Lease Return
01-29-2015, 08:18 AM
#1
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Join Date: Jul 2007
Location: Chicago
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2018 E300 4MATIC Sedan
Lease Return
I was just wondering, what has been your experience with lease returns ? I leased my e350 ( had not leased a car for 15 years, but Illinois finally changed the tax law ) and I was wondering if I wanted to buy my car at the end if the residual value was negotiable ? Also, has anyone ever been able to return their car to the dealer at lease end and then repurchase back from them for less than the residual ? Just wondering what my options will be in a couple of years and if I should just plan on leasing another rather than possibly keeping the car.
Thanks,
Nick
Thanks,
Nick
01-29-2015, 02:32 PM
#2
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Join Date: Feb 2013
Location: Greenville SC USA
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2008 E320 Bluetec (until 11/14), 2001 SLK 320, 2004 Volvo V70, 1972 MGB, 2013 E350
I called MB Finance a few years ago prior to my lease being up and they made me an attractive offer.
01-30-2015, 01:19 AM
#3
Junior Member
lease turn in pita
Lease turn in and buy is a major pita but I just did it. I leased a 2012 e350 and the residual was 38k. I had a friend pull the auction numbers and they were going for 31k. The dealer had 2012 cpo with less miles for 35k. So I called mercedes financial and they could care less. I called 3 times, spoke to 3 different turn in agents and got 3 different stories. Bottom line is the only thing they can do is extend your lease IF you have a purchase order on a new mercedes.
So I called a local dealer and told them I wanted to buy the car for $1k over auction. They did the deal but the rub was Mercedes financial wanted $500 because technically i was turning in the car and not buying it because i bought it from the dealer and not mercedes financial. I told Mercedes financial what I thought about their turn in program and was able to get all of the turn in fees waived.
So why did I do it. The car was 65k and I bought it for 32k. 33 lease payments cost me 20k. So I came out ahead and I had special ordered my car to get leather and black wood trim and I still like it. They are hard to find. If you go down this path the dealer will try to sell you prepaid maintenance and mbusa extended warranty. Do your homework. There are mixed reviews on prepaid maintenace but I can tell you some dealers want $1200 just for the 40k service. I was able to find a dealer who did it for $600 but I got lucky because it was a new dealer who just opened that month and we have 3 dealers in san diego. the mbusa extended warranty is better than cpo but it's expensive like ~4k so it comes down to your own risk evaluation. I did not get mainteance or warranty.
So I called a local dealer and told them I wanted to buy the car for $1k over auction. They did the deal but the rub was Mercedes financial wanted $500 because technically i was turning in the car and not buying it because i bought it from the dealer and not mercedes financial. I told Mercedes financial what I thought about their turn in program and was able to get all of the turn in fees waived.
So why did I do it. The car was 65k and I bought it for 32k. 33 lease payments cost me 20k. So I came out ahead and I had special ordered my car to get leather and black wood trim and I still like it. They are hard to find. If you go down this path the dealer will try to sell you prepaid maintenance and mbusa extended warranty. Do your homework. There are mixed reviews on prepaid maintenace but I can tell you some dealers want $1200 just for the 40k service. I was able to find a dealer who did it for $600 but I got lucky because it was a new dealer who just opened that month and we have 3 dealers in san diego. the mbusa extended warranty is better than cpo but it's expensive like ~4k so it comes down to your own risk evaluation. I did not get mainteance or warranty.
01-30-2015, 07:12 AM
#4
Buying out the lease on my '08 E350-4M couldn't have been better!!!
I spoke with MB finance and they gave me a price, about $4.5 less than the residual. I called my dealer to inquire about getting the extended warranty and they told me that they would give me the 7/75 FREE, if I did the deal with them, instead of MB finance. They ate the tax, too.
Win!
I am hoping that will happen again when my '15 E350-4M comes off lease
I spoke with MB finance and they gave me a price, about $4.5 less than the residual. I called my dealer to inquire about getting the extended warranty and they told me that they would give me the 7/75 FREE, if I did the deal with them, instead of MB finance. They ate the tax, too.
Win!
I am hoping that will happen again when my '15 E350-4M comes off lease
01-30-2015, 09:37 AM
#5
MBWorld Fanatic!
Buying out the lease on my '08 E350-4M couldn't have been better!!!
I spoke with MB finance and they gave me a price, about $4.5 less than the residual. I called my dealer to inquire about getting the extended warranty and they told me that they would give me the 7/75 FREE, if I did the deal with them, instead of MB finance. They ate the tax, too.
Win!
I am hoping that will happen again when my '15 E350-4M comes off lease
I spoke with MB finance and they gave me a price, about $4.5 less than the residual. I called my dealer to inquire about getting the extended warranty and they told me that they would give me the 7/75 FREE, if I did the deal with them, instead of MB finance. They ate the tax, too.
Win!
I am hoping that will happen again when my '15 E350-4M comes off lease
01-30-2015, 03:22 PM
#6
Junior Member
2008 good deal
Assuming your 2008 lease came due in 2011 MBUSA was still struggling from the recession so you got a great deal. MB finance use to negotiate on residual but as of 2014/ 2015 they no longer haggle and the dealers know this so they don't need to compete anymore. One suggestion to anyone leasing is there is a myth that you can negotiate market rate versus a preset residual value in your lease contract.
