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Comments
You still have two years left on the lease (it's a lease, right?).
It'll take some sacrifice on your end, maybe go over your budget and cut out some extra curriculars, or restaurant trips to ease some of that car/lease payment. But, I don't think adding to your car debt by adding even more negative equity is an option.
You might be able to trade down to something (much) less expensive and roll the negative equity into it. BUt, you're going to have to find a financial institution willing to add such a large amount to a loan.
If you have a large down payment, you might be able to work something out on a much cheaper car.
You might want to look at a used car, too.....something much less expensive.
My guess is someone's going to ask you for a sizable down payment to get you out of your current car.
Long story short, your dealer doesn't care how upside down you are in your finances. They just want to move another car. Given the state of more stringent credit requirements after the bank meltdown a couple of years ago, I'm kind of surprised any dealership is calling given it's much harder to put together those kind of upside down deals in today's marketplace.
Best of luck!
A typical A service at my dealership is $329 dollars, and the B service if $400 dollars. If you put lots of miles on the car, it is worth it. But most folks would use the plan once a year, on average. It all depends on your driving habits, etc.
I sure wish Mercedes would go back to full maintenance, like BMW. They cover brakes, rotors, and just about everything else.
Good luck.
2021 Genesis G90
I believe you can, but check with USAA first and then your dealer.
2021 Genesis G90
So, unless you plan to keep the car for over 4 years and/or beyond the 50K miles, it does not make any sense.
good luck
2021 Genesis G90
I definitely wouldnt mind trading down for a c-class. Like I said my main concern right now is cutting payments.
My lease ends in 10/2013, so I still have a bit over 2 years left on it and the payments of $915 are killing me.
I am trying to get an idea of with my current condition how much I can get an E or C-class for. I think based on what you guys are saying it is better for me to go to a lower model.
Thank you again for your help.
I was wondering when you order 2012 E350 sedan, what was the specification on the engine?
According to MB dealer, the new engine change will be in Mid year change so the first shipment on 2012 has the same engine as 2011.
I am dealing with the 2011 E350 sport package with P2, leather. I am not sure what is the reasonable price with conquest discount.
Thanks.
I have seen all the specs and options off the dealers ordering site. In fact they already had one new Cabriolet with the new engine ( I bought a sedan). My car is being built between Sept 20-30 and delivery is October 31.
Best regards, BL
Congratulation on your purchase. It will be a sweet and exciting ride.
regards,
kyfdx
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Cabin-wise, all E-Class models now offer a more brilliant thin-film transistor (TFT) LCD onboard display with 3D graphics capabilities. The full-color high-res display measures seven inches, and among the new functions possible with Benz's new COMAND Online service is full internet access. There's a big tie-in with Google Maps, plus Google Local Search, and more features will continue trickling out as 2012 approaches. Bluetooth functions have also been augmented to allow full access to mobile address books via the onboard screen, and there is full iPod playlist connectivity and search capability.
I did not opt for the $20/mo (I think) Comand service but then again, I didn't know about internet access, so maybe that will change my mind.
As far as the lease goes, I paid the first month payment, registration fees and required taxes on those up front....no other money down; lease orgination fee was rolled into the lease payments. I loaned Mercedes the maximum 10 security deposits (mulitple security deposits) reducing the mf from .0024 to .0017 (and I will get that money back at the end of the two years). The residual value is a rediculous 77%...and I was eligible for the conquest money. I was the first person to have ever used multiple security deposits with my dealer so it was a learning experience for them. Once we got the numbers right, they did not believe it was possible for anyone to walk out with a 2 year lease on an e 350 $59k+ MSRP), without any money down for less than $495 a month plus taxes. BTW, the three year lease is far worse than the 24 month one...and the 24 month lease which is almost a steal...if you can find a 2011 diesel. It would have cost me significantly more per month for a three year lease.
One concern I had about buying a blutec car, I was reading on the net about the very high cost of having Mercedes refill the blutec fluid...My dealer charges $99 to refill the tank (10K miles)...not the $300+ I've seen posted around.
We are in the process of purchasing our first Mercedes Benz. DH and I are looking at E-350 in MD (near DC metro area). We are USAA members and the dealer said he would give us exactly the $ on the price certificate, which is $4K under the invoice.
