I work for a Mercedes Dealer in Finance
Member
Joined: Aug 2016
Posts: 87
Likes: 18
From: Orlando, FL
'17 E300
i had a late November turn in that was extended with no problem to the end of February. MBFS was a pleasure to deal with in getting this done. My E300 had to be re-ordered due to a option mix-up by the dealer.
Mileage was extended also, even though I was well under my original allocation.
Mileage was extended also, even though I was well under my original allocation.
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Joined: Nov 2014
Posts: 5,358
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.
It is no different than buying any other used car. Some of my neighbors that lease for 12 or 24 months do not maintain their cars at all. No oil changes, nothing. They run them into the ground and turn them in.
Junior Member
Joined: Apr 2017
Posts: 70
Likes: 6
2015 C300 Sport
Great details in your answer here. Good to know about TransUnion as well. Really appreciate the thoroughness in your reply 
Hi there. Also a fabulous question! Thank you for asking it.
So I am going to work backwards on this one. MBFS (Mercedes-Benz Financial Services) uses Trans Union reports to determine credit acceptance. However other banks will use the other bureaus. So keep them all clean!
When a lender looks at someones credit for approval. They look at a many factors but I can keep it simple.
1. ADVANCE
2. DEBT LOAD
3. HISTORY
4. YOU (Ability to pay)
Almost in that order.
1) How much are you trying to borrow relative to the collateral. The more cash down or equity that you have in your new deal will greatly determine the risk level of the loan. i.e. if you are putting down 50% on your deal then if you fail to pay, the bank will win because of the equity position you have put them in. ON the other side, if you have a trade in that you are upside down in and are trying to finance 140% of the value of the car (invoice) then the bank will consider you to be far higher of a risk. Make sense?
2) Your own Debt load. Your "score" is mostly derived from your credit that you have available. If you are using more than 50% of your credit cards you are seen as a huge risk to the lenders. If your total outgoing payments are higher than 60% of your income then you are a huge risk to the lender. They will increase the rate to compensate.
3)History is very important. This is one thing that young people struggle most with. When it comes to an auto loan/lease the bank does not want to see anyone go from a Honda Civic loan to a Mercedes GT loan. In your case going from a FIAT to a P3 heads up 3d sound W213 E300 for 74000.00 might be a hard sale for the finance manager to make to MBFS. But, that being said.... I have done it. But it was usually done due to a provable job income increase or validation of liquidity of someones accounts. Cash down etc. Anything I could do to lower the risk in the banks eyes.
4) You... yep it all boils down to you. Your job, job type, who you are, if you are nice (Believe it or not this plays a huge part. I know personally that I have worked VERY VERY HARD for nice people. I will also admit that I have spent as little time as possible for ones that are totally rude or demanding) So be NICE!!! When you fill out your app, do it carefully. Take your time WRITE NEATLY. BE HONEST! Remember the finance guy needs to paint a good picture of you to the lender. ASK TO SPEAK WITH HIM/HER PRIOR TO SUBMITTAL. Make sure you tell them about how long you have been doing what you are doing, even if it is with different companies. Be honest and thorough with anything that is bad. Trust me with MBFS a story will go a long way.
Which leads me to the last part.... MBFS... They are one of the most amazing captive lenders I have ever EVER WORKED WITH in 22 years of doing this they are the first bank that ABSOLUTELY does NOT use the credit score to determine the tier. They truly want to support the dealers and help them to get the approvals they need to sell cars. So that being said, the fact that you are trying to do the right thing will go a long way.
MBFS will want to see that you can pay for the new car. They will want to see that the payment does not exceed 12-15% of your monthly income. They will want to see that they have some equity in the deal. They will want to see that you have not been pursuing large amount of credit prior to getting your new car.
Here are my suggestions to increase your odds of approval.
Cash down
Mitigate any negative equity from your trade
LEASE LEASE LEASE (MBFS will almost always give higher tiers on leases)
Keep your nose clean... =) NO LATE PAYMENTS
keep it real.... DONT GO LOOKING TO PURCHASE AN E43 IF YOUR LAST CAR WAS A FIAT. =) If you are going to go E class then keep it around 50K or PUT UP THE CASH TO KEEP THE AMOUNT FINANCED/Total Adjusted Cap cost AROUND 50K.
Good luck!!!! I hope this helps!
If you have any other questions send me a message and I can give you my cell phone number to discuss!
MB Finance Guy!
So I am going to work backwards on this one. MBFS (Mercedes-Benz Financial Services) uses Trans Union reports to determine credit acceptance. However other banks will use the other bureaus. So keep them all clean!
