How Did I Do?
Member
Joined: Jun 2007
Posts: 239
Likes: 0
2007 GL450
rr,
You tell us.
You are obligated for $29,268 for the use of the truck for 33 months.
After that you give it back and be satisfied that you had $29,268 worth of enjoyment out of the truck and you look for a new ride.
Or,purchase it based on the residual value and buy out rules in the contract which will cost much more than if you just bought it outright in the beginning.
It's the old "leasing versus buying" argument. There is no correct answer.
Leasing makes a lot of customers happy, but remember it's a money maker for the dealer. They are not trying to do you a financial favor.
If you are happy, you did well!
Enjoy it, it's a great vehicle.
Gordon
You tell us.
You are obligated for $29,268 for the use of the truck for 33 months.
After that you give it back and be satisfied that you had $29,268 worth of enjoyment out of the truck and you look for a new ride.
Or,purchase it based on the residual value and buy out rules in the contract which will cost much more than if you just bought it outright in the beginning.
It's the old "leasing versus buying" argument. There is no correct answer.
Leasing makes a lot of customers happy, but remember it's a money maker for the dealer. They are not trying to do you a financial favor.
If you are happy, you did well!
Enjoy it, it's a great vehicle.
Gordon
Member
Joined: Mar 2007
Posts: 226
Likes: 0
From: South of the Mason Dixon, North of the Gulf
2007 GL 320 CDI, 2008 M5
It's been said here before that it's good to lease a depreciating asset. I think that's true for a car you have no intention of keeping for a long time. That is why I leased an M5 for my wife. (BTW, by the time I have paid the lease, I will have paid nearly as much as I did to BUY my GL320, which is pretty loaded...)
All that said, I am glad I bought my diesel truck...I am sure I will keep it at least 100K miles, to the end of the extended warranty.
I agree fully with Gordon that if you are happy with your deal you made a good one. If you are second guessing yourself, and the three day grace period is not up, you might want to reconsider it since you asked for opinions. I think $8500 out of pocket is a lot up front. And I agree that nearly $30K out of pocket for a car you do not own is a lot. But, if you are like me and my wife's BMW habit, when you know you will never keep a car for an extended period of time, leasing is the way to go. The question is not really "how did I do?" but rather "am I happy with my deal?" That's a question only you can answer.
All that said, I am glad I bought my diesel truck...I am sure I will keep it at least 100K miles, to the end of the extended warranty.
I agree fully with Gordon that if you are happy with your deal you made a good one. If you are second guessing yourself, and the three day grace period is not up, you might want to reconsider it since you asked for opinions. I think $8500 out of pocket is a lot up front. And I agree that nearly $30K out of pocket for a car you do not own is a lot. But, if you are like me and my wife's BMW habit, when you know you will never keep a car for an extended period of time, leasing is the way to go. The question is not really "how did I do?" but rather "am I happy with my deal?" That's a question only you can answer.
Out Of Control!!
Joined: Aug 2004
Posts: 10,574
Likes: 2
From: Silicon Valley, CA
1999 C280 Previous / 2008 E350
Member
Joined: Aug 2007
Posts: 115
Likes: 0
GL450
Tough to tell without more details. Did you get the lowest money factor and highest residual available for the 33mo/12k mi term? Also, what was your sale price versus invoice? Acquisition fee should have been $795. Also, no trade-in right?
Here's the February base rates which don't include 33mo terms but it should give you a good idea . . .
2008 Mercedes GL450 Wagon
24 Month – Residual 64% of MSRP – .00155 Base Rate
36 Month – Residual 56% of MSRP – .00175 Base Rate
48 Month – Residual 45% of MSRP – .00175 Base Rate
60 Month – Residual 39% of MSRP – .00330 Base Rate
Residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3% for 10k mi/yr on all terms
Out Of Control!!
Joined: Sep 2005
Posts: 18,414
Likes: 6
From: West Michigan
2007 E63
It's been said here before that it's good to lease a depreciating asset. I think that's true for a car you have no intention of keeping for a long time. That is why I leased an M5 for my wife. (BTW, by the time I have paid the lease, I will have paid nearly as much as I did to BUY my GL320, which is pretty loaded...)
