Trading in my finance for a lease Maybe
Thread Starter
Member
Joined: Jul 2013
Posts: 166
Likes: 2
From: Florida
E350 MB Black on Black
Trading in my finance for a lease Maybe
Currently, I have a finance 2010 sport e350 and I am thinking of trading it in for a lease.
I would love your feed back.
I am thinking the C class 4 door or 2 door. I heard the CLA is no good. So I am focusing on the C class. Chime I am wrong.
Right now I have a 1.4 interest rate and I pay 625 a month. (7000 from my old car was added on to the e350) I think I am done paying for this loan in 2018 or 19.. I cant remember, I will go and look if I need too.
I looked on the Benz website and I see the rate is 2.99 until Nov 2.
I am wondering if it normally goes lower near Thanksgiving.
I am trying to make the best move, I want the payments to be lower.
I am suppose to meet with them today. But I am afraid for them to appraise my car because If I don't get it, and I go back later it will definitely appraise for less, because they have it in the system.
Any advise would be good.
I would love your feed back.
I am thinking the C class 4 door or 2 door. I heard the CLA is no good. So I am focusing on the C class. Chime I am wrong.
Right now I have a 1.4 interest rate and I pay 625 a month. (7000 from my old car was added on to the e350) I think I am done paying for this loan in 2018 or 19.. I cant remember, I will go and look if I need too.
I looked on the Benz website and I see the rate is 2.99 until Nov 2.
I am wondering if it normally goes lower near Thanksgiving.
I am trying to make the best move, I want the payments to be lower.
I am suppose to meet with them today. But I am afraid for them to appraise my car because If I don't get it, and I go back later it will definitely appraise for less, because they have it in the system.
Any advise would be good.
Thread Starter
Member
Joined: Jul 2013
Posts: 166
Likes: 2
From: Florida
E350 MB Black on Black
The sales person emailed me back. Look below...
No. The longer you wait the older your car gets and the less it is worth (same thing, the more miles you put on your car – the more the value depreciates).
There are no APR’s when leasing. The rates you are looking at are finance rates if you were to purchase a vehicle.
I wont know anything until my used car managers puts a value on your trade. I will try my best to work with you.
No. The longer you wait the older your car gets and the less it is worth (same thing, the more miles you put on your car – the more the value depreciates).
There are no APR’s when leasing. The rates you are looking at are finance rates if you were to purchase a vehicle.
I wont know anything until my used car managers puts a value on your trade. I will try my best to work with you.
Senior Member
Joined: Jun 2007
Posts: 442
Likes: 48
From: Los Angeles
2015 E63 - Current, 2012 E550 - Current, 2019 Audi Q7 3.0T - current
Correct! when leasing you want to look at what the residuals and money factors are. I think you can get into a nicely loaded E350 if your credit score is good. The money factor is ridiculous on them hence why you see so many E350's on the road.
Member
Joined: Sep 2010
Posts: 170
Likes: 4
From: Massachusetts
E350 4matic
Currently, I have a finance 2010 sport e350 and I am thinking of trading it in for a lease.
I would love your feed back.
I am thinking the C class 4 door or 2 door. I heard the CLA is no good. So I am focusing on the C class. Chime I am wrong.
Right now I have a 1.4 interest rate and I pay 625 a month. (7000 from my old car was added on to the e350) I think I am done paying for this loan in 2018 or 19.. I cant remember, I will go and look if I need too.
I looked on the Benz website and I see the rate is 2.99 until Nov 2.
I am wondering if it normally goes lower near Thanksgiving.
I am trying to make the best move, I want the payments to be lower.
I am suppose to meet with them today. But I am afraid for them to appraise my car because If I don't get it, and I go back later it will definitely appraise for less, because they have it in the system.
Any advise would be good.
I would love your feed back.
I am thinking the C class 4 door or 2 door. I heard the CLA is no good. So I am focusing on the C class. Chime I am wrong.
Right now I have a 1.4 interest rate and I pay 625 a month. (7000 from my old car was added on to the e350) I think I am done paying for this loan in 2018 or 19.. I cant remember, I will go and look if I need too.
