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2013 and earlier-Mercedes Benz GLK-Class Lease Questions

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  • The MF of .00112 is the dealer's buy rate for the money which is their actual cost basis. Often dealerships will mark up the rate to increase their profitability of the deal. In your case the difference in money factors is 2.688% versus 3.144% when extrapolated to interest rates. So, this should be a negotiable figure provided, of course, that you qualify for MB Finance's top tier credit. I got my 2012 E350 4 Matic at my dealer's buy rate. Good luck.
  • Thank you! I figured that would be the case, but didn't want to walk in with unrealistic expectations.

    Do they also bump the residual value down by 1% in their favor? I am looking at a 36 month 12,000 mi/yr lease, and they are giving me a residual of 58%.

    The same sources that I found the MF rates are saying on a 36 month the residuals are 57% for 15K mi, 59% for 12K mi, and 60% for 10K mi. So I am assuming they are playing with the residual value to get an extra $12-15/month out of me?
  • Car_man or kydfx,

    The GLK350 I have on order is expected to arrive at the docks on 12/29 but won't be available for pick up at the dealer until some time in early January. I'm in California and signed a prospective purchase agreement with refundable deposit clause. My BMW lease is up on 12/30 and the Mercedes-Benz dealer said I could rent a car through Enterprise at a discounted rate while I'm waiting for the GLK.

    Mercedes-Benz doesn't seem to be able to lock in any current lease programs/incentives like BMW does, so I don't know what the final lease numbers will be. The dealer said the selling price would be $1,000 below invoice.

    Would you expect the GLK350 January lease programs to be much different than December?

    Thanks,

    Lee
  • Happy Holidays to you as well Lee. Mercedes-Benz Financial's December 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 10,000 miles per year would be 1% higher.

    There is $2,000 Winter Event certificates out there on this truck right now.

    Car_man
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  • Hey Lee. While it's difficult to say for certain, I suspect that the Winter Event certificates that are available in December will not be available in January. The lease program for this truck will likely be similar month-over-month. I suppose that it doesn't matter whether the certificates are out there or not as long as the dealer still honors the $1,000 under invoice price and doesn't mark up your money factor.

    Car_man
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  • Can the Winter Event certificates be combined with their Fleet Employee Program? I am pretty sure everything carried over for January, and I have positioned myself to walk in with a deal they have accepted and put my FEP Document down on the table to lower the payment even more.
  • deacondoesdcdeacondoesdc Posts: 1
    edited January 2013
    Hi all - I had an unfortunate accident and have a total loss situation for my 2011 c300. I'm trying to get into a new lease with a 2013 glk

    I really care about the Premium 1 package and the Multimedia as I like the backup camera, 4wd, and heated seats. Beyond that, I could care less about the options. I want a tan interior, which is harder to find (or so they tell me)

    I'm in Arlington, VA, and have been offered the following:
    $475/mo
    $4500 down inclusive of tax, tags and first month's payment
    30 - 36 mo lease
    10,000 mi / year

    I have USAA and they have a $2k incentive going on now too, if that helps.

    Am I getting a good deal or can I negotiate better? What is the lowest I can push them to go? One of the cars being offered has exactly the options above but with an upgraded exterior color, the other has additional options that bring it about to a 50k msrp value. Thanks!
  • psmdpsmd Posts: 12
    edited January 2013
    Car-Man- Can you please post the money factor and residual value rates on a 2013 GLK
    10K miles 36 and 48 months?
    Thanks
  • Here you go psmd. Mercedes-Benz Financial's January buy rate lease money factor and residual value for a 36-month lease of a 2013 GLK 350 4Matic with 10,000 miles per year are .00112 and 60% for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical 48-month lease are .00112 and 47%.

    Car_man
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  • Hi Car_man,

    Do you have MBFS's Feb 2013 residual and money factor for 7500 miles/yr, 27 months on a 2WD GLK350 (SoCal)? Or anything comparable since the terms are bit strange...?

    Thanks!
  • Hi 14dmuny. Mercedes-Benz Financial's February buy rate lease money factor and residual value for a 24-month lease of a 2013 GLK350 4Matic with 7,500 miles per year are .00112 and 61%, for consumers who qualify for its top credit tier.

    Car_man
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  • Thank you so much. That was the best explanation I've heard yet about leasing. I just finished asking the questions you answered here,on the Lexus RX350 forum. I was curious to see if I could find out what a mercedes glk lease would cost, since the dealership I called wouldn't even give me a ball-park figure, when i happened on your informative post. One question: why do you think leasing is a terrible deal? Thanks for your gems of wisdom.
  • ken117ken117 Posts: 179
    "The residual and money factor makes no difference, though math experts will tell you differently."

