Well a little update in case anyone is still following this saga.

I want to thank the person who let me know about MR. Tom Bungay of Autoapprasials.com. Wonderful guy to talk to. He has appraised numerous E500's and 500E's as well as owned one himself- so he is well aware of the value of these cars.

He will help Commerce select an appraiser and guide in the appraisal process. He is an excellent communicator- patient as well as organized.

Mercedes-Benz credit Corporation will allow a "Substitution of Collateral" in my loanwhereby I can substitute a similar Mercedes of Equal or greater value and pay the difference at the time of purchase and resume the loan from where I left off.
I had put 10,000 down on my car and had accumulated $3,700 of equity in the loan. If I were to take Commerce's offer of $37,550 the Gap insurance would have covered what I owed on the car ($40,000) and I would have been out $10,000 + $3,700= $13,700.

In order to buy another car I would have to come up with another $10,000 down and start all over again in my loan. I would be out $23,700 out of pocket and have to start another 60 month loan.

If my apprasier can get me close to the cost of my car which was 48,100 then if I were to find another car for say ...$48,300 I would merely pay the $200 difference and the loan would transfer to the new car. I'll be paid off in 48 months. Of course I'll have to pay sales tax and registration, Starmark and so forth again. Though the sales tax and Starmark should be included in the settlement with Commerce.

What a difference A few hundred dollars vs $23,700 and starting all over again.

BUT there is a catch. I have to buy my next E500 or other Mercedes from the Same dealer!

I was thinking about buying a higher mileage 600SLR from the same dealer or 500SLR and then selling that privately to get my money out of the deal and starting to look for an E500 at that point.

Is there a way to have a dealer swap cars with another Dealer?
I just can't drive another car after this one. A 600SLR would take my mind off of it for a bit- but in the end- nothing is like these cars- nothing is as solid or as versatile- or as stealthy.

The reason for picking a convertible is that I think it would be easier to sell in the summer. Any other model suggestions? Something easy to sell. I was thinking about a higher mileage more expensive model where most of the depreciation had been already taken. Or is it smarter to buy a low mileage less expensive car. I figure If I put a few miles on the higher mileage car it would not make as big of a difference.

Thanks again everyone.

Erase- glad to know that Tom Bungay could help you out.

Hope all comes out well.

:-) neil
1988 360TE AMG
1993 500E

I can't believe this saga is still in progress. If the Commerce guy wants to see my E500 and the legit offer I have on it for what I paid for it ($48,500.00), you are more than welcome to bring him on down.

Tom

OBTW - Speaking of bringing on down.... If you are still in possession of said vehicle, I am still interested in the cd changer, bracket and cover. If it goes to the boneyard, could you let me know where and when so I can amble on over acquire it from them.

With the introduction of the new SL, I would not get the older R129. The 500E had a more limited production run than the R129's (500SL or 600SL), so it is more rare.

With patience, you'll find something . . .

:-) neil
1988 360TE AMG
1993 500E

Wow, Erase, alot of hoops to jump thru...sounds like a light at then end of the tunnel though. That's cool.

Hey, if you're not set on a 94' ...I know of someone with a Euro-93' w/ about 80,000 miles on Long Island...all US federalised, black with grey, trip computer,adjustable tranny...and a whole lot less than 40+ grand too. Maybe your dealer can go get it, go thru it and Starmark it for ya' for a bit...don't really know about that stuff though.

And on what TomE500 said...I'd still like your steering wheel...heck, you can part it out yourself and make some of the money back you've lost. How's the motor? That's gotta be worth some good cash...interior, body panels etc. E-mail me off-line if you are willing and able. Best of luck in the search...we're all pullin' for ya'.

__________________
Jim

1992 500E
2007 CLK63
2003 Audi RS6
2001 Audi allroad

Thanks for the reccomendation. I would like an lower mileage car though as I tend to keep may cars immaculate- and I find it is hard to find a car with over 20,000 miles that can be made to look absolutely perfect. things that tend to happen are center console scratches- over shampooed carpets- worn seats and the like.

Anyone have any ideas on a Benz model I could get from my dealer (with substitution of collateral) for 48,000 that I could sell privately to get my money out of this deal? Any models to be avoided?

Then I am free to buy another E500. And my mind can rest.

What about a late model CLK430 coupe or cab? I have no idea of what $48K buys on a US dealer's lot. The four place MB convertibles are about the slowest depreciating cars on the planet.

I imagine a very slightly used C43 could also be found for that, if memory serves they were in the mid fifties new.

I think your chances of finding an eight year old car with less than 20K-miles on the clock are pretty slim. The low production of the E500, plus the fact that people drive 'em (thank goodness) means that I would think there might only be a handfull left with super low mileage. Then you've got the challenge of finding one for sale, and so on...

Your original car was very rare indeed, as you are finding out now.

I would stay away from a non-current model like the R129. You could get caught out with the price dropping as the R230 hits the pavement. For a drop-top, go with a CLK. I've known a couple guys that drove them for a year and got just a few bucks less than they paid new.

