Transferring MErcedes slk contract hire to another person
Transferring MErcedes slk contract hire to another person
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Discussion

jonah35

Original Poster:

3,940 posts

188 months

Sunday 3rd March 2013
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A mate im on hol with has an slk250cdi amg sport auto that has 18 months left on the contract. He gets a new company car so has no need for the slk now.

Hes happy to lose the deposit and for someone simply to take over the £290pm inc vat payments for the remaining 18 months.

Seems a cheap way into the car for someone but can it be done legally and above board by transferring the lease etc?

Hes tried calling merc finance but theyre shut so i said id post on here.

E30M3SE

8,493 posts

227 months

Sunday 3rd March 2013
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Legally it can't be done, AFAIK.

amirzed

1,789 posts

207 months

Sunday 3rd March 2013
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I think BMW let you do it, but I read here of a guy trying to do it with an SL when his friend wanted it and they wouldn't let him...

jonah35

Original Poster:

3,940 posts

188 months

Sunday 3rd March 2013
quotequote all
Ok thanks. It sounds like mercedes may not let you do it which is strange

anonymous-user

85 months

Sunday 3rd March 2013
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Can the other person not simply not buy the car by paying out the remaining balance on the contract? Is their not an early settlement option?

CYMR0

3,940 posts

231 months

Sunday 3rd March 2013
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garyhun said:
Can the other person not simply not buy the car by paying out the remaining balance on the contract? Is their not an early settlement option?
There is ... but because it's a lease, it's quite expensive.

The renter has a remaining balance due of £5,220.

With a Mercedes lease, there is a termination rebate of 5% PA (i.e., you get 5% per year of the contract balance back). This works out at £391.50.

So, for the sake of £391.50, the renter would be giving up 18 months' use of an SLK as a weekend car, including tax, but of course excluding tax, tyres, servicing and, if applicable, additional fuel. In other words, it's highly unlikely to be worth it unless he has no way whatsoever of storing or using it in that time.

Edited by CYMR0 on Sunday 3rd March 11:53

jonah35

Original Poster:

3,940 posts

188 months

Sunday 3rd March 2013
quotequote all
garyhun said:
Can the other person not simply not buy the car by paying out the remaining balance on the contract? Is their not an early settlement option?
I dont know as on hol.

Ill check that but i just thought itd make sense to be able to transfer into someone elses name, subject to credit checks and admin fee, so he could give it a friend etc.

jonah35

Original Poster:

3,940 posts

188 months

Sunday 3rd March 2013
quotequote all
CYMR0 said:
There is ... but because it's a lease, it's quite expensive.

The renter has a remaining balance due of £5,220.

With a Mercedes lease, there is a termination rebate of 5% PA (i.e., you get 5% per year of the contract balance back). This works out at £391.50.

So, for the sake of £391.50, the renter would be giving up 18 months' use of an SLK as a weekend car, including tax, but of course excluding tax, tyres, servicing and, if applicable, additional servicing. In other words, it's highly unlikely to be worth it unless he has no way whatsoever of storing or using it in that time.
Thats just the kind of info needed, thanks.

He may as well keep it as a weekend car for that. Wont need tyres, tax is £135 and may need one service.

Hes just said hed let it go just to save hassle but that cost is silly!

jonah35

Original Poster:

3,940 posts

188 months

Sunday 3rd March 2013
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He will let his wife use it if thats the case apparently

CYMR0

3,940 posts

231 months

Sunday 3rd March 2013
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jonah35 said:
He will let his wife use it if thats the case apparently
That's the provision in my lease, anyway, but then tax is also included... He should check his own agreement to be sure.