For an 2006 ML350 In California as of May 5th I was told they could only do 59% for a 3yr/36. Saying the residual changed on April 30th, can anybody else validate this.
Also I am seeing deals out of Southern california are about 1.5-2K under invoice, anybody seeing better ?
Hi Car_man, I am shopping to lease a ML350 SUV, what is the current money factor and residual factor for this suv ? Is there a Acquisition Fee & Disposition Fee during lease. what would be the approx fee for Documentation, Registration, License, Tag, and Title Fees for this SUV. Thanks
split the driveoff amount of $5,300? I don't know, maybe. I didn't ask. I just gave them my credit card for that amount so I can drive the car off the lot.
Hey Varunku, I don't know how all these numbers add up, but to answer your q's, this is what I paid for on an ML350 lease, hopefully you can do better: MSRP = $49,835 (premium package with DVD navigation, etc.) money factor=.00365 Residual factor=61% what I paid for= $45,577 Acquisition Fee = $1,095.00 Document fee = $45.00 Vehicle Total = $46,717
Monthly payment = $580.94 plus tax $47.93= $628.87 a month for 39 months
If you add the following = driveoff lease was at $5,372.51 Monthly of $628.87 Capitalized cost reduction = 4042.40 Sales tax = 333.50 License fee = $359.00 Documentation = none Registration = none Tires = $8.75
Going in there, I knew to ask about the money factor and maybe if they can lower it, so I did, the dealer said no, point blank, something about the bank. My credit score was high 700's. That's pretty good I think. Maybe he could have done it if I insisted. I only asked once. I guess one should ask and ask again...
can someone share their experience of leasing ML320 using carsdirect.com I received this quote, I would like to know if this is a good price. MSRP 48965 Invoice 46093
Quoted price is $46093 money factor .00255 Residual 67% Downpayment $4000 [ includes Doc fee + tax + license + registration + first month payment + cap cost reduction ] Aquisition fee $795
Could you please let me know if there was a disposition fee for your lease. I was asked for $595 disposition fee at the end of lease on a ML 350. The dealer claims that this is standard charge for all customers.
I didn't see anything about a disposition fee on my lease agreement and I don't remember them telling me about a charge when I return the car. There is something that said $500 charge on the agreement if I don't return the vehicle maintenance booklet with the car. I also bought the excess wear and tear plan for $600. Maybe they want you to buy that and if you don't, then they charge you anyway. That excess plan is supposed to cover damages when I return the car so I don't have to pay extra, which could include repairs to tires, paint, dents and dings, lights, interior, carpet, etc.
good luck with finding your car! I already took mine on a mini-roadtrip, very comfortable and drives fine.
wow!.... that was a fast reply. Thanks a lot! I almost bought the car. But walked out after noticing the disposition fee $595 Here was the price approx. MSRP : $48500 INVOICE : $45444 paying price: $44400 Money Factor : .00275 Aquitision fee : 1095 Residual : 67%
Monthly with Tax $639
Down payment $4000 [ Cap cost reduction + includes first month lease + license fee+ state tax + Doc fee + Tires etc ]
Disposition fee : $595 [ Retunable if I go with another mercedese at the end of lease ]
yup fast reply when this site is practically the only one I visit right now, except when I read my emails.
So you walked out on this deal? This actually looks like a good deal, maybe better than mine! With gas prices soaring though, maybe you could find something better. I'm happy with my ML350 though, the premium package looks really nice. I have my car for 12,000 miles a year for 39 months, so I kept my other car just in case I go over the miles. This is the first time I've leased.
have fun finding that car, looks like you might be exploring others instead, the BMW's look great too.
The dealer called me the next day and said he will split the disposition fees, I got a $300 discount, he deducted it from the initial $4000 downpayment. I have bought the ML350 [black on black with appearence package + comfort package + sirus + heated front seats + moon roof + DVD nav x5 is coming out with 2007 model ,its 7-seater.
