info on selling leased car or trading in Need help!!!!!!!!! - Benzworld.org

loweredbenz · 02-01-2003, 11:34 PM

Okay this is what i got screwed on at house of imports
i leased a 2001 e 320 in june of 2001. no money down i left with a monthly payment of 667 now this is the first time i have ever leased a car ( probably my last) oh that was a 5 year lease. Well now i want to try and get a 2003 e class but i checked kelley blue book values and my car is worth stock at around 34000 from the dealer and 39,000 on the street . well i i check what my payoff was and its 42000. okay now this is were i need some help! now i got alot of add ons ( wheels, lowered, mobile video system very well taken care of) should i try and sell in the auto trader? or can i transfer the lease? or am i just fucked till the lease ends? Please Help?!

sosh · 02-02-2003, 09:38 AM

If the lease is with MBCC they will insist or charge you for putting the car back to standard. They do not allow aftermarket additions, nor does most any other leasing company. You will also find that if you try to sell yourself that the aftermarket stuff will actually reduce the value of the car unless you find the one person that has the same taste as you and even then it will not increase the value of the car. If you wish to trade up bite the bullet and pay off this car as its really only a few thousand dollars. You did not get screwed but you did not read what you signed. Your low payments are a result of a high residual. In actuallity the only way a lease will pay off is if you write the car off for business purposes.A lease is not a good vehicle to lower your monthly cash flow as you found out.

loweredbenz · 02-02-2003, 12:01 PM

thanks for the response, now i have no problem making the car stock, but do you have any suggestions on how i can negotiate this with the dealer.

sosh · 02-02-2003, 01:28 PM

The dealer has no input into the lease payoff with MBCC thats now between you and MBCC and my experience with them has never allowed for a negotiation of the payoff or buy out price. The only negotiation you can try is for the pricing on the new vehicle and with the order book being filled, thats unlikely.

edwin191 · 02-07-2003, 02:30 PM

Lowered,
One thing to keep in mind - you'd also be upside down if you had been making payments to ultimately own the car. It's no secret that new cars take a depreciation hit the second you drive off the lot. Add in the fact that you put no money down, you're upside down for the first 3-4 years at a minimum. Finally, realize that a huge portion of your first couple years of payments go to pay interest, with only a fraction paying on the principle.

My suggestion - keep the 01 E320.

loweredbenz · 02-11-2003, 10:30 PM

today i was at mercedes getting some info and this is what i was informed i can get into a 2003 e 320 pat 690 a month but i need to put 8000 dollars down. i am almost willing just to pay but what kind of bothers me well does bother me is that i got my 2001 e class in june of 2001 with NO MONEY down and pay 667 a month. i feel like i am getting snaked on 8000 dollars