Extending lease - Mercedes Benz SLK Forum

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#1 Old 05-30-2009
 
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Extending lease

My lease is set to expire in a little over a year and I am hoping to extend it. I'm happy with my 2007 SLK 280 and don't have any desire to switch.

My lease is 36 months, and after a sizable down payment, I am paying $630 (CDN) per month. I would like to keep the car for a total of 48 months. Do you think that Mercedes will agree to allow me to keep the car and continue making my $630 monthly payments for an additional year? Would there be any additional fees? Even better, any chance of pay less each month?
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#2 Old 05-31-2009
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Just a thought: instead of extending the lease, see if you can negotiate down the residual and buy the car. I expect that the payment will be close if not lower. and you'll have a little equity. Then if you sell in a few more years, you'll actually get something back. And if you keep it long-term, you'll eventually have no payment at all, which is good thing in today's world. MBs last a long time, so it's not a bad plan to keep one...
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#3 Old 05-31-2009
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First of all, welcome to the forum.

Your initial down payment was only used to pay up portion of the initial negotiated 36 month value of the car, that's how they can lower your monthly payment to $630, instead of say $800 or even more... The question whether you can continue to lease the car for 12 more months or not, the answer is yes, but the amount may be different and will depend on the lease rate, what residual and market value of the car will be when the lease is up. That being said, the chance of the car's market value match the residual value on the contract will be remote due to current economic situation. That will work towards your advantage whether you want to purchase it or continue lease it. If the residual value on the contract is higher than the market (i.e. $30000 vs $27000), you can probably negotiate with MB to sell you the car in the middle to settle the transaction, so you are not paying the contracted price and MB don't need to deal with the lose, it will be a win win situation in my view. As for lease, it depends on the rate and the market value of the car. As the lease contract is essentially done, it is like getting into a new lease contract. You may end up with the same monthly payment, but again, it all depends on the lease rate, residual value of the car after 12 months and the selling price of the car at that time.

You should check up with your sales rep 3 to 4 months before the lease ends, you may be able to get some decent deal as they would definitely like to keep you as a customer.
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#4 Old 05-31-2009
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#5 Old 05-31-2009
 
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Thanks for the feedback. I wasn't able to find an existing thread on this topic, but I would be very interested if there is one.

I'm waiting for the 2012 SLK, so I'd rather not fiance the residual. i.e I want a new car in about 2 years time.

Here is some information I found on extending a lease:
http://www.mercedes-benz-financial.c...ngCenterFaq.do
http://answers.edmunds.com/question-...ices-4558.aspx

I also previously compared the costs to lease a 2009 SLK 280 for 36 months versus 48 with my same down payment. I found that the 48 month lease is about $50 less per month. Lets assume the pattern was similar 2 years ago. If I pay $630/month for an additional year, then Mercedes is making more money than if I had gotten the 48 month lease to begin with ($50 x 48 months = $2400).

I realize though that Mercedes Finiancial is seperate from the dealership, and that this is not quite so straigtforward...
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#6 Old 05-31-2009
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I thought extending up to 12 months at about the same payment is something that they do try to make possible, but I might be wrong.
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#7 Old 06-01-2009
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It all depends upon the residual, cost of money, and the mood at MB Finanical when you want to do the deal. We have looked at this on a couple of MB's we leased, not SLKs. What we found was that sometimes they are interested in extending the lease and sometimes they price it so high that it makes no sense.

You should start talking to them now, as the rates may change over time. That gives you the option to make the deal whenever you get a price you can live with.
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