dsunnym1

Hello Everyone,

Any input would be highly appreciated..

I am typing this at 3am as i can not sleep!!
I am suppose to take delivery of a new 08 GL550 today
options
ipod adapter
key less go
illuminated door sills
rear entertainment

few questions please

here is the deal....

1.Msrp $82,455
my purchase price$79,000 + tax & docs ......is that good??

2.I trade cars very often with that said i can probally see my self keeping the GL for a max of 2 yrs
and I need to to be at a certain monthly payment

SO I was thinking of doing a 36 month lease with $3k down payment would be around $1500 (A bit high for me)

when my dealer recommended me to do a 84 month finance simple interest loan that works out to be
$3500 down and a payment of $1380

my question is which Scenario would be easier
for me to trade out of in a year or two??
as i have been accustomed to leasing since a good while!!

my dealer swears, I would be much better with financing??

2nd question

I seen three GL550's today (two different dealers)
all had side steps of course but two were finished in brushed stainless steel
including the one I am considering.... then the last one finished in chrome??
I cant understand why some were in SS and another in chrome when this was not a offered option?? of course the chrome looked the best IMO
I wish the one I am suppose to buy had the chrome sidesteps!!
Anybody know the deal with this??

Please any help would really be appreciated.... thx in advance

jpeardm

when my dealer recommended me to do a 84 month finance simple interest loan that works out to be
$3500 down and a payment of $1380

Are you sure about this? 84 months at $1380 is $115,920, sounds more like a mortgage?

scottybdiving

84 mo @ 1380 @ 6.25% = 93,694

It sounds like he gave you the payment for 72 mo. That would work with a starting balance of 82,678.

dsunnym1

Well yes ,

That would be for the life of the loan,
like I stated I would be keeping it for a
max of 2 yrs

dsunnym1

guys please,

Time is really of the essance!!
i need real answers please.......

jblewis02

My 550 Verde/Mac will be in to dealer day after tomorrow. It is similarly equipped as yours. I just spoke to him as to leasing or buying. The lease which is not MB comes out to 6K down( tax apx 3k, bank fee $595 and 1st month $1436 ) Its a 36 month 15K miles at $1436. I haven't decided if I'm going to buy or lease. By the way the money factor on the lease is3.00 and a 52% residual. I have ALWAYS regretted long term leases.

dsunnym1

So what do you think of a long term finance
with less down and a lower monthly payment?

We can still get out of them in a couple yrs and save
some down money and mothly money as well??

What I want to know
which would be less painful?

scottybdiving

Generally, on any automobile, low down payment + low monthly payments = upside down loan / value for most of the term. The numbers he quoted you still do not work at any reasonable interest rate.

dsunnym1

Yes the rate is high at 10.5
not Mb......

By taking the long term finance it is giving me the following advantages over a
lease
Lower money down a lower monthly payment that
is in budget as I don't plann on owning this vehicle.
so I am not letting the rate get to me.

I know that I might sound like a **s
but does this make any sense?

scottybdiving

It looks like you are getting an excellent deal based on what others are reporting. There have been suggestions that the GL 550 may be selling for above MSRP in some markets.

Not implying anything concerning your loan, but in 2 - 3 years on a 7 year loan, you will probably owe significantly more than you can sell it for.

Dodson

You can use the payment calculators on the MB website. When I last checked, I did the "build your own," and for a $81,000 GL550 the lease options were around $1100 - $1200 per month. That was with the sugested 10% down. Try out the different lease lengths they have on the site, some are better than others, longer doesn't always mean lower monthly payments.

oinick

I wonder if it wouldn't be wise for you to slow down a little bit and take some more time to make a good decision. You seem a little petulant, rushing towards a rash decision that you may well regret.

When you're getting such a nice and expensive car, it's a little troubling to be so bothered by how you're going to pay for it while you drive it and to worry about how you're going to get out of it when you're through with it. I mean, you can't be worrying about more than a hundred bucks a month either way, can you? If you are, maybe you should take a long look at something else. It is difficult to see the sense in buying or leasing such an expensive car and then worrying about the payment to that extent.

If you absolutely know you're not going to keep the car more than a couple of years, for heaven's sake PLEASE DO NOT BUY IT! Lease it. Taking a long loan will almost certainly leave you upside down after only two or three years.

Personally, I keep a car leased all the time as a business deduction. Three years at a time. Always know I'll get out of it. The other car is always bought with cash and never financed because I know I'll keep it more than four years.

Just slow down a little. The GL 550 is a great ride but don't make yourself crazy about it.

Good luck.

Nevada Jack

Excellent advice!

dsunnym1

thx for the good advice,

true a matter of a $100 bucks is not gonna make me or break me.

I was just trying to determine which option would give me my best out in say 2yrs??

oknish

IMO, if you buy it, you will be upside down in 2 years. But if you can eat the loss then it is easier option.

If you lease it, you won't be upside down, but could have a hard time getting out of the lease.

Take oinick's excellent advice and think it through.

infamily

if you are absolutely sure about 2 years, then get 24 month lease thru MB. better money factor and better residual should lower your total lease payments. They actually do offer same MF and residual for 33 month financing.

I agree with all other posts.. slow down and think thru this.. Why do you want to keep the car for only 2 years?

By the way the 84 month finance interest rate he is charging is 10.5 % which is much higher than most banks.. you should be able to get interest rate of 7% or lower from banks and for same amount financed, your monthly would be around $1240. I assumed 6.5 % tax and $ 800 in lic and doc fees.
Good luck