$3700 drive off $639.5 monthly for 27 months with 15k per year
you might want to check your lease contract, this fee is collected my almost all the dealers. They don't tell you when you sign up for the lease, the fee is listed on "Other fees" column on the service contract.
I had found out when I calculated the final amount mentioned on the lease paper.
oh wow. I think you got an awesome deal! I thought I did ok with about $3,000 below MSRP but it looks like you will get yours for what, like $5-6000 below MSRP? You got more miles per year and a smaller driveoff amount too.
Did you get your car from carsdirect.com? Maybe I'll do that for next time.
yes, I guess I will check my lease contract. You are probably right, it's somewhere in there hidden.
I was ready to get the car from a dealer 300 miles away using carsdirect.com, they were ready to ship the vehicle to my house. But carsdirect.com never mentioned to me about the $795 disposition fee, that needs to be paid at the end of the lease. I think cardirect is good if you want to buy the vehicle from a local dealer.
It appears there is a lease deal again on this vehicle until the end of July. Could someone please help with the numbers on this deal? What is the current MF and residual values? I would like to do 27 months but at 12k miles per year. Thanks in advance!
You're right, caa1. Mercedes-Benz is providing lease support on the 2006 M-Class right now. Its special lease program for this truck is currently scheduled to run through the end of July. I haven't seen this truck's 27 month lease program, but its 36 and 39 month, 12,000 mile per year buy rate lease money factor and residual value are currently .00285 and 61%. Its 24 month and 30 month numbers are .00255 / 69% and .00255 / 63%.
JEFHACK - the advertised special features the ML350 however there is still lease support on the 500 as well. We went with the 350 as it is for my wife and she just doesn't need the extra 30hp. I drove both cars back to back and the 350 engine is fine - 500 has great torque however. We are picking ours up today as a matter of fact. Here are the numbers for the ML500:
24mo / 15k mi - Residual 65% of MSRP - .00255 Base Money 36mo / 15k mi - Residual 57% of MSRP - .00285 Base Money
Add 2% to residual for 12k mi/year and 3% for 10k mi / year
Thanks caa1! This is very helpful information. Just curious, which packages did you add to the 350? I also agree that the V6 would be sufficient for my wife (primary driver on this one), but was just concerned that by the time you add in all options, the price was approaching the V8 price with similar options. thx again
no problem - I thought I would give something back to this forum since I've used it for research for the past two months. We went with the following options on the 350:
Premium Package Entertainment Package Sunroof Package Sirius Htd Seats Tow hitch
The sticker was $51515 but I got it for $800 under invoice. Also, not sure about your market, but at the dealers in the metro DC area, there are a lot less 500s than 350's. My dealer only had two which I guess also helped in my decision to go with the 350.
I am currently in the process of deciding to lease a 2006 ML350 from a Mercedes Benz Dealer. I have already been approved by MBC. Please feel free to review deal and let me know what you think. Key Feature options: AMG Sport Package ***** Premium Package ***** Sun Roof Heated Seats
**** I am sold on the ML350 with the AMG Body & wheels and premium package.
MSRP: $54335 Sales Price: 51400 (500 above invoice plus $400.00 IRG AD fee charged by the Dealer) Money factor .00285 Residual/Puruchase option - $32207 Term: 39 MO Mo Payment around $620.00
With my Trade (suppose to help with taxes from what i understand) after pay-off gave me a $2500 credit. My out of pocket for inception fees, 1st MO, Reg Fees, and cap reduction (2200 cash) came to $4086.00
I am looking to lease a 2007 ML350 for 36 or 39 mos, 15K Miles a year in Houston, TX. I built one on the MBUSA website in White with P1 Premium package, spoiler and 322 appearance package MSRP of $48,543 (according to the website). Do you know what I could get the price down to and if I don't put any money down, can you give me an idea of what my monthly payment would be? Or what the residual and money factor should be. Any information you could provide would be helpful for my negotiations. Thanks,
caa1 - I too am looking for the 350 in the DC area, with options similar to the ones you noted. Would you be willing to share further info on your deal, such as actual sales price, MF and RV, and monthly payment? Was there a particular dealership you went with that you would reccomend?