All that said, I am glad I bought my diesel truck...I am sure I will keep it at least 100K miles, to the end of the extended warranty.
I agree fully with Gordon that if you are happy with your deal you made a good one. If you are second guessing yourself, and the three day grace period is not up, you might want to reconsider it since you asked for opinions. I think $8500 out of pocket is a lot up front. And I agree that nearly $30K out of pocket for a car you do not own is a lot. But, if you are like me and my wife's BMW habit, when you know you will never keep a car for an extended period of time, leasing is the way to go. The question is not really "how did I do?" but rather "am I happy with my deal?" That's a question only you can answer.
All that said, I am glad I bought my diesel truck...I am sure I will keep it at least 100K miles, to the end of the extended warranty.
I agree fully with Gordon that if you are happy with your deal you made a good one. If you are second guessing yourself, and the three day grace period is not up, you might want to reconsider it since you asked for opinions. I think $8500 out of pocket is a lot up front. And I agree that nearly $30K out of pocket for a car you do not own is a lot. But, if you are like me and my wife's BMW habit, when you know you will never keep a car for an extended period of time, leasing is the way to go. The question is not really "how did I do?" but rather "am I happy with my deal?" That's a question only you can answer.
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Member
Joined: Mar 2007
Posts: 226
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From: South of the Mason Dixon, North of the Gulf
2007 GL 320 CDI, 2008 M5
A 72 hour period when you can change your mind and back out of a deal. If you trade a car, they can still sell it over the same period, but you can return the new car nonetheless, assuming you return in new condition (no damage, only a few miles on it). Since this would be sticky for the dealer to resolve, most won't move a trade in until after the three days is up.
BTW, I had forgotten about the three day period until I leased my last car at the local BMW dealer, when the finance manager reminded me of it. Apparently it is pretty standard though largely unmentioned.
BTW, I had forgotten about the three day period until I leased my last car at the local BMW dealer, when the finance manager reminded me of it. Apparently it is pretty standard though largely unmentioned.
MBWorld Fanatic!
Joined: Apr 2007
Posts: 2,430
Likes: 12
From: Cleveland Ohio
beater with a heater
A 72 hour period when you can change your mind and back out of a deal. If you trade a car, they can still sell it over the same period, but you can return the new car nonetheless, assuming you return in new condition (no damage, only a few miles on it). Since this would be sticky for the dealer to resolve, most won't move a trade in until after the three days is up.
BTW, I had forgotten about the three day period until I leased my last car at the local BMW dealer, when the finance manager reminded me of it. Apparently it is pretty standard though largely unmentioned.
BTW, I had forgotten about the three day period until I leased my last car at the local BMW dealer, when the finance manager reminded me of it. Apparently it is pretty standard though largely unmentioned.
Member
Joined: Mar 2007
Posts: 226
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From: South of the Mason Dixon, North of the Gulf
2007 GL 320 CDI, 2008 M5
Nope. I kind of like it that the dealer would offer it without my having to ask for it.
Practically, don't you think it unlikely that a dealer wouldn't let you out of a deal if you had buyer's remorse in a day or two?
I think that's the point of what the finance guy was talking about. Nobody ever backs out anyway, so it's a good PR thing for the dealer.
But I did think there was a legal basis to it...
Practically, don't you think it unlikely that a dealer wouldn't let you out of a deal if you had buyer's remorse in a day or two?
I think that's the point of what the finance guy was talking about. Nobody ever backs out anyway, so it's a good PR thing for the dealer.
But I did think there was a legal basis to it...
Thread Starter
Newbie
Joined: Feb 2008
Posts: 5
Likes: 0
GL 450
Appreciate all of the great feedback. As someone who has no intention of keeping the car longer than 3 years (or there about) the idea of "financing" vs "leasing" does not play into the equation for me. Simply put, I'm just not someone who is going to keep a car for the amount of time that would have buying make sense over leasing, not to mention the increased monthly payments. Yeah I'm paying nearly 30 k over 3 years for something I don't own. The other side of that is do I want higher monthly payments and to own 1/2 of something 3 years from now whose value has gone way down--but I still have to pay for its original value for another 3 years or so. For me, a new car every few years is one of life's great pleasures. So my question wasn't really about buying vs leasing. It was really just based on leasing this vehicle, did I get a good deal. I think I did but who knows?
