Mercedes Benz Approved!

[MissMovingForward]

My TU and EQ scores sit at 674 (both are the same).  Accoring to the dealer my Fico Auto Enhanced is EQ 633 and TU 661 (I had a late payment in August 09 and several late payments back in 2007 on my paid off 2003 Toyota Corolla).  They haggled me for a co-signer for a little while until my husband threatened to walk and go to BMW.  They insisted I needed him to co-sign.  This was not going to happen because his scores are worse than mine.  We literally walked out the door and got in the car before they came running out and agreed to the terms discussed: 2.9% for 60 months (actually its 2.65 because they offered a discount if I set up auto-draft).  New 2010 C300 (It was a dealer demo so it has miles on it and was deeply discounted).  I'm so excited I've worked really hard and this is my dream car (for now)!

PS I gave the Corolla to my niece who will be attending college in the fall.

Thanks to the forum for the great advice on credit repair!

[Anonymous]

I am somewhat mystified when it comes to auto loans.  I've seen people on here with not particularly high scores or incomes who are approved for really expensive cars...  I am worried I will have trouble getting a loan for a 2 year old Honda Civic...

What gives?  What is the trick to make this work?

[MissMovingForward]

I hear ya.  I don't think there is a trick.  It's a crap shoot.  I know my scores are only average but I have a decent income and one paid of auto loan (albeit with a few old baddies and one less than a year ago).  All other baddies are paid off.  I have no collections after a few PFD's and GW's.  I do have three paid judgments showing as well (from 2005, paid in 08).  When the lender did the manual review he saw my payment history and then decided I needed a co-signer.  But I stuck to my guns and told him my story of cleaning up my credit and being on the right track for the last 3 years or so.  I have a mortgage with no lates (2 yrs old) and my Uti is at about 20%.  My DTI is really good since most accounts are paid to 0 except the mortgage of course and one credit card and some student loans.  Like I said in the previous post we had to threaten to walk before he changed his mind.

I think dealers are easing up a little and willing to look at the big picture.  Plus its the end of the month and they want to sell cars!  I work for a company that is really big in my cityy (Fortune 100) and they have a lot of customers that work here.  I've worked here for 5 years now.  And we also get a fleet incentive with Mercedes Benz.  I'm sure all of these factors played a part in my getting approved.

[daisyduke]

Hi MissMoving Forward,

Congrats on your new wheels.

One word of precaution on the autodraft - I did the auto draft right at the dealership but the guy never followed through - I went on line and even called, the f&i guy didn't set it up afterall, so please check on this before your first payment is due. Other than that - enjoy and congrats.

[MissMovingForward]

Thanks daisyduke I will wait about a week and then contact my bank to make sure it's set up.  First payment is not due until September!

[Anonymous]

Serious congrats on the hardballing ... you did not budge.  Many ppl would have walked away let alone had the testinal fortitude to demand your terms like that.

BTW no offense on the TF stuff couldn't find a better way to describe it....

I for one would not have stuck it to them like that with my  history being similiar to yours... Mercedez wouldn't even give it a shot ...not afraid to admit that either....  i'm truly impressed.

[MissMovingForward]

None taken daboss28!  My husband did most of the talking with me following his lead.  I could see the eagerness to sell when we visited the lot over the weekend so I figured hey, why not give it a shot.  The worse thing they could say is no and I lose a few points on the inquiry...no biggie.  The key for me in this situation is that I was not desperate.  I did not need the car, I just wanted it.  So I was willing to walk away from it if I had to and I was not willing to be forced to do something I did not and had no intention of doing.

My scores aren't the greatest but I worked darn hard to get there.  It's nice to see hard work pay off!

[tbenz6876]

I am thinking about getting a new Mercedes Benz. I just checked my scores this morning from myfico.com and my TU was 661, however I will say that one of my credit cards has not updated and I am still showing 53% utl on my cc's.

Wanted to know how much the dealer made you put down. I am looking at a new 2012 E550 coupe. I told the dealer that I pulled my scores this morning and my TU score was 661 with the CC still showing a balance. The salesman said its a done deal.

Just wanted to get more info and if you think that I should go let the dealer pull my credit. I will say that I have bounced back from a Chapter 7 BK that was discharged in 12/2009. Since then going by my score you can tell that I have built new credit.

[Booner72]

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@tbenz6876 wrote:

I am thinking about getting a new Mercedes Benz. I just checked my scores this morning from myfico.com and my TU was 661, however I will say that one of my credit cards has not updated and I am still showing 53% utl on my cc's.

Wanted to know how much the dealer made you put down. I am looking at a new 2012 E550 coupe. I told the dealer that I pulled my scores this morning and my TU score was 661 with the CC still showing a balance. The salesman said its a done deal.

Just wanted to get more info and if you think that I should go let the dealer pull my credit. I will say that I have bounced back from a Chapter 7 BK that was discharged in 12/2009. Since then going by my score you can tell that I have built new credit.

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This is a really old post so you probably won't get a reply.  I would recommend you head on over to the Auto Loans section - TONS Of great info there - be sure to read the stickies.  I just SCORED on a used forester - only bc I went in armed with FICO knowledge.  Got 5.49% rate and I don't think I would have gotten even close to that w/o knowing about how dealers "PLAY THE SPREAD" and other issues auto lenders use.  Good Luck!!