Do yourself a favor and keep the Honda Accord, save the money in monthly payments towards savings and investing instead of throwing away money on a depreciating luxury vehicle that you want to impress your peers with.
Starting Score: 512
@Mdowning30 wrote:Do yourself a favor and keep the Honda Accord, save the money in monthly payments towards savings and investing instead of throwing away money on a depreciating luxury vehicle that you want to impress your peers with.
^This!
@BeKind787, your thin file is the least of your worries; as others have said, the derogatory marks on your credit reports combined with how leveraged you'd be relative to your income should be what concern you the most. Long story short, keep the Accord and avoid the temptation to get into a status car with lots of bling, the Benz won't get you there any faster or better, it will just cost you a whole lot more to get from point A to point B.
Everyone here is advising the OP to not make that jump. I won't ajudicate the OP's decision, and will comment only on the OP's original question. TBH, MB may more than likely approve you with an Auto-Enhanced score of 690. MBFS usually pulls TF, depending on the state and 690 is considered Tier 1 but not A1 (Sometimes Tier 1 gets you A1 rates for volume vehicles like the GLE350). If you have two lates out of a 36 month lease, the right Finance Manager can get you an approval. MBFS cares most about your auto payment history and less so about CC and other debts. Your gross yearly income must be higher than the total MSRP of the vehicle and you probably will have to pay all drive off fees to not have a high LTV ratio. MB is running some healthy incentives right now on the GLE350 so that should help your LTV ratio. I wouldn't put more than drive off fees down on a lease and you can always leave multiple security deposits instead to lower your money factor. The deposit is returned when the lease ends. Good luck!
