Auto Loans

[kwinks]

Hi all,

As mentioned in the title, I want to lease a 2012 Mercedes C250. I have a Fico experian score of 725. I currently have a $6,000 auto loan (that I got for my boyfriend, not the best idea I know!) that he pays on time every month. I have 3 credit cards with a combined limit of $3,700, of which I only owe $75. I opened my first credit card about a year and a half ago, however I was put on one of my mother's credit cards, so it shows up that my history began about 5.5 years ago. I don't pay rent or any bills besides paying my cards off in full, and a $60 phone bill. I roughly make $2,500 per month. I was wondering if I will be approved to lease the C250 for 36 months at 12,000 miles per year. I have compared buying vs leasing and have concluded that this is the way I would like to go, no need to try and convince me that I should buy a car instead. I have also gotten insurance quotes and researched everything I need to research (how much gas will be, yearly maintenance, etc) and have concluded that I will be comfortable with a $400 payment. I just want to know if I am a fool for even trying, since I am so young, or if there is a possibility that I could be approved.

Thanks in advance!

[Creditaddict]

What state/City are you in?

Im here in CA and depending which dealership, They are HUNGRY for anyone to walk in door!

Are you planning to put down the $3-4k to get the lease special?

Are you going to do that down PLUS your Drive off costs or?

Do you want the basic 250 or any options that you plan on wanting?

Do you have a current car to trade in or someone in the family that currently has a luxury car (Acura, Infinti, Mercedes, BMW, etc. etc.)  Many dealers at least here in CA give you $1-$2k off for having luxury car and buying another (lease)

[Cellice]

Right now MB is offering 1k Loyalty cash. There is no conquest cash available through MB.

These are their current lease information for top tier credit scores which you will qualify for:

2012 Mercedes C250 Sport 4dr Sedan
36 Month – Residual 57% of MSRP – .00132 Base Rate

2012 Mercedes C250 2dr Coupe
36 Month – Residual 64% of MSRP – .00210 Base Rate

[Creditaddict]

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Cellice wrote:

Right now MB is offering 1k Loyalty cash. There is no conquest cash available through MB.

These are their current lease information for top tier credit scores which you will qualify for:

2012 Mercedes C250 Sport 4dr Sedan
36 Month – Residual 57% of MSRP – .00132 Base Rate

2012 Mercedes C250 2dr Coupe
36 Month – Residual 64% of MSRP – .00210 Base Rate

---

OOH, I need this... Can you explain those fun numbers you used and how it works based on what I am going to post below!?

2012 C250 Sport Sedan - $34,800 MSRP

$369 / 24 Months

$4,029 Down Payment

That's without the $1k you speak of and "Conquest" I assume would be the getting another luxury car or something to get an additional $1k down?  All the dealers here seem to be doing it and I don't really get it or really like it!

That $4k above also wouldn't include the plates, reg. etc.

and tax is just calculated monthly based on the payment so that helps in my eyes to finance less or put less down becasue of full tax on $30k+

[kwinks]

Thank you everyone for replying!

I am planning to put 3,000 down. I live in Northern California and currently drive a 2006 BMW 325CI, but this car is a family vehicle and I do not plan on trading it in or selling it. I want the to get the car black on black, with the lighting package and keyless go option. If I did all the calculations correctly, that gives me an MSRP of 37,915 and according to truecardotcom the market average in my area for this car is 34,900.

[Cellice]

---

Creditaddict wrote:

---

Cellice wrote:

Right now MB is offering 1k Loyalty cash. There is no conquest cash available through MB.

These are their current lease information for top tier credit scores which you will qualify for:

2012 Mercedes C250 Sport 4dr Sedan
36 Month – Residual 57% of MSRP – .00132 Base Rate

2012 Mercedes C250 2dr Coupe
36 Month – Residual 64% of MSRP – .00210 Base Rate

---

OOH, I need this... Can you explain those fun numbers you used and how it works based on what I am going to post below!?

2012 C250 Sport Sedan - $34,800 MSRP

$369 / 24 Months

$4,029 Down Payment

That's without the $1k you speak of and "Conquest" I assume would be the getting another luxury car or something to get an additional $1k down?  All the dealers here seem to be doing it and I don't really get it or really like it!

That $4k above also wouldn't include the plates, reg. etc.

and tax is just calculated monthly based on the payment so that helps in my eyes to finance less or put less down becasue of full tax on $30k+

---

Okay,A conquest is when a dealerships wins you from a specific brand over to theirs. For MB it will most likely be if you own an Acura, Infiniti, Caddy, Lexus, Lincoln, Volvo etc. As for what I showed you above:

For example:

2012 Mercedes C250 Sport 4dr Sedan
36 Month – Residual 57% of MSRP – .00132 Base Rate

 This means at the end of the 36 months the 2012 Mercedes C250 Sport 4dr Sedan will be worth 57%. In this example if the car stickers for 20,000. The car will be worth 11400 at the end of the lease. This means during those 36 months you will pay off the difference. The difference between the two (8600) is what you pay off during those 36 months. The money factor is essentially the interest rate. To figure out the interest rate you take the money factor and multiply it by 2400. This gives you the interest rate you will be paying.

Leases are complicated and it is very easy to get taken advantage off.

Here is the information you ALWAYS want when you look at lease quotes.

