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Mercedes-Benz E-Class Lease Questions
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Comments
is this possible?
does anyone the money factor and RV in Jan for 36 or 48 months at 10k miles per year?
Most full time students are not approved because they do not have a good enough and long enough credit history and not enough income and have too much other debt.
It is on a case by case basis, so you will have to try it to find out.
Most likely you will need previous credit such as paying on previous car loans for several years and also being able to prove you have income and expenses that would allow you to comfortably pay the lease. Having a student credit card for a year or two probably isn't going to be enough to qualify on your own for a lease on a new E350.
Why are you in such a hurry to get an E Class Mercedes before you even graduate from school?
If you have a credit history showing you have been paying on time on other car loans with at least the same payment amount for the last several years, then go ahead and give it a try. If not, you will need to get a cosigner or just wait.
is this possible?
does anyone the money factor and RV in Jan for 36 or 48 months at 10k miles per year?
Dealer offered Lease 51 Month
10,000 mile per year
$2000 total drive off
Monthly payment is $550.00 including tax
good deal? anyone?
Sorry for the late reply. I'm assuming the E350 (Luxury)? If it's a 4-matic or Sport, let me know, the numbers are slightly different.
MBC for January '08.
36/10k - 53% / .00140
48/10k - 46% / .00140
I got a quote E350 4matic, P2 Package, No charge Sport Package, 27 months, 10K a year - $1800 out of pocket ( bank fee, first payment, reg fees ) -
$683 a month including NY sales tax. How does is sounds ? Is it a good deal ?
Thanks for reply.
* May vary by region
Thanks.
E550 Sport 4-matic - 36/10k... 49% / .00355
E63 AMG - 36/10k... 56% / .00145
My current car doesnt come off lease until early April so I would prefer to wait a little while if possible.
Go to the incentive and rebates section on edmunds.com and punch in your zip code. The rate may be more attractive on the 27 mo lease, but I don't have those numbers.
Call your local MB dealer and ask to speak with the finance manager. Tell him you're interested in the the published 27 mo lease on the E63 and you want to know what the buy rate money factor is.
You might want to get an appraisal on your current vehicle, if it's close to wholesale, you might get a dealer to take it in trade.
MSRP. $93,810
CAP COST $88,045
TERM 39MOS/ 10K
MONEY FACTOR 0.00169
RESIDUAL 56%
Payment = $1282/MO.
Looks like some markup in mf. Also, when I run these numbers myself, I get a payment of 1,251 (tax is 9%). Not sure where I am off.
They definitely packed in some reserve on your rate. The buy rate money factor for January is .00145 (3.48%) on terms ranging from 24-48 months. Looks like they hit you for about 1/2% markup (in apr terms). Either way, the rate is still very low.
As for why your payments don't match, they most-likely capped the lease acquisition fee into your payments. MBC's acquisition fee is $795. Don't be surprised if they marked it up $200 or $300 when figuring your payments. Refuse to pay the mark-up on this fee.
Overall, the deal looks decent (especially for a $94k vehicle). It does appear that they're trying to make a little money, but they are not raking you over the coals. I believe there is some money left on the table though, but for a non high volume car, the deal looks decent.
BMW is actually supporting the 528i with very aggressive lease rates. The 2008 BMW 528i sedan has a residual of 76% (24 months with 10,000 miles per year) and a 0.00225 money factor (5.4% interest rate).
If you need any more help, please feel free to email me or reply.
I plan on helping my father lease a MB E350 4-matic vehicle in Syracuse,NY. His 2007 Infiniti M35x was totaled in an accident yesterday and that was a leased vehicle. Quick question since his vehicle was totaled does that get him out of his leased contract with Infiniti? Carman, do you know the January Money Factor for a Mercedes E-350 4matic for 24/36 months with 12k/year. And when you lease a car in New York do you pay tax ahead of time on the entire vehicle similar to Illinois, or just on the monthly payment. Thank you in advance for your help.
I'm no expert, but my layman's understanding of how a lease works is that if the car is totaled or stolen, the lessee is still responsible for the lease payments. However, again, as I understand it, GAP insurance is designed to cover this problem. GAP insurance may be mandatory in NYS; I would sit down and check over the lease contract on the Infiniti to see if it includes GAP.
As to tax, my understanding based on lease quotes I've had in the past is that the tax can be paid as part of the monthly payment, but again, that's only my understanding.
Good luck.
24 Month – Residual 63% of MSRP – .00115 Base Rate
36 Month – Residual 53% of MSRP – .00170 Base Rate
48 Month – Residual 45% of MSRP – .00170 Base Rate
60 Month – Residual 41% of MSRP – .00355 Base Rate
2008 Mercedes E350 Sport 4matic Sedan
24 Month – Residual 63% of MSRP – .00115 Base Rate
36 Month – Residual 53% of MSRP – .00170 Base Rate
48 Month – Residual 45% of MSRP – .00170 Base Rate
60 Month – Residual 41% of MSRP – .00355 Base Rate
* Rates and residuals are based on 12k annual miles. Add 1% to residual for 10k miles, Subtract 2% from residual for 15k miles.
In regards to your father's Infiniti. If the vehicle was leased through Infiniti Financial Services, it should've included the GAP coverage. If the lease was through a secondary lender, hopefully he purchased a GAP policy to cover the entire payoff. This is the first thing you need to find out.
As for the sales tax in NY, you are only taxed on the depreciation and taxes can be rolled into the monthly payments. In Illinois, you are taxed on the entire cap cost, and taxes are typically due upfront.
Appreciate!
Lease is based on the 2008 E63 AMG equipped with optional Premium Package P2, and $2,000 lease cash. Dealer may contribute up to $3950.25 towards the $999 monthly lease special.
I understand the 2K lease cash. Do you know what they mean by dealer may contribute up to 3950.25?
Mercedes Benz Credit sets the residual and money factor, but since the dealer is a franchise, they are not obligated to discount the vehicle. However, most will, and typically will discount more than the required contribution.
24 Month – Residual 59% of MSRP – .00215 Base Rate
36 Month – Residual 48% of MSRP – .00215 Base Rate
48 Month – Residual 42% of MSRP – .00215 Base Rate
60 Month – Residual 38% of MSRP – .00355 Base Rate
* Rates are based on 12k annual miles. Add 1% to the residual for 10k miles. Subtract 2% from the residual for 15k miles.
I was assuming you were interested in the E350 wagon? The E550 wagon rates are much higher, Just fyi.
Thanks again.