For E-350 4matic, mb-tex, premium 1 package it comes out to $55855 so we would pay $51855. DH wants leather seats so we decide to go with that it would be $1600 more.
I see on here that some people are paying $48K for E-350 and now I don't know if we are getting a good deal or now.
Are we?
Remember, the coupes are already in the dealerships with the new engine. Why would Mercedes have a different engine in the sedan from the coupe?
It you go to benzonly.com, you will see the specs on the new 2012 sedans and wagons.
2021 Genesis G90
However, there is some money available directly to the dealer. Offer him $1000 less than the price he quoted. See what he says. I would also go to another dealer and present the same offer to them.
The only other incentives available are the conquest incentive, which is also $4000 (not available with USAA discount), etc.
2021 Genesis G90
Both sales man and sales manager at MB dealer in Dallas told me that the first shipment of 2012 E350 will NOT have new engine. They told me that the new engine will be available in Spring of 2013 as mid year model change and recommended 2011 model.
Obviously, they were trying to clear out 2011 model no matter what it takes.
I have contacted another MB dealer and found out that they were flat our lying on this. I am in the process of ordering 2012 E350 sedan Sports Pk, P2, and Leather from other dealer. I am not sure how much discount I can get at this time.
I am going to let the first MB dealer how unethical business practice they have done to me. I would never go back to the dealer and post comments on the dealer review site. I don't want other perspective MB buyers to fall into this.
I ordered mine in Silver with black leather, multi-contoured front driver's seat, ventilated front seats (we need those down here in Florida as I am sure you will need them in Dallas), P2 package, rear spoiler. MSRP is expected around $61700.00. I doubt there will be any incentives right away, however mine is not due in until late October. So I will wait to see if they have special incentives for their "winter sales" which usually starts November 1st and runs through the holidays. Last year, they had a $2500 loyalty discount as well as $1500 incentive for current Mercedes Benz financial customers. I predict the invoice on the car will be around $57,000.00. If they have no special deals as of November 1st, then I will be forced to pay the big bucks. However, I plan on keepoing this once for at least 3 years which is when they will probably change the body style.
Good luck!
2021 Genesis G90
2012 E350 Sports Package, Iridium Silver, Black interior, Black ash, P2, Leather, Ventilated seats, real spoiler, wood sterling wheel, AMG 18" wheel.
I usually buy the car off the lot and never ordered one. This will be a new experience for me how I have to negotiate the final price.
When you order yours, did you have to put some deposit down right? Are there specific conditions that you can cancel the order? Such as, you are not satisfied after test drive the new car and finding out some issues.
You have mentioned that yours will be due until mid October. Does that mean you are going to finalize price including any possible incentives or royal customer discount at that time.
The last note on the body style change, E350 has been updated on 2010 so it will be due on 2016(7 years model change). It will be good for another 4 years at least.
I already know what I will be paying. No, my dealer knows me very well. He ordered the car(s) for me without a deposit. In fact, he ordered two for me, one due around October 1st, but with Premium 1, rear spoiler and wheel package. The one that is due in later October will have the the upgraded packages.
I will probably take the P2 package car with the multicontoured seats, ventilated seats, rear spoiler, wheel package, Leather, etc. I expect to pay around $57,000 for the car if there are no additional incentives, etc. The reason I get such good deals from my dealer is because I have purchased 6 cars from him in the last 2-1/2 years. So I get a fantastic pricing arrangement with him. He also gives me above book value for my trades.
Thus, I expect to take delivery of the new car around NOvember 1st, or thereabouts.
As for canceling the order or not taking the car when it comes in, I don't have that problem for the above reasons. However, if you are required to give a deposit, I guess you have to give one, but make sure it is a REFUNDABLE deposit should you not like the car when it comes in. Most dealers would do that for you. My dealer told me if I don't take either of the cars he ordered for me, he can easily sell them off the lot.
Good luck with yours. Can't wait to get the improved fuel economy with 302 horsepower.
