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Mercedes-Benz E-Class Lease Questions

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Comments

  • billyperks2billyperks2 Member Posts: 378
    No dealer eats payments, they either roll it in your new car payments or hide in the cost.
  • aeggroupaeggroup Member Posts: 133
    Yes...you are right...dealer does not eat it, but Bank does. It all depends on current promotions and financial conditons of the bank.
  • dkla76dkla76 Member Posts: 41
    Hey im looking for a no option E350 for my parent in socal. they want 3-4 yrs lease and spend about 500/month for 10k/yr and hopefully less than 2000 TDO.
    is this possible?

    does anyone the money factor and RV in Jan for 36 or 48 months at 10k miles per year?
  • shawn757shawn757 Member Posts: 204
    Does anyone know whether Fulltime students can get approved by MBF without a Co-Signee? Even if you have excellent credit?
  • jaxs1jaxs1 Member Posts: 2,697
    I'm sure they don't care whether you are a full time student or not as long as you have the credit and the income needed. There is no rule that says full time students are never approved under any circumstances.
    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.
  • shawn757shawn757 Member Posts: 204
    What if you have excellent credit history and no other debts. Only thing is you have never worked or have had a job before?
  • jaxs1jaxs1 Member Posts: 2,697
    How can you have an excellent credit history without employment?
    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.
  • shawn757shawn757 Member Posts: 204
    I have had a normal credit card not a student one since 2002. I have been paying that since then. I don't keep balances. Now the credit limit is $40000 on it. I always pay it in time. I am a med school student so I never had time to do a job. My current car needs to be replaced so I thought of buying a E350 since I love the car. My dad wants me to have it in my name but he will pay for it. My credit score is 752. So you think I need a co-Signee?
  • jaxs1jaxs1 Member Posts: 2,697
    If you are on a full ride through school with no student loans, then go ahead and try it. Maybe you will be approved. If not, you can still have your dad get a 2 or 3 year lease for you and you can get one in your name when you are out of school.
  • dkla76dkla76 Member Posts: 41
    Hey im looking for a no option E350 for my parent in socal. they want 3-4 yrs lease and spend about 500/month for 10k/yr and hopefully less than 2000 TDO.
    is this possible?

    does anyone the money factor and RV in Jan for 36 or 48 months at 10k miles per year?
  • richardga73richardga73 Member Posts: 84
    Ok folks this thread about the 350 is fascinating, however, let me change the subject a little. Accordiing to Edmunds apparently the E63 has some favorable lease deals. I have contacted the MB dealers and they are pretending to be dumb. Are Edmunds lease deals on the level? The dealers are emailing me back with deals of 500 off msrp. Wow! Such a deal. What is that, 1/2 of 1 %? Are they playing stupid because they really dont know or do they not go to the sales meetings!??
  • fusillifusilli Member Posts: 24
    After five Benzes, the last one being absolutely horrible, I leased a Chrysler Pacifica for under $400 a month. What a dream! Best of all, I remembered the screwing I always got at the Benz dealership for "maintenance" and oil changes. I almost fell over when I had my oil changed in the Pacifica, and they said, "That'll be $19.95!" I have been driving the Chrysler for almost three years now, and I have never, ever had one problem with it. I cannot say that about my fancy-schmancy Mercedes, all so I can impress people. I am over the status, and the Pacifica is basically the same car. Eighty percent of that car is Benz, all for $26,500! My neighbor has a brand-new E 320. We went out to dinner in it a month ago. I kept saying to myself, "Man, if I close my eyes, I feel like I am back in my Pacifica!" So, take your Benz leases and $250 "maintenance charges," and have fun. I know this is off-topic and not what you diehards want to hear because you've swallowed the bait and are brainwashed, but I was looking up the prices of oil changes and maintenance on Benzes just to remind myself I never need to go back to a Benz when my lease is up, which is in the coming months. Thank God that the older I get, the less I need to impress people. I am, ultimately, turning into my father, a shrewd CPA! He is looking down saying, "Good girl, you finally came to your senses."
  • dkla76dkla76 Member Posts: 41
    No option E350 white color.
    Dealer offered Lease 51 Month
    10,000 mile per year
    $2000 total drive off
    Monthly payment is $550.00 including tax

