European Delivery Financing
Thread Starter
Newbie
Joined: Jul 2006
Posts: 8
Likes: 0
From: East Central Indiana
deposit paid on '07 CLK550 Cabriolet. wait wait wait. WIFE has '01 BMW 330Ci
European Delivery Financing
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
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
Thread Starter
Newbie
Joined: Jul 2006
Posts: 8
Likes: 0
From: East Central Indiana
deposit paid on '07 CLK550 Cabriolet. wait wait wait. WIFE has '01 BMW 330Ci
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!
Super Member
Joined: Dec 2002
Posts: 740
Likes: 0
From: Charlotte, NC
No longer car shopping...
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!
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!
