New Here. In the market for Used Mercedes

[EddieK]

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@Anonymous wrote:

Good evening everyone. I'm in the market to finance a 2014/2015 Mercedes Benz E63 AMG. I've been shopping around the past few weeks. My FICO Auto Score 8 sits at 551 and my FICO Auto Score 2 sits at 618. I have one cap one revolving credit credit card that I've been maintaining. I can of course be patient and wait a couple months. Looking to be in one before the summer. Currently carless. I've been into cars(hobby) all my life everything has been purchased cash. Capital One Auto Navigator Pre Approved me for $24,750 but isn't the amount I'm looking to spend. This will be my first auto purchase in my life. Never had any auto loans or mortgages as well. Just a first time buyer in the car market. I make roughly 45k a year doing IT. I run 2 side businesses as well through ecommerce and social media. I would like to know how to go about this process without any hiccups. 

Looking to spend no more than 55k on one. Maintenance does not concern me when it comes to the car. Remaining factory warranty would be nice but isn't needed. The carbon ceramic brake option is something I can live without as well. If a down payment is needed, I would be willing to put down the most being 15-20k for the car. Any advice or insight would be greatly appreciated. 

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I bought this car a year and a half ago...2014 E63S.  First, maintenance should concern you with this car.  Front brake job, ~$2500.  New engine $25K+, oil changes at the dealer $200, tires $12-1500 and it will eat tires.  And finding one with CCB at 55K right now will be a higher mileage one with questionable history and no warranty.  

With that all being said, it will be virtually impossible to get a reputable loan for this car as your first auto loan, which is probably a good thing.  I'd start off with a lower loan amount on a more practical car, then grow into getting a loan like that.

[Anonymous]

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@EddieK wrote:

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@Anonymous wrote:

Good evening everyone. I'm in the market to finance a 2014/2015 Mercedes Benz E63 AMG. I've been shopping around the past few weeks. My FICO Auto Score 8 sits at 551 and my FICO Auto Score 2 sits at 618. I have one cap one revolving credit credit card that I've been maintaining. I can of course be patient and wait a couple months. Looking to be in one before the summer. Currently carless. I've been into cars(hobby) all my life everything has been purchased cash. Capital One Auto Navigator Pre Approved me for $24,750 but isn't the amount I'm looking to spend. This will be my first auto purchase in my life. Never had any auto loans or mortgages as well. Just a first time buyer in the car market. I make roughly 45k a year doing IT. I run 2 side businesses as well through ecommerce and social media. I would like to know how to go about this process without any hiccups. 

Looking to spend no more than 55k on one. Maintenance does not concern me when it comes to the car. Remaining factory warranty would be nice but isn't needed. The carbon ceramic brake option is something I can live without as well. If a down payment is needed, I would be willing to put down the most being 15-20k for the car. Any advice or insight would be greatly appreciated. 

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I bought this car a year and a half ago...2014 E63S.  First, maintenance should concern you with this car.  Front brake job, ~$2500.  New engine $25K+, oil changes at the dealer $200, tires $12-1500 and it will eat tires.  And finding one with CCB at 55K right now will be a higher mileage one with questionable history and no warranty.  

With that all being said, it will be virtually impossible to get a reputable loan for this car as your first auto loan, which is probably a good thing.  I'd start off with a lower loan amount on a more practical car, then grow into getting a loan like that.

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I am aware of maintenance costs on this car. I will be performing neccessary brake changes and oil changes myself. I am in the market for one without a CCB. As long as car is stock and in good shape I will be fine. Car will be kept not selling once purchased. 

[Creditplz]

EddieK I got a 650I lease through BMWFS as my first self auto lease, (given my auto score was 722) and I had a few CL over 20k which the finance manager said helped, I did have to verify income with bank statements and W-2 (to speed up the process)

but i agree with you that the loan will be practically impossible to get with his scores and baddies. , also I think he was just mentioning possible situations and prices for those..

