Hi everyone, brand new to The forum and first time leasing a car. Looking at a 2020 GLE 350 which was a loaner, has 8500 miles on it. MSRP price is 59,920 and selling price was quoted at 51,000. After taxes and everything total due will 57k
Got a quote for a lease for 36 months 10k miles for 503 month with 10k down.
Wondering if this is a good deal
Is this a joke?
Sorry, not a joke. Was seeking advice because I’ve never done a lease before
Take some time to read through the leasing 101, etc to learn what goes into a good lease deal. This lease deal is atrocious.
This is the atrocious part. Dealer is taking you for a ride… and getting a new boat. You may want to walk away from them. Search around on LH, and you’ll find the GLE typically doesn’t lease well.
Here’s a helping hand:
https://leasehackr.com/search?q=101
Read up, search for comps, and check out the Marketplace. Good luck!
Thank you, I will read that. I guess I was looking at it wrong because I was just thinking at the end of the day The total lease amount would be little more than 28k. 10k down plus total payments equaling 18k
The dealer gave me another offer which had a lower down payment but higher monthly payment but total was still over 28k for the 36 months of the lease
And what has been the total lease amount for other recent GLE deals w/ similar MSRPs?
I understand but it’s the wrong way to look at things. Research!! Look at what’s a good dealer discount to get for this vehicle, esp if it’s a loaner and then stack incentives. Learn to use the calcutor. Make sure you are getting base MF. Look for other similar deals and what people got
Saw this deal for August on this forum as well that was posted by another user…
2020 GLE-Class GLE-Class
GLE350
Msrp: $58,XXX
Lease credit: N/A
Residual: 57%
Term: 36/10k
Money factor: 0.00141
Drive off : $3,000
Monthly $699
Which comes to a total of little over 28k for the lifetime of the lease.
Thank you for the suggestion on the incentives, will def look into that and more
Was this for a brand new car or a loaner?
Your car is not just a loaner but a loaner w/ a LOT of miles. Also, is your $10K all cap cost reduction, or is that the total drive off?
The money factor you have is incorrect for August.
Also no incentives on this car for August.
The discount is not very aggressive but given that inventory is super slim on GLE dealers are hesitant to discount below 5-6% currently. It may be the best deal given the inventory situation. I would personally wait for a few months if you are looking for a deal if possible.
This is a horrendous deal. Given how bad the GLEs lease right now in general, id really advise looking at something else.
This is Not a 4matic!
No, the 10k down option with a lower payment they offered me was for the regular 350 and not 4 matic.
It was for a loaner and it was 10k down, sorry not used to the lease lingo. Reading leasing 101 right now to familiarize myself with it
I hate myself for saying this, but look at the X5. It just might be cheaper. Otherwise, If you are in norcal, talk to Walnut Creek, they were by far the lowest price MB dealer I experienced.
GLE leases apparently range from bad to this deal.
Def look at something else
MSRP 59 920
THis is now last years model. Lets deduct 10 to 15 % off cost. 51 to 53 K is what we should be paying for a new car. U can see many dealers here advertising atleast 11% off cost.
Since it is a loaner, I would consider it as a rental car with 10K miles on it. Deduct another 15 to 20 %.
So 40 to 43 K is what this car is worth for. If you buy and take it to carmax the next day u will get 40K approx. (it is a used car hence this comparison)
Last but not least, find out who the lease provider is. Bmw does not lease cars as new which are above 5000 miles. So Mercedes financials might have similar restrictions.
Where are you getting this number 