When a lender looks at someones credit for approval. They look at a many factors but I can keep it simple.
1. ADVANCE
2. DEBT LOAD
3. HISTORY
4. YOU (Ability to pay)
Almost in that order.
1) How much are you trying to borrow relative to the collateral. The more cash down or equity that you have in your new deal will greatly determine the risk level of the loan. i.e. if you are putting down 50% on your deal then if you fail to pay, the bank will win because of the equity position you have put them in. ON the other side, if you have a trade in that you are upside down in and are trying to finance 140% of the value of the car (invoice) then the bank will consider you to be far higher of a risk. Make sense?
2) Your own Debt load. Your "score" is mostly derived from your credit that you have available. If you are using more than 50% of your credit cards you are seen as a huge risk to the lenders. If your total outgoing payments are higher than 60% of your income then you are a huge risk to the lender. They will increase the rate to compensate.
3)History is very important. This is one thing that young people struggle most with. When it comes to an auto loan/lease the bank does not want to see anyone go from a Honda Civic loan to a Mercedes GT loan. In your case going from a FIAT to a P3 heads up 3d sound W213 E300 for 74000.00 might be a hard sale for the finance manager to make to MBFS. But, that being said.... I have done it. But it was usually done due to a provable job income increase or validation of liquidity of someones accounts. Cash down etc. Anything I could do to lower the risk in the banks eyes.
4) You... yep it all boils down to you. Your job, job type, who you are, if you are nice (Believe it or not this plays a huge part. I know personally that I have worked VERY VERY HARD for nice people. I will also admit that I have spent as little time as possible for ones that are totally rude or demanding) So be NICE!!! When you fill out your app, do it carefully. Take your time WRITE NEATLY. BE HONEST! Remember the finance guy needs to paint a good picture of you to the lender. ASK TO SPEAK WITH HIM/HER PRIOR TO SUBMITTAL. Make sure you tell them about how long you have been doing what you are doing, even if it is with different companies. Be honest and thorough with anything that is bad. Trust me with MBFS a story will go a long way.
Which leads me to the last part.... MBFS... They are one of the most amazing captive lenders I have ever EVER WORKED WITH in 22 years of doing this they are the first bank that ABSOLUTELY does NOT use the credit score to determine the tier. They truly want to support the dealers and help them to get the approvals they need to sell cars. So that being said, the fact that you are trying to do the right thing will go a long way.
MBFS will want to see that you can pay for the new car. They will want to see that the payment does not exceed 12-15% of your monthly income. They will want to see that they have some equity in the deal. They will want to see that you have not been pursuing large amount of credit prior to getting your new car.
Here are my suggestions to increase your odds of approval.
Cash down
Mitigate any negative equity from your trade
LEASE LEASE LEASE (MBFS will almost always give higher tiers on leases)
Keep your nose clean... =) NO LATE PAYMENTS
keep it real.... DONT GO LOOKING TO PURCHASE AN E43 IF YOUR LAST CAR WAS A FIAT. =) If you are going to go E class then keep it around 50K or PUT UP THE CASH TO KEEP THE AMOUNT FINANCED/Total Adjusted Cap cost AROUND 50K.
Good luck!!!! I hope this helps!
If you have any other questions send me a message and I can give you my cell phone number to discuss!
MB Finance Guy!
MBWorld Fanatic!
Joined: Oct 2010
Posts: 8,124
Likes: 4,352
From: Corona Del Mar, CA
2019 SL450, 2019 E450 Luxury Trim Wagon, 2024 BMW I7 xDrive60
“Fleet incentives cannot be used in conjunction with Dealer Employee Purchase Program (DEPP), Mercedes Vehicle Plan (MVP), Master Lease Program (MLP), Diplomat, European Delivery, Courtesy Vehicle Program (CVP), Special Demos, Competitor Conquest Program, other Fleet Programs (Executive Allowance Bonus (EAB) or Fleet Employee Program (FEP)), or non-U.S. Specification vehicles.”
https://www.mbusa.com/mercedes/fleet...am_information
1-866-628-7232, fleetoperations@mbusa.com
https://www.mbusa.com/mercedes/fleet...am_information
1-866-628-7232, fleetoperations@mbusa.com
Out Of Control!!
Joined: Jul 2003
Posts: 15,901
Likes: 4,630
From: North Scottsdale, AZ
'71 Pinto
Cash incentive towards purchasing/leasing select new Mercedes-Benz models simply for owning a particular competing luxury brand vehicle. There is no need to trade in the competing make vehicle you just have to prove ownership by presenting a title, registration card or proof of insurance to get the discount. I believe eligible competing brands are BMW, Audi, Lexus, Porsche, Jaguar, Range Rover/Land Rover, Acura, Infiniti, Cadillac, Lincoln or Volvo. Note, offer is not always available.
