High end cars......100K range...

[Creditaddict]

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@jarroldharrell1 wrote:

Excellent info RefiGuy. That's what I was looking for. I have an 800 score with 150K income and 15%DTI. Gonna put down a 20K (if financing). But I was just trying to see what was easier to get approved for. I don't mind leasing or buying. I'll accept the best deal on either.

Which brings me to another thought.......can you ask the dealer to have the finance company give you offers on both leasing and buying? Or is it not smart to appear so "open ended"? Maybe the bank will drive you where "they" want you to go vs giving you the best offers on both ends......... just thinking out loud......

Looking at 2014 Mercedes S550 fully loaded 120K......

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When spending $120k on a car like an S550 do you REALLY plan to keep it longer than 3 years?

I can't imagine why a purchase would work out better number wise then say $8k down and $1200+ lease payment... the special is on MCB.com - I know yours has a lot more options and what not so you can calculate your down and monthly will be higher but that is WAY less than financing... and I can't imagine finacncing a mercedes for 84 months ro even 96 i think they do now... crazy in my mind but love your car choice!!

what about the lease being written off as company car or something, not sure how that works but think I hear that a lot in the high end market like that.

[RefiGuy]

I think Mercedes uses Ally and US bank for there leases. So you can get rates for either lease or retail if it was from those two banks. I can tell you right now though, they will both be competitive on the lease side of things. As far as financing US bank will have better rates. If you finance the car I suggest telling them you have 2.49% at your credit union and tell them if they cant beat it you would like to go with them. They will at least match that great rate and it will most likely come from a credit union.

Nice Ride!

[Kratos-TM]

Thanks a lot guys for the awesome info! You have a great point creditaddict. Do I really want to keep the car for more than 3 years? Knowing my personality I probably won't. So leasing is the better route.

I think Mercedes Benz Financial does the leasing of the Mercedes cars, but I've been hearing their money factor sucks most of the year for the S classes. There are a few occasions in last year where their money factor hit 0.00120, but that was only for a couple of months. Other months throughout the year it was at 0.00330 for the big benz....   So I've been keeping my mind open for financing in case I get there and they quote me a stupid money factor....

Those deals you see on the site are for the 2013 models because nobody is buying them. The 2014's are the next generation models which means my chances of getting a good deal may be tough......

[Creditaddict]

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@jarroldharrell1 wrote:

Thanks a lot guys for the awesome info! You have a great point creditaddict. Do I really want to keep the car for more than 3 years? Knowing my personality I probably won't. So leasing is the better route.

I think Mercedes Benz Financial does the leasing of the Mercedes cars, but I've been hearing their money factor sucks most of the year for the S classes. There are a few occasions in last year where their money factor hit 0.00120, but that was only for a couple of months. Other months throughout the year it was at 0.00330 for the big benz....   So I've been keeping my mind open for financing in case I get there and they quote me a stupid money factor....

Those deals you see on the site are for the 2013 models because nobody is buying them. The 2014's are the next generation models which means my chances of getting a good deal may be tough......

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The Money factor thing is what I still don't understand... I even downloaded an app to check the numbers on a lease deal if they are good and I can't even figure out how to plug in the factors that it asks for!

Is there an easy way to figure out if it's a good deal to lease vs. buy?

[Kratos-TM]

Basically I'm gonna take the money factor they quote me and multiply it by 2400. If the number comes out to be greater than 4% interest, I'm walking away from the lease deal....

My goal would be a money factor of 0.001.....this is equivalent to 2.4% interest. The highest factor I'd consider is 0.002.....which is 4.8% interest.