It appears that MB is switching to a simplified package scheme. I am interest in a 2007 ML500, full leather and Package II in the DC area. I would be very appreciative to hear about individuals purchasing or leasing a similar model. I’m interested in leasing and am wondering if I can get this vehicle near invoice? Thanks
hello. Would you please take a look at this deal: lease ML350 2006 Price 48335 163 Standart pkg 318 Trim 320 Entertaintment 324 Sunroof DVD NAvigation heated front seats disp fee 595 Resid %46 Money factor .0024
39 month- 796 monthly- no down/ 1 st pmnt +143$ Thanks a lot
Just my back of the envelope calculation.... it seems your price of $48335 is just below invioce with a MSRP around $52k So after 39 months the cars value is around .46*52k=$24k The amount you are finacing is $48335-$24k=$24300 @ an interest rate .0024*(2400)=5.76% using a payemnt calcualtor your payements should be around Fiance $24300 @5.76% for 39months = $685/month So where is the extra $$$ your paying going? Good luck
It's my personal opinion that a good buissness deal occurs when both parties are happy. I think a profit of $2k for the dealer on a $50k car is fair and proper (I'm sure the dealer would have liked more..) The bottom line is (in my opinion) is that you got a good deal (getting the car you wanted near invoice) and the dealer got a reasonable profit for there services. One thought though... the 2007 are being delivered and if you waited one more month you could probably get a 2006 below invice. But who knows... if your happy with the car and don't care for a rear-view camera (2007 new product) go for it.
I'm not certain what the current money factor is (and it of course depends on your credit) but I have tracked pass postings and here is a sample of MF (for credit scores above 730 Top tier):1)durring special summer lease program ml 350 36mo/15k mi Residual 57% of MSRP - .00285 money factor. .00285 really is'nt that great (it works out to 2400x .00285= 6.84%) I've see people talk about .0022= 5.28% and as high as .00333= 8%. If you have great credit many dealers work with Chase also to lease their cars and I have gotten very good rates through them when the manufacturs rate was much highier. Good luck. P.S. BMW's new X5 comming out around the first of the year looks to have greatly redone thier interior and the fit and finish looks far richer than MB . The pricing may seem a bit highier but when you figure in BMW takes care of ALL maintenance for 4 years they become much more competivly priced to the ML. I'm strongly considerilg an ML500 around then, but I'm going to test drive the X5. The only problem appears that BMW will intially come out with only a 3.0 liter (around $43k) and a $70k+ 4.8liter version at launch. I feel the 3.0 liter will be a little underpowered when you stuff 7 people (yes they will have a 3rd row seat in the much bigger X5) and the 4.8 liter at $70k+ is a little too much for my blood. But the interior is really looking nice.... just like a 7 serise. Good luck SUV shopping (it's a good time to be a buyer with so many luxury SUVs competeing, M-class, Lexus RX, BMW X5, Audi's Q7, and Cadilacs new SRX).
I was quoted the following odd combination today (high MF and enormous residual %):
MSRP~~~~~~~~~~~~~51690 Sale Price~~~~~~~49700 Term~~~~~~~~~~~~~39 months Miles/yr~~~~~~~~~12K Term & Disp~~~~~~1190 Tax (MA)~~~~~~~~~5 % Upfront fees~~~~~1100 MoneyFactor~~~~~~.00415 (yikes) Residual~~~~~~~~~68 % (huh?) :confuse: cap reduction~~~~~~~~5000 total outofpocket~~~~7065 (incl first payment) monthly payments~~~~~699
I just really don't understand this combination, esp. with a "purchase option" of 31680 (I think this means post lease, but this doesnt seem to synch with the residual in the lease calculations.)
Is this a good deal ? Do the numbers add up ? I have tried two different lease calculators and I can't duplicate the payment with these numbers.