MSRP: 

Selling price: 

Rebate: 

Term: 

Miles:

Residual: 

Rate: 

Acq Fee: 

Registration/Title/Tags: 

Sales tax: 

Doc fee: 

Use : http://www.leaseguide.com/lease08.htm to learn where they can cheat you on a lease and how it is calculated. Be an educated consumer. Not all dealerships are shady but leases are easy way to hide extra charges when people are only concerned with the monthly payment.

Its a lot to read but will save you A LOT of money

[Creditaddict]

---

Okay,A conquest is when a dealerships wins you from a specific brand over to theirs. For MB it will most likely be if you own an Acura, Infiniti, Caddy, Lexus, Lincoln, Volvo etc. As for what I showed you above:

For example:

2012 Mercedes C250 Sport 4dr Sedan
36 Month – Residual 57% of MSRP – .00132 Base Rate

 This means at the end of the 36 months the 2012 Mercedes C250 Sport 4dr Sedan will be worth 57%. In this example if the car stickers for 20,000. The car will be worth 11400 at the end of the lease. This means during those 36 months you will pay off the difference. The difference between the two (8600) is what you pay off during those 36 months. The money factor is essentially the interest rate. To figure out the interest rate you take the money factor and multiply it by 2400. This gives you the interest rate you will be paying.

Leases are complicated and it is very easy to get taken advantage off.

Here is the information you ALWAYS want when you look at lease quotes.

MSRP: 

Selling price: 

Rebate: 

Term: 

Miles:

Residual: 

Rate: 

Acq Fee: 

Registration/Title/Tags: 

Sales tax: 

Doc fee: 

Use : http://www.leaseguide.com/lease08.htm to learn where they can cheat you on a lease and how it is calculated. Be an educated consumer. Not all dealerships are shady but leases are easy way to hide extra charges when people are only concerned with the monthly payment.

Its a lot to read but will save you A LOT of money

---

Can we get this in an APP?  I have the loan one already!

I won't look or tell my partner about this little formula for his Infiniti... I thought I did really well by him, but have my doubts lately.

[Cellice]

---

Creditaddict wrote:

---

Okay,A conquest is when a dealerships wins you from a specific brand over to theirs. For MB it will most likely be if you own an Acura, Infiniti, Caddy, Lexus, Lincoln, Volvo etc. As for what I showed you above:

For example:

2012 Mercedes C250 Sport 4dr Sedan
36 Month – Residual 57% of MSRP – .00132 Base Rate

 This means at the end of the 36 months the 2012 Mercedes C250 Sport 4dr Sedan will be worth 57%. In this example if the car stickers for 20,000. The car will be worth 11400 at the end of the lease. This means during those 36 months you will pay off the difference. The difference between the two (8600) is what you pay off during those 36 months. The money factor is essentially the interest rate. To figure out the interest rate you take the money factor and multiply it by 2400. This gives you the interest rate you will be paying.

Leases are complicated and it is very easy to get taken advantage off.

Here is the information you ALWAYS want when you look at lease quotes.

MSRP: 

Selling price: 

Rebate: 

Term: 

Miles:

Residual: 

Rate: 

Acq Fee: 

Registration/Title/Tags: 

Sales tax: 

Doc fee: 

Use : http://www.leaseguide.com/lease08.htm to learn where they can cheat you on a lease and how it is calculated. Be an educated consumer. Not all dealerships are shady but leases are easy way to hide extra charges when people are only concerned with the monthly payment.

Its a lot to read but will save you A LOT of money

---

Can we get this in an APP?  I have the loan one already!

I won't look or tell my partner about this little formula for his Infiniti... I thought I did really well by him, but have my doubts lately.

---

What exactly are you asking?

[kwinks]

So, do you any of you know if I will quality...

I'm mainly worried because:

A. I dont have a long credit history

B. I currently have a loan on my credit report

C. I only make 2,500 per month

D. I'm 19 years old, and doing this without a co-signer.

E. And I am only putting 3,000 down.

With all this in mind, will I get approved at a decent amount per month??

[Creditaddict]

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kwinks wrote:

So, do you any of you know if I will quality...

I'm mainly worried because:

A. I dont have a long credit history

B. I currently have a loan on my credit report

C. I only make 2,500 per month

D. I'm 19 years old, and doing this without a co-signer.

E. And I am only putting 3,000 down.

With all this in mind, will I get approved at a decent amount per month??

---

2 things... To the poster with the formula,  Which APP should I get off of iPhone to do this on the fly without paper and calculator with me!?

to OP and qualifying...  What is original loan on the BF car and what rate/payment/bank  is that with?  and you co-sign or just get all in your name?

I think age would be your biggest obstical.... money wise you have what they want cash down to ge tthe specials, the score probably gets you there too... so it's just income and monthly payment and of course looks like you have that now but not paying rent or car payment, and other bills... might give someone pause... but again depending what part of country and city you are in they probably won't care much and try to push through just to make the sale... I am very interested in this calculator that has been posted though... I all of a sudden think I did not help my partner not get ripped off at all!!!

So not to hi-jack all over again but if they are putting stuff in the back end of the lease or what not... otehr then if you end up paying more monthly then you probably should have, if it's in the back end and you don't keep it or trade it but turn it in at end of lease... they can't do anything if the car is woth $10k but they made it so it was worth $20k.... they have to eat the 10k right? IF not over miles, no damage, and turn in??