Experience at dealership for C63 AMG
#76
MBWorld Fanatic!
Tried twice, they say their loan officers are too busy.
Got redirected to info@hq.penfed.org. Will see if I hear back from them.
Keep getting the same need a cosigner thingy, even though I have one with more income than me, he doesn't have enough credit history as well.
Weird to not be able to control your "own" life.
Got redirected to info@hq.penfed.org. Will see if I hear back from them.
Keep getting the same need a cosigner thingy, even though I have one with more income than me, he doesn't have enough credit history as well.
Weird to not be able to control your "own" life.
Look take the 3.99 deal. The way credit lines work is you have 30 days to secure and it will not bump your score down. If you continue it will crush your score
I know u hate it but charge your card limit for 90 days after the loan and pay it in full and watch the magic that comes in the mail. You'll see.
#77
Member
Thread Starter
Why don't you just buy another used cheap car and pay it off in a year then sell it. My first car was a used 325i and it was about 20k. I put 10k down paid it off. I got my C55 which was like 23k and a brand new e-class lease which was about 55k in the same month with like 2% on the new car and 6% on the used car. I also was only making 50-60k at the time with a lower credit score. I only have a 720 now. I don't think it really matters what you make, but rather the history.
I'm just going to hold off until next year and opens a credit card or something.
#78
Member
Thread Starter
You got redirected to the decline line. Letting you know your rights.
Look take the 3.99 deal. The way credit lines work is you have 30 days to secure and it will not bump your score down. If you continue it will crush your score
I know u hate it but charge your card limit for 90 days after the loan and pay it in full and watch the magic that comes in the mail. You'll see.
Look take the 3.99 deal. The way credit lines work is you have 30 days to secure and it will not bump your score down. If you continue it will crush your score
I know u hate it but charge your card limit for 90 days after the loan and pay it in full and watch the magic that comes in the mail. You'll see.
Only offer I have right now is the dealership one (40k downpayment, 42k financed at 7% on 60 months), or WF at 3.29 for 22k.
I could do that but it's too low and my savings will be out of my comfort zone. I'm still hoping for Thursday with WF that they changed their mind. We shall see
![bs](https://mbworld.org/forums/images/smilies/bs.gif)
#80
Member
Thread Starter
I didn't check these ones. I'm just worried my credit score gonna get killed if I apply again.
If Penfed declined as well, I don't think there is much hope if you see what I mean. Gonna be the same cosigner situation I imagine.
If Penfed declined as well, I don't think there is much hope if you see what I mean. Gonna be the same cosigner situation I imagine.
#81
MBWorld Fanatic!
Ok well this thread is getting long hahaha
If this doesn't play out the way you want just take a pass and do exactly what I said on the card. I'm talking charging everything for awhile and build your credit foundation. And join a credit union and say well if I deposit 20k in a cd for car loan length, will you give me a loan for that period?
It's the financial Irony that confronts every young person. It's just that this meltdown has every lender paranoid.
That's all I have here.
If this doesn't play out the way you want just take a pass and do exactly what I said on the card. I'm talking charging everything for awhile and build your credit foundation. And join a credit union and say well if I deposit 20k in a cd for car loan length, will you give me a loan for that period?
It's the financial Irony that confronts every young person. It's just that this meltdown has every lender paranoid.
That's all I have here.
#82
Member
Thread Starter
Yup, my bad this thread is getting really long.
Thanks for everybody who gave input! I really appreciate it.
I will charge the credit card and try to build more history.
I will also be looking more into the 2013 used market next year so everything will be easier I imagine:
- the loan
- the money saved
- the price of the car
Thanks again folks! You guys are really lucky
Thanks for everybody who gave input! I really appreciate it.
I will charge the credit card and try to build more history.
I will also be looking more into the 2013 used market next year so everything will be easier I imagine:
- the loan
- the money saved
- the price of the car
Thanks again folks! You guys are really lucky
![Wink](https://mbworld.org/forums/images/smilies/wink.gif)
#83
MBWorld Fanatic!