__________________
John Shellenberg
1998 C230 "Black Betty" 240K

http://img31.exs.cx/img31/4050/tophat6.gif

Good luck ERASE-

...low mileage E500's and 500E's are not as rare as one would imagine... (autotrader.com)

There;s even a few such owners here at mercedesshop that are fortunate to possess other vehicles to drive, while also enjoying the E500 ownership as an additional pleasure use vehicle.

I'm in private dialogue with a couple of prospective E500 buyers that have found at least 3 E500's in the 10k-17k odo range with asking prices in the high $40k's (currently available for purchase). Naturally, I can't divulge more detail, but the asking prices appear to be on the upswing vs. 2000-2001.

When I was in the market for an E500 with this profile about a year ago, I observed asking prices on the uppermost high end at $39,000 USD (Starmark & N American version). Now, I've observed asking prices for this profile E500 essentially at $50k plus tax and lisc (+/- Starmark).

Handmade vehicles such as these will always have a desireable following- - with low mileage well preserved garage queens fetching a premium and possibly now appreciating.

-fad

So after getting a extremely well qualified apprasier who knows his cars- has owned an E500 himself- and appraised a several of them...... Not only that he is completely polite- articulate and intelligent- one of the better people you could possibly hope to do business with. Tom Bungay- here is what Commerce did.

I submitted actual Purchase and sale agreements- reciepts of other cars with mileage over 35,000 (mine was 25,500) and lots of other ads and so forth..... Tom Valued the car between $47,000 and $49,000. Submitted it to Commerce.

They come back at me with an offer for $42,000 as actual cash value. $42,000. Anyone here know of a Mercedes Benz dealer that will sell me a Near Mint 1994 Triple Black E500 Starmarked for 3 years with 25,500 miles for $42,000? If you can convince me of that you may as well sell me a deed to the moon.

Then they said- "Well we were willing to come up in price from the $37,750 we initally offered you". Some nerve. They may as well have offered me $1 for the first offer and then said....."well we came up a lot from the last offer of $1". If I wanted to be treated like a common idiot I would have at least gotten a ticket to Paris. E500 owners are not fools after all.

Is anyone here considering using Commerce Insurance at this point? Would anyone reccommend them to a friend? Wouldn't you go through the trouble to convince your friends to switch to another insurance company?
Then they said we could "negotiate" further. Huh?

Negotiate?

I thought the insurance company was supposed to give you enough cash to get back on the road again. This should not be about "negotiation" it should be about getting another car of the same mileage, color, model etc.... less my $300 deductible.

"Negotiate" shouldn't even be applicable. They should give fair value and that is a real figure- not a negotiated figure. "Lets see how much less we can get this guy to take as compared to the the coverage he paid for." -is what they mean to say when they use the word "negotiate".

Liberty Mutual was mentioned as a good Insurance company. Can anyone mention any others that have dealt fairly?

So in the end- here is what happened.

Another payment was coming due. Michael's advice seemed to be what really lit a fire under their butts. I started getting all the names and details needed for a lawsuit. I called everyone in the chain within 30 minutes (adjusters- getting licence numbers etc.) and while I was getting the VP's name I got a call from the claims supervisor.

Commerce came back with an offer for 45,000. I said no way. I said 47,500 would do it. They said no. I said $46,100 and we settled on that. So I'm still out some $2,000 plus the value of the startmark - about 1,500 in interest, and made payments for over 8 months on a car I was no longer driving etc. But I just couldn't have the distraction anymore. I would have said $47,000 but if they didn't go for that the laywers fees would have soaked up the difference.

Hopefully I can now transfer my loan over to another car and resume paying and driving.

Glad to help, and sorry for your runaround.

You owe me a Pint, and to help me tweak my stereo. Let's do it soon, eh?

PS: Find another 500E-don't settle for less

__________________
"If God had meant for us to walk, why did he give us feet that fit car pedals?" Sir Sterling Moss

Michael
2014 E63S Estate
2006 SLK55
1995 E500
1986 Porsche 944 turbo

I've got a race in DC- but hope to see a few E500's soon. You can't drive anything else after these cars- they spoil you.

and is the cd player still in it?

Tom

I'll try to get it out of them this week- but they have possession of the car. How about you sell me your car- and you won't need the Cd player?

Salvage value for my car is at $10,000 in case anyone is interested.

24,500 on the clock

Back in '93, I saw a "92 Sportline heap outside the shop that did the detailing on my "92 Sportline. The car was hit at an angle in the right rear door with enough force to kill the driver. The roof was buckled and drivers side seat was practically embedded in the dashboard. I thought they were brain dead trying to restore that car. Six months later I brought my Sportline in for another detailing and the same vehicle was in the shop going through final detailing. It was flawless. The guy was an artist that restored it. I only saw it on visual. I don't know if it was 100% on mechanical. I did not ask what the total cost was.

Dicks Auto Body Inc. Somerville and the artist's name is naturally, "Dick".617-625-9171

If you decide not to do it then stop futzing around and get me the damn CD Player and don't forget that I need the bracket and the cover.

