I have 6 months left on my lease and have decided to buy out and keep the car.
I called Mercedes Financial and they told me that the First Class Lease Protection Plan cost of $1825 can be fully refunded by the dealer.
Is this true? Anyone have experience?
I have no experience w/ it, but let us know what happens when you contact the dealership.
Yes, you can call the dealer and cancel this for a refund.
I called dealer and they gave me BS answer saying it can only be canceled within 60 days after the lease. MBFS couldn’t do anything about it either.
What does it say in the contract?
The contract doesn’t say anything about cancelation policy. I couldn’t find anything details online either.
With 6 months left your refund would be about $300, just keep that in mind when you decide how much or little you want to pursue it.
Contract should have cancellation details. Who’s the policy administrator?
I’ve cancelled a few across diff makes and each time it was a pro-rated refund (>60 days after taking delivery). There was one administrator that told me to contact the dealer, and when I said the dealer was non-responsive, they issued the refund to me directly.
@Kctham18 Great tip! You just saved me probably around $300. First call with administrator, they told me to talk to dealerships GM. I was not able to reach GM, so called back again and administrator provided the cancellation email address. I just sent it off and crossing my fingers now.
Is there any benefit to buying it now vs waiting until the end?
You may change your mind depending on how deals look at EOY and historically the spring has been a good time for leftover MB models.
Plus MBFS’ current loyalty rebate is a nice chunk of change (it’s for leases ending 12/31/2024 but obviously there’s a chance they’ll introduce a new one after that).
Also read your contract and make sure you don’t have a 4% premium for buying early
Maybe none of the above applies and the end decision is the same. But I don’t see how you lose anything by waiting until lease end.
TLDR no upside to buying early but some downside
@max_g I was going to keep this car anyways. I like the car and it is worth more than residual and payoff. By converting to financed purchase, I’d be lowering my monthly payments quite substantially (the current interest rate is half of what I’m paying on the lease)
What’s the loyalty rebate and promotions? I’m not interested in another lease. I’m not sure they would lower the residual?
It’s for lessees going into new leases so not relevant to buying out.
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