Danke

I've run into an interesting dilema with the financing of an '07 clk 550 set for European delivery.

I thought we had everything all set. We've been pre-approved with a good rate (6.04%), and even have a blank check in hand. Then the lender realized payment was due 30 days prior to delivery in Germany, which means there isn't a Manufacturer Shipping Order (MSO - sort of a title before the car is actually titled). Without an MSO to hold on to until a State title can be issued, the lender won't have their collateral at the time funds are to be released, and therefore is backing out.

The dealer is having similar issues with local banks they normally do business with. MB Finance is of course willing to finance, but there aren't any specials on the CLK, and the rate is fairly high (6.99%).

Anyone every run into something like this before, or have creative suggestions?

Thanks

amdeutsch

1)Ask your lender to guarantee the rate, temporarily finance with MBcredit, and then refinance with your bank.
2) Get a home equity loan if possible.

Danke

1) I asked about this one. Unfortunately, a refinance would be on a Used car at that point, with of course, a higher rate. Still better than MBFinance though so this may be my option.

2) I thought about this one. I reckon I'm just too old fashioned to sign a mortgage for a car.

Thanks for the thoughts!

ndabunka

The other drawback to Home Equity lines "can be" the interest rates. While home loans (up til recently) have remained fairly competitive, the rates on most Home Equity Loans have become higher than is warranted. Who wants to pay 9% to a bank on their OWN money? Mine was 4.00% less than 18 months ago and is now something like 9.25% (primarily because it is a variable rate tied directly to the Fed Funds). There's not much there (as few grand mostly from a small landscaping project I did about a year ago), but the primciple of the thing is getting to me. Needless to say, it has gotten "out of control"