MBWorld Fanatic!
Joined: Oct 2010
Posts: 8,124
Likes: 4,352
From: Corona Del Mar, CA
2019 SL450, 2019 E450 Luxury Trim Wagon, 2024 BMW I7 xDrive60
Cash incentive towards purchasing/leasing select new Mercedes-Benz models simply for owning a particular competing luxury brand vehicle. There is no need to trade in the competing make vehicle you just have to prove ownership by presenting a title, registration card or proof of insurance to get the discount. I believe eligible competing brands are BMW, Audi, Lexus, Porsche, Jaguar, Range Rover/Land Rover, Acura, Infiniti, Cadillac, Lincoln or Volvo. Note, offer is not always available.
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Newbie
Joined: Jun 2017
Posts: 5
Likes: 0
c250
Which leads me to the last part.... MBFS... They are one of the most amazing captive lenders I have ever EVER WORKED WITH in 22 years of doing this they are the first bank that ABSOLUTELY does NOT use the credit score to determine the tier. They truly want to support the dealers and help them to get the approvals they need to sell cars. So that being said, the fact that you are trying to do the right thing will go a long way.
MBFS will want to see that you can pay for the new car. They will want to see that the payment does not exceed 12-15% of your monthly income. They will want to see that they have some equity in the deal. They will want to see that you have not been pursuing large amount of credit prior to getting your new car.
Thread Starter
Junior Member
Joined: May 2017
Posts: 59
Likes: 35
From: Gilbert, AZ
W213 E CLASS
Originally Posted by gsdoubleu
interesting, how often do you guys approve people with bad or troubled credit?
Thread Starter
Junior Member
Joined: May 2017
Posts: 59
Likes: 35
From: Gilbert, AZ
W213 E CLASS
Originally Posted by poops
Thanks for the offer to answer questions...
What is the sweet-spot for a '17 C43 Sedan lease? I'm looking for 36mos and 7.5k or 10k miles with a minimal amount of $$ down - preferable $0 down.
What is the sweet-spot for a '17 C43 Sedan lease? I'm looking for 36mos and 7.5k or 10k miles with a minimal amount of $$ down - preferable $0 down.
I can say that MB leases are usually geared towards 36 months... that is the "sweet spot" in relation to the best residual value.
Thread Starter
Junior Member
Joined: May 2017
Posts: 59
Likes: 35
From: Gilbert, AZ
W213 E CLASS
Originally Posted by BlackjackM
Any idea when final 2018 pricing will be out?
But as the FI guy.... I don't have all the cool accesses!
Newbie
Joined: Jun 2017
Posts: 5
Likes: 0
c250
Thread Starter
Junior Member
Joined: May 2017
Posts: 59
Likes: 35
From: Gilbert, AZ
W213 E CLASS
Again, it is about the deal. Some people can have bad scores but great job time great residence. With large down payments or equity down they can get approved.
Now I am not saying it will be tier A1-2, but tier 3 or 4 for sure.
Even people that dont pay their bills well can drive the Best or Nothing!
Member
Joined: May 2015
Posts: 100
Likes: 7
2017 C Cabriolet
Asked you a couple days ago about getting lease tyurn in fee waived based on ordered car. Have spoken with Mercedes three times at number on lease end letter from MBFS. They have told us they have called dealer and are waiting for dealer to call them back with the order number. Dealer says they have not called him, and he wont call them without getting a call from them. I phoned same number we have spoken to three times, for a fourth time, this time they claimed they were the wrong department and I need to phone marketing, and gave a different number. Any thoughts? Only have a couple days before 60 day period ends to give them order number. Thanks.
Member
Joined: Apr 2015
Posts: 149
Likes: 20
From: So/Cal The IE
2017 GLE 350 Selenite Grey 15 CLS400 Avalon 2013 XTS
Again, it is about the deal. Some people can have bad scores but great job time great residence. With large down payments or equity down they can get approved.
Now I am not saying it will be tier A1-2, but tier 3 or 4 for sure.
Even people that dont pay their bills well can drive the Best or Nothing!
Now I am not saying it will be tier A1-2, but tier 3 or 4 for sure.
Even people that dont pay their bills well can drive the Best or Nothing!
Newbie
Joined: Jun 2017
Posts: 2
Likes: 0
2016 Camaro SS convertible
business lease question
Hello- MB Finance guy!
I have a question on business lease through MBFS...
