Hi all. Nearly all automakers have their own financial institutions that do their financing and leasing (BMW Financial services, Ford Credit, GM Financial, etc.).
However, what if I want to see what credit unions and banks (ie Wells Fargo) might offer in terms of residual and money factor?
You’d punch in the vehicle info and then you would see the down payment and monthly payment for bank A, B, and C and then pick one and send in an app. Is there anything like that today?
I am trying to lease a 2024 Mercedes that is new.
It’s left over from last year. Mercedes Benz Financial Services is not willing to lease it anymore and the finance department of the dealership says they don’t know or aren’t connected to any banks that would either.
How can I find a bank or credit union that will buy the car from the dealer and lease it to me? Please advise, thank you.
Chances are, even if you could reinvent the wheel, the deal won’t be better. The last thing an independent bank wants to do is subsidize the MF or overestimate the RV just to help Mercedes move some metal.
Credit unions that participate in the AFG balloon loan program can provide an alternative lease-like method of financing to compare against captive options. For both new and used vehicles. Some of the Mercedes program are very competitive.
You can still find what credit union’s residual values are using the CULA calculator below:
As others mentioned, you’d need to find a dealer that works with the credit union. I have not found what their money factors are but would expect they’re similar to what the bank offers for new car purchases. In the past, like 6 plus years ago, you could get a Toyota Tundra for dirt cheap with a credit union lease. I’m starting process of trying to find a Grand Highlander Hybrid Lease as the residuals through the credit union appear much better than Toyota Financial.
get them to offer the largest discount you can negotiate (20% not uncommon for that year of that car) and then finance or balloom payment (basically a lease) the car.
