APPROVING BANK: Daimler Trust (Mercedes-Benz Financial)
BUREAU PULLED: ???, but I've heard they usually pull TransUnion
CREDIT SCORE MyFico.com: Ex - 686, TU - 681; Eq - 665
CREDIT SCORE Captial One: TU - 656
CREDIT SCORE TransUnion.com: TU - 729
CREDIT SCORE MyFico Auto Score 8: Ex - 717; TU - 698; Eq - 685
CUSTOMER STATE OF RESIDENCE: MI
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Mercedes Benz
MODEL: GLA250 4matic
MILEAGE: 16
RETAIL/LEASE: Lease
AMOUNT OF LOAN: 17,458 (employee disc. from a former co-worker ; )
TERM CONTRACTED: 36 months/12,000 mi
APR/LEASE RATE: 0.00165
MONTHLY PAYMENT: $455.17 (incl pre-paid maintenance)
ANNUAL INCOME: 71k
DEBT TO INCOME RATIO: 7% (but it sure doesn't feel like it. I must have a hole in my pocket)
MISCELLANEOUS COMMENTARY: I've been lurking this thread for the past 2 weeks and this has helped me TREMENDOUSLY in being prepared for financing and negotiting my car price. So here's my contribution to the forum:
The dealer would not budge on the MF 0.00165 when I've read on other boards that the standard for this car is 0.00155. Looking at the contract now that I'm home, there's little $80-100 increases all over the contract.... that is, based on my personal calculations. For example, the pre-paid maintenance was already added by the dealer. I was going to inquire about it anyways b/c my husband has a BMW and oil changes are like $199 and I dispise coming out large sums of money for maintenance. But let ME decide that first. LOL There was a 95% change I was going to add it on anyways, so I didn't make a big deal about it. In the end, I still wanted the car.
After a foreclosure in 2011 and having major problems getting a loan for a $17k for a 2009 Honda Accord, I was terribly nervous of getting an approval. Especially from MBFS. (At least for me) Everything went smoothly with the application process. No questions were asked and no documentation needed to be submitted. (i.e. paystubs, etc.)
2 words of advice when getting a new/used car:
1) Don't forget insurance. I totally forgot about it and when they asked for it, I was like, "DAMN!!!!"..... more money out of pocket to get the car.
2) If you are TRULY self-employed, be sure to list your company, as your employer and do not say "self-employed". And just total all of your income as one income from that "employer". It'll just open up a pandora's box for you if you say self-employed. As long as you have your 1099's from the current/prior tax year as supporting documentation, you should be good. I had all of that available, but luckily I wasn't asked to provide that information.
Now ...I'm submitting my beloved Honda Accord keys to my 17-yr old, and I'm drivin' dirty tonight b/c Mama's got a brand new bag!!
