@Honeykissez wrote:Any updates on getting a loan from Mercedes? I'm only 6 months post bk and TU score is 730.
I got in with Mercedes Financial almost 2 years post discharge date. I had a solid rebuild over those 2 years with a mix of auto loans, credit cards, and student loans. I spoke to the finance manager at my local MB dealer about 6 months after my discharge and he mentioned that I would need about 12 months of on time auto loan payments post discharge before MB Finanical would consider me. I went to Lexus instead and leased an IS350 since Lexus is technically Toyota Financial and at the time had very lenient BK underwritter rules. I didn't like my car too much so a year and a half later I switched to Mercedes.
Mercedes was great, instant approval with Tier 1 rates. My scores were technically Tier 3 at the time but Mercedes bumped me up to Tier 1 because of my solid rebuild. If you currently have an auto loan, I would wait another 6 months or so. Otherwise, you may have to get it with another bank before trying MB. I remember the finance manager mentioning something like they do not like to be the first bank to give you a chance post BK.
@Honeykissez wrote:
@nykos5000 wrote:
@Honeykissez wrote:Any updates on getting a loan from Mercedes? I'm only 6 months post bk and TU score is 730.
I got in with Mercedes Financial almost 2 years post discharge date. I had a solid rebuild over those 2 years with a mix of auto loans, credit cards, and student loans. I spoke to the finance manager at my local MB dealer about 6 months after my discharge and he mentioned that I would need about 12 months of on time auto loan payments post discharge before MB Finanical would consider me. I went to Lexus instead and leased an IS350 since Lexus is technically Toyota Financial and at the time had very lenient BK underwritter rules. I didn't like my car too much so a year and a half later I switched to Mercedes.
Mercedes was great, instant approval with Tier 1 rates. My scores were technically Tier 3 at the time but Mercedes bumped me up to Tier 1 because of my solid rebuild. If you currently have an auto loan, I would wait another 6 months or so. Otherwise, you may have to get it with another bank before trying MB. I remember the finance manager mentioning something like they do not like to be the first bank to give you a chance post BK.
Thank you for the info. I still have my current lease with Honda which is over in September but I didn't reaffirm the car so it doesn't show on my credit report. My rebuild is great but it doesn't show an auto loan just 3 cc, student loans, and a pledge loan that's paid off. What did you do with the Lexus you had?
I did a lease transfer with a friend. They assumed the remaining payments since they only needed a car for the duration of the lease.