2021 Genesis G90
That is one of the reasons that you don't want to make a down payment up front.....but you should use whatever money you were going to use for a down payment to buy down the finance charge with multiple security deposits. BTW, this also applies if you have a trade in....take the trade in money and don't let the dealer apply it as a cash down on the lease...insist that he apply it as multiple security deposits.....or if he is totally confused (which he will be), ask him for a check for your trade in....and then write another check for multiple security deposits.
Be prepared for the dealer to tell you that multiple security deposits aren't worth doing, your payment will go up (because you aren't making a down payment), etc. Very few dealers understand them. I bought from a major MB dealer and they haven't done a multiple security deal in 5 years...they never understood what it was and why it saved money. You need to insist that they run the numbers using the same money as a down payment as one case, and then a case using that money to buy multiple security deposits. Then add up all the payments you're going to make over the life of the lease and see which one costs less. Don't forget that you write a (big) check for multiple security deposits when you sign the lease, but you get that money back at the end of the lease.
BTW..it's ghstudio who got the deal on the diesel...not steve.
I will write more on multiple security deposits here shortly.....I continue to learn "tricks" to sweeten the deal even more. In fact, I made a mistake in my deal...I residualized the loan origination fee which made my monthly payment go up and made each "multiple security deposit" higher...so I loaned them more money than I needed to. I should have prepaid that fee. Oh well...there's always next time.
Glad you got the exact car you wanted.
2021 Genesis G90
I just turned in a 2011 M37 after 13 months on a 39 month lease because I really disliked the way the car drove (transmission) and the growling sound of the car with the windows open.....and I got a great deal on a 24 month lease of a 2011 e350 BlueTec. I am MUCH happier with the Benz....it's more comfortable, it rides beautifully, it's fast enough (even the diesel).
Incidentally, with no money down on either lease and taking the maximum multiple security deposits on each lease, I am paying less per month for the $60K Mercedes on the 24 month lease then I was paying monthly on my 39 month lease of the M37.
I also drove the 535i and it just didn't work for me.
Thanks.
Who would think you could lease a $59000+ 2011 e350 BlueTec sedan with Premium 2 and some other doodads for two years, 12K miles/yr for under $500 per month (plus tax) with no money down at closing other than the security deposits which I get back at the end of the lease.
Sometimes you just have to eat those dealer fees.....
Although they did not have the largest inventory selection the most professional response (read as no BS or games) that I received was from the Long Beach based Mercedes dealership. I found a car online and discussed the specifics with the hardest working salesman at the dealership. He is an ex-Marine from 2 decades ago and still has that excellent work ethic. I made an appointment to come in the next morning and found the car prepped and ready to go.
Now for the specifics:
2011 e350, palladium silver with P1 including destination
MSRP $54,995
Dealer Invoice $51,707
Less Conquest and Loyalty Cash ($4000 +$2050)
Price $45,657 (83% of MSRP - anything better than 85% of MSRP is a green light to me)
After reading the posts over the last two weeks or so I decided on a 33 month lease @12,000 mi/yr.
This equated to a 64% residual at a MF of .00192 (approx. 4.6% I/yr) for Tier 1 credit through MB Financial as of September 2, 2011. I had quotes for better MF but lower residuals from captives and banks with other dealers and a well known leasing company that advertises nationally but this was the combination that I liked the best.
MB Financial and MBLB charges a $795 acquisition fee (capitalized = residualized at 64%) which brought the total gross capitalized cost to $46,452.
At that rent and depreciation the base monthly payment is $497.81. After paying Calif tax of 8.75% the total payment is $541.37 with a drive off payment of $1027. I think this is a great deal! Thank you to the forum!
Did you use multiple security deposits?
BTW..I believe your statement: MB Financial and MBLB charges a $795 acquisition fee (capitalized = residualized at 64%) which brought the total gross capitalized cost to $46,452....is not correct. The residual value is 64% of the sticker price on the car and does not include the acquisition fee. With or without that fee rolled into the lease, the residual stays the same. The agreed upon price changes. You pay the difference between the agreed upon price and the residual value in your monthly payments...or said another way, you are paying the full $795 over the 36 months of the lease. However, that doesn't change the fact that you got a very good deal....
Thanks again for the market intelligence.
