14months ago i walked into the same dealer looking to get used certified Mercedes car, at that time they had some good deals for under $20000. To cut a long story short, they just could not get me approved. Reason no Credit. Even though i had everything else going for me (home owner stable job etc),They wanted me to put down well over 50%... Just did not many sence at that time.


During this week, i decided to trying to same dealer as my CR scores (Fako 745) had gone back up to where they once where from all the new TLs i had open in the last 12months.

So they pulled EQ and my Auto Enhanced score came back at 700, with all my TL showing R1s lol....

I got a Auto approved with a Mercedes-Benz Credit rating of Tier 2, ( tier 1 been the best) and would quailify for a lease, if i decided to go for the purchase route, they amount i was approved for was $65000, but if i saw a car i liked around 70K, they did not see it has a problem getting it extended lol...

All i wanted to do was see IF i could get approved, did not matter for how much, as the car i would probably get costing around 35K, but i did not expect to get approved for so much, and with a very low interest rate.

So to go from getting approved from 0 to 65K+ in 14months, just because of a CR, really makes you wonder sometimes....


If you wondering did i get a car, not yet, many options available to me, still thinking which would be the best way to go....But its nice to know i don't have to face what i did 14months ago....

Good feeling, isn't it?!!

CONGRRRRRRRRRRRRRRRRRRRRRATS!

That's easy - BMW!!!

Be careful buying a used Mercedes (or anything German for that matter).
Certified doesnt mean its reliable.

Your right, but at the current amount i'm approved for, i dont think i'd be buying used lol Only time i was looking at a Cert merc was 14months ago... now i'm looking at a 2005/2006 model lol

Oh ok.
Which model are you looking at?
Personally, I like the new CLS!

You must not know much about certain German cars.

German cars arent the most reliable cars. They are very expensive to fix,(after the warranty expires)
Although I have never owned one, I know plenty of people whos had many problems with certain models and makes.

I agree with your last post.....but that's different from your first post. Both of my German cars have been fantastic! And the repair bill has been no higher than anyone elses car repair bills. I'd buy either of my cars again - and I'd stay away from just about any Mercedes, new or used.

800s

I'd go with BMW, but that's me. They have better resale value and are more reliable in my opinion. I currently own two BMW's and have had a Mercedes in the past (E320). If anything, make sure you make them include factory maintainence as part of your vehicle purchase.

I'm looking at the new 3series coupe but it won't be out til next year. Over the weekend i was given a Jaguar XK8 Convertible for the weekend, very impressed but a new model is coming out in 2007.

Other option is a Land Rover ....


Still looking around...

All cars can have potential problems. Even buying new won't guarantee reliability. Yes there is a comprehensive factory warranty but you still have to deal with the car being in the shop. BMW has also had their share of issues. There were problems with some model year M3s that were having issues with the engine. BMW was denying warranty claims in some cases claiming the owners abused the car by over-revving the engine.

I had a BMW (325i), Have now Audi TT and Volvo S60 T5 last two preowned certified (great cars, no problems). I can just said this... I will never ever buy an American car in my entire life (Except for the Hummer )

I do agree it is expensive the repairs in these European cars, but very few times need repairs and the service at the dealerships are fantastic). Remember.. "You get what you paid for".

I just got approved yesterday with M-B credit with an auto enhanced score of 608.
They pulled equifax in VA and I was approved for 20K with no money down @ 12.7% interest.

This is with a ch13 and 2 paid judgements on my PR.

What type of merc you going to buy ?

I wish I could afford a BMW

I can but I choose not to. The only reason I would want a BMW is to get an M series car and drive it like it's meant to be driven....ie on the track. But I also enjoy not having a car payment. Haven't had one in oh 5 years now. Plus if anyone has ever tracked a car, they know that things will break. I like the fact that I can run down to my local parts store and pick up parts cheap and on a weekend. Plus my GM dealer gives me a discounted price of 10% over their cost. Incidentally, my POS GM cars are still running. But I've shifted my need for speed in car with my need for speed on a bike. No street car can touch the raw performance of a street bike.

I ended up getting a 2002 C230 Kompressor for 18K. Now in a few months, I am going to refi my house (gotta get the scores up a wee bit more, and let the trade line report) and pay this sucker off.

BTW....I owe much of my sucess to the folks here who have shown me how to improve my scores....THANK YOU!!!!!!!

f900: Can you give us an overview of what your credit history looks like? Also, did you put down a $50k+ income on the application? Your results are amazing.

Personally I like the BMW 5 series, Lexus ES300 or GS300 or an Audi. Which is the best though in value and reliabilty? We plan to have this car for at least 5-7 years.

If you're going with BMW and you get a 5 series, you have to get the 540i. It comes with the V8. No reason to pay the money for 5 series and get a V6.

I'd have to go with either Lexus because of the positive reliablity history of their cars (Having Toyota as your parent company i guess will get you that), and their cars tend to hold their value pretty well. However, the BMW and the Audi DO come with scheduled maintenance included for the first few years.

One of the best things you can do is compare all the models side by side on edmunds.com

Mayor maybe you can! You see this is what I don't get about some people. They rather spent between 20 and 30K in a new Buick or Cadillac for example, instaed of buying a certifed preowned European car for the same price. Maybe some people are just intimidated by those BIG NAMES.

