pierno80

So I decided to go with another S560 after comparing the Audi A8 and BMW 750. Found the car I liked and applied at the dealer. They couldn't get the auto-approval and said they would call Mercedes to follow up the next day. After a couple of days back and forth, I was notified today that Mercedes Benz will pass on this deal, and my application has been denied!! ARE YOU SERIOUS! After having 14 paid off accounts, being a loyal customer, and tier 1 customer. I have turned in my cars earlier than lease maturity day; however, I have always paid off my negative equity. Mercedes told the dealer that I have had too many accounts with them. The dealer said there in no way of me contacting them directly. Does anyone have any idea how to contact this department? I already tried the MBFS and was told to follow up through my dealer. Thanks for sharing.

ccww

If purchasing is of interest to you, you could try a local bank or credit union to finance the deal. Sorry to hear of your troubles with MBFS.

2012 merc amg

Welcome to the days of the post Covid business world.

stever500

Wow, never heard of such a thing. This seems like an odd move on their part.

MBS63AMG

I've had 10 MBs over 25 years and never had this kind of problem. And many times I rolled negative equity into them. Something doesn't sound right here.

ygmn

Well there has to be a reason they turned down your money....

hyperion667

NOt sure I understand: they don't want to sell you a car?

MTrauman

Is it they don't want to LEASE to you? If you wanted to buy the car and borrow money from MBFS will they do that? These answers can help get at the questions as to if it is you or them preventing the deal. In other words, in times of uncertainty of used car values/residual values finance companies may be less willing to lease vs a straight buy. The used car wholesale market prices have been drivien up by dealers bidding against each other just to get used cars on their lots because new car production has been slow and people are still buying cars. Crazy car business!

Streamliner

Something is out of wack here. Are there ANY problems with your credit history? I currently have two leases going with MBFS and have never heard anything about someone being denied a new lease or loan because they have had “too many” successfully completed transactions in the past. Have you looked at your credit report lately? Maybe something popped up on it that’s a mistake? Good luck with this. Please keep us informed as to how it works out.

superpop

MBFS is basically a bank, and banks do not turn down a lease application unless there is a problem with your credit or they do not like your debt ratio. Not saying this is the case here but lots of people lease things they cannot otherwise afford to buy. In normal times most banks would be OK with this risk, but not right now with people losing jobs left and right and car finance default rates rising. You have to have stellar credit and not a ton of debt or most banks will just pass on the deal. The tide is starting to go out and we are about to see who is wearing swim trunks to quote Buffett.

Streamliner

I believe you are correct. And, this being the case, one would think that customers showing very strong, perfect credit should be able to obtain very favorable deals on higher end vehicles, as long as the demand does not outstrip the supply.

superpop

Thanks Stream, OP never indicated that they have a very strong, perfect credit status. OP may have 14 closed leases that were slow pays 20% of the time. If OP has good credit, has solid verifiable income and isn't swimming in debt than MBFS would have no reason to turn down this lease. In fact, MBFS would be thrilled to have a predictable debtor back on the books. There is more to the story here.

Mitch Alsup

Never happens to me--I pay cash.

DrDoe

In today environments, you can't pay cash. The cash has to be in your checking account and many choose to have cash under the mattress.

cetialpha5

Well he probably meant the cash in his bank account. When I get bank checks, I say I pay cash too. Basically you either pay cash or finance.

Anyway OP should check his credit report. Should go to https://www.annualcreditreport.com/index.action to check all 3 reports. That's the only legit site, the others are fakes or charge for scores. You don't need a score from that site, if there are no negatives or late payments, the score should be good. I pull credit all the time and usually a small percentage of people will have negative credit and they're not aware of it, either credit fraud or someone else on a joint account was late.

OP should also check for mistakes. I once applied and got turned down for a credit card, they said my income was too low. I was just giving them net income, but I guess I really had to quote gross because I have a bunch of rental properties with a lot of expenses so they don't make that much money on paper but once I lumped that in with income, I got approved. I guess they were wondering how I was paying all the mortgages with a lower income.

SW20S

This doesn’t make sense. Did you by chance take advantage of any COVID forbearance of your current MB lease or anything like that?

No lender would turn a customer away because they have too much positive experience with them...

C280 Sport

Makes no sense. I had 4 car payments once at the same time. However, mbfs like many have said is a bank. They look at debt to income ratio, assets, income and employment, standing of accounts, credit or FICO score, stable address history (yes that is a thing), bankruptcies, divorce and even foreclosure.

RW William

we had a difficult time with MBFS as well and NEVER had an issue ever before. Ultimately we were approved but apparently having another loan was an issue with them. As was the price of the car I was buying which happens to be the lowest priced 2016 CPO in the country. It’s a sign of the times. All lending has dried up.

places

Weird, something is up. I have never had any issues with MBFS. Usually I am approved and out the door the same day within an hour or two. I've had a dozen plus MBFS transactions.

LILBENZ230

No issue here, either. We purchased a CPO 2016 W212 8 months ago - granted, before COVID. First time MBFS customers. We allowed them to compete simply to humor them, and they ended up beating our credit union rates.

Purchased a CPO Porsche through Porsche Financial Services less than a month ago. First time customers there, too. No issues and they also beat rate of the credit unions.

More to story here.

SW20S

Can you describe the problems you had? What were the roadblocks?

Rockland

Makes zero sense if you have Tier 1 credit. This seems like a weak and worthless dealership F&I department.

SW20S

I have never bought a Mercedes, but I have never had any car dealership even flinch to finance me tier 1. If your credit is over 670 or so even it’s just automatic.

I assume the OP’s income is strong and the DTI for the lease payment would be really low. You would think they would ask for docs or something before they just denied it.

Baltistyle

I am someone who isn’t a one percenter but I’m close. Ive never had Personal debt other than a car or home. Because of this my credit is terrible. I have never defaulted, never been sued, never caused an accident, etc. Have I been late, ten times in twenty years between all my purchases, sure, though no excuse.

Banks want you more when you are a risk, imo, depending on income and risk, so they can milk fees and interest.

The last used car I bought, Took six banks to get a yes and again, I have the income and no debt..

I would personally have a very hard time after having a relationship with Mercedes like that, if they wouldn’t want to lease me a car I would not wanna give them my cash.

The best part of the economy is choice and willingness to pay.

darlop

I had the opposite experience with MBFS. Initially they said it was denied (which did not surprise me but I won't go into details). The sales manager seemed eager to get me approved so he was on the phone with them and they were doing things like looking up my house which is paid off. All they did was ask for some money down which I agreed to. The whole process was maybe 30 minutes.