Mercedes Benz Financial - Question

[Abelcrdn]

I went to the dealership and found a 2017 C300 Coupe that I love. It only has 8k miles on it & is very well equipped. Original MSRP was $58,015. We came to a deal @ $36,997 + about $400 in fees since I live in Oregon. I applied for financing at about 6:40pm and Mercedes Benz financial closes at 7:00pst.

My question is, when I went to submit for approval it was not instant. They are asking for a copy of my drivers license (front & back) and a copy of my social security card (front and back). Is this normal or a good sign? Will I be approved? He said it came back as a Teir 1 but they need that info before they give a decision.

They only pull TU according to the financing manager and it was the only alert I received. 

Data Points 

TU - 743

Income - $100k a year 

UTI - 14% 

DTI - 10%

[Gladius]

NIce car!  Hope it all goes well for you.

[blindambition]

I wouldn't worry if directly dealing with Mercedes Financial. That's a common practice for verification. That's a good sign, most lenders don't waste time on a denial. Good luck!!!

[lhcole77]

Congrats @Abelcrdn  

That's a sweet ride. Tier 1 is best terms, so I wouldn't worry. Given current events and crazy fraud right now, sounds like an approval pending verification. 

[Abelcrdn]

Approved @ 3.74 for 72 months. They called me cell phone to ask 4 security questions to verify my identity. 

[AllZero]

Congratulations on your approval! Enjoy your new ride.

[ridgebackpilot]

Congratulations on your approval! Mercedes Financial has always been easy to deal with. A couple of years ago, I got 1.9% APR for 36 months on my CPO 2016 GLE. At the time, my scores were about the same as yours.

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[Abelcrdn]

That's awesome!  My wife currently has a 2020 GLE350 lease with them in just her name and we've had no issues but I don't remember why I didn't go on the lease. 

We love the lineup 

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@ridgebackpilot wrote:

Congratulations on your approval! Mercedes Financial has always been easy to deal with. A couple of years ago, I got 1.9% APR for 36 months on my CPO 2016 GLE. At the time, my scores were about the same as yours.

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[Credit4Growth]

Pretty nice... Congratulations!

To all,  is this normal now, to ask for a copy OS the SS card?

[blindambition]

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@Credit4Growth wrote:

Pretty nice... Congratulations!

To all,  is this normal now, to ask for a copy OS the SS card?

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It's becoming quite common for verification. Not surprising on a luxury car. Also, dealerships have delivered cars during COVID.