I have a new entity less than a year old...I like to lease a new E43 AMG under my business name..If approved under my business does MBFS reports to my personal credit report as well? Would I have to be the guarantor on the loan? business is new and do not have revenues yet.
Secondly, I have personal car lease through Ally and spoke with them they do business leases under third party guarantee but do not report on personal credit...Does MB dealers work with Ally bank and would I be able to request to use Ally?
Thanks for your response and information in advance
MAJ
I have a question on business lease through MBFS...
I have a new entity less than a year old...I like to lease a new E43 AMG under my business name..If approved under my business does MBFS reports to my personal credit report as well? Would I have to be the guarantor on the loan? business is new and do not have revenues yet.
Secondly, I have personal car lease through Ally and spoke with them they do business leases under third party guarantee but do not report on personal credit...Does MB dealers work with Ally bank and would I be able to request to use Ally?
Thanks for your response and information in advance
MAJ
Member
Joined: Aug 2016
Posts: 87
Likes: 18
From: Orlando, FL
'17 E300
Regarding waiver of lease turn-in fee. Good luck. MBFS wouldn't waive mine because I was purchasing a new E300 and financed it through my credit union and not MBFS. The higher interest rate that MBFS was going to charge me would have exceeded the 2.15% + waiver fee that I got through the CU.
I you finance through MBFS they'll waive the fee.
I you finance through MBFS they'll waive the fee.
Thread Starter
Junior Member
Joined: May 2017
Posts: 59
Likes: 35
From: Gilbert, AZ
W213 E CLASS
Hello- MB Finance guy!
I have a question on business lease through MBFS...
I have a new entity less than a year old...I like to lease a new E43 AMG under my business name..If approved under my business does MBFS reports to my personal credit report as well? Would I have to be the guarantor on the loan? business is new and do not have revenues yet.
Secondly, I have personal car lease through Ally and spoke with them they do business leases under third party guarantee but do not report on personal credit...Does MB dealers work with Ally bank and would I be able to request to use Ally?
Thanks for your response and information in advance
MAJ
I have a question on business lease through MBFS...
I have a new entity less than a year old...I like to lease a new E43 AMG under my business name..If approved under my business does MBFS reports to my personal credit report as well? Would I have to be the guarantor on the loan? business is new and do not have revenues yet.
Secondly, I have personal car lease through Ally and spoke with them they do business leases under third party guarantee but do not report on personal credit...Does MB dealers work with Ally bank and would I be able to request to use Ally?
Thanks for your response and information in advance
MAJ
As far as the lease turn in fee. It is only waived if going back through MBFS (Which I am sure you will)
Now the question about the PG (Personal Guarantor) lease/loan. This is a state by state ruling as to if it reports to the PG's credit. Here in AZ it does.
You can either have your dealer call to confirm or if you want to send me a PM with your state information I can call MBFS for you and find out.
I will say that banks look at PG loans/leases differently when considering additional credit to you. So I truly would not see it as something that would keep you from acquiring additional loans/leases/credit. Unless in your personal situation you have a large amount of debt.
Keep in mind that if your company grosses more than 3 million annually you can qualify for a business only lease/loan, meaning that you would not have to have a PG. You would just need to produce Tax Certified P&L's for three years to MBFS for consideration.
I hope this helps!
Thread Starter
Junior Member
Joined: May 2017
Posts: 59
Likes: 35
From: Gilbert, AZ
W213 E CLASS
Regarding waiver of lease turn-in fee. Good luck. MBFS wouldn't waive mine because I was purchasing a new E300 and financed it through my credit union and not MBFS. The higher interest rate that MBFS was going to charge me would have exceeded the 2.15% + waiver fee that I got through the CU.
I you finance through MBFS they'll waive the fee.
I you finance through MBFS they'll waive the fee.
Thread Starter
Junior Member
Joined: May 2017
Posts: 59
Likes: 35
From: Gilbert, AZ
W213 E CLASS
See my previous post on this... MBFS DOES NOT use score to determine rate solely.
But a good rule of thumb would be:
760+ A1
710-759 tier1
675-709 tier 2
625-674 tier 3
580-624 tier 4
<579 R (But possible reject override if you have the right cash down/situation)
I hope this helps!!!!
But a good rule of thumb would be:
760+ A1
710-759 tier1
675-709 tier 2
625-674 tier 3
580-624 tier 4
<579 R (But possible reject override if you have the right cash down/situation)
I hope this helps!!!!
Thread Starter
Junior Member
Joined: May 2017
Posts: 59
Likes: 35
From: Gilbert, AZ
W213 E CLASS
