skooby

Yes they can hold you to the residual. I spoke with my sales rep about negotiating the buyout price. His response was that on the initial discussion, they will not waver. However, if you act like you may or may not want the car, they may drop the price.

I took his advice and as he said, the residual was what they quoted me with no hint of negotiation and a 7.25% interest rate. I then asked for paperwork on turning in the lease and purchase and told the MBF guy I wasn't sure what I was going to do.

4 weeks before the lease was up I called and said I wanted to purchase, but was going to finance it through my bank. The MB financial guy said the buyout was now 4K less. OK...

I was going to do a refinance of the house and pay the car , but interest rates went up to where it wasn't beneficial. so 2 weeks later I called back and said I was just going to have them do it. The MBF guy quoted back the initial residual and then the discount. His next comment was something like lets see where things are today...I can offer it to you at 11K below residual at 6.49%. When I asked him about the price change he said it had to do with what the cars go for at the wholesale auctions. If they have a hard time moving vehicles, then prices drop.

My sales rep has had this result for several customers. Give it a shot and see what happens.

j_belll

damn, sounds interesting

skooby

I asked for it black and white and here I wait for the answer. I call and a useless wet repo dream until I see different.

deuce zer0

dude, serously...did they hurt your feelings when they said your car is priced to high?

?????????????????????WTFISTHISTHREADFOR??????????? ????????????

Vader55

Skooby,

This is not helping your cause, let it go and good luck on the sale.

skooby

What's not helping my cause is when I have A-holes come on my thread and make up stories about how they buy their leases for $25 K under my asking price. It's really F-in rude and just silly to think that you can buy a E55 for $37K, not one documented case for a 05' E55 as well unless it was driven through a wall twice. The guy forgot to mentioned that his sister also left it in the LA hurricane to soak for a while, then it makes sense.

bigben320e

Is it really that serious? Cars are being sold for rather low amounts right now, so it's not hard to see low prices. There are several E55's in the range of $47-38K on Ebay and other sites that are 05's.

Not anything to get upset about...it's just the market. It is loaded with high-end cars at low prices, that have nothing wrong with them.

Vic55

Almost all leases are closed end in nature and therefore the residual is set. If the bank chooses to change the residual thats their perogative and yes, it has been done. I did it with my lease on my 04 E55 with Chase.

Chase used an average of three sources (Edmunds I think, auction values, and resale prices) and came up with a number. This number, while not great, was less than the original residual buyout that I had on the contract. They allowed me to negotiate at the 180 day to lease term date. Most banks wont let this happen though. I hear US Bank and Wells just take their lumps.

Remember that these banks insure the residuals as well and hence have maximum residual values (aka MRM). So, they dont necesarily care what the car will bring at the auction.

splinter

That’s at least half the reason why I enjoy MBW so much.

Not referring to anyone in particular, of course.

Wolverine55

I think people are really seeing who the A-Hole is, skoob. Since there's very little light getting up yours at the moment, I'm having a hard time finding any of my documentation. All I see is a big pile of...don't fret though. I will have it up tonight.

Rock

Dear Vic,

I've got to take care of my issue this month and as you previously recommended, I was going to negotiate with US Bank first. Should I even waste my time?

BTW, please note the respectful tone of my post.

Vic55

As you are professional, so Ill be as well ...

Yes by all means tell them where you are at and where you think the value of the car is at and see what a Manager or Supervisor may or may not do.

Wolverine55

After spending several hours seaching in that dark chasm, I finally found the light switch...Dim bulb and the pile was actually scoob's head. Anyway, enough of the immature babble. Here's the info, Skooby. I hope this ends all your ranting and attitude. Please stop acting like an *** on this forum from here on out. Thanks and yes it is black on black...a man's car

zoink

Wolverine, I could understand skooby's skepticism. It's certainly hard to believe that the MBF sold the car for $39K (your mileage is high... but I think they could still sell it for more, even at dealer's auction).

This is why:
Arranging the puzzle, I could guess that your lease started in March 2005 and lease length was 3 years. If your mileage allowance for this car was 10K/year, it means you were at least 9K above the schedule. Assuming it's 50c per miles over (is this right? ), it means you had to pay additional $4.5K at the end of the lease, if you were to return the car (= more profit).

So from MBF's perspective, if you returned the car and paid $4.5K and they sold the car, let's say, $39K at auction, they would've gotten $4500 minus transportation/admin/misc fees but NO risk but w/ a chance to offer you a new car.

Looking at what actually happened: Your total interest payment in the next 3 years would be ~$4.2K. So the difference is negligible... but they exposed themselves to additional risk (you don't pay, cars got totaled, etc.).

If I were MBF, I wouldn't have sold you the car that low given additional risk I would need to face.

So that's why I find this interesting.... Did you sleep w/ MBF rep or something? Tell us the secret

Anyway, for those who are skeptical, wolverine didn't lie.... here's the math:
Based on 6.49%, 36mo. and $1263.93 payment, the loan is $41,245.
Assuming no down & sales tax (6%, right?) was put in the loan, this comes down to $38.9K, exactly the amount Wolverine told us.

I Like Soup

pwnd.

skooby

Enjoy your Non- CPO car, it stickered for $5,500 less than mine (henceforth the lower price), good deal either way.

bigben320e

Hmm...Wolverine came through and gave the proof. Well I suppose this puts the baby to bed. All the more proof as to what he said from the beginning, that these cars are selling for lot less than 60+K. Interesting....

ProV1

+1


btw, u gotta love a guy with screen name "WolverineE55". Go BLUE!!!

regor60

"Ruh-roh Skoob"

Wolverine55

Zoink,

Actually, my lease started on Dec 4 of 2004. I did a 39 month lease with 15K miles per year. I also purchased the extended warranty to 100K in case I decided to buy out at the end of my lease.

As for the MBF rep, he's in TX and I'm in MI. The wife and I were in South Beach a couple of weeks ago for the Sobe wine and food festival... I did have a layover in Dallas about the time the paperwork was being processed...

Seriously though, I don't know what detemined the change in the buyout price other than what the MBF guy told me. That was the same info I stated in the prior thread before this one was started.

I agree that Skooby had a right to be skeptical, but to be labelled a liar and to rant on and on about it really shows lack of class. This forum has had too many bad eggs of late.

skooby

Dude, I dropped the subject. You bought a car that stickered for $5,500 less than mine and MB gave you a great deal, hurray. It isn't like people can recreate this deal and it's for no one but yourself, so enjoy patting yourself on your back and have fun with your car.

There is also a chance that you drove the car into a wall and they pieced it back together for you and MB didn't want to get it back, so they worked a deal out with your insurance company.

There is also a chance that you are in a lemon law state that forces manufacturer's to buy the car back and you had a lemon but told them you would keep the car for "special" price. They then decided it was in their best interest to cut bait and gave you a good price for a normal car but a ****y price for a lemon. I live in a lemon law state and once a lemon goes on title the car is F-in worthless, half it's normal value minimum. It's illegal for manufacturers to screw with title but dealers switch states and reissue title all the time.

I personally think your deal is way to good for a normal situation and no one has ever claimed to get anything like that out of MBCC, so I will assume you have some F-ed up situation. If it's to good to be true..........

ucsdsig

Too funny

Great deal Wolverine55

J 2OOI

Props to Wolverine for showing class on this one...

D Bst

-1 for Skooby.... for not having the cahones to publicly apologize that he was wrong (we all do that @ times )... all you had to say was,
"Oops! sorry I was wrong... well done for good deal!"

Archi

Well you never know, it could be a lemon law car . LMAO Great deal Wolverine, props for showing some class.