Mercedes Benz Financial

[acb12]

I was pre-approved online with Mercedes Benz Financial for a $65K vehicle.  My FICO score at the time of application was 675 and then it was 665, not sure why, when it was pulled at the dealership.  I was able to find a vehicle right under this price.  I will be putting $5K down with trade in that has about $3K in negative equity (that's another topic within itself!).  However, I went to the dealership on Saturday afternoon to finalize everything and my auto loan application with MBF is now pending manual reveiw.  What does this typically mean?  My sales consultant told me that when he normally gets this type of decision, the applications are denied, but he's not sure if it could be that its a Saturday at 3:00pm and no one has been able to review it yet.  He will have an answer for me first thing Monday morning.  Has anyone ever had a MBF application in manual review and gotten either denied or approved?

[Mjhall85]

it may get approved, what's your prior auto history loans? income ? DTI ? Lots of factors go into a car loan. but essentially you're putting 2k down on a 65k vehicle that may be why they are doing the review as well.

[bigpoppa09]

@acb12 wrote:

I was pre-approved online with Mercedes Benz Financial for a $65K vehicle. My FICO score at the time of application was 675 and then it was 665, not sure why, when it was pulled at the dealership. I was able to find a vehicle right under this price. I will be putting $5K down with trade in that has about $3K in negative equity (that's another topic within itself!). However, I went to the dealership on Saturday afternoon to finalize everything and my auto loan application with MBF is now pending manual reveiw. What does this typically mean? My sales consultant told me that when he normally gets this type of decision, the applications are denied, but he's not sure if it could be that its a Saturday at 3:00pm and no one has been able to review it yet. He will have an answer for me first thing Monday morning. Has anyone ever had a MBF application in manual review and gotten either denied or approved?

What is your auto loan history have you financed a car at this price or close before?

If your high auto loan history is lets say 18K you may be aiming to high with a 65K loan.

[acb12]

Thanks for the response.  My auto payment history is clean.  I've financed a $73K BMW and a $71K Yukon Denali.  I did have one 30 day late on the BMW back in 2019, but I've been on-time ever since.  I'm praying for an approval!  Thank you again

[acb12]

Thank you for your response.  My auto payment history is clean.  I've financed a $73K BMW and a $71K Yukon Denali.  I did have one 30 day late on the BMW back in 2019, but I've been on-time ever since.  I also did those two with a co-signer but will be going at this one alone.  I make $82K annually, so I didn't think that would be a problem on a little bit cheaper car.  I heard they were easy to work with, but with my Consultant telling me those responses from MBF usually come back denied really bothered me because I've worked really hard to keep my credit decent.  So I'm just anxious about what to expect.  Thank you again!!

[4sallypat]

You may have to increase your down payment to make the lender feel a bit more a ease.

Have you reached out to a CU ?

[acb12]

I hadn't as of yet.  I was thinking the same thing in regards to what I'm putting down.  Still no call, so I keep thinking no news is good news.  Thanks!!

[acb12]

UPDATE:  I got a text from my consultant saying he couldn't get my application approved.  No reason or anything, just a two liner text.  I thought about reaching out to get some specifics on the denial, but I said forget it!  Not even 15min later, I applied with BMW Financial Services online and received a credit application approval.  I contacted them to be sure it was not a "pre-approval" like with MBFS and I was told it is a approval.  My Sales consultant will be calling me back this morning with the specifics of my approval and we will go from there.  I've done business with BMW Financial Services in the past with only 1 30 day late back in 2019, so I'm thinking that really helped my situation.  So, we'll see how this one goes.  Thanks everyone for your advice!

[bigpoppa09]

@acb12 wrote:

UPDATE: I got a text from my consultant saying he couldn't get my application approved. No reason or anything, just a two liner text. I thought about reaching out to get some specifics on the denial, but I said forget it! Not even 15min later, I applied with BMW Financial Services online and received a credit application approval. I contacted them to be sure it was not a "pre-approval" like with MBFS and I was told it is a approval. My Sales consultant will be calling me back this morning with the specifics of my approval and we will go from there. I've done business with BMW Financial Services in the past with only 1 30 day late back in 2019, so I'm thinking that really helped my situation. So, we'll see how this one goes. Thanks everyone for your advice!

Congrats what BMW do you have your eye on ? Never owned one but the 440 gran coupe caught me 👁 

[acb12]

Thank you!  I'm looking at the 2022 X6 xDrive40i.  I had the 2019 X6 35i and I absolutely loved it.  I actually traded it back in November 21 and to be honest I'm not sure why, lol!!  I traded it for the 21 GMC Yukon Denali and its a beautiful truck, just way too big for me.  The issue now with the 2022 X6, they are very limited, so that's the next hurdle.