Actually I prefer to buy new vehicles (that's just me).. I can't afford a new one. Plus my credit is at the moment being extended quite a bit

Marv

Question, who offers the best interest rate with an Auto Enhanced score the best interest rate Mercedes Credit can offer on a purchase to me is (8.9% Tier 2) , forsome one who is over 740 are Merc credit its (6.9%. Tier 1) , BTW tier 3/4 are 10.9/ 12.9%.

I feel its kinda high, Fincance guy game me several reasons why, interest rates have gone up, banks give better terms in auto financing etc..

Do you think i will get from anyone 3.9% on a 2005, Which is what i'm paying now with AHFC. Or are those days long gone for import cars

You are probably being rated on an internal scorecard.

Routinely APR's have jumped a little bit during the last few months.

740+ with a CU should net APR around 4.25 I believe.

Maybe, but i my Transunion credit report, the Auto H Score was 700. And then based on that they have there own internal score chart.

When a lender uses their own internal score card, your auto enhanced fico score will only play a part in the rate.

Since they are a captive lender, they will not have the best rates even on tier one.

Best, IMO, use a bank who prices the loan based solely on your best bureau's score.

Will do thanks ....

WTG, f900!!! That's awesome!

For you BMW people, I got approved at 4.9% for 32 K with nothing down from BMW FS with a 620 EQ...FICO, but not auto enhanced, so it could be done.

Again, CONGRATS, f900!

CJack: When did you get that approval/rate?

Thanks Jack.


Onetwo,

By the looks of it he got approved at BMW Financial Services for that 4.9% rate

Yup...it was 4.9 and they pulled EQ in HI...and I'm a girl It was acutally MINI financial services, but the inq said BMW and it reports as bMW Financial Services. Edited to add - that was in January. I originally applied for 22k, but wanted a ore tricked out car so I got another 10k...32 in total.

Thanks... the timeframe is important because the cost of financing has gone way up from the levels of just two years ago. 4.9% this year is pretty good for mid-600s, no money down.

"cost of financing has gone way up"


It sure has, well i'm still holding out for Mercedes Credit to give me a better rate, they droped it a point to 7.9%, I just can't imagine someone buying a car for $80000 and having there lowest rate of 6.9%, but then again Mercedes Credit is not a bank and they have to borrow money like every one else and of course add a point or 2 on top.

I went to the local credit union, and the lowest they have is 5%, i can get approved for 5.25%, far better then 8.9 or 7.9%.

Its a far cry then what i'm financed now @ 3.9%, but rates have gone up, so its not the dealers fault.

I disagree with that -- There's plenty of great specials where you can get 0% interest rate.... Of course you need to go through the dealership to get those -- You can't in CU's .

Well i would say you half right. There are no Import luxury Car manf like BMW, Mercedes, Jaguar, Landrover offering, 0% deals on new cars etc....

Yes i could go to Ford, GM or most american built car manf and get 0% financing.

But i'm not interested in a American built cars lol... The main reason they have "special deals" going on is there not selling cars, i'm sure you have read or seen it on the news there in trouble. Especially GM Cars. Just simply not interested enough to go that route.

As stated by f900, 0% deals are still available on American cars because they are simply not moving. Personally, I hate the fact that most cars from the big 3 are worth 50% less in 18-24 months -- unless you opt for a short loan term, you will be upside down for years even with "free" financing. I will never buy an American car new ever.

NMAC has specials for there cars and there not "American" cars.... It's not just american cars also it doesn't mean there bad cars.. Sometimes there just trying to get people to buy cars because people arn't wanting to spend money, hence specials.

Whats an american car?

Thats funny ya'll

You should be aware that many "import" brands are assembled in the US.

I don't think of where it's assembled it's just who it's designed by.. IE I'd never buy a Ford, but I would buy a Toyota/Nissan in a second.

hmmmmmmmmmmmm

Pininfarina designed the Cadillac Allante (italian)

lookie what happend to them.

Marv lol,

this is a whole new discussion in itself, i'm well aware that many "import" brands are assembled in the US.


The point is none of these "import" brands as you put it, offer 0% financing, on NEW cars, Certified some are around 3.9% for 39 months (merc credit)

As Mercedes-Benz there 101% built in Germany lol.

Are you quiet sure MB does not have a factory in Alabama?

And yes SOME import brands are currently offering 0% APR.

http://news.lp.findlaw.com/ap/o/51/05-04-2...10595de68c.html

Well the 2005 C230 Kompressor Sport Sedan that i'm driving as a loaner, on the MSRP sticker says Made in Germany, same with the CLK 500 i had before that.

Interesting but that factory is only producing the second-generation of the M-Class and the new R-Class Grand Sports Tourer which it not even out yet.

And what imports is offering 0%, i've looked on most websites, can't find anything.


thanks

I think of the whole "import car built in the US" with this analogy.
If I buy a can of Coca-Cola in Japan, is it a Japanese soda? Or Marlboros in Europe?
I know companies have headquarters in every continent pretty much but I think of the motherland first.

see the auto approval thread, there are a couple there.