Does he not have an option to buy out and come out better than leasing? I didn’t do the calcs but it looks like there’s at least 350 a month in rent charge alone.
Don’t know how MB payoff would look like bud I’d certainly consider it
0.0035 is not 5 percent, it’s more like 8.5%.
Live and learn. You’re driving a Benz at the end of the day though.
Find out your payoff once you setup your MB account.
Next time will go to BMW.
Scumbags dealer whoever sold you the car. Do you have bad credit or something? why would you put so much down? The gle350 isn’t even in high demand… you live you learn like everyone else said you will learn from it
The brand isn’t the problem.
Next time, do your homework before signing, no matter what the brand.
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Any reason you didn’t just finance the car? Rough math shows you would have spent ($820 × 36) + $9300 = $38,820 over the term of the lease. Your pre-incentive discount was 6% (not bad), but MF seems high. Was it buy rate or marked up? How is your credit?
They just play the game with providing the incrediable high first came like 7k and 1100 month payment.
Listen some folks here are willing to pay that monthly on a Hyundai/Genesis. Cars are benefiting from Covid19 demand. Maybe you can get some of that downpayment money back in your payoff down the road.
My credit score is around 770 -790 depends who count.
Super looser.
Thought that lease is really chepear instead of buying, but it’s not true…
As I understand there is nothing to do with it.
So just back the car after 35 months?
What their tricks when back the car?
The problem here isn’t that it’s a lease, it’s that you agreed to a horrible deal.
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At the end of the day, you did not do your homework. You should have run both lease and finance numbers.
You still did not answer the question whether you got base MF (I doubt it) or got a marked up rate.
Sorry, my MF is 0.002, not correctly counted. 5%.
Did you buy anything from finance? You can cancel and get that refunded, that’s about the only recourse now.
Is that the base rate? You could have probably financed this car at a lower rate, given your credit, and come out ahead.
So the number below is wrong?
Enjoy the car. Deal is already signed.
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Yes, Initially I calculated wrongly.
Updated in the initial post. Found this site too late.
Next time, how I can make good deal? what should I do?
step 1. step 2? any flow?
We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.
- Read Leasing 101 (EDITORIAL | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
- Pick a specific vehicle that you want to target
- Gather the current MF, RV and incentives from Edmunds forums for your zip code
- Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
- Plug your numbers into the LH calculator (CALCULATOR | LEASEHACKR), and use a pre-incentive discount similar to what you have seen
- Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.
With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.
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OR spend $400-600 and hire one of the reputable brokers in this site to do all the work for you.
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I don’t want to sound mean, but what other research did you do before signing this deal? Do you understand how the pre-incentive sale price, money factor and incentives (if any) all play a role in determining the monthly payment?
6% off MSRP on a 2021 GLE is not bad. However, putting aside the monthly payment, putting any money down is a no-no in leasing. $7300 is a lot of $$ that could be lost if the car is totaled or stolen.
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