Final question....did you buy a BlueTec? That residual seems very high for a gas 2011 e350 unless mercedes significantly raised the residuals in September which is very unlikely.
Can you show me your math on your 11% effective rate using my deal parameters?
2021 Genesis G90
Wanted to see what you think on the deal for a 2011 E550 euro delivery (i did not choose this type of delivery it was the only E550 around in S. Cal that had an MSRP where I wanted it
P1
Sport Package
Drive Dynamic Comfort Seats with Massage
IPOD integration
MSRP: 63,340
Price Agreed to 54,340
Money Factor .00245 but did 10 security payments @ 700 so .00175 (i think they made .00005 on the mf, unless it changed in september)
Residual 55%
Monthly payment including CA tax $712
10,000 miles
36 month lease
$2,000 at signing (first month, DMV, title etc)
What do you guys think?
2011 E350 4matic
White/Almond
Sport
P1 Package
Rear Spoiler
Folding Rear Seats
________________________
MSRP: $57,515
Conquest: -4,000
Discount: -5,800
______________________________
Sale Price: $47,715
Good Luck
2021 Genesis G90
Only you can judge if it's worth waiting for:
New more powerful more economical engine and tweak of transmission
(slightly) upgraded comand system (but may have some updates coming
Improved (or more colorful) dash
move iphone/aux connector from glove box to center console
Straight LED parking lights
Externally, no one will know if it's a 2011 or 2012; internally they won't know either unless they notice the dash is more colorful.
Resale of the 2012 will be higher when you sell...but then again, you will be paying more for it because of the loss of discount $'s.
Would appreciate some guidance on which options packages I should select if I want:
Ventilated seats - I see that P1 includes heated seats, does this include the ventilated seats? or do you have to upgrade to the dynamic seat w/ massage?
Parking Sensors: I prefer sensors over the backup camera (I've had both). I see that P1 includes the backup camera and have seen E-classes with sensors but I doubt the backup camera comes with the sensors. Do I need to get the Parktronic package to get the sensors?
Pre Paid Maintenance: I haven't see any pro/cons discussions regarding prepaying for maintenance with MB. Scheduled oil changes are every 10k miles due to the synthetic oil. I'm a low mileage driver (9k/year), but have had some unpleasant surprises with the cost of routine scheduled maintenance with my Infiniti. Prepaying sounds like a good idea, but would appreciate thoughts on this.
Thanks!
If you want the parking sensors, you have to get parktronic
Maintenance depends on how you want to maintain the car. If you are leasing then you have to follow mercedes maintenance schedule so pay it now or pay it later. The only risk with paying up front is if you total the car before you've needed the prepaid maintenance. Otherwise, you're probably going to pay it or do what you think the car really needs and take your chances.
It's definitely good idea to get pre-paid maintenance, especially if you lease, because you can residualize maintenance cost in the lease. Even though you'll use 100% of services - you can deduct residual percentage from it, so you'll save about 45% of the cost of maintenance overall.
Also, you'll need to improve your negotiating skills before going to the dealership. Just saw this article: Art of Negotiation. Talks about how to deal with dealers. Highly recommend...
The residual value is based on the MSRP of the car. Other fees that are rolled into a lease such as the origination fee, maintenance fee,.....are paid in full over the life of the lease. Those fees are not residualized..... It's just a question of whether you want to pay them now, or spread the cost out.
It may be advantagious to pay them, in fact, up front if you are going to (wisely) take the multiple security deposit because each security deposit is equal to your monthly payment. If you include those fees that you are going to pay in full over the life of the lease up front, then your monthly payment will be less and each multiple security deposit will then be less. Don't confuse this with putting money down on the lease....you have to explain and watch what the dealer does carefully.
The residual value is based on the MSRP of the car. Other fees that are rolled into a lease such as the origination fee, maintenance fee,.....are paid in full over the life of the lease. Those fees are not residualized..... It's just a question of whether you want to pay them now, or spread the cost out. ".
With all due respect. There are numbers of items that can be residualized in the lease. MB pre-paid maintenance is one of them. That's why it's wise to include it in the lease upfront, because you save money! Just make sure the prepaid maintance is original Mercedes and not aftermarket. You can not residualize aftermarket services.