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2013 and earlier-Mercedes Benz GLK-Class Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tl111. I don't believe that there is any CAP cash on the 2013 GLK yet. There is a $1,000 conquest incentive on it though, as you mentioned.

    Car_man
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  • Hi CarMan,

    What are the lease terms for 2012 GLK350 4Matic for 7500m or 10k/year for 24 month and 36 months?

    Thanks
  • Here you go gvitalik1. Through September 4th, Mercedes-Benz Financial's buy rate lease money factor and residual value for a 24-month lease of a 2012 GLK 350 4Matic with 10,000 miles per year are .00114 and 67%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical 36-month lease are .00114 and 56%.

    Car_man
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  • Hi Car_man or kydfx:

    Could you provide current lease rates and any conquest/incentives for BMW owners for the 2013 GLK350 for 36 months 10k/12k miles/year? Are they the same for RWD and 4Matic?

    I have a 2010 BMW 135i convertible with lease ending at the end of the year. My local MB dealer said the conquest cash is $1,000 now - is it likely this will go higher at the end of the year?

    Thanks,

    Lee
  • Certainly Lee. Mercedes-Benz Financial's September buy rate lease money factor and residual value for a 36-month lease of a 2013 GLK350 RWD with 12,000 miles per year are .00116 and 58%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of a '13 GLK350 4Matic are .00115 and 59%.

    The residual values for a lease with only 10,000 miles per year are 1% higher.

    Given the fact that Mercedes had $2,000 conquest cash on the 2012 GLK at one point, I suspect that it is very possible that the conquest cash on the '13 will increase at some point...it's difficult to say when though.

    Car_man
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  • taylor808taylor808 Posts: 1
    edited September 2012
    Hello Car_man,

    Here is a quote I got for a 2013 GLK 350 RWD

    Money Factor: 0.00166
    Residual: 63%
    12k miles/year
    30 month lease
    MSRP: 38,245

    Cap cost: 36,221 (used $2,000 USAA incentive)
    Down payment: $3,000
    Adjusted Cap cost: 33,221

    Total lease $396 + $19 tax = 415/m

    is this a good deal? the dealership is firm and will not negotiate any lower.

    on a side note, this will be a pre-order, which will charge $1,000 deposit (which they said was refundable if i didn't like the vehicle), and the dealership said when the car gets here, those numbers will be subject to change based on whether or not the USAA incentive is still active in December when the car will be here.

    Is it true that the lease numbers can not be locked in to a pre-order?

    Thanks for any help :)
  • taylor808,

    If $36,221 is the cap cost after the $2,000 rebate, then this is a rather horrible deal.

    They are charging you MSRP for this vehicle as well as adding 1% (.00040) to the money factor.

    Even on an ordered vehicle, you should be able to do much better.

    You should be able to lock in the money factor and residual until the car gets in. If terms get worse, you can take the locked in value, but if terms get better, you should be able to go with the new terms. And if this car comes in December, the terms will likely be better.

    On the other hand you will likely not be able to lock in the USAA incentive. If it is not there when this car comes in, you will not be able to get it.

    However, it is very likely that this will still be available in December, along with possibly better incentives.
  • Hi taylor808. If your credit is in good shape then the money factor that you were quoted is too high. Mercedes-Benz Financial's September buy rate lease money factor for a 2013 GLK 350 RWD is only .00116.

    A $2,000 discount on this truck is reasonable, but you definitely need to get the money factor straightened out. Also, given the $3,000 spread between this trucks MSRP and invoice price the dealer should be able to give you this large a discount if they wanted to, regardless of what the USAA program is like when you take delivery.

    BMW allows consumers to lock-in the current lease program on ordered vehicles, but I'm not sure about Mercedes. I don't see why the dealer would mislead you about that.

    Car_man
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  • Hi carman,

    Do you have October money factor and residual for a 2013 glk 4 matic with 10,000 miles and 36 months?

    Thanks!
  • Here is a quote I got for a 2013 GLK 350 RWD

    $42,231
    including
    Premium Package
    Multimedia Package
    Appearance Package
    Heated Front Seats

    Is this good deal?
  • hotwheels717hotwheels717 Posts: 5
    edited October 2012
    Went to the dealer today and was given the following lease on a 2013 GLK with a $45K MSRP which had P1 and Navigation / Multimedia:

    36 mo., 10K / year
    $2000 out of pocket, $493 including tax

    What do you think?
  • hi, did you ask what money factor they used for the lease?
  • I didn't and figured someone would ask. I did take the car for my wife...so far so good!
  • Here you go cliffpoz. Mercedes-Benz Financial's October buy rate lease money factor and residual value for a 36-month lease of a 2013 GLK350 4Matic with 10,000 miles per year are .00112 and 60%, respectively for consumers who qualify for its top credit tier.

    Car_man
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  • caliborncaliborn Posts: 1
    edited October 2012
    Hi Car man,

    Thanks for all your insight on leasing. I have always purchased and done well with negotiating a purchase price each time. Leasing, frankly, worries me.

    My wife was offered a lease deal on a GLK that sounds ok, but again, worries me. I worry about the lease end costs because there is no down on this. Here is the proposed deal: The monthly (base model) is about 485, total drive off is about 916 with licensing. This is for 30 months, 15000 a year. It makes me wonder how this is possible without being hoodwinked or fleeced in the end. Also, how does the residual factor into this?

    Thanks in advance, from ahead scratching husband.
  • Hi caliborn. Mercedes-Benz Financial does charge an annoying end-of-term disposition fee of $595 on leased vehicles, but I have not found its excess wear and tear assessment to be unreasonable.