    This statement is completely false and exemplifies the common lack of understanding of automobile leases.

    Other than the capitalized cost (selling price plus extras such as registration, tax, etc.), the residual value of the leased vehicle and the money factor are the most important aspects of a lease. A high residual value and low money factor result in a lower monthly payment. The residual value is set by the manufacturer. The money factor is simply the interest rate divided by 2,400. So a money factor of .0009 is an interest rate of 2.16 percent.

    Also, leasing is not a "terrible deal!" When leasing you simply pay less for the vehicle over the lease term than you would if you bought the vehicle. Of course you will have less equity in the vehicle, but that is simply because you paid less. IMHO, leasing is best for people who are comfortable with a level car payment with no surprise repair bills and who enjoy a new vehicle every couple of years.

    It is always best to lease a vehicle from a manufacturer who is providing lease support, usually in the form of a low money factor. It is also best to lease a vehicle which has a high residual value like a Lexus or Acura.

    Edmunds has a great lease calculator. Any reputable dealer should be willing to provide the money factor and residual values. Additionally, such information is often available on Edmunds forums.

    This information and the Edmunds calculator will provide a solid estimate of what a lease payment on any vehicle should be. Smart people have this information before they visit the dealer. Knowing what the lease payment should be will help assure a good deal and avoid dealer mischief.

    There is usually no requirement for a down payment for a lease. In fact, most experts seem to agree, it is rarely wise to put any money down on a lease. All that is usually required is the first month's lease payment.

    If a dealer won't discuss cost or payments over the phone, it is probably a good idea to look elsewhere. If the dealer is not forthcoming over the phone it is likely they will not be forthcoming if you visit. Why bother with them when there are so many other dealers waiting for you to contact them. Always good to remember the dealer needs you, you don't need them.
  • residual_riskresidual_risk Posts: 5
    edited March 2013
    Hi Car_Man & kyfdx,

    I'm looking to lease a GLK 350 4Matic for 36-months with about 19K miles . Could you please tell me the Residual Percentage and the Money Factor I should be looking for?

    Currently the dealer is quoting me $42,978 (including the Premium 1 package). MSRP was $45,700. I should be able to get a $2k Fleet Discount on top of that as well. What do you think of this deal?

    Thank you!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi residual_risk. Mercedes-Benz Financial's March buy rate lease money factor and residual value for a 36-month lease of a 2013 GLK350 4Matic with 15,000 miles per year are .00112 and 57% for consumers who qualify for its top credit tiers.

    As far as the selling price goes, the vehicle that you're interested in probably has a spread of around $3,000 between its full MSRP and dealer invoice price. There's some $1,000 dealer cash certificates out there that you should be able to convince the dealer to use on your deal as well. If I was in the market for a '13 GLK right now, I would shoot for a $3,000 to $3,500 or so discount. That's not far from where you're at right now.

    Car_man
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  • Hi Car_man,

    I am interested in leasing a 2013 GLK 350. I am open to the duration of the lease (30, 36, 48 months). Can you please let us know the Money Factor and Residual % for April with 7,500 miles per year with the above? If you can't do 7,500, then please let me know 10,000 miles.

    Thank you!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi beast3012. Mercedes-Benz Financial's current buy rate special lease money factor for a 2013 GLK 350 4Matic is .00112 for all terms up to 48 months. Its 7,500 mile per year residual values are 71% for 24-months, 66% for 30-months, 61% for 46-months and interestingly 48% for 48-months.

    The residual values for leases with 10,000 miles per year would be 1% lower.

    Car_man
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  • coyote_bobcoyote_bob Posts: 2
    Getting ready to lease a GLK250. Any info on money factor and residual value for a 36 month, 10,000 mile per year lease?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello coyote_bob. Mercedes-Benz Financial's May residual value for a 36-month lease of a 2013 GLK250 is 62%. Mercedes isn't providing any lease support on this new model yet, so its money factor would be MB Finance's standard.

    Car_man
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  • coyote_bobcoyote_bob Posts: 2
    Thank you Car_man. Had to purchase the car instead of lease. Finance rates are really low for top tier credit. Money factor was .00300 - too high. Purchasing was a no-brainer. Car is a dream. Actually gets 38 mpg's for freeway driving. Handles well and is very quiet. Thanks again.
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