MSRP – .00330 Base Rate
60 Month – Residual 43% of MSRP – .00330 Base Rate

residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3% for 10k mi/yr on all terms.

And $8K down is crazy.

1st amg

Why is 8k down crazy, with a lease, either you pay now or pay later, it all works out to the same in the end, besides, if the lease rate is 7%, why would you keep your 8k where the bank is going to give you only 3 or 4%, when you could pay down a loan/payment that you are paying 7%, you will be ahead by 3-4%, besides, number one rule in business is never buy a depreciateing asset unless of course you intend on keeping it for a long time. Just my opinion, i have worked around numbers at a much larger rate in order to see what is the best option.

Last Emperor

here are my details....

ZERO down, taxes IN the payment

36 month lease

anywhere from 1150-1300



with 8k down tho, expect it to be a lot less

Last Emperor

oh, and here is the reason why you shouldnt put down 8k

if in youre first week of driving, the car is stolen, or g-d forbid totalled

youre out your whole 8k!

CrazyDonkey

you will be $200 less a month on payments with 8k down. atleast thats what i was quoted on Thursday.

Last Emperor

yea, not really worth it

not to mention most ppl leasing the car are getting super high quotes



its better to just hold on to the big down payment, and keep the cash and opt for a slightly higher payment


***btw, what kind of quotes where you getting

CrazyDonkey

i'd have to look at my papers when i get home, but my local dealer was about 1200 with 3-4k down i think? i'll post up actual lease quotes this afternoon evening.

Last Emperor

i have an MB dealer that will do way way better than that
he'll beat any deal any other mb dealer will give you
and hes from ray catena mercedes in nj

let me know if you want his info

CrazyDonkey

ok, i'll let you know. im still debating on if i should get one before i move in August or wait until after i move and get back from vacation in late september.

yaymitch

...just as a comparison you can always look at leasecompare.com. When the 2009 is released expect their rates to be closer to 5-6%. Their money factors are much lower than MB and their residuals are lower which is good if you intend to own at some point.

JohnEnglish

How much milage are you asking per year. Also lease rates vary a lot between countries.

Last Emperor

12k, and im in the US

451/443=EW

BINGO!!
Not to mention, if someone hits your car, it will depreciate more so why tie up money into such a high risk account. I love to lease now, I wish you could lease rims too. Pay only as much as you need to for the useage of a product and keep the rest of your money.

HMMRTME

Thats what I was expecting as far as payments... Just hoping for a higher residual I guess... I was a finance manager for 4 years from 2002 through 2006. Hopefully I can convince the dealer that I still know my stuff... The reason behind the 8k down was strictly payment motivated. I have a bad habit of spending money and figured 8k out of my hands will prevent me from just blowing it while maintaining the higher payment. Any advice on selling my V-Series... I have the dealer I used to work at listing it online, but need that thing gone in two weeks???

IwantA124

That is not true.

1st amg is right, you either pay it up front or pay it later.

Last Emperor

of course if you DONT put the 8k down, youll be paying it off anyways
maybe even at a premium

but lets say you lease the car, put 8k down, and the car is stolen or totalled.

you wont get ur 8k back

Last Emperor

btw, what im saying applies to leasing more than buying


if youre paying interest for a long time, might be better to pay it off

IwantA124

You will get the money back through your insurance.

When you total a car while leasing it, your insurance pays the kbb (or whatever they use) value of the car to you/dealer. So if your car is 60k msrp and you put 8k down regarless of your deal whether if be lease or purchase the residual value is now 52k. God willing your cars kbb value is still 60k a week later, your insurance will pay the residual value of the car to the dealer and the remaining balance to you minus whatever your deductible is.

So it all dependes on the market value of your car after the loss.

Lets say I purchase a mint Toyota Supra for 50k, its current market value is about less then 20k right now, then I would be out 30k if it were to be totaled.

racetested

I agree along with IwantA124.

I see so many comments about do this and do that when buying and leasing and although I am not a financial expert and I doubt most buyers are as we have different jobs to concentrate on and be good at you now then have two variables. How much interest is your money making you in a basic savings, CD, 401k, etc. and how much am I paying out if financing something.

Last Emperor

if the car is stolen or totalled...the bank get paid back for the car

you get paid back ZERO if you lease....you lose the deposit, tax, fee's ect...



no i could be wrong, but im pretty sure thats how it works

1st amg

Correct, pay now or pay later, like i said, if you can find a secure savings account that would pay you the exact same percentage that your lease rate is, such as 7.45%(here in canada for c63), then you may take your 8k and lock it in and not lose or gain, but if all the banks are only paying you a small amount of percentage for a saving account or whatever investement portfolio you can find, then put the money down on the car, because, if your car is leased for 3 or 4 years and you have to pay about 30 to 40 thousand for the duration of your lease, then you are paying that lease rate percentage on the total amount owing which can be huge, were as if you put say 20k down and your payment are like 600 on the road a month, you just made money by having to pay a much less on the "borrowed or leased" amount. I would only go in at zero down if i could find someone who would pay ME 7.45% for savings, if not more. The zero down approach is great when the lease rates are 0.9 or 1.9 or even 2.5% such as many american automakers, then it makes sense to put little or nothing down. On higher yielding lease rates it is wise to go in a it higher...if you can. Lastly, your insurance will cover that amount on a newly leased car, Last Emperor. Hope this makes sense, if not sorry, this is all from my personal experience in my line of work. Nick.

shaker

you are wrong unless you have 'replacement cost' insurance policy.... you are out the differnce between KBB (which is what insurance pays when not replacement cost policy) and what you paid per your purchase contract less what part of your monthly payment contributed to the purchase price.

bizguy4u

What is Gap insurance?

Gap insurance will insure one for the difference between what one would owe on a vehicle and what an insurance company says it's worth. This insurance is a must for someone who is considering purchasing a new vehicle since a new vehicle depreciates right after it is driven off the dealer's lot.

What does Gap insurance cover? Depending on the policy, Gap insurance usually covers accidents and thefts, but not all policies are the same so it's a good idea to evaluate the coverages being offered before purchasing Gap insurance.

Can I buy Gap insurance for my older vehicle? Probably not. Although a small minority of insures may provide Gap insurance for any vehicle, it is usually only available for new cars being financed.

Is Gap insurance required? No. Most lending companies who finance cars do require full coverage insurance but not Gap insurance, so the owner would have to pay the depreciation difference if they had a total loss of their vehicle and chose not to add Gap insurance to their policy.

What about my leased car...does it automatically come with Gap insurance? Usually Gap insurance is built into the lease but, again, don’t assume it is since every lease is different.

Can I buy Gap insurance from the dealership? Yes, most dealerships will offer Gap insurance but usually at a high premium. Before deciding to buy additional insurance, in any situation, always make sure you are not already covered by current insurance policies.

How do I know if my insurance company offers Gap insurance? Before deciding to purchase a new vehicle, check with your current insurance provider about Gap insurance. It may already be built into the premium. If it is not, Gap insurance can usually be purchased for a reasonable additional cost. But, some auto insurers do not offer Gap insurance at all. It this case, try to first find a Gap insurance policy from another insurer before buying it from the dealer - the dealer's premium may be more expensive.

shaker

Thanks.... I completetly forgot about that!!