Dear Scottlma...the reason why you can't make the figures add up are because they don't. In fact this "deal" is bordering on criminal. It's the most outrageous offer I've seen. Where do I start? 1) Only $2k break on MSRP? You should get at least $3k-$4k. 2) Money factor .00415= 10%? unless your credit is subpar this is criminal. 3) $5000 cap reduction? There's nothing wrong with a cap reduction if you want to lower your payments ... but it dos'nt seem to be helping this deal. My advise... don't walk...run from this "deal" and drop a grenade on the way. But again if your credit score is say less than 600, this might make sence. It appears that a person with such a score would be paying about $6k-$8k more to lease this car as opposed to someone with top-tier credit rating (above 730). Good luck.....
I agree that the money factor is way high, but, does the high residual make up for it ? I found a posting with all of MB's lease options:(http://forums.mbworld.org/forums/showthread.php?t=161916) - ran it both ways and got similar (but never quite exact) numbers. I went back to the dealer and got him down to 1000 over invoice on a similar ML350 - still mulling it over...
Value at the end of lease $51690*.68=$35149 Sale price $49700 plus tax $1757 plus misc fees $1100 total $52557 So you effectively finance $52557-$5000(cap reduc)-$35149= $12408 for 38 months @ (.00415*2400) = 10% Using a conventional loan calculator $12408 38 months @ 10% = $382/month From what you have said they want to charge you $699/month for this “deal” ..not the true $382/month to finance it. So although they may have said 68% residual something is not adding up. Your dealer is pocketing 699-382=$317 * 38 months=$12046 WOW . If you can get them to sit down and do the simple type of analysis I just did (and have everything written down not just punched into a calculator in front of your eyes) you should get to around the same point (to within plus minus $20-$30). But I’ll bet you a beer this won’t happen .. Good luck
I need advice. I leased a 2006 Mercedes ML 350 1 year ago for 4 years for $1023 a month under my company name. The total lease amount is $54,000 in which I put $8000 down and have paid easily $21000 already for this stupid SUV. Now I have this SUV for another 3 years what in the heck do I do? My credit score is 615 which in today's world means bad credit. Any advice would be great. I'm only paying this much because of my credit score. Can I trade down or trade it in on a lesser value car at mercedes or another auto maker? Thanks ahead of time. My credit is what got me in trouble. I don't want to refinance like the salesman said to do when my credit score improves which it has since I leased the ML I think my score was 570 then now it is different in all reporting agencies. 640 650 610 which I think my average when I bought my partner's mini cooper 2 months ago was 615. I'm just sick of paying this ML note every month?? What to do. I have 3 years left. Do they let you down size your car to a cheaper car to lower your note? Thanks k
Wholly Mackerel !!!!! Your paying over $1000/month for a ML350 after putting down (probably 3k for taxes and stuff and 5k for capital reduction). Even with bad credit your payments shouldn’t have been much over $800/month (in my option), but dealers will do anything people are willing to “sign” to do. I’m going to suggest 3 things none of them are that great and because I don’t know what our pay off is I’m kind of shooting in the dark. All of them are going to require you to take “a hit” and loose some $$$ but your paying over $1000/month so even if you have to loose $8-10k (and that’s probably close to what it will be), you can recoup that kind of loss in less than a year. 1) If you need another car to replace it . Consider going to a desperate American manufacture like Ford or GM, pick out a new model that you can live with (preferably a model that they are having trouble selling . Like a Humvee) and they will more than likely give you a trade in price close to what you might get by selling it your self. People are reporting good deals on both sides of the purchase (trade and price for the new car) from dealers who “have” to move slowly moving inventory. Not the Toyotas or Hondas of the world though. The blue book values for your ML350 (and I made some assumptions that it was pretty loaded) is currently $38-40k. Your payoff can’t be more than $45k. If you can get $36-$39k from a dealer as a trade in I would do it just to get out of this crazy lease that seems to be at 20% interest (I am interested in what money factor they gave you). 2) Best option . Sell it yourself hopefully get $40k plus payoff the lease and take the inevitable loss. If you keep it for another 3 years your losses will be HUGE. 3) I don’t know what your company is but many intervals use company credentials to shelter liabilities. If you don’t care about your company name any longer just walk away let them repossess the white elephant and the company will take the credit hit.. not you. I would usually never suggests such a path, but because the dealer ripped you off (IMHO) I wouldn’t loose to much sleep worrying about the poor dealer. But one thing appears pretty obvious to me you’ve got to get rid of the truck. DO NOT KEEP PAYING OVER $1000/mo FOR THAT TRUCK. For that kind of payment you should be driving something a lot nicer. After 4 years you will have more than paid for it (roughly $54k or more) and you won’t even own it. I don’t think I was much real help, but your in a tough situation. Good luck .