Yup, my bad this thread is getting really long.
Thanks for everybody who gave input! I really appreciate it.
I will charge the credit card and try to build more history.
I will also be looking more into the 2013 used market next year so everything will be easier I imagine:
- the loan
- the money saved
- the price of the car
Thanks again folks! You guys are really lucky![Wink](https://mbworld.org/forums/images/smilies/wink.gif)
Thanks for everybody who gave input! I really appreciate it.
I will charge the credit card and try to build more history.
I will also be looking more into the 2013 used market next year so everything will be easier I imagine:
- the loan
- the money saved
- the price of the car
Thanks again folks! You guys are really lucky
![Wink](https://mbworld.org/forums/images/smilies/wink.gif)
Good luck!
![thumbs](https://mbworld.org/forums/images/smilies/thumbsup.gif)
#85
Member
Wait a month and to go www.annualcreditreport.com to see what damage has been done under the inquiries section. It's a free site that US consumers can access once every 12 months to get a copy of each of the three major reporting bureaus. That will also allow you to see a snapshot of your creditworthiness going forward.
Note this site does not provide FICO scores, which have to be purchased separately through the Fair, Isaac site. The dealer and WF should have each provided you with a copy of the report and score used to determine their answer, by the way (though you might have had to ask for it at the time.)
Note this site does not provide FICO scores, which have to be purchased separately through the Fair, Isaac site. The dealer and WF should have each provided you with a copy of the report and score used to determine their answer, by the way (though you might have had to ask for it at the time.)
#86
Member
Thread Starter
Wait a month and to go www.annualcreditreport.com to see what damage has been done under the inquiries section. It's a free site that US consumers can access once every 12 months to get a copy of each of the three major reporting bureaus. That will also allow you to see a snapshot of your creditworthiness going forward.
Note this site does not provide FICO scores, which have to be purchased separately through the Fair, Isaac site. The dealer and WF should have each provided you with a copy of the report and score used to determine their answer, by the way (though you might have had to ask for it at the time.)
Note this site does not provide FICO scores, which have to be purchased separately through the Fair, Isaac site. The dealer and WF should have each provided you with a copy of the report and score used to determine their answer, by the way (though you might have had to ask for it at the time.)
It's been crushed, already know I went from 750 to 713 after WF, and Penfed told me it's 690 now.
![bow](https://mbworld.org/forums/images/smilies/bowdown.gif)
#88
Super Member
damn! that will require lot of hard work to get it back up! as strange as it may sound, try to get a 0% apr credit card and carry a 20-30% balance on ur cards for a few months. Apparently, a slight balance is better than no balance at all and did wonders to my credit score. try to sign up at creditkarma.com, quizzle.com or mint.com, so that you can monitor everything in one place and get some finance tips.
#90
Member
Thread Starter
Hey guys,
I know this thread is mega long and I'm sorry about this!
My buddy who was willing to be cosigner offered to loan me 20k at 1.99 on 24 months, with all the extras "that go with it" (meaning he's a friend right).
So with WF at 22k + 20k, I would put the difference down, so 40k downpayment just like MBF, but with way better rates.
I'm waiting to hear back from WF tomorrow and explain them my plan.
In the meantime, I got a dealership in SF to offer 75k (MSRP 82,105) but it doesn't come with Distronic (only lane tracking package, but carbon fiber trim which is meh).
I'll also ask if WF would do another hard inquiry in August (the prices will be lower) or if they can hold the pre-approved loan. If they can, I may just wait then to get a better deal on these 2013.
I know this thread is mega long and I'm sorry about this!
My buddy who was willing to be cosigner offered to loan me 20k at 1.99 on 24 months, with all the extras "that go with it" (meaning he's a friend right).
So with WF at 22k + 20k, I would put the difference down, so 40k downpayment just like MBF, but with way better rates.
I'm waiting to hear back from WF tomorrow and explain them my plan.
In the meantime, I got a dealership in SF to offer 75k (MSRP 82,105) but it doesn't come with Distronic (only lane tracking package, but carbon fiber trim which is meh).
