Are lenders more likely to approve if already in lease with them?

[Anonymous]

Hi again,

I am at the tail end of a lease with Mercedes Benz Financial, prior to Mercedes I had 2 leases with BMW and a couple of others in the past.

Does Mercedes, or BMW take into account that you are/were a great customer to keep your business in the approval process? All payments were made on time.

Is there any way for me to find out my Auto FICO?

Message Edited by learningfico on 03-28-2009 07:07 PM

[Anonymous]

I would assume the answer to be a YES. Usually if you have been a good customer to them, they will go easy on you for approve a loan to your lease buy-out. I'm assuming you are talking about the same vehicle you are considering to buy-out is the same one you are leasing right now?!

[Anonymous]

Hi,

Thanks for your reply......actually no, it would be for a new lease...the buy-out on the car I have is too high and I need to keep a low payment.

I get excellent employee lease rates and usually lease executive demo cars as a family member runs the dealership...however once the leases are up I am dealing with MB Financial and there is nothing special about the buy out option.

I have already extended my lease for 12 months and learned last week that MB does not allow leases to be extended more than once so I will DEFINITELY have no choice but to lease another car.