I am a co signer on the lease under my company. Yeah I fiqured I got screwed. I put $8000 down with some left over from the previous lease. What manufacturer do you think I can trade it in with? I was told you can't get out of a lease unless you trade it in with the same manufacturer? Help again please. I really appreciate your help. k
say that I don't think anybody forced you at gunpoint to sign this horrible lease deal. You did it on your own without doing research and knowing how leasing works. Don't do another thing until you've gone to the "10 steps to leasing a new car" thread on this website. Ultimately you are losing more money by keeping it but don't rush out and do something silly. I know I sound like a jerk but take some responsibility and educate yourself so things like this won't happen again. Car dealers take advantage of people who LET car dealers take advantage of them. Slow down and make an informed, and educated move. Good luck and let us know how you do.
Scott --kris17 is forgetting about the depreciation component. Big part of the payment. You can't just use the equivalent interest rate on a lease.
I ran your numbers and came up with approx $506 + $30 tax = $626 total. So $699 is a bad deal. You'd better learn how to work the numbers yourself so they can't take advantage of you.
So what's the new selling price at $1,000 over invoice? Critical number to a calculation. You also need to tell us the acq fee they're using, since that is added to the negotiated selling price.
Usually the purchase option at lease end is the residual, and your purchase option price is lower, so that's good.
Also, recognize that $5,000 divided by 39 = $128 per month. So if you had no cap cost reduction, your payment would just increase by that amount. Pay them now, or pay them over time. Your choice.
Comments
59% for a 3yr/36. Saying the residual changed on April 30th, can anybody else validate this.
Also I am seeing deals out of Southern california are about 1.5-2K under invoice, anybody seeing better ?
I am shopping to lease a ML350 SUV, what is the current money factor and residual factor for this suv ? Is there a Acquisition Fee & Disposition Fee during lease.
what would be the approx fee for Documentation, Registration, License, Tag, and Title Fees for this SUV.
Thanks
I don't know how all these numbers add up, but to answer your q's, this is what I paid for on an ML350 lease, hopefully you can do better:
MSRP = $49,835 (premium package with DVD navigation, etc.)
money factor=.00365
Residual factor=61%
what I paid for= $45,577
Acquisition Fee = $1,095.00
Document fee = $45.00
Vehicle Total = $46,717
Monthly payment = $580.94 plus tax $47.93=
$628.87 a month for 39 months
If you add the following
= driveoff lease was at $5,372.51
Monthly of $628.87
Capitalized cost reduction = 4042.40
Sales tax = 333.50
License fee = $359.00
Documentation = none
Registration = none
Tires = $8.75
I received this quote, I would like to know if this is a good price.
MSRP 48965
Invoice 46093
Quoted price is $46093
money factor .00255
Residual 67%
Downpayment $4000 [ includes Doc fee + tax + license + registration + first month payment + cap cost reduction ]
Aquisition fee $795
Monthly payment $644 [ including tax ]
27 months ; 15 k/year
Thanks!
