Lease payoff potentially not making it before lease end date- what happens?

Playing the hypothetical game here. I sold my leased Mercedes to an entity who could buyout MB leases. They took possession of the car today (5/10) and said they will send the equity check next day and send payoff within 8-12 days. I know how this shit goes, and they’ll probably take their sweet ass time. My question is what happens if MB doesn’t process the payoff in time?

My lease officially ends 5/29, yes, I know I’m cutting it close by I’ve been waiting on my Jeep for 3.5 months was trying to not be without a vehicle for extended period of time…

Should I see about extending the lease for a month just in case, or does MB go by the date when the check was cut and retro the date?

I’ve been assured everything is good and there’s no problem, but I’d rather this not turn into a huge debacle.

Any advice would be much appreciated.

Disclaimer- I’ve sold leased vehicles in the past, but never cut it this close.

TIA

If the buyer doesn’t pay off your lease by 29th, they cannot buy it after your lease ends since the car goes back to MBFS, no? So it’s in their interest not to miss that date.

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That would make sense. Was just curious if there was some sort of a grace period. Then again, they may wire the funds.

There is plenty of time. I’d possibly worry if it was the other way and they held on to your equity check.

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Good to know. Thank you my friend.

Agreed on the equity check.

We’ll see if everything goes as smooth as they claimed it would. :crossed_fingers:

There’s a 10 day grace period for most financial institutions. Payoff has to be received prior to the end of the grace period

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I sold my leased MB to the dealer 8 days before the turn in date. I believe it was paid off in time and there was a grace period just in case. I didn’t worry much since it was a MB dealer that bought it. Got my equity check about 3 weeks after I dropped off the car.

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Thanks for the information!

That’s good to hear. Appreciate it!