[Anonymous]

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@EddieK wrote:

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@Anonymous wrote:

Good evening everyone. I'm in the market to finance a 2014/2015 Mercedes Benz E63 AMG. I've been shopping around the past few weeks. My FICO Auto Score 8 sits at 551 and my FICO Auto Score 2 sits at 618. I have one cap one revolving credit credit card that I've been maintaining. I can of course be patient and wait a couple months. Looking to be in one before the summer. Currently carless. I've been into cars(hobby) all my life everything has been purchased cash. Capital One Auto Navigator Pre Approved me for $24,750 but isn't the amount I'm looking to spend. This will be my first auto purchase in my life. Never had any auto loans or mortgages as well. Just a first time buyer in the car market. I make roughly 45k a year doing IT. I run 2 side businesses as well through ecommerce and social media. I would like to know how to go about this process without any hiccups. 

Looking to spend no more than 55k on one. Maintenance does not concern me when it comes to the car. Remaining factory warranty would be nice but isn't needed. The carbon ceramic brake option is something I can live without as well. If a down payment is needed, I would be willing to put down the most being 15-20k for the car. Any advice or insight would be greatly appreciated. 

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I bought this car a year and a half ago...2014 E63S.  First, maintenance should concern you with this car.  Front brake job, ~$2500.  New engine $25K+, oil changes at the dealer $200, tires $12-1500 and it will eat tires.  And finding one with CCB at 55K right now will be a higher mileage one with questionable history and no warranty.  

With that all being said, it will be virtually impossible to get a reputable loan for this car as your first auto loan, which is probably a good thing.  I'd start off with a lower loan amount on a more practical car, then grow into getting a loan like that.

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How did you manage to blow an engine ? 

[EddieK]

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@Anonymous wrote:

I am aware of maintenance costs on this car. I will be performing neccessary brake changes and oil changes myself. I am in the market for one without a CCB. As long as car is stock and in good shape I will be fine. Car will be kept not selling once purchased. 

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Even if you do your own maintenance, the brake job will still be $1800, without CCB.  Needless to say, but don't own a German car without a warranty, even moreso an AMG.

[EddieK]

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@Anonymous wrote:

How did you manage to blow an engine ? 

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I haven't, but my day job involves equities so I live by risk management.  Always factor in worst case scenario.

[Anonymous]

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@EddieK wrote:

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@Anonymous wrote:

I am aware of maintenance costs on this car. I will be performing neccessary brake changes and oil changes myself. I am in the market for one without a CCB. As long as car is stock and in good shape I will be fine. Car will be kept not selling once purchased. 

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Even if you do your own maintenance, the brake job will still be $1800, without CCB.  Needless to say, but don't own a German car without a warranty, even moreso an AMG.

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Eddie the reason I said not to worry about maintenance is cause I have shop connections for german cars in particular. Pads for this car will be heavily discounted up to 60%. Ive owned a few cars with BBK and as long as I can get pads near the price of STi pads I'm fine. The thing people fail to realize about mercedes the cars are good to you when you maintain and take care of them. They basically treat you how you treat them. No one I know with a BI turbo AMG has gone through the W212 motor by blowing the engine or having a mechanical issue with their car even wagon guys I know. I know what I'm getting myself into. Shooting for a 911 turbo after. I told myself I would never buy these cars until I felt I was in a positon too guys. My whole identity was compromised at one point. Most of the garbage has been removed. Just weighing out my options and doing research, before jumping into something. 

Engines are hand built and bullet proof when they are taken care of. So labor is not an issue. The only thing I plan on getting a warranty for would be any electrical issues. Which isnt common But even so Weistec and Renntech will be able to assist. I also mentioned if I can't obtain a loan to get car I would be patient until summer. I also have a 15-20k down payment I would like to use as last resort. I was also gonna ask if being an authorized user on someone elses credit would help over the next few months if their scores are 700+ across the board ?

[Anonymous]

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@EddieK wrote:

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@Anonymous wrote:

How did you manage to blow an engine ? 

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I haven't, but my day job involves equities so I live by risk management.  Always factor in worst case scenario.

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Understandable didnt see this. I mean worst case scenario is always there. But this car will be babied until its paid off. Then the madness begins.