deleted

[webhopper]

How long have you had the car??  there is a buyer's remorse window where you can take it back...

[webhopper]

Also, In a way I'm glad you're figuring out how uneccessary it is to get a new car so very often...  take your time picking out a car, and then you'll be satisfied long term.

[Gunnar419]

---

@tpatterson92 wrote:

My main question is regaurding my Payoff Amount. I don't even have the paper work in the mail from Mercedes yet or an account number because I literally just leased the car. I looked at my paperwork from the dealer and if I multiply my monthly payment  630.p/ month by 47 months remaining equaling $29,610. Plus tax and license or whatever. Or am I gonna owe a lot more than I think, maybe 40 or 50k pay off?

 

---

You're going to owe more. Brace yourself for that.

Congrats on your journey toward learning some very valuable lessons.

[Dustink]

---

@webhopper wrote:

How long have you had the car??  there is a buyer's remorse window where you can take it back...

---

No buyers remorse window in CA on new cars. A used car cool off window can be purchased, but nothing of the sort for new. Unless Mercedes offeres it, but I doubt it.

[Dustink]

Your pay off will be around: [total of your payments]+[the residual value]+[fee's]-[financing costs]

You are looking at around $17,000 in negative equity.

Stop buying cars. Pay for your mistakes with this vehicle. "Suffer" through it for the next 48 month's, then don't make the same mistake's again.

On the next vehicle, put a large amount down and get a 36 month loan. Also don't buy a vehicle that depreciates so quickly. A range rover is about the worst you can buy in that regard and mercedes isn't too great either.

[boomhower]

The best thing you can do right now is suffer through the lease term with this car.  It may not be what you want but you signed the paperwork so your stuck.   You just rolled $10k in negative equity and if you tried to do something now you'd add close to that much more, not to mention the $3k you put on your CC.  Just keep the Mercedes and finish the lease.  Consider it an expensive lesson learned and don't make the situation even worse.  

[dabrian]

Finish off the Lease then buy a Crown Vic and drive the wheels off of it.

[Dustink]

---

@dabrian wrote:

Finish off the Lease then buy a Crown Vic and drive the wheels off of it.

---

+1 to finishing off the lease

-1 to crown vic...haha

[lionsfan20]

 It is so rare and so uncommon for the average person to go into a dealership and put down a huge downpayment unless their scores or income suck , and looking at the scores in your sig , I get why you keep giving that advice. It is so uncommon and in my opionion financially stupid to ever put more than 5000 down for a car and essentially just give away money.If the car breaks down a month later , yes there are laws that protect you but wouldnt you rather have that 10000 downpayment sitting in your bank account then paying the lowsy 100 dollars you might save a month to keep it.

Yes , putting alot down means something to a bank because it's less they have to risk financiing but in reality , good score history of either auto or revolving loans and a decent income eliminates the need to do that. Only people who should consider your advice or those who have terrible credit and have shown an inability to pay their debt.

edit by webhopper