Help! Will I qualify?

[joshuapd1987]

Hi there, Fico Friends! Getting ready to buy my first car... A little on the expensive side, but affordable based on my low overhead. Any advice? Looking into a 2014 Mercedes E Class Cabriolet... About 75k. Hoping to get the loan and put 5-7k down.

AAOA: 13 Months
Oldest Account: 3 years 3 months
Fico scores: 688 EQ, 681 TU, 724 EXP
No lates or missed payments.
Baddies: TU: one paid collection from 09/07 for 400 bucks. Also for all reports... 1 $25 paid medical collection that reported starting in January... Insurance didn't cover 25 bucks and I was in Canada for work and had no idea. Sad.
No inquiries in the past year
Cards:
CSP 10/2013 0/12000
Freedom 6/2013 0/10000
Amex Plat/Amex PRG NPSL 6/2013
Amex Delta Deserve 12/2013 0/12100
Cap One Quicksilver 1/2013 0/2500
Cap One Plat 08/2011 Closed
First Premier 4/2011 Closed

Annual Income: 135k
Monthly expenses: 1k

Applied with chase auto online, declined after 24 hours - no explanation yet. Disappointing since I have a great history with them and am a signer on a very large company Account.

Applied for mercedes financing and need to follow up... They pulled TU according to the alerts. Any advice?

Much appreciated!

[Creditaddict]

When buying cars of this size I highly suggest doing it right at the dealership... they deal with this sort of thing daily vs just applying cold for a huge loan at a big bank....

i somewhat knew about but learned more recently that many banks (Ill use Wells Fargo since this is what happened to me)

Car Max got approval from Wells Fargo "Dealer Finance"

we bank with Wells Fargo (my partner for long time) I applied directly with Wells Fargo because of the relationship discount.

It was approved and that gained us a .50% discount for relationship.

Here is the kicker... The dealer approval was $26k for 72 months @ 5.15%

My direct application was approved for $22k for 60 months at 5.80% WITH THE .50% relationship discount.

see that... he said the dealer finance branch deals with financing across the entire country, thousands of cars a day vs the regular bank is customer contact with no dealer contact so the volume is tiny, and they don't take the risk or lend as high of a percent because of that.

[joshuapd1987]

Interesting! That does make a big difference. Do you think I have a solid chance at the dealer?

[Creditaddict]

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@joshuapd1987 wrote:
Interesting! That does make a big difference. Do you think I have a solid chance at the dealer?

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lease or purchase?

[joshuapd1987]

Purchase. Basic MSRP is about 60.5K... With the packages etc the total, including tax, will be around 77. Hoping to put 5-7 down.

[Creditaddict]

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@joshuapd1987 wrote:
Purchase. Basic MSRP is about 60.5K... With the packages etc the total, including tax, will be around 77. Hoping to put 5-7 down.

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pretty substantial monthly payment but probably can.

[joshuapd1987]

Awesome, thanks. Monthly payment I can handle - but hoping for an approval - period.

[joshuapd1987]

Anyone else happen to have any thoughts?

[Creditaddict]

Did you talk to Mercedes

[joshuapd1987]

Have an appointment tomorrow! Scared. :-/