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My car lease is up. I wouldn't mind keeping it, but want to pay "market" not residual. Anyone have a good plan of attack? Thanks! Chris
My EV lease is up. Good options
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Welcome to SCoA.
You signed a lease with MBFS that clearly states - you can't have it "your way."
Pay the FULL residual or walk...
Not without an insider in the auction business.
Personal experience - six weeks after turn in, Sparky has logged only a couple of miles but he's been charged twice?
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152 Posts
I like the idea that people are presenting. Give it up and check Carfax and CarGurus a few weeks afterwards. I bought a used 14ed and according to Carfax it was originally leased, maintained, and turned in at a dealer about 40 minutes away from where I purchased it. So it probably won't go far, and these cars tend to sit for months before selling, so if you do track it down after auction, it's not like someone else is going to snatch it up.
If you can find it it should be still good. One year is the maintenance interval....
Yup, that is Sparky - looking rather sad & lonely . . .Could This be Sparky ?
At the MBFS auction in Atlanta. I called, "Sparky",,,but he didn't turn around. May be heartbroken after being abandoned?
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To my comment, "Not without an insider in the auction business" guess you are that guy? Thanks for sharing!
The Atlanta market is where I thought he might go to auction as there is a much stronger EV "village" in that area.
Was he awaiting sale or has the auction gavel dropped?
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168 Posts
Happy to help as an "insider". I can view current inventory and prices for any vehicles at MBFS's auctions up until they are purchased. I just need a VIN.
After that, check the CARFAX.
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168 Posts
I help out customers like this fairly often. Just let your dealer know that you want them to buy it from the auction after you turn it in. Let them know what you're willing to pay, they can bid on the car up to that value, and sometimes you luck out and they're able to get it for you. Keep in mind dealers have to pay auction fees per car, transportation fees, cleaning fees, commissions, inspections, and they expect to make a small profit for their efforts, but the price that they pay for the car can be less than the residual, so even including all that you can still save money by working with your dealer.
Thanks Dan.
Note, as I understand it the receiving turn-in dealer has first right of refusal before it goes to auction BUT the MBFS "asking price" is usually influenced by the residual?
And if the smart Center is no longer selling ED, they likely won't be interested in participating (even though they sold me our ICE and performed ALL ED services?) in a flip back - that was my personal experience?
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168 Posts
Yes, when a lease is returned to a dealer, that dealer has first right of refusal before it goes to the auction. The MBFS asking price given to the dealer is supposed to be based on what they will expect to get at auction, and it would save MB the hassle and costs associated with picking up the car. In reality, it tends to be somewhere between the auction value and the residual value. In my experience, there have been times that it was less expensive to turn down the car, let it go to auction, then buy it back, but you run the risk of it being purchased by somebody else, or getting damaged in transport, or having the charger go missing, etc, and it would increase the time you would be without your car. I always recommend playing it safe just for the peace of mind. Remember, the dealer would have to pay for transportation from the auction back to the dealership plus miscellaneous auction fees, so often times it would even out to just have dealer buy from MBFS right away and avoid the trouble. Those low auction prices aren't what dealers actually pay when you add in the auction fees and transportation charges.
I am not sure how it would work if the vehicle is returned to a dealer that no longer sells new smarts. I don't know if they even have an option to buy it or not. No idea. If they can, I don't know why they wouldn't help you. They may require a purchase agreement beforehand (I would) so they can avoid getting stuck with a used smart they didn't want if you were to change your mind about the purchase after they bought it from MBFS for you.
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