Tom

When Commerce gave me $46,100.00 The car search began. I found one for $48,500 in NY but it wasn't like my other car. I was tempted as it was starmarked for nearly 3 years.

I talked to a guy in California who was selling his with original wheels for $37,000. I thought not bad- I might come out ahead. He was a nice fellow who imported high performance asian car parts and was very straightforward about the car and its history.
I wanted to go and see it. The lower body cladding was painted to match the top. It was silver black. I figured with the crazy cars this guy had he probably did not beat on his E500 as he had a Nissan Skyline and other tripped out cars. He had to return to Asia and had to dump several of his cars.

I might have bought that car but I saw another ad. This one was in Tulsa Oklahoma- my girlfriend's home town. And so a Mother's day visit was combined with a car shopping visit.

The car was originally a Dallas car. The orginal owner had three E500's and sold it with 7,000 miles to a partner in a law firm in Tulsa. This owner had it for about 18,000 miles. He traded it to his partner in the law form for a 911 Carerra. The car was either garaged or in Underground parking its whole life.

This owner decided he missed his Porsche.

So I went and saw it. It had the white Euro headlights (not orange like on Glen T.'s car), a traction control defeat switch (looks factory installed .....did they ever install these at the factory?). The Interior was cleaner than my 23,500 mile E500. It has E500 Limited EVO Speedline Rims and relatively new Michelin Pilot tires.

The owner was selling it for $42,500. with 31,800 on the clock.

I didn't even argue the price because I liked dealing with the guy. I figured if I was nice everything would work out if something should come up later.

I drove it. WOW WOW WOW WOW. The tires and rims made a HUGE HUGE HUGE difference. No noticeable change in cruising ride- but the performance was steller. I took a turn at 110mph that felt like 40mph. The car ramped up to 120mph in the way only an E500 can- quickly-smoothly-effortlessy. The E500 Limited rims are certainly the way to go with this car. I think they are EVO
17" rims that said Speedline and came in a Mercedes box. (anyone know about these? The owner said they run $800 a rim.) It felt like home.

So I wanted to finance it through Mercedes Benz Credit Corporation- as I had my other cars. The local dealership bought it from him- tacked on $2500 to the price for profit and gave me a year of starmark. (of course I'm thinking....that's $1950 down the drain). The Starmark is worth about $550 per year.

So the car goes through its inspection. They say before they will buy and starmark the car it needs new brake pads, new rotors, new transmission gasket...a 30,000 mile service. Total cost $1750. The owner took care of that. Suddenly the $2500 didn't seem like such a bad deal.

I buy two more years of starmark for $1100. Bringing the car cost up to $46,100 ironically exactly what Commerce gave me.

If I still had the old black E500 I would have a car not in the color I wanted, with rear tires that needed replacing, I would be facing a expensive 30,000 mile service, I'd only have 1.5 years left of starmark, I wouldn't have the E500 Limited rims or the killer Michelin Tires, nor the traction control defeat switch.

So I go to finance the car. As it is the third car I have financed with MBCC I get a even lower rate than on my other car. I was paying $738 a month lease for 60 months with a $14,500 balloon at the end! Now I pay about $845 a month for 60 months without any balloon at the end and I own the car and put even less money down! Plus I got Commerce to pay the sales tax.

My switching costs were $1100 to ship the car to Massachusetts + registration fees. Also $325 to Mr. Bungay to apprasie the old E500 and put a valuation on the new E500. Okay by me.

Thank God for Tom Bungay of autoapprasials@earthlink.net. The fact that he owned a E500 himself and had appraised other E500's made him the undisputed authority on these cars. Thanks Tom.

I got a stated value policy in the works with Liberty Mutal thanks to others on this forum. We won't see a repeat of this scenario.

As for the 21 year old reckless kid who hit me and threw me into a parked car ....I'll see him in court. Someone's got to make these kids accountable for their actions. He never even said he was sorry. And what about the owner of the Honda that was crushed? They probably got $1500 for a car that worked perfectly fine from their insurance company. You know the kid never even faced this woman. I'm going to give her part of the settlement should my case prove successful and ask for a written apology from the kid to give to her.

As for Commerce Insurance company (AAA was the agent). Still I was frustrated that Commerce made me fight this long and hard to get what should have been the immediate settlement and still for less than what the car was appraised at. I made 10 months of payments- $7380 for a car I no longer had. Commerce Insurance did me no service. Their 10% AAA discount for using Commerce was the most expensive discount I ever experienced.
The accident was August 1 2001. I am waiting for the car to come up by truck in the next few days. I'll have it by June 1 2002. 10 months. Plus Commerce is trying not to refund what was left on my policy as I had paid the policy in advance in full. Commerce is also lowballing my medical providers which have my doctors angry at me.


But I now have EXACTLY my dream car. Something that looks on the outside like an E500 Limited without the eurostyle interior. Guys, it's fun to feel a part of the club again. I'd really like to get together with some of the people that helped me through this. It would be great if there was an E500/ 500E rally in the Northeast. Also thank you mercedesshop.com -your forum provides a valuable service. And also thank you to the moderators who seem to put in the longest hours.

I'm one happy new owner!