2006 E55 Lease Assumption - Short term (8 Mo) and Lots of miles!
Thread Starter
Member
Joined: Dec 2001
Posts: 96
Likes: 0
2007 E63, 2015 Tesla, 2013 911S Cab
2006 E55 Lease Assumption - Short term (8 Mo) and Lots of miles!
Am looking to get out of my great lease on my E55. The car is a 2006 Pewter/Charcoal E55 loaded with parktronic, keyless go, cd changer, heated/ventilated seats. The car is in very clean (pics to follow) and was picked up in 3/2006. Lease goes through 6/2009 so approximately 8 months left. PS2's installed about 9K miles ago with little wear.
I am way under miles, with 31K miles on the car. Total miles on the lease are 48,781. Payment is 1096.61 and 90.47 for california tax. This was leased under super low money factor!
Great opportunity to own a great car for a short period with tons of miles available. Please contact me at 408-398-5591 if you are interested in this great car. I don't have to get out of this but just floating it out there to see if there is any interest (ready for a new car). Assumpter to pick up transfer fee ($500 I think) and monthly payments. No money down other than assumption fee. No incentives paid, so please don't ask.
Thanks!
Eric
I am way under miles, with 31K miles on the car. Total miles on the lease are 48,781. Payment is 1096.61 and 90.47 for california tax. This was leased under super low money factor!
Great opportunity to own a great car for a short period with tons of miles available. Please contact me at 408-398-5591 if you are interested in this great car. I don't have to get out of this but just floating it out there to see if there is any interest (ready for a new car). Assumpter to pick up transfer fee ($500 I think) and monthly payments. No money down other than assumption fee. No incentives paid, so please don't ask.
Thanks!
Eric
MBWorld Fanatic!
Joined: Nov 2007
Posts: 1,517
Likes: 9
From: Daytona, Florida
SL600
You might have an issue moving this in the current market, unless you're willing to pay some type of cash incentive, or subsidize a portion of the monthly payment. $1200/mo all in is way too steep. Not trying to be snarky, but that's the reality.
'06s go in the mid $40k's now, with a lot less miles than this one has on it. If someone just bought the car outright and put 10% down for 48 months, their payment would be like $300+/mo less than what you're asking, and at the end of it all of it they'd still have a $20k+ car to trade in on something else.
Assuming a $20k residual value (pretty conservative), then someone who bought the '06 E55 for $43k and put 10% down would have paid $44,827.20 in payments over the course of 4 years, plus their $4300 down and let's say another $3k in taxes and fees, which equals $52,127.20 in total ownership cost. The car will still be worth around $20k by the end of the finance period, and so after deducting the residual you have a total ownership cost of $32,127.20 over four years, or $8,031.875 annually.
Your lease offer meanwhile, is a whopping $15k annualized, which especially considering the current market is a pretty crappy deal. Actually, it's almost exactly DOUBLE what the cost would be if someone just bought the car outright.
There is another 2006 E55 on swapalease.com that I've looked at, going for $900/mo with a $7k cash incentive payment. See for yourself:
http://www.swapalease.com/VehicleSea...hicleID=387357
'06s go in the mid $40k's now, with a lot less miles than this one has on it. If someone just bought the car outright and put 10% down for 48 months, their payment would be like $300+/mo less than what you're asking, and at the end of it all of it they'd still have a $20k+ car to trade in on something else.
Assuming a $20k residual value (pretty conservative), then someone who bought the '06 E55 for $43k and put 10% down would have paid $44,827.20 in payments over the course of 4 years, plus their $4300 down and let's say another $3k in taxes and fees, which equals $52,127.20 in total ownership cost. The car will still be worth around $20k by the end of the finance period, and so after deducting the residual you have a total ownership cost of $32,127.20 over four years, or $8,031.875 annually.
Your lease offer meanwhile, is a whopping $15k annualized, which especially considering the current market is a pretty crappy deal. Actually, it's almost exactly DOUBLE what the cost would be if someone just bought the car outright.
There is another 2006 E55 on swapalease.com that I've looked at, going for $900/mo with a $7k cash incentive payment. See for yourself:
http://www.swapalease.com/VehicleSea...hicleID=387357
MBWorld Fanatic!
Joined: Aug 2004
Posts: 3,764
Likes: 9
From: Blasting off!
CLS63 Designo Edition, Hyundai Genesis 3.8 , Veloster Turbo, CLS500(Sold), E320 (SMOKED) R500 (Sold)
I know that's not what the op wants to hear, but you are correct CWW. Anyone getting a lease on an 06 E55 at/over 1K is way too much. You can buy one in the high 30's let alone 40's in excellent condition.
The current market, I would say keep your car. Looks like the best option.
The current market, I would say keep your car. Looks like the best option.
Thread Starter
Member
Joined: Dec 2001
Posts: 96
Likes: 0
2007 E63, 2015 Tesla, 2013 911S Cab
You all make good points - the benefit here is the short term of the lease with tons of miles available. By the time the transfer is done, there will probably be 7 months left. The car you show is one of 2 listed in california - doesn't seem to be a lot. But I would probably be willing to make some incentive if someone was seriously interested.
Anyway, as I said I was testing the waters. If someone is interested, please call. If not, I'll just keep it - its not that long.
Eric
Anyway, as I said I was testing the waters. If someone is interested, please call. If not, I'll just keep it - its not that long.
Eric
Last edited by ethune; Oct 15, 2008 at 09:49 AM.
MBWorld Fanatic!
Joined: Sep 2002
Posts: 2,923
Likes: 3
Mercedes Benz
You all make good points - the benefit here is the short term of the lease with tons of miles available. By the time the transfer is done, there will probably be 7 months left. Based on this info, The car you show is one of 2 listed in california - doesnt seem to be a lot. But I would probably be willing to make some incentive if someone was seriously interested.
Anyway, as I said I was testing the waters. If someone is interested, please call. If not, I'll just keep it - its not that long.
Eric
Anyway, as I said I was testing the waters. If someone is interested, please call. If not, I'll just keep it - its not that long.
Eric
A little cash to the right person and this car will be gone.
The way the car falls in value this deal is not half bad.
Sure you can own one for less but then you are paying for 60 months. This car is done gone and out of your life in 8 months. You risk is limited. Buy a car and crash it and you lose a ton in re-sale value. Crash the lease car, get it fixed and throw the keys back to MB Financial, laugh, and be done!
Super Member
Joined: Jul 2006
Posts: 789
Likes: 36
2006 E55
In some ways this is a great deal (especially if you live in Califorinia). Nothing really down and a short lease on a great car. The reality is whoever gets the car has to do the $500 transfer fee - and "oh by the way" if it is leased from MB there is about a $450 disposition fee. The fees are now at almost $1k, then add in it you have 9K on the tires, and if anyone who buys the car has a pulse they won't have any tread on in 8-months when the lease is up. BOOM, another $1,000. So $2K plus the payments. Oh, back to the "California" piece; if you live far away and want the car shipped to you it is another $1K...
For this kind of scratch one can find - and buy - a used 04 or 05 in the low to mid $30's and they are way ahead.
I would plan on keeping it unless you want to offer an incentive to get the actual payment down to $700 (assuming the buyer is on the hook for the transfer and disposition fee).
For this kind of scratch one can find - and buy - a used 04 or 05 in the low to mid $30's and they are way ahead.
I would plan on keeping it unless you want to offer an incentive to get the actual payment down to $700 (assuming the buyer is on the hook for the transfer and disposition fee).