I'll also ask if WF would do another hard inquiry in August (the prices will be lower) or if they can hold the pre-approved loan. If they can, I may just wait then to get a better deal on these 2013.
Last edited by fortytwo; 06-12-2013 at 07:40 PM.
#92
Bay area cars
You should be at a better price on the car since 2014s will be arriving soon.
2 months ago I picked up a steel gray $68k car for almost $10k off. Now I've bought 5 MB's from this dealer, so keep that in mind. But I know he has a couple more he wants to move.
Have you looked into a one pay 24mo lease also, it may be an option. Pay it all up front - likely $22-24k on the car you're looking at.
PM me if you have questions....
2 months ago I picked up a steel gray $68k car for almost $10k off. Now I've bought 5 MB's from this dealer, so keep that in mind. But I know he has a couple more he wants to move.
Have you looked into a one pay 24mo lease also, it may be an option. Pay it all up front - likely $22-24k on the car you're looking at.
PM me if you have questions....
#93
Senior Member
It's exactly what I thought. I'm not on a H1B, I'm actually a permanent resident. I have access to citizenship next year, not that I want to get into an immigration debate, but I'm not exactly "fresh out the boat".
My current income is new (started last month) but just small a difference with the previous one (startups) where I worked for one year. Before that, I worked for another startup as well, but in that case the bump is more significant.
They asked about my tax return etc, which I'll gladly provide, paystubs whatever they want, but they insist on having more debts. "1500" is too low for my credit card limit and they told me I should have raised it and opened another one to make it "easier", so they can take "less risk".
To me, it's just garbage. I ask 60k. I have 60k on the account. I ask for a loan on 48 months. I have 264$ in debt, a MS in Computer Science, a great income, a really cheap rent (especially for SF), 401k... Unbelievable.
At that point, it's not even about negotiating the car. I hate not being able to control my destiny, it's totally what's happening.
They want me to bump my limit in the meantime. I already have a hard time paying my groceries and a freaking 60$ phone bill, just because it makes no sense to me to pay with debt something so low and that I have in my bank account, but all this leads me to getting royally screwed.
If I jump on the 22k, the issue is that I will be too short (I still want to keep savings, you never know) with what I have in mind. Car is 82k everything included (taxes etc) so it's quite far apart.
My current income is new (started last month) but just small a difference with the previous one (startups) where I worked for one year. Before that, I worked for another startup as well, but in that case the bump is more significant.
They asked about my tax return etc, which I'll gladly provide, paystubs whatever they want, but they insist on having more debts. "1500" is too low for my credit card limit and they told me I should have raised it and opened another one to make it "easier", so they can take "less risk".
To me, it's just garbage. I ask 60k. I have 60k on the account. I ask for a loan on 48 months. I have 264$ in debt, a MS in Computer Science, a great income, a really cheap rent (especially for SF), 401k... Unbelievable.
At that point, it's not even about negotiating the car. I hate not being able to control my destiny, it's totally what's happening.
They want me to bump my limit in the meantime. I already have a hard time paying my groceries and a freaking 60$ phone bill, just because it makes no sense to me to pay with debt something so low and that I have in my bank account, but all this leads me to getting royally screwed.
If I jump on the 22k, the issue is that I will be too short (I still want to keep savings, you never know) with what I have in mind. Car is 82k everything included (taxes etc) so it's quite far apart.
Having said that, my suggestion for you moving forward is to stop paying cash for anything. Get your credit card bumped up to the highest level possible and then charge everything: groceries, movies, gas, utilities, dinner, Mcdonald's, Burger King, EVERYTHING... But, of course, pay everything off each month so you don't accumulate interest. Each year, you would have then amassed a certain amount of "yearly $ transactions". Although you have cash money now, the credit card transactions will show "responsibility" through payment consistency and experience. Those are things "cash" can't buy.
