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Mercedes Benz Financial - Which agency/fico socre do they use?

Regular Contributor

Re: Mercedes Benz Financial - Which agency/fico socre do they use?

I thought this thread was very helpful and just wanted to add to the DP despite the original question was a while go.

Also in CA and applied for financing for a 2018 CPO. For 1.99% for 60mo. They pulled only TU and listed auto 8 score as 816, but also listed vantage 3 score of 765. No POI requested.
Message 11 of 14
Valued Member

Re: Mercedes Benz Financial - Which agency/fico socre do they use?

Those of you who are interested in which bureau is used for car loans: it all depends on the lender and sometimes the region of the country. The dealer may pull all three, but the lender may use just one or also all three bureaus. Once the dealer pulls your report they will generally know which lender will approve--so they will send it to where they're certain to get approved. Just be prepared for MULTIPLE HARD PULLS.
Message 12 of 14
Established Contributor

Re: Mercedes Benz Financial - Which agency/fico socre do they use?

I recently been looking at CPO, it's basically the same price as the Subaru Crosstrek I've been looking at. My rear wheel drive just isn't cutting it in the snow up here. So i've been comparing AWD SUV's. I've always like certain MBZ cars, and though if I could pay a few Dollars more, why not. 

 

So it seems they like to pull TU which is my lowest at 729, but also doesn't report the Medical Collections that EQ does. They are 25 points higher so go figure. My question is, considering the above story. What sort of DTI do they like to see? My income is only $60K, and current auto loan is $450. The lease on the car i'm interested in is estimated at $375-400 depending on the variables. My rent is $650, and have an installment loan for $483. $5K(24%) balance on Discover, and $3K(22%) on another CC. Affording the lease payments isn't an issue , but I'm concerned they might think my CC debt is too high. I could pay it off, but I'm earning a pretty high interest rate on it ATM versus 0% APR on the balances.  They'll be paid off in 5 months anyways. 

 

Message 13 of 14
Regular Contributor

Re: Mercedes Benz Financial - Which agency/fico socre do they use?

In our case, not sure if they looked our DTI (low) bc score they pulled was over 800. We also put down 25% on a CPO and the running promo was 1.99% for tier 1. No POI.

You could also ask them directly. Our sales guy was very upfront with us and we liked him.

 

Keep in mind, as you may have heard, they might double pulled TU.

The dealer pulled before they sent to MBFS for approval. In hindsight, I would have gotten a preapproval through MBSF first then taken that to the dealer.


Good luck!

Message 14 of 14