Dealer wants credit check even when financing with outside lender?
Thread Starter
Junior Member
Joined: Jul 2014
Posts: 60
Likes: 0
From: NorCal
ML350
Dealer wants credit check even when financing with outside lender?
I read about this off and on but wanted to see what the most recent views are on this.
We finalized on a new ML350 and we secured a great rate through our bank. However, the dealer is telling me that they need to run credit irrespective of who our lender is.
I don't mind the credit check, we already had that done by our bank in the last day or 2 so it won't hurt our scores but I just don't want to do it if I don't have to.
Is this legit? Should I be thinking thrice about this (I am already thinking twice)?
We finalized on a new ML350 and we secured a great rate through our bank. However, the dealer is telling me that they need to run credit irrespective of who our lender is.
I don't mind the credit check, we already had that done by our bank in the last day or 2 so it won't hurt our scores but I just don't want to do it if I don't have to.
Is this legit? Should I be thinking thrice about this (I am already thinking twice)?
MBWorld Fanatic!
Joined: Feb 2004
Posts: 9,155
Likes: 20
From: Southern, CA.
V12-Biturbo
I believe they do this to try & further prevent fraud IE a fraudulant criminal goes in w/stolen identity & fake loan etc the dealership is trying to further prove the person buying the car on loan doc's is indeed person in front of them & everythings legit.. These types of scams have plagued & burned dealers for years.. They give the perp the keys & it's over no real doc's no real address no $$ etc etc...
Last edited by Thericker; Jul 10, 2014 at 08:00 PM.
Thread Starter
Junior Member
Joined: Jul 2014
Posts: 60
Likes: 0
From: NorCal
ML350
So the dealership basically told me that if you get us a cashiers check for the amount (same for your down payment), then we don't have to do a credit check on you.
They don't want people driving off without any background unless they have the money on hand so it's either cashier's check or credit check to make sure they can bill you if you don't pay up.
This is fine, the bank should be able to get me a cashier's check.
They don't want people driving off without any background unless they have the money on hand so it's either cashier's check or credit check to make sure they can bill you if you don't pay up.
This is fine, the bank should be able to get me a cashier's check.
Thread Starter
Junior Member
Joined: Jul 2014
Posts: 60
Likes: 0
From: NorCal
ML350
Wow, good deal. AAA doesn't provide insurance in Cali but I did get a 1.8% through bank and MB dealer pretty much told me they wouldn't be able to come close to it. MB is currently running a 2.99% promotion.
