topic Re: ALL Lease Advice, Greatly Appreciated in Auto Loans

ALL Lease Advice, Greatly Appreciated

Anonymous — Sun, 11 Dec 2016 21:31:40 GMT

Greetings,

I am looking to lease a Mercedes towards the end of January...beginning of February. Can you please give me all the necessary steps and/or advice in making sure I get the best rates and options? You can start with step 1 and take me all the way through *smile* I thank you all in advance for your help!! In addition, I follow the community often, and I closed on a mortgage(Duplex) here in Los Angeles in August. I can't begin to describe how much these forums have helped me. If I could thank everyone personally, I would...

Re: ALL Lease Advice, Greatly Appreciated

StartingOver10 — Mon, 12 Dec 2016 17:35:11 GMT

My advice: don't lease. But I don't like leases at all because all you have at the end is a series of payments and no vehicle. Others here feel differently.

Look at the top of this auto section to see tips for auto financing and auto leasing.

Re: ALL Lease Advice, Greatly Appreciated

Appleman — Tue, 13 Dec 2016 14:33:01 GMT

It is going to take some time for you to read, research and reach out to find the information.

Leasing is fine as long as you understand the process.

Google, Mercedes Leasing and that will point you in the direction of forums that share stories from people who have actually leased Mercedes.

You can negotiate some leases, so do your homework.

Obviously, ensure your credit is in the best condition it can be when you do apply.

Good luck.

Re: ALL Lease Advice, Greatly Appreciated

Anonymous — Tue, 13 Dec 2016 15:52:21 GMT

Thank you, both!!

Re: ALL Lease Advice, Greatly Appreciated

awp317 — Sat, 17 Dec 2016 06:06:50 GMT

I leased a mercedes S550 in july of 2016. Super simple process, we negotiated a price for the vehicle and they did the lease payment based on the negotiated price. My dealer said you get the best rate with a 730 score or higher, I was asked to prove income but other than that minor issue it was smooth sailing. I know people are against leasing but Mercedes lose so much value that my calculations for my spacific car found leasing to be cheaper than buying.

Re: ALL Lease Advice, Greatly Appreciated

Anonymous — Sun, 01 Jan 2017 21:03:01 GMT

Thank you. Greatly appreciated! Which credit report was pulled? was your dealer in Southern California?

Re: ALL Lease Advice, Greatly Appreciated

Anonymous — Sun, 01 Jan 2017 21:04:09 GMT

Greatly appreciated!

Re: ALL Lease Advice, Greatly Appreciated

Anonymous — Thu, 02 Feb 2017 14:12:57 GMT

In my case, I just come up into as search on Google too. Just like looking for BMW or Mercedes car leasing. After that, I have found plenty of options, but because I was a newbie in car leasing, so I cannot understand the terms used there. So, what I did was, do a little research about the car leasing glossary, and then try to udnerstand first the basic terms. After that, I contacted different car leasing websites or dealers and ask for a specific quotation for my 2017 BMW 5 Series 530i. After contacting almost 5 agencies, I ask for the specific terms and calcualtions that I don't understand, and I can say that some of them are patient and answered me well, while others are not. So, I ended up leasing my car from the DSR Leasing. This experience might help you here. :-)

Re: ALL Lease Advice, Greatly Appreciated

JGGM — Sat, 04 Feb 2017 15:11:10 GMT

Leasing is fine as long as you're okay with always having a payment. i would personally work the deal from a sales price of car first and then tell them to work that price as a lease payment. If you go in and say "I want to lease a (insert vehicle)", they'll will just be showing you payments. Payments are based of sales price of vehicle, the vehicle's residual, and a money factor (for simplicity sake it's like an interest rate). Residual is published by the leasing company (so MB). Can't really mark that number up. Though it does change depending on the months and miles on the lease. The money factor can be marked up just like a buy rate from other banks.

Re: ALL Lease Advice, Greatly Appreciated

Anonymous — Sat, 04 Feb 2017 15:15:27 GMT

Thank you

Re: ALL Lease Advice, Greatly Appreciated

Anonymous — Sun, 05 Feb 2017 08:26:09 GMT

There are several leasing guides you can find online that explain the money factor, residual value and capitalized costs as well as fees and how they intereact to come to a payment. Cars that have high residual values have lower payments so while it seems counterintuitive a higher end car with good residual values can cost less than a lower end car. For example we leased 15 cars for work and when we did our research leasing the base model which was cheaper to buy was actually more expensive to lease because the residual values on the higher equipped models was several percent higher. I point that out because you won't find that tid bit in any leasing guide.

The best way to get a good deal on a lease is have tier 1 credit, those who are lower tiers pay higher money factors (interest) and look for a factory advertised lease special. Those factory sponsored deals will be the best you can get. You should search for the money factor and residuals for the car your interested in before you go to the dealer. FInd a Mercedes message board and someone will have a post with up to date information. Both residuals and money factors change from month to month, residuals are the most volitile. If you spend 99 cents you can get a lease calculator for your smart phone, so when your at the dealership you can plug the numbers in and see what the payment will be.

Finally a lot of dealers will try and tell you that they don't negotiate the price on cars that are being leased. That is BS they use to try and rip people off. Remember when your leaseing your paying the difference between the sales price and residual plus interest in your payments so the higher that sales price the higher your payment.

Do your research and be prepared and you can make a lease work for you.

Re: ALL Lease Advice, Greatly Appreciated

Bleety17 — Mon, 06 Feb 2017 15:48:51 GMT

Check with your employer to see if you are part of a "Preffered Partner" with any of the Automakers.

For example, I work for Spectrum (formerly TWC) I qualify for deals through GM,Chrystler,Jeep, and Dodge.

I also am a member of SCCA and qualify for $500 off VW

Re: ALL Lease Advice, Greatly Appreciated

Anonymous — Sat, 04 Mar 2017 12:32:42 GMT

Thanks for your advice here. I agree with you. I am also a newbie here looking for a great information on how to start in leasing. At least now, I have joined this forum and found great information that gave me more ideas about leasing.