$98,500 sticker - attractive interior combo
SoCal 36 mos. 10k miles. Residual is 58% and MF is .00355 (8.5%)
$5k drive off
$1,700/mo including tax
The MF is killing me. I don’t want to tie up any security deposits. Minimal discount - only like 3% off MSRP. What do you all think? I sign tomorrow. Or wait it out until more 24s hit the market?
Thanks! Love this community.
Why lease and not finance?
While @max_g is cleaning the Taco Bell restrooms I’ll fill in
You going to pay 66k to lease this 98k vehicle for 3 years YIKES
I could finance. But the Mercedes interest rate is high and I’m not confident I’d be able to refi if I have no equity in the car. I also don’t feel like shopping around for rates.
Way better options at this price point. Cayenne residual is higher than this.
Higher than the MF you’ve been offered?
The GLE has never leased well (at least, not for the past several yrs). If you’re not married to an MB, look at the X5.
If you want honest feedback, this is not a bad deal. It’s horrible.
You can easily finance it for the same payment, or less. Wouldn’t even take much leg work since many CU’s publish their rates online.
However if you must lease and are open minded, then I would advise you to take a look at another car, such as the X7.
This is not hard and you can look at the CU thread/finance as well. EECU is 5.79% for up to 72 months and is easy to join. Beats that awful MF all day long.
There is some way to join EECU but I think you have to call them to get the membership info for the org to join.
Campbell CU @ 4.24% at 60m.
https://www.campbellcu.org/about-us/rates/
" You may also qualify for membership through the consumer advocacy association, the American Consumer Council, New Jersey Chapter. You may join the American Consumer Council directly through their website, [www.americanconsumercouncil.org"
2 old school CU sheets (not sure if updated anymore buy good leads to cheaper rates):
I thought Toyota and Lexus lease are bad but this is horrible. Your paying $66k to drive it for 3 year for a $98k vehicle. I’m pretty sure the BMW will have a better lease deal on the X7.
It’s your money but to me these depreciation kings only make sense if you have your own S corp to write off the taxes. Finance would save you a couple of thousands but the resale value in 3 years is highly uncertain (recession, car manufacturers moving to EV, etc.). Also such a pain to negotiate the trade-in values with the dealership - even worse than the initial purchase.
There are too many better choices out there and personally I’d never spend $1700 to lease an SUV with no unique features.
At least @max_g isn’t begging for a job…
I appreciate everyone’s input. I absolutely need a 7 seater. Ranger rover is out of the question. The X7 is too small. The Escalade’s MPG is atrocious. I could finance but it’s have to be for 72 months and I don’t know if I want to finance that long in this market. Maybe I just move on to something else.
Sounds like the right decision.
2024 GLS: 205” L x 80” W x 72” H
2024 X7: 204” L x 79” W x 72” H
Have you sat in the third row in the GLS? I have an X7 and would not consider the third row usable unless you have small children. I can’t imagine the GLS is much different; they’re basically the same dimensions.
If you absolutely have to carry 7 people (and their stuff), you may be limited to a Navigator, Escalade, or Grand Wagoneer in the luxury segment.
I don’t see how the GLS is any more practical than the X7 in terms of 3rd row seating. Since you’re taking into consideration MPG, maybe consider the Rivian R1S?
7 seater = honda odyssey or toyota sienna. That equation has been solved. A 1700 a month GLS just for 7 seats is lighting money on fire while torturing the 3rd passengers. for 1700 a month you can get an EQS and an odyssey
Agree, just buy/finance the car. In California these sell like hot cakes and there’s no “deal” on any of them.
Also, I think Jamziz should check out a Lexus LX.
I financed a well optioned GLS450 with AMG Line package in June 2023. At the time, MBFS didn’t even bother to try and get me as a borrower.
I was like… what the heck? I was putting 50% down, have a very low DTI, and am Tier 1. I asked the f&i guy what’s up- don’t they want to get a high FICO in their loan portfolio, and he just says “nope I guess not”.
He pressed MBFS for a loan and they eventually responded with a 48 month term that was 500 basis points higher than the local credit union. F&I guy said almost all loans coming from MBFS on a GLS or GLE was looking that bad. I would imagine Anyone who gets a loan through MBFS right now on a SUV is just getting killed.
I guess MBFS just doesn’t have the lending capital to help anything but leases on EV’s right now hah.
If OP cared about MPG, he would go to the X7. Both the m60i and x40i are fuel sippers.
Why would they, when customers say things like this?
I also don’t feel like shopping around for rates.
$20K in extra GLS payments buys a lot of fuel for the atrocious MPG of the Escalade.