Purchase question for everyone.
05-03-2010, 02:44 AM
#26
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Very FAST!
Thanks for the insight, I will check into this in the AM, however now that the deed is done, I'm not so sure that it can be reversed, but rather a lesson learned....an expensive on at that.
I don't care what your credit is, goto bank of america web page, with 10% down, credit score of 720 + the rate depending onyour state is listed between 3.1-3.4%. So no idea where your are getting a rate of 6% unless it is based on the fact you are trying to get a loan for more than the purchase price because of your negitive equity. Also 36 month lease assuming they are offering the pull forward program which they don't always offer, and even when they do they don't on all models still means you have to wait 30 months and not 27 as the program Is between 5-6 month max pull forward and not 9 months.
05-03-2010, 03:31 AM
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CLK Cab
Like I said, I have not bought a car in over 20 years and always leased my cars, I have leased 2 E-Class Cabs, then 4 CLK cabs, and before that a couple of 3 series BWM.
If the lease term made some what sense, I would be leasing my new car too except when MB lowers the residual as much as they have on E-Class Coupes and Cabs as CLK used to residual that were almost 10% higher and jacks up the interest on cars they consider "hot" it makes no sense to lease them at all as you are paying a big premium for it. The difference in interest between leasing vs buying over 3 years assuming you could qualify for listed rate from many credit unions or BOA is over 3.5% a year which on a $55k car equals about $6k alone. Then you got to figure out if current CLK are selling that are 2-3 years old with low milage are selling around 60-62% of original MSRP and they already took the hit for the new body, then what is E-Coupe going to be worth in 3 year? They should have higher re-sale than CLK maybe not a lot, but for sure, they would be lower.
P.S. Residual on old CLK coupe @ 36 used to be 67% and Cab used to have 71% residual. While those residual might have been too high, the new residual under 60% are definitely too low and more than likely are really around 63-64% on coupes and 65-66% on cabs.
05-03-2010, 05:28 AM
#28
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Very FAST!
No problem. I'm not one to get upset for helpful and direct information (if you can call it that). I can appreciate the honesty though. There needs to be more like you on these forums. Again thanks...Jamie
I only pointed out the fact so other who reading this thread would know, and could see the difference currently between leasing and buying E-Class coupe and cab. I did not mean to single you our or anything. We have all made mistakes and if I was able to help anyone understand why currently leasing E-Class coupe or cabs makes no sense then I am very happy about it.
Like I said, I have not bought a car in over 20 years and always leased my cars, I have leased 2 E-Class Cabs, then 4 CLK cabs, and before that a couple of 3 series BWM.
If the lease term made some what sense, I would be leasing my new car too except when MB lowers the residual as much as they have on E-Class Coupes and Cabs as CLK used to residual that were almost 10% higher and jacks up the interest on cars they consider "hot" it makes no sense to lease them at all as you are paying a big premium for it. The difference in interest between leasing vs buying over 3 years assuming you could qualify for listed rate from many credit unions or BOA is over 3.5% a year which on a $55k car equals about $6k alone. Then you got to figure out if current CLK are selling that are 2-3 years old with low milage are selling around 60-62% of original MSRP and they already took the hit for the new body, then what is E-Coupe going to be worth in 3 year? They should have higher re-sale than CLK maybe not a lot, but for sure, they would be lower.
P.S. Residual on old CLK coupe @ 36 used to be 67% and Cab used to have 71% residual. While those residual might have been too high, the new residual under 60% are definitely too low and more than likely are really around 63-64% on coupes and 65-66% on cabs.
Like I said, I have not bought a car in over 20 years and always leased my cars, I have leased 2 E-Class Cabs, then 4 CLK cabs, and before that a couple of 3 series BWM.
If the lease term made some what sense, I would be leasing my new car too except when MB lowers the residual as much as they have on E-Class Coupes and Cabs as CLK used to residual that were almost 10% higher and jacks up the interest on cars they consider "hot" it makes no sense to lease them at all as you are paying a big premium for it. The difference in interest between leasing vs buying over 3 years assuming you could qualify for listed rate from many credit unions or BOA is over 3.5% a year which on a $55k car equals about $6k alone. Then you got to figure out if current CLK are selling that are 2-3 years old with low milage are selling around 60-62% of original MSRP and they already took the hit for the new body, then what is E-Coupe going to be worth in 3 year? They should have higher re-sale than CLK maybe not a lot, but for sure, they would be lower.
P.S. Residual on old CLK coupe @ 36 used to be 67% and Cab used to have 71% residual. While those residual might have been too high, the new residual under 60% are definitely too low and more than likely are really around 63-64% on coupes and 65-66% on cabs.
