First Time Leasing - Any Advice?
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First Time Leasing - Any Advice?
I'm planning to get a lease on my GLS580 this week. I've read some guides on leasing but I still don't think I have a full handle on the process.
So 2 different questions: Can anyone explain the general process and the terms in an easy way?
And can anyone give some actual ballpark figures on what I should be expecting for down payment and monthly payments? The MSRP is $117,760. The order is here.
So 2 different questions: Can anyone explain the general process and the terms in an easy way?
And can anyone give some actual ballpark figures on what I should be expecting for down payment and monthly payments? The MSRP is $117,760. The order is here.
Junior Member
Joined: May 2020
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MB
Lots of info here: Edmunds 2020 GLS Lease Deals and Prices
Senior Member
Joined: Feb 2011
Posts: 380
Likes: 59
From: Illinois
2019 Audi Q8, 2015 GL63, & 2005 E500W4
I'm planning to get a lease on my GLS580 this week. I've read some guides on leasing but I still don't think I have a full handle on the process.
So 2 different questions: Can anyone explain the general process and the terms in an easy way?
And can anyone give some actual ballpark figures on what I should be expecting for down payment and monthly payments? The MSRP is $117,760. The order is here.
So 2 different questions: Can anyone explain the general process and the terms in an easy way?
And can anyone give some actual ballpark figures on what I should be expecting for down payment and monthly payments? The MSRP is $117,760. The order is here.
You should not be putting ANY money down on a lease aside from the first month's payment. You don't pre-pay rent, do you?
You need to pay attention to the capitalized cost—negotiate the lowest sales price you possibly can.
Find out the buy rate money factor (Edmunds has this information) and make sure that your lease deal does not contain a markup on that money factor.
You are going to want to negotiate what you can: sales price and money factor (and sometimes dealer fees depending upon where you are).
Senior Member
Joined: Feb 2020
Posts: 260
Likes: 72
From: Vienna, VA
'20 GLS580, '18 S560
The leasing programs will vary depending upon your location, as will prices moving off the lot.
You should not be putting ANY money down on a lease aside from the first month's payment. You don't pre-pay rent, do you?
You need to pay attention to the capitalized cost—negotiate the lowest sales price you possibly can.
Find out the buy rate money factor (Edmunds has this information) and make sure that your lease deal does not contain a markup on that money factor.
You are going to want to negotiate what you can: sales price and money factor (and sometimes dealer fees depending upon where you are).
You should not be putting ANY money down on a lease aside from the first month's payment. You don't pre-pay rent, do you?
You need to pay attention to the capitalized cost—negotiate the lowest sales price you possibly can.
Find out the buy rate money factor (Edmunds has this information) and make sure that your lease deal does not contain a markup on that money factor.
You are going to want to negotiate what you can: sales price and money factor (and sometimes dealer fees depending upon where you are).
I agree.
You do not want to put any downpayment (called capital reduction in leasing world) in leases.
in case of significant accident that totals your leased vehicle, the gap insurance covers the difference between the car's worth and what you still owe. so you can walk away without having to pay $.
but the gap insurance only covers the difference between what you owe and what the car's worth. not your down payment.
another word, if you put down $20k on your lease and within first 6 months, you total the vehicle, your gap insurance allows you to walk away without having to make up the differences yourself.
but you won't get that $20k back.
if you did the exact same lease without any "down payment", you still walk away without owing anything, but you'd still have that $20k in your pocket.
you're paying the fixed expense of lease payment over x months in leases anyway. the small amount that you'd save on the money factor on the down payment amount is not worth the risk of losing the whole down payment instantly.
just my 2 cents.
