2013 and earlier-Mercedes Benz GLK-Class Lease Questions

billmv

Thanks Car_man. I was told yesterday that multiple security deposits we not applicable to April's "special" sub-vented 30 month/10K lease program on the 2012 GLKW4. It was supposedly only applicable to the "regular" MF. Do you know if this is true?

Thanks!

CarMan@Edmunds

No problem billmv. Now that you mention it, I have actually heard that about leases through Mercedes-Benz Finance. I don't see why the dealer would lie about this.

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billmv

Thanks Car_man. MB Finance was unable to give me any info at all about MSDs or current special money factor programs. Turns out they're only there to collect payments, and have no useful knowledge at all about rates, how they're set, etc. Don't know where the dealers actually get their money if not from MBF. Something is fishy but I'll never know what.

The dealers have to get their "rules" from someone, but it sure is hard to verify what they tell you.

Just FYI, my deal on my wife's 2012 GLKW4 for 30 mos/10K is 65% RV, .00166 MF, and a selling price of 84% of MSRP. No markup on the bank fee, which other dealers are trying to get.

Thanks again for all your insight. Much appreciated by many folks, I'm sure.

jacmyoung2

Car_man, did the May 30-mo lease program change for 2012 GLK350 4MATIC? According to your above post, the April rates were 64% (12k) and 0.00166, with $2k conquest.

Thank you!

CarMan@Edmunds

You're very welcome, billmv. Yep, banks usually won't disclose any specifics about their programs to the public.

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CarMan@Edmunds

Hi jacmyoung2. The May numbers are different. Mercedes-Benz Financial's current buy rate lease money factor and residual value for a 30-month lease of a 2012 GLK350 4Matic with 12,000 miles per year are .00114 and 63%, respectively for consumers who qualify for its top credit tier.

The $2,000 conquest cash is still there.

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jacmyoung2

Thanks Car_man.

I built up a GLK4 on Edmunds, then contacted several dealers from the Edmunds nearby dealer list. One dealer 90 miles from where I live (Berberian European Motor in Stockton, CA, they sell Volvo too) came through, quoted me through email and beat several local dealers. They then delivered the GLK and the paperwork right to our door.

I had always read people using Edmunds contact list but never tried it myself, should have done so years ago, this is the best way to connect with dealers' "Internet Sales Departments" for a stress free dealing. Below is the detail:

2012 GLK4, P1, Multimedia, AMG and heated seats.
MSRP $48,015
Sale price $41,000 including conquest
$795 lease inception and $694 3yr/30miles maintenance rolled into the payments
$1,000 total drive off (first payment and TTL)
30mo/15k miles/yr, $498/mo before sales tax
All math checked out with Car_man's rates down to pennies.

gt2k6

jacmyoung2,

Was the $694 mainenance residualized?

Were the lease inception and maintenance added to the 41,000 or included?

Thanks

jacmyoung2

$41,000 is the sale price of the GLK, does not inlude inception and maint.

Initially the sales manager said maint cost was residualized, but in our case (30/15k/yr) the 3-yr maint (3-yr/30k) will run out before the lease turn in. I don't think it is residualized.

I forgot to mention we did auto pay, so the MF is 0.00104.

CarMan@Edmunds

You're welcome jacmyoung2. Thanks for taking the time to share the details of your lease with everyone. Enjoy your new ride.

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bradl1

Hey Carman. Thanks for all the great info on here, very helpful! My wife is looking to lease a GLK 350 with a MRSP around $38,500. What is the money factor and residual for May for a 39 month lease with 18k miles per year.

Thanks so much!

CarMan@Edmunds

You're very welcome bradl1. Mercedes-Benz Financial's current buy rate lease money factor and residual value for a 39-month lease of a 2012 GLK 350 4Matic with 15,000 miles per year are .00114 and 53%, respectively for consumers who qualify for its top credit tier.

I'm not sure if MB Finance publishes residual values for leases with 18,000 miles per year. For anything over 15k, most banks charge lessees on a per-mile basis.

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infinitiluv

Car_man,

Does jacmyoung2's lease make sense to you? I don't see how his payment can be so low without more money down. I want to use this deal as a reference but it doesn't seem possible. I appreciate your help.

Thanks!

triniboy1

hey carman i'm ending my current lease in Dec. and i'm looking for a 450GLK. do i lease a 2012 or do i look for a lease ending in 2012. Also, would it be better to purchase a pre-owned 450GLK?

skibowu

Hi Car man,

Do you know the numbers for June? GLK 350 4matic with 12k/yr.

Thanks!

CarMan@Edmunds

Hi triniboy1. If your current lease is not scheduled to end until December, you shouldn't get anything new until you are at least eligible for Mercedes-Benz's Early Lease Termination Program. The current program waives up to four remaining payments for current lessees who get a new Mercedes. That would enable you to get something new this fall for free.

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CarMan@Edmunds

Hello skibowu. Mercedes-Benz Financial is not currently providing any lease support on the GLK Bluetec. As a result, if you were to lease one through Mercedes-Benz Financial right now you would have to use its standard lease program.

This truck's current residual value for a 36-month lease of a 2012 GLK 350 with 12,000 miles per year is 60%.

