I started my my lease in 2007 for a Mercedes Benz C230, I still have 4 years to go. I lost my job and I got a new job with a salary cut of $30K. I’m struggling to make my car payments every month. Any advice on how to negotiate with dealer to get cheaper car?
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Accessories January 16th 2011
January 16th, 2011 at 7:57 am
most dealerships will buy you out of your lease. They may roll the fee for getting out of it into the price of the new car but that should’t increase your payment by much. Just go and ask someone, if they can’t do it they won’t
January 16th, 2011 at 8:12 am
if you have four years left on your lease you will be very upside down on your lease/loan. you have two options to pay as agreed -1, payoff all payments (#payments left x $payment) or 2, trade car in like it was a purchase contract by getting the payoff from the bank ans see what the trade in value is.
either way your payment on your next car is going to go up a lot if you can even do it without quite a bit of money down. I run a car dealership and have many years experience dealing in these situations. most likely going to another Mercedes dealer will get you the best trade value and they have good leasing options on thier cars to help you out of this one.
I would go back to the same dealer and see what they can do for you. sometimes you can negotiate with the leasing company to lower your payoff but this is hard to do and you want to make sure they do not put a “settled account” on your credit report if you do this method.