I didn't see anything about a disposition fee on my lease agreement and I don't remember them telling me about a charge when I return the car. There is something that said $500 charge on the agreement if I don't return the vehicle maintenance booklet with the car. I also bought the excess wear and tear plan for $600. Maybe they want you to buy that and if you don't, then they charge you anyway. That excess plan is supposed to cover damages when I return the car so I don't have to pay extra, which could include repairs to tires, paint, dents and dings, lights, interior, carpet, etc.
good luck with finding your car! I already took mine on a mini-roadtrip, very comfortable and drives fine.
I almost bought the car. But walked out after noticing the disposition fee $595
Here was the price approx.
MSRP : $48500
INVOICE : $45444
paying price: $44400
Money Factor : .00275
Aquitision fee : 1095
Residual : 67%
Monthly with Tax $639
Down payment $4000 [ Cap cost reduction + includes first month lease + license fee+ state tax + Doc fee + Tires etc ]
Disposition fee : $595 [ Retunable if I go with another mercedese at the end of lease ]
So you walked out on this deal? This actually looks like a good deal, maybe better than mine! With gas prices soaring though, maybe you could find something better. I'm happy with my ML350 though, the premium package looks really nice. I have my car for 12,000 miles a year for 39 months, so I kept my other car just in case I go over the miles. This is the first time I've leased.
have fun finding that car, looks like you might be exploring others instead, the BMW's look great too.
I have bought the ML350 [black on black with appearence package + comfort package + sirus + heated front seats + moon roof + DVD nav
x5 is coming out with 2007 model ,its 7-seater.
$3700 drive off
$639.5 monthly for 27 months with 15k per year
you might want to check your lease contract, this fee is collected my almost all the dealers. They don't tell you when you sign up for the lease, the fee is listed on "Other fees" column on the service contract.
I had found out when I calculated the final amount mentioned on the lease paper.
Did you get your car from carsdirect.com? Maybe I'll do that for next time.
yes, I guess I will check my lease contract. You are probably right, it's somewhere in there hidden.
I think cardirect is good if you want to buy the vehicle from a local dealer.
Car_man
Host
Prices Paid Forums
24mo / 15k mi - Residual 65% of MSRP - .00255 Base Money
36mo / 15k mi - Residual 57% of MSRP - .00285 Base Money
Add 2% to residual for 12k mi/year and 3% for 10k mi / year
Good luck
Premium Package
Entertainment Package
Sunroof Package
Sirius
Htd Seats
Tow hitch
The sticker was $51515 but I got it for $800 under invoice. Also, not sure about your market, but at the dealers in the metro DC area, there are a lot less 500s than 350's. My dealer only had two which I guess also helped in my decision to go with the 350.
Key Feature options:
AMG Sport Package *****
Premium Package *****
Sun Roof
Heated Seats
**** I am sold on the ML350 with the AMG Body & wheels and premium package.
MSRP: $54335
Sales Price: 51400 (500 above invoice plus $400.00 IRG AD fee charged by the Dealer)
Money factor .00285
Residual/Puruchase option - $32207
Term: 39 MO
Mo Payment around $620.00
With my Trade (suppose to help with taxes from what i understand) after pay-off gave me a $2500 credit. My out of pocket for inception fees, 1st MO, Reg Fees, and cap reduction (2200 cash) came to $4086.00
Do you think It is a good deal on this lease?
Your response is greatly appreciated.
Thanks!
Jayant
These are the terms my dealership is offering me on a new ML350, is this a good deal?
Based on current '06 ML350 inventory, Stock # 562764, MSRP $40,525, a lease with MBF based on a Tier 1 Credit Rating:
Selling Price: $33,343
39 Months
10K Miles/Year
$2,000 Drive Off Fees
58% Residual
MF:.0041
Payment: $500/month
Sounds to me like the salesman said "where do you want your payments to be"?
I would go back and get that money factor down. Print out all of the threads where folks DID get the .0024.
Second. .00325 is not .0041.
Third. One doesn't "open ones mouth" when WRITING.
Fourth. Not "misinformation". Did you actually bother to READ my thread. It states "Print out all of the threads where folks DID get the .0024."