You can't blame the creditors for not wanting to lend you x amount of money since they will all see you as a "high risk with no signs of responsible and consistent credit history" regardless of the fact that you have x amount of cash sitting in the bank. Ask me how I know this... Once you start having "responsible credit history and years" under your belt, your credit score will climb to 850+ range.
Those who don't understand why this is happening don't understand financial credit. Romeo put it the best "You're a "ghost" in the financial world with one year employment at current time."
Also, each time you get "denied" a loan, it drops your score... Keep checking with more and more banks and watch your score keep dropping.
So if you really want the car with no co-signer (why drag someone else into your business - really? You're an adult, right? Having a "friend" as a cosigner is putting that friendship at risk in the future.), pay the largest down payment you can with the lowest interest rate the bank will give you. If you're worried about not having any savings, use the credit card but make sure you are diligent and consistent in paying them off. It will work better for you in terms of establishing a credit history.
Best of luck and you better post pics with the biggest smile on your face once you get the car!
#94
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2017 Mini Cooper S Clubman ALL4 - British Racing Green
As the previous poster noted.. having anyone co sign (friend or family, with the exception of maybe your wife if you are married), is a really really bad idea. Money is the leading cause of friction in any relationship.
Use your credit card, alot, like he said, use it for everything. However, do not pay it off completely, carry a small balance, say around 5 or 10% depending on your limit and how much you charged for the month. if you charged 1000, leave a $100 balance over into the next month, even at 14% interest rate(which is high for a credit card, at least for me that would be high), your looking at a couple of dollars in interest. If the banks do not many any money on you, they will eventually drop you. Okay, not all banks, Bank of America will most definitely though (I have intimate knowledge of some of MBNA's shenanigans, which was bought by BoA, those policies remain)
Use your credit card, alot, like he said, use it for everything. However, do not pay it off completely, carry a small balance, say around 5 or 10% depending on your limit and how much you charged for the month. if you charged 1000, leave a $100 balance over into the next month, even at 14% interest rate(which is high for a credit card, at least for me that would be high), your looking at a couple of dollars in interest. If the banks do not many any money on you, they will eventually drop you. Okay, not all banks, Bank of America will most definitely though (I have intimate knowledge of some of MBNA's shenanigans, which was bought by BoA, those policies remain)
#95
Senior Member
As the previous poster noted.. having anyone co sign (friend or family, with the exception of maybe your wife if you are married), is a really really bad idea. Money is the leading cause of friction in any relationship.
Use your credit card, alot, like he said, use it for everything. However, do not pay it off completely, carry a small balance, say around 5 or 10% depending on your limit and how much you charged for the month. if you charged 1000, leave a $100 balance over into the next month, even at 14% interest rate(which is high for a credit card, at least for me that would be high), your looking at a couple of dollars in interest. If the banks do not many any money on you, they will eventually drop you. Okay, not all banks, Bank of America will most definitely though (I have intimate knowledge of some of MBNA's shenanigans, which was bought by BoA, those policies remain)
Use your credit card, alot, like he said, use it for everything. However, do not pay it off completely, carry a small balance, say around 5 or 10% depending on your limit and how much you charged for the month. if you charged 1000, leave a $100 balance over into the next month, even at 14% interest rate(which is high for a credit card, at least for me that would be high), your looking at a couple of dollars in interest. If the banks do not many any money on you, they will eventually drop you. Okay, not all banks, Bank of America will most definitely though (I have intimate knowledge of some of MBNA's shenanigans, which was bought by BoA, those policies remain)
#96
Member
As the previous poster noted.. having anyone co sign (friend or family, with the exception of maybe your wife if you are married), is a really really bad idea. Money is the leading cause of friction in any relationship.
