kjmurphy

All,

I am in the market to purchase a 2010 ML350 for my wife during the Winter Event and I need some advice on price. I can purchase one through USAA with the following features: Arctic white with cashmere MBtex, P1 pkg, lighting pkg, heated front seats, running boards and wood/leather steering wheel for $48,193 plus TTL. During the Winter Event I will also get 2.9% financing for 66 months and MB will make the first two payments, up to $750/mo. Is this a good deal?

Kevin

sosh

Sounds good to me. Except that 2.9% is available most anywhere to good credits. Overall its pretty good. The spec of the vehicle for me there would be some more options that I would require.

gsrjc

Yeah, sounds good to me too... just make sure you can qualify for the financing.

Carfreak

Great deal, go for it!

kjmurphy

Thanks all. I thought it was a good deal, but I just needed some affirmation before I pulled the trigger. USAA has some great car buying services and I have been pre-approved for the 2.9% APR. I am going to have one happy wife this Christmas.

Kevin

Cal

Kevin,

Is that a 2WD or 4WD? If 2WD, it looks to be $1600 below invoice. If 4WD, that's an even better deal.

spdracer53

you are mistaken, not many lending institutions have rates as low as 2.9% for 66 months.

if you can qualify for the 2.9, take it. but know the interest rate is inflated 1% reserve to allow the dealer to make money off of you. it is possible to get the dealer to remove the reserve, but its going to be tough.

lowest i've seen was 3.85% for 60 months with credit unions.

kjmurphy

Cal,
It is RWD. No need for 4matic here in south Texas.

Kevin

sosh

Don't know where you are but I can get 2.7 to 2.9 from almost any bank I do business with. The dealer reserve in these "specials" is quite low or non existent. I would not waste your efforts trying this. I would not be surprised if they just get a small flat fee for the paperwork, maybe 200 bucks if that.

spdracer53

post up the banks and the url's showing the rates offering 2.7 to 2.9. i'd be interested in seeing which banks are offering it, and for how long.

if your 2.7 to 2.9 is only for 24 months or less, then you aren't comparing apples to apples.

sosh

2 weeks ago I was offered 2.7% for 5 years on my new 2010 ML550. These rates are not from "advertising" banks but primarily commercial type banks I do business with and some consumer banks that offered me better than their advertised rates. I was not a "walk in" in any of them. Believe it or not banks around here are actually looking for retail customers in spite of what you hear.

spdracer53

you are right, there are some banks out there with surplus amounts of money and have decided to lower the rates to get more loans out.

but imho, you gave some bad advice to the op regarding the interest rate. you made it seem from your initial post with good credit, anyone could find rates as low as 2.9 when in fact by your own admission, the rate you got were for an established customer with a specific local commercial type bank and other consumer banks (which i still find hard to believe)

so unless the op is in the same city and state as you, 2.9 for 66 months is something the op should consider as it is a good rate the general public with good credit has access to.

sosh

I do not believe I gave bad or misleading advice. I would think that most everyone has a relationship with at least one bank. Today the difference between a walk in and established customer rate is minimal. maybe .3 % or less. Yes rates vary from one bank to another and from one geographic area to another. The .3% over the life of a loan is really nothing to get excited about and I advised the OP that while the 2.9% was OK that people can do a little better in some cases. Credit score will provide the real answer and the spread of a marginal credit score rate to the top credi score rate is quite a large spread.I also said the offer I received was for 60 months, not the 66 that you quoted. Lets be accurate now!

no_mulligan

I don't have USAA. The best deal I could negotiate was this: 4WD, P1, Palladium silver, Parktronic, wood/leather steering wheel, black MB-Tex, Appearance pkg(20" wheels, AL rails), aluminum running board, factory hitch, MB all season rubber mats, heated front seats & $875 destination fee........$53,019
I also negotiated a MB extended warranty from $4005 to $3360 for a 72 month/100,000 miles with 0 deductible.
ADD $395 processing and TTL fee.
I still get up to $1500 for the first two months and 2.9% financing @ 60 months thru the MB Winter Event.

What do you think?

kjmurphy

I think you got a great deal. You managed to negotiate approximately $5800 off of the MSRP, a savings of 10%. USAA price would be $52,425 plus $875 destination fee for a final price of $53,300. You got a great deal, but more important, you have a great vehicle that you are going to be able to enjoy for years to come.
Now, I'm certain that someone will chime in stating that they could, or did, get a better deal or better financing. I wouldn't pay much attention to them as the circumstances are never the same and YOU got the best deal that YOU could get.
Have a great New Year with your new ML.

Kevin

Dr.Brian

FYI, the USAA price INCLUDES the destination fee. I bought one last month with USAA. If the dealer is charging you the destination fee, he is overcharging you. The info is there on the USAA site/paperwork.
Regards,
Brian

kjmurphy

Brian,

Destination fee was included in the USAA price. I just went back and reviewed my paperwork and I was not not charged extra for the transportation.

Kevin

geeaccord

Mercedes seem to always have rates that low even as low as 1.9%, I got my 08 C350 at 2.9% and just got a 2010 ML for 2.9% for 66 mos. Today 1/9/10.

geeaccord

I just got a 2010 ML350 for $51285 and 2.9% for 66 mo.