LVDell

I'll get some pics up this week when the weather clears up since it has been raining but here is one pic I took with my camera phone.

Anyway, I think I got a great lease deal. The car was 62K and I got it for just under invoice (55.9K) and was able to get the money factor down to .0008!

No money down
27 month lease
773 month (includes my state tax of ~$19/month)

Thoughts?

FYI....the "negotiation" started out at 655/month with 5200 down for 33 months!

Has just about ever option imaginable except keyless go which I didn't care for.

Anyway, excited to have another MB back in the garage. It really drives like a champ and very smooth.

gres817

I just (Mar31) picked up one myself.

Got my self E350 4matic Sport with PANO roof and P1.
Car I got included ipod connector and Wood/leather wheel.
I think, I got little bit better deal, but never less - enjoy your new toy.

BTW: Dunno about you- I hate NAVI I am used to Garmin (660) and
stock navi is like 10 years behind. As stupid as it looks/sounds I rather see
myself using Garmin on windshield.

edit: P1 not P2

MockbaBenz

$500 a month with 3 Grand Down including fees and taxes.

LVDell

That doesn't explain anything without knowing the term, the negotiated price, the money factor, and the residual.

Thanks. Although I am not sure how I could have done any better. The residual was 39K which is VERY strong and the money factor was .0008 with a 27 month lease that comes to an "APR" of roughly 1.9%.

Well, only have had the car for 2 days now and one day actually driving I would agree with the NAV comments. It just doesn't seem very intuative. The NAV in my new Escalade is leaps and bounds better not to mention touch screen. Oh well, at least there is "something" in the form of NAV in the car

gres817

I was working with 2 dealers from my area best I was able to squease was something like:
4400 down with 600/month (at 7,500 year)
They just would not budge.
And strangely enough, 2 year lease was so much higher in residual that 3 year therm was out of questions.

So, I did homework and at Edmunds forums I noticed people were getting MUCH better deals. I contacted person on Edmunds, got in touch with leasing company and ...

Here is deal I got:
10,000 miles/year for 27 month
DOWN: 795.00 bank/acquisition+ first month.
Monthly: 595 including (!!!) NY tax.

I was skeptical, as it did sounded bit too good to be true. But numbers can't lie:
residual - yes , indeed very strong.
My residual 37K
Sale 51K
---------
so, financing 14K
at 4% & 27 month = 543+tax=595

Where is money for dealer?
My guess that due to new E coming out next year MB doing rebates to dealer- I've read its about 2,500- so some dealer able to sell under invoice.

LVDell

You would need to ask your dealer what the money factor was. I remember seeing somewhere recently the money factor was in the .001 or more range.

Your residual does appear to be very strong. The sale price of 51K is roughly 6K less than my sale price. Doing the math using my money factor of .0008 would give you a payment of $588 so something doesn't totally add up but still in the same ballpark of $543. I can't imagine there is any way the dealer was able to do a money factor less than the .0008 I got.

Maybe your term is longer than 27 months? Check your paperwork and everything but the money factor should be clear expressed. The money factor can also be gotten on your paperwork by taking the "rent charge" and dividing it my your term (this result is the "interest" from the formula below). Then divide that by your Cap Cost and Residual (in your case $88K (ie, 51K +37K)).

Payment is Depreciation plus interest

Cap Cost-Residual/Term=Depreciation
Cap Cost + Residual X money factor=Interest

gres817

I don't know about you, but I tend to simplify when work with numbers.
Cap Cost - Residual= Amount Financed.
then throw that number in any financial calculator.
My numbers correspond to rate 4 or 5 % (I am not sure how much of taxes in payment )

I did looked up "money factor" .
here is though

Money Factor = Lease Charge ÷ ( (Net Cap Cost + Residual) x Term )
Finance Fee = ( Net Cap Cost + Residual ) × Money Factor

Why would you add "Net Cap Cost + Residual" to calculate finance fee?
I am sure Leasing industry has been long time in business and will came up with some legit looking answer. But to me whole ordeal with "money factor" is dealer invention on how to screw consumer.

