I could use a little help before I spend hours on the phone with MBFS…
The details:
Cap cost of vehicle - $37,102
Residual value - $30,441
Rent Charge - $843
Depreciation - $6661
Total rent & depreciation - $7504 = 24x312.67
$37,102 - $4065 = $33,037
I’ve made 13 payments ($4065) and MBFS is quoting me at a $35,451 payoff… I don’t see how this is correct when I’m in a no sales tax state, and that balance is higher than the remaining balance with the total amount of rent charge + $150 purchase fee.
Negative. You will need a Mercedes Benz Financial Third Party Payoff quote.
Get a carvana rep on the line (pray), and do a conference call with MBFS, release them to fax your buyout to carvana and pray.
Mercedes still does allow third party buyouts, afaik, so you shouldn’t be hit with this tax, as this is a direct to consumer tax when sold to the lessor, but since Carvana is a third party dealership, they don’t have to pay the privilege tax.
I had to do an Oregan GLC trade for a NorCal XC90 deal, still regret agreeing to do it LOL.
No worries. What lease companion said made sense. Because I believe I did have to have vroom obtain the payoff quote directly. Either way you made a valid point that I never thought about.
Just double checked, so if I remember correctly the CAT is the tax for doing business in Oregon that dealers can pass on to consumers based on selling price of vehichle, then the Usage tax is a tax due at signing of the vehicle based on the selling price of the vehicle. When combined this adds up to about .9% * selling price, thing is this would have been charged at lease inception.
Out of curiosity I just pulled up my contract on my GLC63 because the payoff amount has always seemed high as well in relation to the original cap cost and payments I’ve made.
Sure enough MBFS has a clause in there where they’re adding 4% to the ‘Adjusted Lease Balance’ for an early purchase price.
On my truck I’m guessing my current adjusted lease balance after 6 payments is around $70k, so that 4% is adding a whopping $2800 to the current payoff quote.
Holy crap, I need to check my contract. That’s bullshit though. They didn’t ever mention this to me at signing nor did the person in with MBFS over the phone. I even asked them if I could sell the lease to a third party since I’d done it in the past with other cars. Thank you for that info.
