Mercedes Benz Financing Approval Odds

[Anonymous]

Looking to finance a 2020 G-Wagon. Previously had a 2012 that was totaled by a valet driver in my previous building. From what I understand MBF pulls TU 8. I just started building credit October 2019. Purchased a 360k home in April 2020 and July 2020 financed a car for my mother with a balance of 17k. 

Fico 8 scores: TU 707 EXP 704 EQU 679

Annual Income 200k

22k limit over 5 credit cards (two which I'm an authorized user) UTI 10% 

12 recent inquiries from financing that car in July 2020.

[Harvey26]

@Anonymous  I mean at first looks you would probably get approved but your income maybe an issue. G-Wagon price is normally arround 100K and your financing something that half of your gross income. You probably would have a pretty significant DP if you try to finance you may have better luck leasing it or just looking at something a bit cheaper. But you can always reach out to a dealer and have then run the application and see if you get approved or not.

[Anonymous]

Thanks. That's good to know my ex fiancée financed the previous one with a 780 credit score and no mortgage and made around the same back then. I'll give it a shot since I thought the 2012 would be my forever car. I also have 2018 Audi Q3 with no payments. I'm also willing to put down 20k leftover from the insurance payout of the 2012.

[Harvey26]

@Anonymous  Personally I would keep the 20K and Q3 with no payments and it get your  scores up some more to improve approval odds.

[Anonymous]

Update: I was approved today for financing or lease of my choice 2020 or 2021 Tier A. TU 707 

[Gladius]

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@Anonymous wrote:

Update: I was approved today for financing or lease of my choice 2020 or 2021 Tier A. TU 707 

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Congratulations!  Is that your Auto score or normal Fico?  I'm actually looking to finance or lease (15k miles/year) a C63S AMG next year possibly.

[Anonymous]

FICO 8 my auto score is 21 points lower. 

[Anonymous]

Congrats! G-Wagon is my ultimate dream ride.

[Anonymous]

Congratulations did they tell you when the 2021 would be available and did they require a down payment?

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@Anonymous wrote:

FICO 8 my auto score is 21 points lower. 

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[355F1]

Was the loan over $100k?

That is where interest rates seem to rise and most banks won't lend above.

Obvouisly, manufacturer finance will.