Use your credit card, alot, like he said, use it for everything. However, do not pay it off completely, carry a small balance, say around 5 or 10% depending on your limit and how much you charged for the month. if you charged 1000, leave a $100 balance over into the next month, even at 14% interest rate(which is high for a credit card, at least for me that would be high), your looking at a couple of dollars in interest. If the banks do not many any money on you, they will eventually drop you. Okay, not all banks, Bank of America will most definitely though (I have intimate knowledge of some of MBNA's shenanigans, which was bought by BoA, those policies remain)
Use your credit card, alot, like he said, use it for everything. However, do not pay it off completely, carry a small balance, say around 5 or 10% depending on your limit and how much you charged for the month. if you charged 1000, leave a $100 balance over into the next month, even at 14% interest rate(which is high for a credit card, at least for me that would be high), your looking at a couple of dollars in interest. If the banks do not many any money on you, they will eventually drop you. Okay, not all banks, Bank of America will most definitely though (I have intimate knowledge of some of MBNA's shenanigans, which was bought by BoA, those policies remain)
This is really great advice. Carrying a small balance over month-to-month is exactly what is needed to build utilization history. If you pay your balances off in full every month before the creditors report the balances to the bureaus, your credit utilization could in fact remain at or near zero, since paying them off "too soon" and before such utilization has a chance to be reported negates the 'revolving' action of credit.
Unless, of course, you have a normal, pay-in-full AMEX or similar card, which is generally listed as 'installment' versus 'revolving' by the CBs.
#97
MBWorld Fanatic!
This is actually very true to a point. Banks will "drop you" if they don't make enough interest off of you. I.e. - when it costs them more to have you as a customer than the revenue you generate. But if you charge enough $$ over a year period (where they are making money off of the vendors that you are purchasing from), they will not drop you even if you do not pay a $1 in interest for the year. In my case, I charge roughly $25k per year and pay off the balance completely each month.
#98
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Vivid Racing '09 C63 AMG
True, you don't HAVE to, but many sources have told me it is one method to boost your credit score, as long as the balance you carry does not exceed 50% of the available credit on the card.
#99
MBWorld Fanatic!
Man you should have tried credit union first. They are way more flexible.
But for sure your friends should have told you to use your credit card to build credit history. I've been in the US for only 2 years now and that was the first thing i learned when i landed in dallas TX. Luckily the company i worked for at that time was having partnership with a local credit union which helped me getting a credit card for my wife and I.
6 months later i was able to secure a car loan at 4.99%. It was a used car (2007 Q7 4.2 V8) for 30k$ which I admit is less then what your are trying to borrow. One year later (october 2012) i sold it, paid the loan off and bought 2 used cars (mazda CX9 for the wifey, C63 for me) for the equivalent amount of 60kish. Got the loans approved at 2.99%. My FICO score was around 720 if I remember.
So definitely it's not the amount of cash you have on your account but how responsible you are with your money.
My advice would be to buy (loan) a less expensive car for a start if you really need one, sell it in about a year. In the meantime build more credit history by using/paying your credit card and other revolving bills. Then go and buy the c63 of your dream
But for sure your friends should have told you to use your credit card to build credit history. I've been in the US for only 2 years now and that was the first thing i learned when i landed in dallas TX. Luckily the company i worked for at that time was having partnership with a local credit union which helped me getting a credit card for my wife and I.
6 months later i was able to secure a car loan at 4.99%. It was a used car (2007 Q7 4.2 V8) for 30k$ which I admit is less then what your are trying to borrow. One year later (october 2012) i sold it, paid the loan off and bought 2 used cars (mazda CX9 for the wifey, C63 for me) for the equivalent amount of 60kish. Got the loans approved at 2.99%. My FICO score was around 720 if I remember.
So definitely it's not the amount of cash you have on your account but how responsible you are with your money.
My advice would be to buy (loan) a less expensive car for a start if you really need one, sell it in about a year. In the meantime build more credit history by using/paying your credit card and other revolving bills. Then go and buy the c63 of your dream
![Big Grin](https://mbworld.org/forums/images/smilies/biggrin.gif)
#100
Senior Member
It is a misnomer that you have to carry balances on your CC to build up your credit score. I have never carried any balances on my credit cards. I use my credit cards as though they are debit cards. I rack up points and pay no interests. No CC company have ever sent me a letter informing me that they will drop me. The 3-4% transaction fees they earn from the transaction charges are more than enough for them to earn a profit. My credit is 820+.