    Since you are new to leasing, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    Car_man
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  • Car_man,

    Please confirm that 2013 GLK350 4Matic with 10k miles for 36 months has mf - .00112 and 60% residuals. Because according to truecar.com residual is 57%. And dealers give me 57%.

    What is residual and mf for basic 2013 GLK350? (same miles and months)

    Last question, how do packages change residual value and money factor?
    My dealer told me that for regular 2013 GLK350 with Multimedia Pckg residual is 53%, and money factor .00301 but for the same car with P1, Multmedia and Premium Sound residual is 59% and money factor is like .00261.

    So what is correct money factor and residual for 36 month / 10k miles? Thank you!
  • Hi ivanbeyond. I don't believe that Truecar has manufacturers' actual residual values on its site. They probably are publishing some sort of estimate based upon ALG, which is an industry provider of this sort of data. 57% is correct for a 36-month lease of this model with 15,000 miles per year. There is a 3% low mileage adder for a lease with 10,000 miles per year.

    Mercedes-Benz Financial's October buy rate lease money factor and residual value for a 36-month lease of a 2013 GLK 350 without 4Matic with 10,000 miles per year are .00111 and 59% again for consumers who qualify for its top credit tier.

    If your credit is in good shape, the money factors that you are being quoted are outrageous. The dealer must be marking them up a ton to add additional back-end profit to your deal.

    Car_man
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  • Hi Car_man and kyfdx,

    Would you provide November lease rates for the 2013 GLK350 4Matic for 10k/12k miles per year when they are available?

    Thanks,

    Lee
  • Hello Lee. Mercedes-Benz Financial's November buy rate lease money factor and residual value for a 36-month lease of a 2013 GLK 350 4Matic with 12,000 miles per year are .00112 and 59% for consumers who qualify for its top credit tier.

    The residual value for a lease with only 10,000 miles per year would be 1% higher.

    Car_man
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  • radoncgsradoncgs Posts: 58
    edited November 2012
    Got a quote on 2013 GLK350 4MATIC with

    MSRP: $ 45325
    Q01package without sunroof
    Parking sensor
    Nav pre-wiring
    Trailer hitch
    Harman/pardon sound system
    Heated front seats
    Invoice price: $42217.
    Selling price: $41333.
    Is this a good deal?

    Thx!
  • In October dealers here in Southern California indicated they would do $1,000 below invoice, although they could not "guarranty an exact price" on a car that had to be ordered. I started with $700 below invoice through the COSTCO car buying program and was able to get it down to $1000 from more than one dealer. Perhaps you can getter a better deal if the car is in stock. I have one on order as they didn't have any with the configuration in stock and I wasn't in a rush.

    Check on any incentives as well. I believe they may have conquest cash if you provide proof of registration for certain brand vehicles.

    Lee
  • Thanks Car_man!

    I'm waiting for a car on order to arrive, but it probably won't be here until late December or so. I was curious to see how the rates are changing month to month.
  • Hi CarMan,

    Can you please let me know what the MF and residual are for a 2012 and 2013 GLK 350 4matic for 36 months with 15,000 miles/year?

    Thanks,

    Jake
  • Sorry, can you make that just 2013 and for 24 months, same other specs.
  • New GLK 350 RWD with $3450 Premium 1 Package plus heated seats and keyless entry...

    Term: 51 mo
    Money Factor: .00111
    Residual: .44%
    10K/mo.

    $39,500.00 Selling Price
    $ 199.00 Doc Fee
    $ 1,095.00 Acquisition Fee
    $ 51.75 License Fee
    $ 592.50 Cap Taxes
    $40,600.00 Gross Cap Cost


    Payment $499.44

    Is this a good deal? If not, please tell me what I need to negotiate. I need to get back to them this week.

    Thank you!
  • Thanks Lee for your insight.
  • I am also interested in the MF, residual value for 30 months. Just like the one from the website (http://www.mbusa.com/mercedes/special_offers/current) but can not tell if it is for 10000 miles per year or more. Thanks.
  • Hello Car_man and other GLK buyers/leasee's !

    Hope you can help me out. I am in the process of getting into a 2013 RWD GLK 350 and I feel as though my monthly payments should be a little lower due to the fact the model is very basic with no bells and whistles. I wanted a protection package for my tires and rims over the heated seats. Also with the conquest cash this should knock the price down just a little into the 360.00 price range according to the dealership manager. Should I consider putting less money down? Im just a little confused. The car is being ordered and gets here mid-December.

    Currently the price goes as followed:

    STICKER 37,995

    Lease Terms: 36 months, 12,000 m per year

    Money Down: 4000.00

    Tire and Rim Protection Package (1000.00) extra

    Monthly Payment: 372.17 (including taxes)

    Thanks So Much,

    Ann
  • leeshuckleeshuck Posts: 73
    edited November 2012
    Ann,

    My opinions:

    I would reconsider the tire and rim package if I were you. It's a big profit item for the dealer. How often have you had experienced damage that this insurance would cover? Check with your insurance company to see what the comprehensive coverage would be for this.

    You need the selling price of the vehicle and current lease rates provided here to calculate what your payments should be. Start with current/estimated invoice price and go down from there. I think you should be able to get $1,000 or perhaps more below invoice, then deduct any incentives/conquest cash.

    Don't sign any contracts until you are comfortable with everything. On the GLK I ordered, I signed a good faith agreement with refundable deposit. This was a generic form also used for wait-listing prospective buyers. I don't believe the dealer can legally lock you into a contract here for a car that has to be ordered. They did indicate what pricing below invoice they may provide, but there is no guarantee in writing/binding contract of exact price prior to delivery.

    I believe the experts will tell you that putting any money down on a lease for Cap. reduction is not recommended, as you would lose it if the car were totaled.

    Hope this helps,

    Lee
This discussion has been closed.