Like... here...
varunku, "Mercedes-Benz M-Class: Lease Questions" #61, 16 May 2006 7:11 am
and here...
varunku, "Mercedes-Benz M-Class: Lease Questions" #64, 19 May 2006 11:17 pm
and CARMAN even replied... to YOU!!!!!!
Car_man, "Mercedes-Benz M-Class: Lease Questions" #70, 20 Jun 2006 5:07 am
No need to have "tone" my friend. We're all here to try and help.
I am looking to lease a 2007 ML350 for 36 or 39 mos, 15K Miles a year in Houston, TX. I built one on the MBUSA website in White with P1 Premium package, spoiler and 322 appearance package MSRP of $48,543 (according to the website). Do you know what I could get the price down to and if I don't put any money down, can you give me an idea of what my monthly payment would be? Or what the residual and money factor should be. Any information you could provide would be helpful for my negotiations. Thanks,
lease ML350 2006
Price 48335
163 Standart pkg
318 Trim
320 Entertaintment
324 Sunroof
DVD NAvigation
heated front seats
disp fee 595
Resid %46
Money factor .0024
39 month- 796 monthly- no down/ 1 st pmnt +143$
Thanks a lot
So after 39 months the cars value is around .46*52k=$24k
The amount you are finacing is $48335-$24k=$24300 @ an interest rate .0024*(2400)=5.76%
using a payemnt calcualtor your payements should be around
Fiance $24300 @5.76% for 39months = $685/month
So where is the extra $$$ your paying going?
Good luck
below invice. But who knows... if your happy with the car and don't care for a rear-view camera (2007 new product) go for it.
36mo/15k mi Residual 57% of MSRP - .00285 money factor. .00285 really is'nt that great (it works out to 2400x .00285= 6.84%) I've see people talk about .0022= 5.28% and as high as .00333= 8%. If you have great credit many dealers work with Chase also to lease their cars and I have gotten very good rates through them when the manufacturs rate was much highier. Good luck.
P.S. BMW's new X5 comming out around the first of the year looks to have greatly redone thier interior and the fit and finish looks far richer than MB . The pricing may seem a bit highier but when you figure in BMW takes care of ALL maintenance for 4 years they become much more competivly priced to the ML. I'm strongly considerilg an ML500 around then, but I'm going to test drive the X5. The only problem appears that BMW will intially come out with only a 3.0 liter (around $43k) and a $70k+ 4.8liter version at launch. I feel the 3.0 liter will be a little underpowered when you stuff 7 people (yes they will have a 3rd row seat in the much bigger X5) and the 4.8 liter at $70k+ is a little too much for my blood. But the interior is really looking nice.... just like a 7 serise. Good luck SUV shopping (it's a good time to be a buyer with so many luxury SUVs competeing, M-class, Lexus RX, BMW X5, Audi's Q7, and Cadilacs new SRX).
I was quoted the following odd combination today (high MF and enormous residual %):
MSRP~~~~~~~~~~~~~51690
Sale Price~~~~~~~49700
Term~~~~~~~~~~~~~39 months
Miles/yr~~~~~~~~~12K
Term & Disp~~~~~~1190
Tax (MA)~~~~~~~~~5 %
Upfront fees~~~~~1100
MoneyFactor~~~~~~.00415 (yikes)
Residual~~~~~~~~~68 % (huh?) :confuse:
cap reduction~~~~~~~~5000
total outofpocket~~~~7065 (incl first payment)
monthly payments~~~~~699
I just really don't understand this combination, esp. with a "purchase option" of 31680 (I think this means post lease, but this doesnt seem to synch with the residual in the lease calculations.)
Is this a good deal ? Do the numbers add up ? I have tried two different lease calculators and I can't duplicate the payment with these numbers.
Thanks,
Scott
But again if your credit score is say less than 600, this might make sence. It appears that a person with such a score would be paying about $6k-$8k more to lease this car as opposed to someone with top-tier credit rating (above 730). Good luck.....
