Last minute lease check for November
#28
Administrator
Joined: Nov 2001
Posts: 11,921
Likes: 798
From: THE Orange County, California
2020 Audi R8 V10, 2016 AMG GTS, 2018 E63S Edition 1, 2018 Porsche GTS Cab, 2012 C63 BS
#29
Some interesting points of thought here....my $.02....
First of all there is no such thing as an "auto approval rate" they are making that up. Yes, you can be auto approved when they submit your deal to MBF but that doesnt mean you cant get Tier 1+ without it being "auto approved". The business manager can call it in and verify any missing or questionable information and get it approved at what you should qualify for based on the information provided. This rate also isnt always score specific. Although having a 750+ score is helpful, other variables determine the tier such as your payment history with MBF, how many leases you have had prior and more. It is an internal formula that is based on the applicants credit history, it has nothing to do with being "auto approved" or not.
I worked for a public company a few years ago that owned a Mercedes dealership, and just like anything else, they could make calls in as "favors" for select clients at their discretion and get "tier bumps" to better their bottom line and profit margins (because that is how they get paid). For example, they would have a knowledgable buyer such as ourselves that would know the details of leasing, give them a story about not being "auto approved" show them the approval, sell you the lease at the higher MF, then call it in for a bump and use the better approval to increase their bottom line. Is it ethical? No. Does it make them more money? Yes, and that unfortunately their job. We as the consumer may have access to more information today, but we never really have all of it....
Also, if I lived in NYC, I would never buy anything. Aside from it being a pain logistically to sell when the time was right, you still have a car that was driven and registered in NYC, and I dont care if you have a butler wiping it down every hour, its still bumped with pot holes, car doors, snow, salt and crap for 3 years. Being able to just hand a car over and get another one without any hassles and knowing exactly what it will cost you over the term of ownership is pretty valuable to me.
First of all there is no such thing as an "auto approval rate" they are making that up. Yes, you can be auto approved when they submit your deal to MBF but that doesnt mean you cant get Tier 1+ without it being "auto approved". The business manager can call it in and verify any missing or questionable information and get it approved at what you should qualify for based on the information provided. This rate also isnt always score specific. Although having a 750+ score is helpful, other variables determine the tier such as your payment history with MBF, how many leases you have had prior and more. It is an internal formula that is based on the applicants credit history, it has nothing to do with being "auto approved" or not.
I worked for a public company a few years ago that owned a Mercedes dealership, and just like anything else, they could make calls in as "favors" for select clients at their discretion and get "tier bumps" to better their bottom line and profit margins (because that is how they get paid). For example, they would have a knowledgable buyer such as ourselves that would know the details of leasing, give them a story about not being "auto approved" show them the approval, sell you the lease at the higher MF, then call it in for a bump and use the better approval to increase their bottom line. Is it ethical? No. Does it make them more money? Yes, and that unfortunately their job. We as the consumer may have access to more information today, but we never really have all of it....
Also, if I lived in NYC, I would never buy anything. Aside from it being a pain logistically to sell when the time was right, you still have a car that was driven and registered in NYC, and I dont care if you have a butler wiping it down every hour, its still bumped with pot holes, car doors, snow, salt and crap for 3 years. Being able to just hand a car over and get another one without any hassles and knowing exactly what it will cost you over the term of ownership is pretty valuable to me.
Last edited by JJCTHE1; 11-14-2013 at 09:30 AM.
#30
Administrator
Joined: Nov 2001
Posts: 11,921
Likes: 798
From: THE Orange County, California
2020 Audi R8 V10, 2016 AMG GTS, 2018 E63S Edition 1, 2018 Porsche GTS Cab, 2012 C63 BS
Some interesting points of thought here....my $.02....
First of all there is no such thing as an "auto approval rate" they are making that up. Yes, you can be auto approved when they submit your deal to MBF but that doesnt mean you cant get Tier 1+ without it being "auto approved". The business manager can call it in and verify any missing or questionable information and get it approved at what you should qualify for based on the information provided. This rate also isnt always score specific. Although having a 750+ score is helpful, other variables determine the tier such as your payment history with MBF, how many leases you have had prior and more. It is an internal formula that is based on the applicants credit history, it has nothing to do with being "auto approved" or not.
First of all there is no such thing as an "auto approval rate" they are making that up. Yes, you can be auto approved when they submit your deal to MBF but that doesnt mean you cant get Tier 1+ without it being "auto approved". The business manager can call it in and verify any missing or questionable information and get it approved at what you should qualify for based on the information provided. This rate also isnt always score specific. Although having a 750+ score is helpful, other variables determine the tier such as your payment history with MBF, how many leases you have had prior and more. It is an internal formula that is based on the applicants credit history, it has nothing to do with being "auto approved" or not.
Last edited by Vic55; 11-14-2013 at 01:10 PM.