Lease expiring soon in the covid market...
Thread Starter
Newbie
Joined: Jul 2017
Posts: 12
Likes: 3
M3
Lease expiring soon in the covid market...
Looking for any info or experiences dealing with an expiring MB lease under current market conditions.
BMW is offering discounts on residual buy out prices to try and keep customers from turning in cars as the auction system is completely shut down. BMW is also extending leases if needed.
Curious to see what MB offers ...
BMW is offering discounts on residual buy out prices to try and keep customers from turning in cars as the auction system is completely shut down. BMW is also extending leases if needed.
Curious to see what MB offers ...
Member
Joined: Apr 2020
Posts: 145
Likes: 52
From: Ellicott City, MD
2021 GLS450 2020 GLE350 2005 BMW 325ci Convertible
MB is offering similar. I just traded from E300 to GLE350. MB covered 5 lease payments, plus gave me $750 to my first new payment.
I just re-read your post and see you are asking the opposite. Sorry, that's what I've got for you.
I just re-read your post and see you are asking the opposite. Sorry, that's what I've got for you.
Thread Starter
Newbie
Joined: Jul 2017
Posts: 12
Likes: 3
M3
That is helpful tho thanks.
Good to know they’re looking to make deals. How did the MF compare to previous deals?
part of me wonders if they’re not as motivated to move cars now as their over head is lower and I’m sure MB is subsidizing some of their carrying costs.
Good to know they’re looking to make deals. How did the MF compare to previous deals?
part of me wonders if they’re not as motivated to move cars now as their over head is lower and I’m sure MB is subsidizing some of their carrying costs.
Member
Joined: Apr 2020
Posts: 145
Likes: 52
From: Ellicott City, MD
2021 GLS450 2020 GLE350 2005 BMW 325ci Convertible
I think the deal was better. With the low interest money, the money factor was lower than two years ago when I got the E. My dealer certainly is wanting to move cars and make deals. But it's a whole new world, for sure. The salesman had the pre-defined vehicle brought up by the lot personnel prior to arrival (the sales people are all coming in only for appointments). When I saw a different one, it was quickly brought to us. There are not 15 salespeople wandering around waiting on the next chum to walk through the door. I actually enjoyed not being asked 15 times "may I help you"!
And I hadn't planned to take it home that day, and instead had planned to return two days later. But he convinced me that we were both there, let's just do it.
And I hadn't planned to take it home that day, and instead had planned to return two days later. But he convinced me that we were both there, let's just do it.
Junior Member
Joined: May 2020
Posts: 22
Likes: 1
c-300
Good to know! My lease is up in November. As a loyal MB customer they usually let us return it 4 months in advance. This time, we are looking into the lease buy out option but the residual value is higher than market. I've read to wait until the finance company contacts you 90 days prior to let them know your plans. I have also read, to get a pre-approval from other lenders that offer lease buy backs so Mercedes Financial knows that they might loose your business. I'm not sure how all this works, though. We've been leasing from them for many years. Our credit is great and we've never been late on payments. Can anyone tell me a little about the process, and the best ways to approach it. Do we go into the dealership? If so, who should we see, finance manager or the person we leased it from?
Thank you.
Thank you.
Thread Starter
Newbie
Joined: Jul 2017
Posts: 12
Likes: 3
M3
I don’t know much of the buy out process but I can share this -
Prior to deciding on a 20 GLE (just picked up btw) I called mbfs to inquire about lease buy out and what discount they could offer me.
Mbfs offered no discount and said my price is the residual. My old GLE now sits for sale at the dealer we returned it to for $4k less than my quoted buy out price so definitely don’t buy out straight from mbfs. I’ve heard the dealer can do better , not sure tho.
Prior to deciding on a 20 GLE (just picked up btw) I called mbfs to inquire about lease buy out and what discount they could offer me.
Mbfs offered no discount and said my price is the residual. My old GLE now sits for sale at the dealer we returned it to for $4k less than my quoted buy out price so definitely don’t buy out straight from mbfs. I’ve heard the dealer can do better , not sure tho.
Junior Member
Joined: May 2020
Posts: 22
Likes: 1
c-300
I don’t know much of the buy out process but I can share this -
Prior to deciding on a 20 GLE (just picked up btw) I called mbfs to inquire about lease buy out and what discount they could offer me.
Mbfs offered no discount and said my price is the residual. My old GLE now sits for sale at the dealer we returned it to for $4k less than my quoted buy out price so definitely don’t buy out straight from mbfs. I’ve heard the dealer can do better , not sure tho.
Prior to deciding on a 20 GLE (just picked up btw) I called mbfs to inquire about lease buy out and what discount they could offer me.
Mbfs offered no discount and said my price is the residual. My old GLE now sits for sale at the dealer we returned it to for $4k less than my quoted buy out price so definitely don’t buy out straight from mbfs. I’ve heard the dealer can do better , not sure tho.
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Junior Member
Joined: May 2020
Posts: 24
Likes: 8
From: NJ, USA
2020 C43 Coupe
I just turned in my previous lease (2017 c300 coupe) for a new 2020 C43 Coupe. The process could not have been easier making the deal through email with the salesman. All paperwork was completed and signed online while on the phone with the sales manager, which I actually found easier and more enjoyable then having to do it in person and having them try to sell me on warranty packages, etc. Vehicle turn in/pickup took less then 10 minutes total. Such an easy process. As an added bonus I ended up getting $500 discount credit on my amount due at signing that I wasnt planning on receiving thanks to a current MB promotion ($750 on higher models).
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Junior Member
Joined: May 2020
Posts: 22
Likes: 1
c-300
Yes, I just received a call today from my salesman, he said they will allow us to turn in our lease 5 months earlier, pay the over mileage fees for us and give us a great deal on a new one.
No talk about purchasing it, they don't want to offer that option. He did mention they had three C-300's on the lot for purchase at great prices. I've also read that when they take their lease back they show it as a loss on their books. Not sure how that works, but we do want to buy ours.
I'll keep looking for info on the buy outs.
No talk about purchasing it, they don't want to offer that option. He did mention they had three C-300's on the lot for purchase at great prices. I've also read that when they take their lease back they show it as a loss on their books. Not sure how that works, but we do want to buy ours.
I'll keep looking for info on the buy outs.
Junior Member
Joined: May 2020
Posts: 22
Likes: 1
c-300
I went to the dealer today, we had seen a nice C-300 just like mine with much less mileage. But they couldn't help me with turning my lease before lease en only if I were to purchase a brand new one or get into another lease. They don't seem to be hurting for business, since there's not much negotiating on leases. They presented me with some numbers but I didn't find it to be a good deal for me, so I walked. I have to decide if wait for the end of my lease in late November and pay for the excess mileage and purchase or take another lease. This is my 3rd lease from Mercedes, when I purchase I keep the vehicles for about 10-11 years, so I have some thinking to do.
Thank you.
Thank you.
