Yeah, but 475 with 5K down is closer to that number with zero down.
You forgot your comment about 10k down, that would take that 569 and kick it down to high 300s.
Side note,
From personal experience, you do not want to apply for a car loan while you are already in underwriting for the home loan. It could raise eyebrows with underwriters, they can ask for documentation and delay the approval process - especially if you are borderline qualified with your DTI.
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What you want to spend on a house and what you end up spending on a house in Connecticut are two different notions. It doesn’t sound like you have put an offer on a house yet (just that you are pre-approved) but correct me if I am wrong. Sell your Stinger to Carmax for $29,200 and buy a car in cash with the $10,000 or so to hold you over until you buy a home. When you close on the home, sell the $10,000 car and get whatever you want.
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Have them change the approval amount to a lower number.
They are explaining something to you incorrectly.
You could have a $20,000 car payment and get the absolute best mortgage terms if you have the income to support all of the debt.
Does it make a difference if the payment is a lease vs a finance?
.
My lease is up and they allowed me to extend it for one month only.
The rates I’m getting are off the wall. 650 for. C300z I drive a C300 now and I pay $375. The salesman said those prices may not happen anytime soon. The broker I normally use put his business in pause until things change. So now I’m here trying to make a good decision.
My buy back is 29k and the Benz dealer is telling me people are are doing the buy out and trading the car in. Because dealers are giving more for cars now.
What to do you all recommend and what are you all doing. I need a car. But 600 is out the question for me.
I’m in Florida…when I had a broker, location didn’t matter.
Browse the forum you’ll see mostly
Nissan Frontier and Wrangler 4XE leases, or
People buying cars that had a history of good value retention even prior to chip shortages.
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I have a lease that will be up in a month because I extended it for one month. After that I won’t have a car. The Benz dealer wants me to buy out and telling me people are doing that abs trading it in. I’m. It sure what to do. I do know the lease prices they have now is crazy high. I pay 375 for my C300 and know it’s going for 600
I don’t know what I want. I see the Acura ILX, the Honda Civic. So confused… I just know I’m not paying more than 400
You can shop it around and see what a benz dealer/auto nation will give you for it. If you have equity it could make sense to buy it out or sell to a dealer and take a check to walk away and find something you are comfortable with the payment on.
Thanks. I’m going to call a few dealers and see what they will pay for my car… so what are people profiting from the trade in? What are they able to put on their new car?
My lease on my Tacoma is up in 2 months. It has equity and I’ve thought about buying it out. Given how prices of cars have gone up. Or can I trade it in with equity to the dealer if I decide to get a new lease?
just find out your dealer payoff and shop it to see what gives you the most $$. You can cast a wide net and see where the offers fall. You are captive to selling to a MB dealer or dealership group with a MB store (autonation or rodo etc).
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I received these so far. But my buyout is 29k so I guess this route doesnt make sense.
Carmax 26700
Carvana 28543
Waiting for Acura, Florida AutoNation MB, Vroom
Unless those offers go up you are better off turning it in. If you get a dealer to buy it you do not have to pay sales tax on the residual (not sure if you have the dealer payoff or personal payoff). You should call MB Financial and get the dealer payoff (cannot be sold to a 3rd party- just MB dealers).
From Benz Buy Out form
Net selling $27,055
Out of state reg $450
Doc fee $250
Temp tag $20.50
Title fee $15.00
Total fees $735.50
Total tax $1688.35
Sales Sub total $29,479.75
Total Amount due $29,479.75
Finance 4.99% APR Zero Down
557.34 60 months
512.75 66 months
475.62 72 months
Finance 4.99% APR 2500 Down
510.07 60 months
469.26 66 months
435.28 72 months
If you sell to a dealer your payoff would be closer to $27,055 plus a few minor fees for paperwork. Anything over that should come back to you. Anything under that just give the car back and start over. However with this payoff you can only sell to a MB dealer or group with a MB dealer. If you want to go to Carvana, carmax, vroom etc you would need to buy it out first (add sales tax and fees).
If you need more time you could call MB and see if they will extend your current lease. This could buy you some more time at your current payment to figure things out.
They extended one month.