Using dealer "money factor" formula and 0.0008 I found that in my case it would corresponds to 11% (!!!) intrest and payment .
===============================
(37000+51000)*0.0008 = 88000*0.0008=70 monthly finance charge
Add this to depreciation of 14,000/27= 518 month
Add numbers together you get 588.00 not including taxes
===============================

check out:
ht tp://bankrate.com/brm/auto-loan-calculator.asp?unroundedPayment=587.6902695466247& loanAmount=14000.00&nrOfYears=2.25&nrOfMonths=27&i nterestRate=11.00&startMonth=3&startDay=7&startYea r=2008&monthlyPayment=587.69&Submit.x=39&Submit.y= 10&Submit=Calculate&monthlyAdditional=0&yearlyAddi tional=0&yearlyAdditionalMonth=3&oneAdditional=0&o neAdditionalMonth=3&oneAdditionalYear=2008&paidOff Date=Jul+7%2C+2010

but in any case this thread is not about money- it IS about great car.

LVDell

I guess the "easy" way to determine what you have to pay over "x" number of months is simply subtract the agreed price and the residual (depreciation). That is what you owe them before they get to make any money on you (in simple terms).

Then the "finance charge" (aka "rent") is the cost to you to "borrow" that money. That is where their money factor comes into play to see what they get to make off the money "borrowed" over the term of the "loan" to pay that depreciation amount. You have to add that to the depreciation you owe them.

If you could swing a depreciation one time payment then maybe they would waive the "rent" charge?

But you are right, this thread is about a great car not numbers

Hopefully later this week I will have some time to sit down and really see what all the cool things the car can do. I did have a little fun yesterday using the paddle shifters

ProV1

that's a great deal! congrats.

many companies are *really* pushing hard to keep moving their inventory. it'll only get worse for a while.

MB lease deals are quite attractive, but $754x 12 mo = over $9000 a yr.. it is less than depreciation if you buy one, but still a lot of $ to pay to drive a new car. too much for this cheap-*** here lol

LVDell

ProV1.....I totally agree. I initially was looking at a pre-owned one and there were several in the 25-35K range (2004-2005) and with the 1.9% for 36 months I could have gone that route for about $100 more per month and then had a car worth a few bucks at the end of the lease but I just didn't want to own this car without a warranty. Besides, my wife REALLY liked this one that we got (AMG package, 2 tone leather interior, etc, etc, etc) and it was her birthday so why not right? With the new E-class coming out in about 1.5 years I figured this would be a 2 year test drive for my wife that I can live with.

Besides, I got off way cheaper this way then getting her what she originally wanted.....a new Porsche Targa!

gres817

Holly molly...
nice taste!

LVDell

Sometimes I think her taste is going to drive us into the poor house but somehow the bills keep getting paid. It's not like all is lost for her since her "weekend" car is a 911 CAB. It was either sell the CAB and get the Targa or get the E and keep the CAB. I went ahead and made that decision for her!

Is she spoiled? Beyond all belief but she works VERY hard so I believe she deserves everything she has.

ProV1

is that a 350 or 550?? good thing you didnt test drive a AMG E63, cuz after driving one, you would've had to buy one..

LVDell

I hear ya! I was initially looking into the E55/63 models and knew if I drove one it would be over so I decided to drive the E350 first and then when I was pleasantly surprised that it has some good power I sealed the deal and moved on to sign the papers. A good friend of mine has the V8 E-class and said that it was definitely overkill for what we are using it for. Now, if we did not have the other sports cars we currently do then I would have got the E55/63 in a heartbeat.

j_belll

thats a lot for either a 350 or 550

$1300 down - $489 / month

LVDell

$1300 down and $489 a month means nothing (like I said to the other poster) without knowing all the vital information. Sure I could have got a PAYMENT like that had I went with one of the 52K MSRP ones instead of the 62K one I have and then done a longer lease term than 2 years.

j_belll

mine is 2 years.

LVDell

Good for you but I call BS. What was the price of the car and the residual? With numbers like the ones you claim we're talking a delta of about 12K. Not likely at all.

It always amazes me anytime I ever see a lease thread there are always people that post some insanely unbelievable deal but for what reason I have no idea.

j_belll

u wanted input on ur lease deal so i gave u it. believe it or not, i really dont care...idk the deals out there but there are a couple people i know of that pay similar price as me if not the same here in CA

congrats though!

LVDell

Maybe in California they are confusing E's with C's?

Polar Bear

Just wondering - what dealer?

E500Newbee

What area in NC are you at?

j_belll

lol maybe, but i dont mind the confusion.

LVDell

Leith
Raleigh
Are you sure the confusion doesn't reside with you? Seriously though, your figure of $489 will make more sense if you tell us your cap cost and residual.