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alidream

Hello,
What is the July money factor and % residual for 36 months 15,000 miles/yr.
Thank you!!!
Alidream

manusingh

I am getting a GLK350 4Matic (MSRP: 43,080). No money down at $567 a month, 24 month lease; 15000 miles. Is that a good deal or will the numbers get better in August since the 2013 model is being introduced late August? The lease will be in NJ. Any advice is appreciated.

tl111

Hi Car_Man,

I'm looking at a 2013 GLK 4 Matic. Do you know what the CAP discount amount is? Also, do you know the USAA program discount? I am being offered $1k Conquest and am wondering if either CAP or USAA deals would be any better. Thank you sir.

CarMan@Edmunds

Hi tl111. I don't believe that there is any CAP cash on the 2013 GLK yet. There is a $1,000 conquest incentive on it though, as you mentioned.

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gvitalik1

Hi CarMan,

What are the lease terms for 2012 GLK350 4Matic for 7500m or 10k/year for 24 month and 36 months?

Thanks

CarMan@Edmunds

Here you go gvitalik1. Through September 4th, Mercedes-Benz Financial's buy rate lease money factor and residual value for a 24-month lease of a 2012 GLK 350 4Matic with 10,000 miles per year are .00114 and 67%, respectively for consumers who qualify for its top credit tier.

The numbers for an otherwise identical 36-month lease are .00114 and 56%.

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leeshuck

Hi Car_man or kydfx:

Could you provide current lease rates and any conquest/incentives for BMW owners for the 2013 GLK350 for 36 months 10k/12k miles/year? Are they the same for RWD and 4Matic?

I have a 2010 BMW 135i convertible with lease ending at the end of the year. My local MB dealer said the conquest cash is $1,000 now - is it likely this will go higher at the end of the year?

Thanks,

Lee

CarMan@Edmunds

Certainly Lee. Mercedes-Benz Financial's September buy rate lease money factor and residual value for a 36-month lease of a 2013 GLK350 RWD with 12,000 miles per year are .00116 and 58%, respectively for consumers who qualify for its top credit tier.

The numbers for an otherwise identical lease of a '13 GLK350 4Matic are .00115 and 59%.

The residual values for a lease with only 10,000 miles per year are 1% higher.

Given the fact that Mercedes had $2,000 conquest cash on the 2012 GLK at one point, I suspect that it is very possible that the conquest cash on the '13 will increase at some point...it's difficult to say when though.

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taylor808

Hello Car_man,

Here is a quote I got for a 2013 GLK 350 RWD

Money Factor: 0.00166
Residual: 63%
12k miles/year
30 month lease
MSRP: 38,245

Cap cost: 36,221 (used $2,000 USAA incentive)
Down payment: $3,000
Adjusted Cap cost: 33,221

Total lease $396 + $19 tax = 415/m

is this a good deal? the dealership is firm and will not negotiate any lower.

on a side note, this will be a pre-order, which will charge $1,000 deposit (which they said was refundable if i didn't like the vehicle), and the dealership said when the car gets here, those numbers will be subject to change based on whether or not the USAA incentive is still active in December when the car will be here.

Is it true that the lease numbers can not be locked in to a pre-order?

Thanks for any help

autoboy19

taylor808,

If $36,221 is the cap cost after the $2,000 rebate, then this is a rather horrible deal.

They are charging you MSRP for this vehicle as well as adding 1% (.00040) to the money factor.

Even on an ordered vehicle, you should be able to do much better.

You should be able to lock in the money factor and residual until the car gets in. If terms get worse, you can take the locked in value, but if terms get better, you should be able to go with the new terms. And if this car comes in December, the terms will likely be better.

On the other hand you will likely not be able to lock in the USAA incentive. If it is not there when this car comes in, you will not be able to get it.

However, it is very likely that this will still be available in December, along with possibly better incentives.

CarMan@Edmunds

Hi taylor808. If your credit is in good shape then the money factor that you were quoted is too high. Mercedes-Benz Financial's September buy rate lease money factor for a 2013 GLK 350 RWD is only .00116.

A $2,000 discount on this truck is reasonable, but you definitely need to get the money factor straightened out. Also, given the $3,000 spread between this trucks MSRP and invoice price the dealer should be able to give you this large a discount if they wanted to, regardless of what the USAA program is like when you take delivery.

BMW allows consumers to lock-in the current lease program on ordered vehicles, but I'm not sure about Mercedes. I don't see why the dealer would mislead you about that.

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cliffpoz

Hi carman,

Do you have October money factor and residual for a 2013 glk 4 matic with 10,000 miles and 36 months?

Thanks!

carstlouis

Here is a quote I got for a 2013 GLK 350 RWD

$42,231
including
Premium Package
Multimedia Package
Appearance Package
Heated Front Seats

Is this good deal?

hotwheels717

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?

radoncgs

hi, did you ask what money factor they used for the lease?

hotwheels717

I didn't and figured someone would ask. I did take the car for my wife...so far so good!

CarMan@Edmunds

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.

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caliborn

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.

CarMan@Edmunds

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.

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ivanbeyond

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!

CarMan@Edmunds

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.

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leeshuck

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

CarMan@Edmunds

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.

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radoncgs

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!

leeshuck

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

leeshuck

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.

westfeezy

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

westfeezy

Sorry, can you make that just 2013 and for 24 months, same other specs.

kea7721

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!

radoncgs

Thanks Lee for your insight.

radoncgs

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.

ms_lewis

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

leeshuck

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