Mercedes Lease - Settlement

[Jibbajabba]

Yea I may have messed something up with my calculations ... Going through the agreement it seems ok and makes sense.

No need to ask the dealer as I of course got all the paperwork here. I went by my memory here as the original post wasn't about me wondering what the interest rate is but the fact Mercedes doesn't acknowledge the fact I sent them over a large sum of money

Car was pre-reg with 2k miles on it.

 

[MBCF]

Did you find out the interest rate?

 

[Jibbajabba]

Again. Doesn’t really matter as that wasn’t the reason for the post but I mentioned the interest rate back on page 2.

This isn’t about trying to find out whether the settlement sum is correct but why Mercedes fails to acknowledge the payment.

 

[Jibbajabba]

I cleared my Agility last October. I didn't make sense to be paying them 6% and getting less than 1% on my savings. I hadn't heard anything after a week so I emailed them on [email protected] and had a confirmation back in a couple of days.

@Srdl

Was a good shout



and didn't even take 48hrs to show



Now just to wait for warranty to expire in 2023 so I can throw some stage mods at it

 

[Bobby Dazzler]

Now just to wait for warranty to expire in 2023 so I can throw some stage mods at it

Why not just modify it now? If there’s a fault which is caused by the motivation then of course the warranty won’t cover it, but you would be in no worse position to the same fault occurring outside of warranty.

 

[nyssa7]

Interesting discussion yesterday with MB Finance, I have 1 month left to run of the PCP but yesterday was the date of the penultimate payment. Looking online got the message that my settlement could not be calculated, but did state only 1 monthly payment remaining

I had to resort to telephone where I was given a settlement figure that did not take account of yesterday’s payment. Reasonable enough as it probably hasn’t got through their systems yet. Not so reasonable was their assertion that to clear the finance so I can sell, I need to pay the whole settlement figure and then they would refund me the overpayment of yesterday’s payment

MBF did not get the concept that if I owe X to complete and make it in two payments adding up to X, they still have X

And they insisted that the settlement figure remained in place for 30 days so I could not simply wait until they have acknowledged this month’s payment and get a figure that doesn’t still include it - ie. to the day before final payment is due

Like I’m ongoing to pay an extra month’s payment and wait until whenever to get it back - what are they going to do, send me chase up letters demanding the £0.00 outstanding balance? So much for “Agility”

 

[Deleted member 159894]

Interesting discussion yesterday with MB Finance, I have 1 month left to run of the PCP but yesterday was the date of the penultimate payment. Looking online got the message that my settlement could not be calculated, but did state only 1 monthly payment remaining

I had to resort to telephone where I was given a settlement figure that did not take account of yesterday’s payment. Reasonable enough as it probably hasn’t got through their systems yet. Not so reasonable was their assertion that to clear the finance so I can sell, I need to pay the whole settlement figure and then they would refund me the overpayment of yesterday’s payment

MBF did not get the concept that if I owe X to complete and make it in two payments adding up to X, they still have X

And they insisted that the settlement figure remained in place for 30 days so I could not simply wait until they have acknowledged this month’s payment and get a figure that doesn’t still include it - ie. to the day before final payment is due

Like I’m ongoing to pay an extra month’s payment and wait until whenever to get it back - what are they going to do, send me chase up letters demanding the £0.00 outstanding balance? So much for “Agility”

If your payment bounced they would be out of pocket.

 

[nyssa7]

if my DD was going to bounce, it would have done by close of play yesterday - won’t take them 30 days to be notified. its In their account now, if I pay the full settlement today, they owe me money which could take them a month to give back. As usual, hiding behind official instruction while not understanding them - in this case they have quoted FSA regs but FSA will not force a customer to overpay and wait for a refund

 

[Deleted member 159894]

if my DD was going to bounce, it would have done by close of play yesterday - won’t take them 30 days to be notified. its In their account now, if I pay the full settlement today, they owe me money which could take them a month to give back. As usual, hiding behind official instruction while not understanding them - in this case they have quoted FSA regs but FSA will not force a customer to overpay and wait for a refund

Not strictly so, DDs can be recalled after payment, the FSA no longer exists.

 

[nyssa7]

Not strictly so, DDs can be recalled after payment, the FSA no longer exists.

