Congrats!!! Please share more details on this lease and then how it turns out with the buyout. I’m considering something similar.
Turns out you can “purchase” additional miles per year on the lease. I wasn’t told this by the finance team or the sales person . . . not surprising. They just made it happen. So technically, I purchased 20,000 miles over the term of the lease at 20 cents/mile. It reflected in lowered residual value by $4000 and $4000 increase I expect in the amortization/depreciation amount. One of the clauses in the contract says that I get 20 cents/ mile x (80,000 miles - odometer reading miles at time of vehicle turn in [max 20,000 miles]) refund at the end of lease as long as I return the car. Refund if I don’t reach 80,000 miles.
Just completed payoff online. My MBFS account stated the payoff amount and I paid it off online. Day 2/3 after purchase.
Waiting for my title and other documents by mail.
Lease details.
Single pay
48 month term
20,000 miles per year
0.00285 money factor (Didn’t work too hard on this)
Purchase price negotiated 77,851 (includes dealer discount and $500 AMEX cash)
-$7500 EV lease credit
Lease Sale price $70,351
Doc Fee $495
Other fees $70
Lease Acquisition fee $1095
Due at lease signing - $53,355.84
Lease Payoff amount - $20,549.49
Total paid $73,905.33.
If cash purchase originally - $77,851 + $495 doc fee + $70 other fees = $78,416
Savings by doing the single pay lease and paying off immediately:
$78,416 - $73,905.33 = $4,510.67
Difference is 1 month interest + $1320.92 (4% penalty on residual value ($33,023 x 0.04 = $1320.92)) + $1095 lease acquisition fee.
2 Likes
I should have read this post few hours back, smh!
I tried to do the same today, signed a lease for 450e and planning to buy out soon. I was told by dealership that I need to make at least 3 payments? Wondering if that’s true?
Also it looks like you didn’t refinance it and paid all cash? In my case I will have to finance it during purchase so curious if that would change anything or increase the timeline for transfer? Any pointers?
No, it is not true.
The dealer and the F&I rep will lose their commission on the finance product if you pay it off before making the third payment.
They lied to you.
1 Like
I bought out the lease within 2-3 days . . . as soon as it showed up on MBFS website. Lease contract just lays out terms for the buyout. There is no clause that states you have to wait any period of time.
If you have the financing lined up, it should be similar. May take a day longer.