Hi everyone. I’m currently in Springfield, VA and I have a C300 4 matic that I leased 10 months ago at $449.50/ month.
Im thinking of exiting the lease and I know the mercedes is no longer offering lease transfers.
What are my options now? Also, when I get the try to get the payoff quote from MBFS on the website, it is pretty much the same for what the car is. So it’s a little confusing as to why that would be. I’d really appreciate some help from the experts.
Try vroom…
Is the payoff quote for satisfying the lease is what I would consider or the one for purchasing the vehicle?
What do you mean the payoff quote on the website is pretty much the same as what the car is? That doesn’t make sense.
In any event, the payoff quote on the website will be for what you could buy the car for today. If youre thinking of selling it to a Carvana or Vroom, etc., then you should call MBFS and ask for the payoff if selling to a 3rd party dealer.
OP - it may help your cause if you can share some numbers, or screenshots with personal info redacted. Trying to reconcile terminology without reference points will be confusing
Okay I checked with Mercedes Benz Financial and the payoff quote if selling to the third party is $39,246.66.
So basically that’s the price a third party will pay for it or at trade-in. If you have someone that will pay that amount or more, you’re good.
If the offers are less than the payoff of $39k, you’ll have to pay the difference.
With only 10 mths into the lease, it’s highly unlikely you’ll come out ahead, but you never know until you check. Good luck
So is there any chance that the difference can decrease over time? Or even become positive if I decide to keep the car for a few more months?
I checked Vroom two weeks ago and they offered $33,891.
What’s confusing me right now is that the payoff quote hasn’t decreased much. Would It ever decrease?
Hit up anyone and everyone. You’ll see offers vary widely. Try shift, Carvana, ALGo, givemethevin.com
If you are not the buyer, lessors can quote any amount they want to third party buyers. I haven’t dealt with MBFS before, but they may be applying the “market value” to the third party buyout amount.
If you were to buy it, your buyout amount should be different.
Don’t count on it
It will decrease each month by the amount you’ve paid towards principal. Depending on what state you’re in, your $449 payment is likely comprised of: base rate + interest + sales tax.
I live in MA, so for me sales tax is 6.25%. Your $449 total payment would break down to:
$400 Principal payment
$23 Equivalent interest rate (I’m making this up @ est ~6%)
$26 (MA sales tax)
So is there any chance that the difference can decrease over time? Or even become positive if I decide to keep the car for a few more months?
lol being MB, don’t even think about that. If it ever does, you are paying couple extra $450 to achieve that, not sure if that’s a good strategy.
The representative on the phone asked me if I want the payoff for satisfying the lease and that was about $30K. But the purchasing quote is $39K. This is confusing.
The first number is your purchase price after lease. Effectively the price you can buy the car for at end of lease. Rarely if ever worth it financially.
Not sure what that means, but your payoff probably includes estimated VA property tax also
I don’t interpret it the same way
It sounds like @qasim216 can return the car today and payoff the lease (unused months and miles still owed) for $30k, or for $39k keep the car and satisfy the lease.
Yes, $1,182 VA Personal property tax is included in the payoff.
I am looking to lease a C300 4matic (loaner) from the local dealer, I could take over your lease, but not sure how if MBFS doesn’t allow lease transfers. Let me know if you want to try.
Hey! I’m definitely down to try. I’m also not sure how to go about it. Let me know if you can find out something
Well, I live in Oklahoma. and have FICO 800+. not sure how to go about it, but I wish there was a legal contract that we could sign, so I can simply take over the monthly payments and drive it.
It would involve trust on your side, but ask your dealership or call MBS and see what they say about it.