I looked on the Benz website and I see the rate is 2.99 until Nov 2.
I am wondering if it normally goes lower near Thanksgiving.
I am trying to make the best move, I want the payments to be lower.
I am suppose to meet with them today. But I am afraid for them to appraise my car because If I don't get it, and I go back later it will definitely appraise for less, because they have it in the system.
Any advise would be good.
MBWorld Fanatic!
Joined: Feb 2014
Posts: 6,190
Likes: 1,549
From: MA
2008 E350 4Matic, 2011 E350 4matic
I believe the new 2015 C class is a lot nicer than the old one, almost a mini S class. I think in terms of options, it pretty much has most of the ones that are on the E, the older models had fewer options available.
The problem with leasing is that most people can't figure out the money factor. If MB is offering incentives, sometimes the lease incentives are better than the financed ones. The more you negotiate off the price of the car, the lower the lease payment would be vs a financed one.
I guess if you were going to get a C class, now would be fine, but if you were getting an E class, I think the next generation come out in 2017 so I'd at least wait a year.
The problem with leasing is that most people can't figure out the money factor. If MB is offering incentives, sometimes the lease incentives are better than the financed ones. The more you negotiate off the price of the car, the lower the lease payment would be vs a financed one.
I guess if you were going to get a C class, now would be fine, but if you were getting an E class, I think the next generation come out in 2017 so I'd at least wait a year.
Thread Starter
Member
Joined: Jul 2013
Posts: 166
Likes: 2
From: Florida
E350 MB Black on Black
From a strictly financial aspect this might be a problem for you. Because of the extra $7000 you financed into the price of the E350 you may be upside down in the car (owe more than it is worth). Making another move now will just put you further behind since you would have to make up the difference again on the lease. This raises your monthly payment and remember, you don't own a leased car at the end like you will the E350. I drove a C class when I bought my last E and it was okay but not as nice as the E.
Thanks everone...
I went to the dealer and the 7000 but me in the hole. They value my car at 17000 and I owe 26k. If i didn't bring over the 7k I would have been right on track!. So, I'll be keeping this car till I'm done paying for it, end of 2018.
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Member
Joined: Feb 2013
Posts: 230
Likes: 5
From: Greenville SC USA
2008 E320 Bluetec (until 11/14), 2001 SLK 320, 2004 Volvo V70, 1972 MGB, 2013 E350
You made the right move. As I was reading your initial post, I was thinking, Keep the car until it is paid off.
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MBWorld Fanatic!
Joined: Feb 2014
Posts: 6,190
Likes: 1,549
From: MA
2008 E350 4Matic, 2011 E350 4matic
What's the mileage and the options? What kind of number do you get when you punch it into nadaguide? Typically the dealers tend to lowball you on the value, most 2010 around me seem to be in the 22-25k range. That's retail from dealers, you'd probably get a couple thousand less. You might have it paid down enough that you could sell it private party for what you owe on it in a year or so.
Thread Starter
Member
Joined: Jul 2013
Posts: 166
Likes: 2
From: Florida
E350 MB Black on Black
What's the mileage and the options? What kind of number do you get when you punch it into nadaguide? Typically the dealers tend to lowball you on the value, most 2010 around me seem to be in the 22-25k range. That's retail from dealers, you'd probably get a couple thousand less. You might have it paid down enough that you could sell it private party for what you owe on it in a year or so.
MBWorld Fanatic!
Joined: Feb 2014
Posts: 6,190
Likes: 1,549
From: MA
2008 E350 4Matic, 2011 E350 4matic
What other options? 4matic? Driver assistance package? Rear entertainment package? Nadaguide says rough trade in is $16,350 average $18,950 clean $21,150 and retail is $23,700. Sounds like the dealer gave you rough trade in value. You could probably get somewhere between average and a little above clean trade in if you sell it yourself. You'd still be 5-6k short though so you might want to revisit this in a year or just pay off the loan faster.
