Need Help Please on lease for 08
Thread Starter
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Joined: Dec 2004
Posts: 70
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From: NEW YORK CITY
08 S550v4 sport pkg, 07 BMW M6 converti, 07 CL550 Sport pkg
Need Help Please on lease for 08
ok, here is the deal, i would like to know if this is a good deal, i am looking to get a new car for my wife so the face lift 09 is not that of a big deal
here are the #'s
msrp $52,830 not including tax
ML350
iridium sliver
ash int.
P2 pkg
ipod
heated seats
trailer hitch
the payment offered is:
$480 per mo. 7500 mile per yr
33 mths
3500 down
OR
57,300 msrp
533/mo
33/mths
3500 down 7500 mile a year
the numbers include tax and all (bluetooth adptr dealer istalled as well)
any advise would be appreciated. thx
here are the #'s
msrp $52,830 not including tax
ML350
iridium sliver
ash int.
P2 pkg
ipod
heated seats
trailer hitch
the payment offered is:
$480 per mo. 7500 mile per yr
33 mths
3500 down
OR
57,300 msrp
533/mo
33/mths
3500 down 7500 mile a year
the numbers include tax and all (bluetooth adptr dealer istalled as well)
any advise would be appreciated. thx
Last edited by 0-60 Swiftly; Jul 19, 2008 at 05:05 PM.
MBWorld Fanatic!
Joined: Nov 2001
Posts: 4,260
Likes: 6
From: Philadelphia area
2010 ML550, 2010 E350 4M, 1966 Corvette Convt C2
I am of the opinion that leasing makes no sense unless its a qualified business write off. Best to purchase. Best purchase deal is cash and if you must finance large amounts down help keep the payment reasonable. If the lease is the only way you can afford the payments then you can't afford the car.
Thread Starter
Almost a Member!
Joined: Dec 2004
Posts: 70
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From: NEW YORK CITY
08 S550v4 sport pkg, 07 BMW M6 converti, 07 CL550 Sport pkg
I did not ask for anyones opinion on leasing, if it is or is not a good idea, did i? don't get cute, leasing is written off buy my business, but thats my business! i am just asking if this is a good deal! is there a problem with wanting to get a good deal. or should i just go and pay full price cause i can afford it? remember, you do not obtain and maintain wealth buy just giving your money away!!!
i thought this forum was to bring the MB community together and share information. Not bash or assume peoples financial status, because that only shows ones insecurity with themselves. Sorry if i read to much into this post!
i thought this forum was to bring the MB community together and share information. Not bash or assume peoples financial status, because that only shows ones insecurity with themselves. Sorry if i read to much into this post!
Last edited by 0-60 Swiftly; Jul 19, 2008 at 10:25 PM.
Newbie
Joined: Jul 2006
Posts: 6
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Sounds like a pretty good deal to me. I was just going through the terms of my lease which I got at the end of March (pre-$140 oil). My MSRP was $52,580 (P2, parktronic, 6 disc CD, running boards). I put $660 down for cap cost reduction and got suckered into a wear & tear package and Bluetooth module which added another $900 to the gross cap cost (those two can't be residualized). My monthly is $663 for 12k a year. I thought I had gotten a pretty good deal but the one you have is much better.
Super Member
Joined: Dec 2001
Posts: 633
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From: NY
14 'E550
I am of the opinion that leasing makes no sense unless its a qualified business write off. Best to purchase. Best purchase deal is cash and if you must finance large amounts down help keep the payment reasonable. If the lease is the only way you can afford the payments then you can't afford the car.
Leasing is good for people who want to dump cars after 2-3 years. If you paid cash or financed said vehicle for let's say 60 months. And you go to sell that vehicle in 2-3 years, you're going to lose your shirt. Let alone an SUV, and let alone in this market.
There are several good reasons for people to lease a depreciating asset.
-Don't have to deal with resale.
-Don't have to worry about accidents hurting your resale.
-Don't have to worry about where you park the car or where you leave it.
Owning your own business to use as a write off is just one advantage, not the only advantage.
MBWorld Fanatic!
Joined: Nov 2001
Posts: 4,260
Likes: 6
From: Philadelphia area
2010 ML550, 2010 E350 4M, 1966 Corvette Convt C2
I did not ask for anyones opinion on leasing, if it is or is not a good idea, did i? don't get cute, leasing is written off buy my business, but thats my business! i am just asking if this is a good deal! is there a problem with wanting to get a good deal. or should i just go and pay full price cause i can afford it? remember, you do not obtain and maintain wealth buy just giving your money away!!!
i thought this forum was to bring the MB community together and share information. Not bash or assume peoples financial status, because that only shows ones insecurity with themselves. Sorry if i read to much into this post!
i thought this forum was to bring the MB community together and share information. Not bash or assume peoples financial status, because that only shows ones insecurity with themselves. Sorry if i read to much into this post!
Thread Starter
Almost a Member!
Joined: Dec 2004
Posts: 70
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From: NEW YORK CITY
08 S550v4 sport pkg, 07 BMW M6 converti, 07 CL550 Sport pkg
THANKS GUYS, JUST TRYING TO DECIDE WHICH CAR WOULD SUIT HER BEST NOW. ABOUT THE 7500 MILES PER YEAR, MY WIFE DOES NOT PUT 10K ON A CAR IN 2 YEARS, SO 7500 IS PLENTY, ABOUT THE WRITE OFF, I HAVE A COUPLE OF BUSINESSES WHICH ALLOW ME TO PUSH THE WRITE OFF'S ALITTLE.
THX
THX
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Almost a Member!