    good deal? anyone?
  • fusillifusilli Member Posts: 24
    May sound like a good deal because lease length is so gosh darned long. I am afraid you'd be sick and tired of looking at that thing after the third year, you'd say it wasn't such a great deal. You'll be upside down on the lease for so long, it just doesn't sound good. My feeling is there are two reasons for leasing. 1) you can get into a nicer car for cheaper; and 2) you get a new car every 3 years. You'll be sick of writing that check after that long. Just my opinion. But what do I know...
  • fusillifusilli Member Posts: 24
    If you are student, then you need not be looking at MB. Cool your jets.
  • ocautoseekerocautoseeker Member Posts: 425
    dkla76,

    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
  • dkla76dkla76 Member Posts: 41
    They have 27 month lease deal now. whats the money factor and RV for that on 10k/yr?
  • aeggroupaeggroup Member Posts: 133
    Hello All.

    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.
  • ocautoseekerocautoseeker Member Posts: 425
    27/10k - 64% / .00105

    * May vary by region
  • jim53jim53 Member Posts: 118
    does anyone have the current money factor and residuals for 10K miles per year on the E550 and E63 for 3 years. If there are better deals out there for less than 3 years please provide those as well.

    Thanks.
  • ocautoseekerocautoseeker Member Posts: 425
    E550 Sport - 36/10k... 50% / .00150

    E550 Sport 4-matic - 36/10k... 49% / .00355

    E63 AMG - 36/10k... 56% / .00145
  • jim53jim53 Member Posts: 118
    thanks. Is the E63 residual and mf good only through January? Amazing how much more it would cost to lease a E550 4-matic than an E63. Are there any other incentives on the E63 currently (i.e. lease cash, etc) and how long are they expected to be available.

    My current car doesnt come off lease until early April so I would prefer to wait a little while if possible.
  • ocautoseekerocautoseeker Member Posts: 425
    Yes, these are January lease rates and residuals. Typically, you get whatever program is available for the month. Not sure about lease cash on E63 in your area, in socal, it's $2k.

    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.
  • jim53jim53 Member Posts: 118
    I appreciate the help. How does this deal sound to you on ane E63?

    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.
  • ocautoseekerocautoseeker Member Posts: 425
    Sounds decent given the cap cost looks like it's right around invoice. However, if they are offering the lease cash in your region, then you should be able to negotiate a cap cost below invoice (basically, negotiate invoice or near invoice, then minus lease cash)

    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.
  • jim53jim53 Member Posts: 118
    Thanks for your help. Any insight into why MB is offering so much support on this vehical? I have to say that I have looked at MBs' in the past when shopping for a car and have always ended up leasing a BMW because they tended to offer great least deals while MB did not. Now it appears to be the opposite - BMW lease support is poor. Especially on a car like this, I am surprised to see so much support - are they having a difficult time moving them for some reason?
  • eights38eights38 Member Posts: 145
    jim53 - I believe that Mercedes is redesigning the EClass shortly. However, the current body style with the free-of-charge sports package has been selling quite well and looks great.

    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.
  • nacho2nacho2 Member Posts: 82
    Hello Carman,

    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.
  • crestonavecrestonave Member Posts: 209
    I hope your dad is ok. Since he's looking to lease another car I guess he must be.

