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2013 and earlier-Mercedes Benz GLK-Class Lease Questions

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  • 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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • 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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • 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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • 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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • 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.