Thanks to all for the feedback...
Thanks to all for the feedback...
Senior Member
Joined: Jul 2007
Posts: 297
Likes: 4
From: Bay Area CA
2014 GL 350 blue tec
it is a law in many states for large ticket purchases. I know in MN even refinancing your mortgage has 3 days cooling off period and you can undo your refinancing if you want. Same is true for car purchases.
Thread Starter
Newbie
Joined: Feb 2008
Posts: 5
Likes: 0
GL 450
Now how did I do? Picked up my new GL yesterday, but the dealer had messed up and promised me a car that was sold before he could lock me in. So he had to locate me another one with much more equipment and I had to come up only $10 per month. So my new car/deal is:
2008 GL 450
Premium 1
Running Boards
Black/Black
Rear Ent/dual screen DVD
Voice Command
Trailer Hitch
ipod
33 months/12k miles per year
Retail Price $67,250
$8500 out of pocket (total-1stmonth, taxes, tags, etc..)
$659 per month
2008 GL 450
Premium 1
Running Boards
Black/Black
Rear Ent/dual screen DVD
Voice Command
Trailer Hitch
ipod
33 months/12k miles per year
Retail Price $67,250
$8500 out of pocket (total-1stmonth, taxes, tags, etc..)
$659 per month
Member
Joined: Jun 2007
Posts: 239
Likes: 0
2007 GL450
Voice command costs $510
Trailer Hitch costs $510
RSE System costs $2670
Total extra options of latest truck = $3690
Costing you $10 per month for 33 months = $3,300
No big deal.
As I said before:
Enjoy your truck!! You will really like it!
Trailer Hitch costs $510
RSE System costs $2670
Total extra options of latest truck = $3690
Costing you $10 per month for 33 months = $3,300
No big deal.
As I said before:
Leasing makes a lot of customers happy, but remember it's a money maker for the dealer. They are not trying to do you a financial favor.
Junior Member
Joined: Aug 2007
Posts: 62
Likes: 0
'08 GL320 CDI, 2001 996 C4S
$10 for 33 months = $ 330 really no big deal
enjoy your truck
Member
Joined: Aug 2007
Posts: 115
Likes: 0
GL450
Now how did I do? Picked up my new GL yesterday, but the dealer had messed up and promised me a car that was sold before he could lock me in. So he had to locate me another one with much more equipment and I had to come up only $10 per month. So my new car/deal is:
2008 GL 450
Premium 1
Running Boards
Black/Black
Rear Ent/dual screen DVD
Voice Command
Trailer Hitch
ipod
33 months/12k miles per year
Retail Price $67,250
$8500 out of pocket (total-1stmonth, taxes, tags, etc..)
$659 per month
2008 GL 450
Premium 1
Running Boards
Black/Black
Rear Ent/dual screen DVD
Voice Command
Trailer Hitch
ipod
33 months/12k miles per year
Retail Price $67,250
$8500 out of pocket (total-1stmonth, taxes, tags, etc..)
$659 per month
Interesting how the dealer sold your original car. Nice strategy as he had a buyer ready to buy your 'held' vehicle. All he had to do was give you a better deal on another similarly equipped one to bag two sales.
Last edited by 85mm; Feb 24, 2008 at 01:18 PM.
Member
Joined: Aug 2007
Posts: 115
Likes: 0
GL450
Here's the February base rates which don't include 33mo terms but it should give you a good idea . . .
2008 Mercedes GL450 Wagon
24 Month – Residual 64% of MSRP – .00155 Base Rate
36 Month – Residual 56% of MSRP – .00175 Base Rate
48 Month – Residual 45% of MSRP – .00175 Base Rate
60 Month – Residual 39% of MSRP – .00330 Base Rate
Residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3% for 10k mi/yr on all terms
I used this website a lot to verify that the dealer was plugging in the terms we negotiated . . .
http://www.leaseguide.com/calc.htm
