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2013 and earlier-Mercedes Benz GLK-Class Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I sure do, bk2010. Mercedes-Benz Financial's April buy rate lease money factor and residual value for a 36 month lease of a 2010 GLK450 4Matic with 15,000 miles per year are .00230 and 51%, respectively. The money factor for an otherwise identical lease with only 12,000 miles per year would be the same, but the residual value would be 2% higher.

    Car_man
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  • sbesbe Posts: 4
    Hi Spenser99,

    I also live in SoCal. Could you give a breakout of your lease deal? Money factor? What dealers did you go to?

    thanks
  • sbesbe Posts: 4
    thanks Carman. question about the money factors: why is MB so expensive relative to Audi? The money factor of .0023 x 2,400 = 5.52% APR for the GLK, while Audi is quoting .00022 x 2,400 = 0.528% APR for the Q5. That is a huge difference and I wonder why MB would be so uncompetitive in the financing front. Any thoughts? any chance they'll become more competitive? thanks.
  • MF was .00197. Added Premium One, Multimedia, Appearance, heated seats, 20" chrome wheels. Lease was 583.78/mo 39 mos, but with new sales tax increased to 589 w/10K miles/yr. $2500 drive off. Cost $41563, $24842 Residual. Finally went with Fletcher Jones when House of Imports balked at including chrome wheels (they wanted to charge dealer cost $400?). 6 weeks later I still love this SUV, drives great, good mileage, no problems yet. Brakes took a little getting used - much softer than my CLK 55.
  • crestonavecrestonave Posts: 219
    Just curious, for comparison purposes, what is your tax rate?
  • nendonendo Posts: 2
    I was keen on getting a mercedes glk until i test drove it. Boy was i underwhelmed. The exterior styling looks pretty good with the 20,s but the interior looked cheap and felt like i was in a subaru. I am coming from a mercedes e55 and this was a huge step down in every way.

    Then i test drove the audi Q5 with sline trim and 20 inch wheels. WOW , i was really impressed with it. The styling exterior looked great and interior blew the glk away. Also it felt much zippier and handled better than the glk, less harsh of a ride as well.

    I took a bmw x3 out for a spin and it was god awful in almost everyway except the engine and good cargo room, The car reminded me of 1995!!

    I have test driven maybe 8 small suvs in the segment and ultimatley the q5 easily won for me.
    Now I have a audi 09 s-line sitting in front of my house and couldnt be happier with my desicion
  • Car_man,

    Can you please provide the MF and residual on a 2010 GLK 350 for a 24 and 36 mo. 10K miles lease? We are shopping this against the X3 and Q5 and trying to determine who is offering the best deal.
  • What is your opinion on leasing a used car. No more than 3 years old. Will the dealer base the lease on the MSRP of the used car or use a discount price that I offer ?

    Or if you are going to lease, just lease a new on 09' or 2010' ?

    My goal is low payments and zero down payment but want high end SUV, MB, Audi, MDX. Currently have RX350, lease ends 5/15/09.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sbe. One possible reason why Mercedes' money factors for the GLK are higher than Audi's are for the Q5 is that Mercedes' residual values for the GLK are higher as well. These higher resids enable it to arrive at similar lease payments without as much money factor support. Both companies are likely aiming for particular advertised payments, they're just going about getting there differently.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi lalakrsfan. Mercedes Financial's April buy rate lease money factor and residual value for a 24 month lease of a 2010 GLK350 4WD with 10,000 miles per year were .00240 and 58%, respectively. The numbers for an otherwise identical 36 month lease were .00230 and 54%.

    Mercedes' April lease program was scheduled to run through yesterday April 30th. Many manufacturers have extended their April programs through May 4th. I'm not sure if Mercedes has or not. Either way, it's scheduled to introduce a new program at some point over the next couple off days. I would be happy to give you an idea of what it is like if you check back with me.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi westiethewilly. there's nothing wrong with leasing a used vehicle, IF you are able to lease one for significantly less than what it would cost to lease a similar new vehicle. The main problem that I have with used vehicle leases is that traditionally manufacturers have provided much less support on them. As a result, it often turned out that the payments on used vehicle leases were fairly close to, or in some instances even more expensive than, the payments on similar new vehicles.

    Banks provide dealers with a list of dollar residual values that they have to use to calculate the depreciation portion of used vehicle lease payments. The other half of the payment, the interest portion would be calculated using the selling price that you are able to negotiate.

    Car_man
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  • crestonavecrestonave Posts: 219
    I'm far from an expert - I'm just a plain old consumer - but I would never lease a car for longer than it's bumper to bumper warranty. It seems to me that if a car comes with 3/36 and you lease for 39 months, you run the risk that in the 38th month you'll encounter a major, costly problem with the car which you'll be responsible for repairing, and then turning the car in a month later. I know folks sign on for leases like this all the time, but I wouldn't. Perhaps I'm just overly cautious, but I think the possibility is something to consider when deciding on what lease to sign.
  • jayriderjayrider Posts: 3,250
    Even if the car seems ok mechanically when you turn it in, I have concerns the dealer will do a 1000 point inspection looking for problems to fix. On your tab of course.
  • Hi Car Man. I have a new GLK on order from Germany, and my purchase/lease terms will be set once it arrives later this month. A dealer in the Seattle area agreed to invoice + $500 for a loaded AWD model.

    Any word on the residual and money factor for June? We'll probably only need 10,000 miles per year. Thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi rlinseattle. $500 over dealer invoice is an excellent selling price for a GLK450. Here's the info on the leease program that you need.

    Mercedes'Benz Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 GLK450 2WD with 10,000 miles per year are .00290 and 54%, respectively.

    Car_man
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  • njjoenjjoe Posts: 1
    just signed a sign & drive lease. "EVERYTHING ROLLED IN "
    glk 4matic
    metallic black
    Premium1 package
    Appearance package
    ipod kit
    and crome handle inserts
    10k miles/year

    $600/month good deal?
  • Hey, thanks for the post i was wondering what dealership in NJ did you get that quote from? I think its a great deal b/c in NY i was getting the same SUV with similar packages for 750 per month (0 down including taxes). thx
  • julies2julies2 Posts: 1
    Hi Car_man
    Do you have any info on the July MF and residual for the GLK 350 AWD for a 10,000 mile, 36 month lease?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I sure so, julies2. Here you go. Mercedes-Benz Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 GLK350 AWD with 10,000 miles per year are .00247 and 54%, respectively.

    Car_man
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  • sw286sw286 Posts: 6
    hi car_man,

    with your number provided. how much will be the monthly payment if 0 down ? assuming MSRP $43000

    thanks
This discussion has been closed.