AzCLS2006

Guys

What are lease payments looking like on Sl65's? 39 Months, 12k miles a year? What kind of money down are they looking for?

Any help would be apprecaited!

Thanks

Dave

absent

I leased for 24 mo ,$20k down, at $2,7k monthly.

AMGfan

absent...what is the buyout/residual at the end of the 24 months? My crude math and not knowing the money factor, I guess the price on the SL65 was around $115K or so...

I'd like to get into a SL65 myself next summer if the price is right...

Dave...try leasecompare.com to get a ballpark on what is out there. Good Luck!

absent

The sale price on that brand new car was $145k,leased through MBNA.
The residual I don't remember,since I do not plan to keep it.(it was very high though,somewhere around $100k)

AMGfan

No wonder my numbers didn't add up...the residual they gave you was way high.

NOTA4RE

you have 145k sales price
24 payments at 2.7k=~65k
20k down
85k out of your pocket over 2 years
That is a really high intrest rate/money factor you are paying, almost 50% of the money you pay in.

absent

Part of that $20k was to cover sales tax ($11k) not included in the $145k.
All in all ,probably equal or lower total expense then expected depreciation on the car,business write-off additional bonus.

Doc C

Ouch!!! That's almost 24% sales tax??!!! $11K on $45K is a hell of a lot of tax!!!! I'm sure it varies from state to state, but we get to pay the state sales tax on the amount of depreciation and pay it monthly rather than up front in Colorado. The business write off better be good to recover that.

AzCLS2006, I'd look around. Wells Fargo has some pretty good lease deals from what I understand. Not sure of specifics, but I'd heard that. At least worth checking into. Good luck. You MUST post pics if/when you get your 65!!!

NOTA4RE

I agree. Something seems a miss here.

pmb600

Many states require sales tax paid on the entire value of the vehicle not just the depreciation.

AMGfan

Doc C...In Colorado, I think you only pay sales tax on the depreciation when you lease.

See link and under the header "advantages of leasing" and the last noted advantage...

http://www.revenue.state.co.us/dlr/w...incl=faqs/faq5

Doc C

Yeah, I think I mentioned that in my post, but there are states that make you pay tax on the entire amount of the cost of the vehicle up front on a lease??? So what happens when the lease is up, the state refunds you the left over amount?? That would suck for them to have the use of your money for 24-36-60 etc. months. It makes sense the way Colorado does it because if you buy the vehicle, then you pay the remainder of the tax on that amount at that time. If you turn in vehicle, then you're all square on the taxes.

It still is breathtaking to think you start at $145K and pay $11K in taxes up front. You reduce cap cost by $9K so you have a cap cost of $136K. Your payments don't include any taxes because you paid them up front and they total $65K. Residual is approx $100K, so you pay $29,000 in interest over 24 months. I think a credit card would be a better way to go interest-wise if that's the way it's really set up. And, you'd get a lot of miles or cash back as well. That kind of money is out of my league anyway.

absent

Welcome to People's Republic of Illinois,the land of Osama Barack,Dick Turban and others.
When you lease a car for 24 or 60 months (regardless),you have to pay the sales tax 7-8% based on the selling price,not on the depreciation or amount financed.You can include the tax in your monthly pmt or pay up front.
If you live in the city of Chicago,,there is additional "use tax" ,8% of your monthly pmt.

WSH

Chic is awful re: car leasing costs, lack of twisties, absurd speed efcmt and some of US' worst weather for cars w/perf tires....but IL's incredibly low state inc tx and cheapness of land/real est in Chic/NShore vs SF/LA/NYC makes Chic one of the cheapest major urban regions in US, esp if one is car-indifferent, like most people.....

Back to topic....got a new '07 SL65 few mths back at local dealer...(from memory) $3K off sticker; $0 down 27 mo/7500mi/yr lease, MF .0042, resid about 70%, mth pmt (incl 8.5% CA sales tx) about $3800....rarely makes any sense to put up-front money into any car lease or pre-pay for more miles (esp as mis are irrelevant when early-terminating lease)....and in any total collision/theft, one's lease gap cvg esp makes upfront cash invested in a leased car not very wise.....

Got a new CL550 w/Sport Pack 3 wks ago w/same/very similar lease terms, incl MF, resid, etc....on a bit cheaper MSRP....

Leases in CA are rather sales tx advantageous....only charged tx on amt financed in lease and pd mthly, not upfront.....wouldn't run any car costs through business/tax writeoff schemes.....prob too much of an audit red flag, esp if one likes new, $100K+ cars every 6-12 mos (have never kept a car for more than 1 yr of any lease)....esp when auditor prob earns <<$100K/yr and drives a 10yo SUV/rides a train to office.....

04E55 AMG

Currently looking at a lease, any differences from 06 to 07? I was reading that they made upgrades from 05 to 06 on the SL65. They introduced better and larger brakes in the 06 model.

NY C32

Regardless of how much sales tax you pay, why would you pay that up front? Throw it into the lease payments.

Juice it

I think the 05-06 are the same car. In 07 I think is where the abc programing was changed a bit and the paddles were improved. The front bumper and exhaust tips changed as well.

pmb600

I agree completely, but I just wanted to clairify because someone said why would there be so much sales tax on a lease.

mjr24

Absent is right, Illinois is one of the few states that really nail you tax-wise for leasing. You have to pay it upfront-as if you were buying it outright....you don't have an option to put it in with your lease payments I don't believe.


WSH, I don't know how long it's been since you have been to IL, but the real estate prices are getting real close to CALI I bet. By the way, what are your CL550 lease terms?

absent

RE taxes are getting higher here,($50k on my house)

mjr24

House prices in Lake Forest, Lake Bluff, Skokie, Highland Park, etc. are ridiculous. I saw something last year that listed the top 100 zip codes median house price-wise and I think Skokie or Wilmette was in the top 20 in the country. Of course about 75 of the zip codes were California ones.

meegle

Just as bad down here in FL. They are finally re-assessing some of the homes down here thereby giving some of us a little slack.

Doc C

That's the best part of Colorado!!! People are selling their 2,500 sq ft. homes in CA for $500,000+ and then coming out here, buying 35 acres of land and building a 3,500 sq ft. home with money left over!!! My taxes on the most beautiful piece of land in Colorado (35 acres) last year was $11.43!!! Granted, once I build, I'll have to pay around $2,000 a year, but still better than what you're saying. It is in the middle of nowhere, but it sure is nice (for me anyhow). SSSSHHHHH......don't tell anybody!!!