I’m sure there is a time limit for a DD being recalled, but my bank gives their customers until the end of the working day to ensure funds are in place to cover DDs issued earlier that day, before they are bounced

equally sure that 30 days is more than enough time for the DD to be bounced but MBF still insist I need to cover that DD payment again in order for them to close the finance. They won’t be getting paid twice

Their claim about the FSA, just compounds their error that they are spouting incorrect information

While one monthly payment for my car is not life changing, it’s still money I prefer in my account that sitting somewhere else waiting for them to return it, time spent chasing it, etc.

 

[Deleted member 159894]

I’m sure there is a time limit for a DD being recalled, but my bank gives their customers until the end of the working day to ensure funds are in place to cover DDs issued earlier that day, before they are bounced

equally sure that 30 days is more than enough time for the DD to be bounced but MBF still insist I need to cover that DD payment again in order for them to close the finance. They won’t be getting paid twice

Their claim about the FSA, just compounds their error that they are spouting incorrect information

While one monthly payment for my car is not life changing, it’s still money I prefer in my account that sitting somewhere else waiting for them to return it, time spent chasing it, etc.

I’m sure that you know best.

 

[Cmonyoureds]

Interesting discussion yesterday with MB Finance, I have 1 month left to run of the PCP but yesterday was the date of the penultimate payment. Looking online got the message that my settlement could not be calculated, but did state only 1 monthly payment remaining

I had to resort to telephone where I was given a settlement figure that did not take account of yesterday’s payment. Reasonable enough as it probably hasn’t got through their systems yet. Not so reasonable was their assertion that to clear the finance so I can sell, I need to pay the whole settlement figure and then they would refund me the overpayment of yesterday’s payment

MBF did not get the concept that if I owe X to complete and make it in two payments adding up to X, they still have X

And they insisted that the settlement figure remained in place for 30 days so I could not simply wait until they have acknowledged this month’s payment and get a figure that doesn’t still include it - ie. to the day before final payment is due

Like I’m ongoing to pay an extra month’s payment and wait until whenever to get it back - what are they going to do, send me chase up letters demanding the £0.00 outstanding balance? So much for “Agility”

For the most part this is standard practice. I’m not quite so sure about the settlement figure staying the same for 30 days though. If you give it around 5 working days and phone back your latest payment may well have gone through their system, leaving you with just the one payment to settle the account.

 

[Jibbajabba]

lol love it ... got a letter from MBF today ... I thought that it was almost too quick for the written confirmation of settlement..... But no, it was a written copy of my settlement quote I requested and expired a month ago lol ... I guess I am getting the new quote which I used to pay off the Agile agreement next month and the confirmation of settlement the month after lol ...

Why not just modify it now? If there’s a fault which is caused by the motivation then of course the warranty won’t cover it, but you would be in no worse position to the same fault occurring outside of warranty.

Yea it's true but I need a bit time to save up cash as well .... paying off a one year old e63s took its toll on my savings lol ...

 

[nyssa7]

For the most part this is standard practice. I’m not quite so sure about the settlement figure staying the same for 30 days though. If you give it around 5 working days and phone back your latest payment may well have gone through their system, leaving you with just the one payment to settle the account.

And that’s what I’ll be doing next Friday. It might be standard practice but that doesn’t make it right

 

[Jibbajabba]

Well my latest quote I got April 23 and my direct debit was due on the 7th. The quote said that it included payments up to May 28. So in my case it considered the very next payment too. So despite me having settled, I still owe them an instalment May 7. Oh funny. That’s today lol.

 

[nyssa7]

When I sold my e class ragtop which was on PCP, the buyer paid against my settlement letter and then gave me the balance. MB Finance didn’t acknowledge the end of the agreement until I phoned them up and asked for a close of account letter. They said it wasn’t their normal business practice to acknowledge closure.

Sold my car on Monday, paid off the balance - actually minus the one payment that went through but not reached MB in time to reduce the settlement figure
received an acknowledge email from MBF today that my account is settled

 

[Jibbajabba]

Sold my car on Monday, paid off the balance - actually minus the one payment that went through but not reached MB in time to reduce the settlement figure
received an acknowledge email from MBF today that my account is settled

Surprisingly Efficient ...

 

[nyssa7]

Surprisingly Efficient ...

And then sent me another email today confirming my final payment and that my account is closed - I knew that

 

[Jibbajabba]

I got a letter today with the same QUOTE for settlement lol

 

[Jibbajabba]

Just realised, I never got a letter confirming settlement ... but online shows as settled ... Wonder how long it takes for them to update the credit file.