Joined: Sep 2006
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shoot... i can get an ML550 for about the same price (cash that is... lease price might be higher)
look at the big numbers. MBUsa is offering $3000cashback on the ML350 ($5000 on ML550) PLUS 2.9% for upto 66months
i personnally don't like to put ANY money down, except for the tax-tags.... because if i get rid of the car early or have any accident, you'll never get that cap-reduction back... tell them to absorb the cap-reduction or roll it into the payment.
but otherwise, seems like a decent lease price if she's not driving that much.... you'll end up paying for 2sets of 4tires ($900-1100 each time) over those 33months.... that should be your only out of pocket expense.
look at the big numbers. MBUsa is offering $3000cashback on the ML350 ($5000 on ML550) PLUS 2.9% for upto 66months
i personnally don't like to put ANY money down, except for the tax-tags.... because if i get rid of the car early or have any accident, you'll never get that cap-reduction back... tell them to absorb the cap-reduction or roll it into the payment.
but otherwise, seems like a decent lease price if she's not driving that much.... you'll end up paying for 2sets of 4tires ($900-1100 each time) over those 33months.... that should be your only out of pocket expense.
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Senior Member
Joined: Jul 2007
Posts: 314
Likes: 1
From: Ft. Lauderdale, FL
1972 280SE 4.5
Hey Swiftly,
I ran a few numbers for your...
First, I looked at the current "Summer of Love Event" offer going on. Running those numbers brings me to 59% residual and a 0.0015 money factor (interest rate) on the ML advertised lease.
Now, with that information, I ran the numbers the dealer gave you with two differences. I adjusted the base caped cost (dealer discount) proportionately to reflect the higher price of your truck vs. the one advertised in the promotion. Also, bumped the residual value to 61% (two extra points) because you are going down from 10k miles a year to only 7.5k.
Guess what? The numbers all pan out almost to the dollar!
So, is it a good deal? The dealer is passing on the funds they are getting from the manufacturer and giving you tier-1 privilidges. Tier-1 customers are those with excellent credit (above 720 FICO) and the only ones with access to the advertised money factor (low interest rate).
I say, go for it! It's going to be hard to do any better.
I don't know how far you got into working numbers with the dealer. If your credit is indeed tier-1, you're all set. If the dealer has not reviewed your credit and they just quoted you the numbers as "best case scenario" and you are not a tier-1 customer, expect those numbers to change when you meet with the finance manager.
The above has nothing to do with the dealer trying to rip you off (or anyone else for that matter). It is simply a matter of MB Financial reserving their lowest rates only for those with excellent credit.
Hope this info helps. Good luck getting your new ML. You're gonna love it! :-)
Jose
I ran a few numbers for your...
First, I looked at the current "Summer of Love Event" offer going on. Running those numbers brings me to 59% residual and a 0.0015 money factor (interest rate) on the ML advertised lease.
Now, with that information, I ran the numbers the dealer gave you with two differences. I adjusted the base caped cost (dealer discount) proportionately to reflect the higher price of your truck vs. the one advertised in the promotion. Also, bumped the residual value to 61% (two extra points) because you are going down from 10k miles a year to only 7.5k.
Guess what? The numbers all pan out almost to the dollar!
So, is it a good deal? The dealer is passing on the funds they are getting from the manufacturer and giving you tier-1 privilidges. Tier-1 customers are those with excellent credit (above 720 FICO) and the only ones with access to the advertised money factor (low interest rate).
I say, go for it! It's going to be hard to do any better.
I don't know how far you got into working numbers with the dealer. If your credit is indeed tier-1, you're all set. If the dealer has not reviewed your credit and they just quoted you the numbers as "best case scenario" and you are not a tier-1 customer, expect those numbers to change when you meet with the finance manager.
The above has nothing to do with the dealer trying to rip you off (or anyone else for that matter). It is simply a matter of MB Financial reserving their lowest rates only for those with excellent credit.
Hope this info helps. Good luck getting your new ML. You're gonna love it! :-)
Jose
MBWorld Fanatic!
Joined: Nov 2001
Posts: 4,260
Likes: 6
From: Philadelphia area
2010 ML550, 2010 E350 4M, 1966 Corvette Convt C2
Another thought for you. There are 2 ways for top tier credits to lower the monthly lease payment. First is that you can place a REFUNDABLE deposit with the lease of 9 or 10K. My experience is that you can lower pmts about 100 per month. The 2nd way which I have never used is to make one pmt a year for the entire year. These are with MBCC.
Thread Starter
Almost a Member!
Joined: Dec 2004
Posts: 70
Likes: 0
From: NEW YORK CITY
08 S550v4 sport pkg, 07 BMW M6 converti, 07 CL550 Sport pkg
MBWorld Fanatic!
Joined: Nov 2001
Posts: 4,260
Likes: 6
From: Philadelphia area
2010 ML550, 2010 E350 4M, 1966 Corvette Convt C2
Super Member
Joined: Dec 2001
Posts: 633
Likes: 0
From: NY
14 'E550
BMW Financial is one of the few companies that offers to accept them.
MBWorld Fanatic!
Joined: Nov 2001
Posts: 4,260
Likes: 6
From: Philadelphia area
2010 ML550, 2010 E350 4M, 1966 Corvette Convt C2
Yes, MB allows that also but only to top credits. I have put down a refundable 9000 depost and saved over 100 bucks a month. Thats more than the 9K could earn for you if invested. MB also allows a once a year payment option in advance which will also lower your payment. I have never used that one. If you had read my post a couple of posts back you will see that I mentioned these.