- ran it both ways and got similar (but never quite exact) numbers. I went back to the dealer and got him down to 1000 over invoice on a similar ML350 - still mulling it over...
Thanks,
Scott
Sale price $49700 plus tax $1757 plus misc fees $1100 total $52557
So you effectively finance $52557-$5000(cap reduc)-$35149= $12408 for 38 months @ (.00415*2400) = 10%
Using a conventional loan calculator $12408 38 months @ 10% = $382/month
From what you have said they want to charge you $699/month for this “deal” ..not the true $382/month to finance it. So although they may have said 68% residual something is not adding up. Your dealer is pocketing 699-382=$317 * 38 months=$12046 WOW . If you can get them to sit down and do the simple type of analysis I just did (and have everything written down not just punched into a calculator in front of your eyes) you should get to around the same point (to within plus minus $20-$30). But I’ll bet you a beer this won’t happen .. Good luck
Thanks ahead of time. My credit is what got me in trouble. I don't want to refinance like the salesman said to do when my credit score improves which it has since I leased the ML I think my score was 570 then now it is different in all reporting agencies. 640 650 610 which I think my average when I bought my partner's mini cooper 2 months ago was 615. I'm just sick of paying this ML note every month?? What to do. I have 3 years left. Do they let you down size your car to a cheaper car to lower your note?
Thanks
k
I’m going to suggest 3 things none of them are that great and because I don’t know what our pay off is I’m kind of shooting in the dark. All of them are going to require you to take “a hit” and loose some $$$ but your paying over $1000/month so even if you have to loose $8-10k (and that’s probably close to what it will be), you can recoup that kind of loss in less than a year.
1) If you need another car to replace it . Consider going to a desperate American manufacture like Ford or GM, pick out a new model that you can live with (preferably a model that they are having trouble selling . Like a Humvee) and they will more than likely give you a trade in price close to what you might get by selling it your self. People are reporting good deals on both sides of the purchase (trade and price for the new car) from dealers who “have” to move slowly moving inventory. Not the Toyotas or Hondas of the world though. The blue book values for your ML350 (and I made some assumptions that it was pretty loaded) is currently $38-40k. Your payoff can’t be more than $45k. If you can get $36-$39k from a dealer as a trade in I would do it just to get out of this crazy lease that seems to be at 20% interest (I am interested in what money factor they gave you).
2) Best option . Sell it yourself hopefully get $40k plus payoff the lease and take the inevitable loss. If you keep it for another 3 years your losses will be HUGE.
3) I don’t know what your company is but many intervals use company credentials to shelter liabilities. If you don’t care about your company name any longer just walk away let them repossess the white elephant and the company will take the credit hit.. not you. I would usually never suggests such a path, but because the dealer ripped you off (IMHO) I wouldn’t loose to much sleep worrying about the poor dealer.
But one thing appears pretty obvious to me you’ve got to get rid of the truck. DO NOT KEEP PAYING OVER $1000/mo FOR THAT TRUCK. For that kind of payment you should be driving something a lot nicer. After 4 years you will have more than paid for it (roughly $54k or more) and you won’t even own it. I don’t think I was much real help, but your in a tough situation. Good luck .
k
Slow down and make an informed, and educated move. Good luck and let us know how you do.
I ran your numbers and came up with approx $506 + $30 tax = $626 total. So $699 is a bad deal. You'd better learn how to work the numbers yourself so they can't take advantage of you.
So what's the new selling price at $1,000 over invoice? Critical number to a calculation. You also need to tell us the acq fee they're using, since that is added to the negotiated selling price.
Usually the purchase option at lease end is the residual, and your purchase option price is lower, so that's good.
Also, recognize that $5,000 divided by 39 = $128 per month. So if you had no cap cost reduction, your payment would just increase by that amount. Pay them now, or pay them over time. Your choice.
Do you happen to know the latest lease deal on the ML350?
Thanks!