    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.
  • myerslawmyerslaw Member Posts: 21
    It all depends on the lease language!!!!!!!!!!!!!!!!!!!!! You might also have "gap insurance" which essentially pays off a totaled vehicle in full, covering the difference between depreciated value and selling price when you have purchased a new car. But you gotta read that lease very, very carefully.
  • myerslawmyerslaw Member Posts: 21
    If you are in Southern California, so is the world's largest Mercedes dealer. Fletcher Jones in Newport Beach. They sell and lease a huge number of cars each month -- I'd certainly check with them.
  • nacho2nacho2 Member Posts: 82
    Thanks for the reply. He is fine, it's just that a young driver with a permit was driving fast in the mall parking lot and didn't stop at the stop sign and ram into the front/side of his Infiniti. I will check with him about the GAP and to see whether he has the insurance. My father has had 3 Infiniti vehicles so far. This last 2007 Infiniti M35x he went with my brother in law and unfortunately got taken to the dry cleaners. He was on a 3yr /15 k lease for a payment of $690 including tax-Yikes! And on top of that I know my father put money down on the lease as well. basically, my father wants an AWD vehicle to drive for the weather in Syracuse,NY as he still has another vehicle to drive for the remainder of the year. I mentioned to him that he can lease either an Mercedes 4-matic or an Audi a6 3.2. I believe Mercedes is still running some great lease deals on the E-350 not sure about Audi A6 or its reliability, only know that the Quattro is supposed to be good.I even told him to get a Toyota Avalon,not sure if they make an AWD vehicle. Today, I told my father that he could probably lease a more expensive vehicle with the Mercedes compared to the InfinitiM35x and for a cheaper lease payment. One disadvantage, is that there is only one Mercedes dealership in Syracuse,NY, will check to see if a dealer can deliver the vehicle on a flatbed from the surrounding areas. Thanks again for your well wishes and guidance.
  • s550iwishs550iwish Member Posts: 28
    i pay $700 a month for my ML550 and its roughly the same price as an E350
  • ocautoseekerocautoseeker Member Posts: 425
    2008 Mercedes E350 Luxury 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

    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.
  • nacho2nacho2 Member Posts: 82
    Thank you for the clarification and posting the lease rates and residuals. How come the residual is so low for 24 months, in comparison to BMW which I believe on their 24 months has a residual of 71%. I know Mercedes has a better Money Factor than on the current BMW 5 series. From what I have read so far,it seems better to lease the E-class for 24 months. I have to do some research and see what is the difference between the Luxury and Sports 4-matic sedan, and see if it makes a difference for the winter weather in Syracuse,NY. Again, thank you for your help. Wish you well.
  • crestonavecrestonave Member Posts: 209
    Great info, thanks. Would you be able to provide the equivalent lease rates for the 4matic WAGON?

    Appreciate!
  • jim53jim53 Member Posts: 118
    The incentives and rebates section on edmunds notes the following under the current lease special:

    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?
  • ocautoseekerocautoseeker Member Posts: 425
    In regards to the dealer contribution, it means that in order to get to the advertised lease price (monthly payments), the dealer must contribute (discount) the vehicle $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.
  • ocautoseekerocautoseeker Member Posts: 425
    2008 Mercedes E350 4matic Wagon
    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.
  • ocautoseekerocautoseeker Member Posts: 425
    Because , BMW has a corner on the leasing market. Virtually all their leases are subvented with inflated residual values.
  • jim53jim53 Member Posts: 118
    Any indication yet if the current lease support and rebate will be available in February on the E63 or E550?
  • ocautoseekerocautoseeker Member Posts: 425
    Won't know until Feb hits.
  • jim53jim53 Member Posts: 118
    thanks. Please let me know if you get them. I feel like I'm rolling the dice.
  • ocautoseekerocautoseeker Member Posts: 425
    Soon as I get 'em, I'll pass 'em on too you. What model are u interested in, again? 350/550/63 lux or sport, 4-matic?
  • crestonavecrestonave Member Posts: 209
    Could you come up with rates for the wagon as well? 4matic version? I'd like to do 24 mos with 12k a year. Thank you!
  • jim53jim53 Member Posts: 118
    E63 and E550 (both 4 matic and rwd)
  • crestonavecrestonave Member Posts: 209
    I was asking about the E350 4matic wagon. Sorry if I'm still confused.
  • jim53jim53 Member Posts: 118
    also, what did you mean by lux or sport? How far into the month do rates typically get communicated?

    Thanks again.
  • jim53jim53 Member Posts: 118
    Has MBCC put out the rates for Feb yet? If so, did anything change from January?
  • ocautoseekerocautoseeker Member Posts: 425
    Sorry about the delay, I'm still waiting for numbers from one of my leasing sources. I'll update all of you as soon as I get them.
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