So I secured a deal I was very happy with on a c300 loaner. We want to do one pay. We just moved to the USA from Canada and have had credit cards for only 6 months, our credit score is over 700 though.
We have no debt, 7 figures in assets and jobs. The dealership, pulled credit and is refusing to even submit the deal to mbfs saying it will not be approved. I thought given the lack of credit history a traditional lease would be tough so doing one pay would avoid that and their risk goes away. They say the one pay doesn’t matter and the fact I’m still being given a car that I might not pay for. They are referring to at the end of the term and I assume not returning the car, but really is that a risk that lenders even consider. I always just thought it was the payments.
Their reluctance to send to Mercedes seems odd and I wonder if they just don’t want to do the deal anymore?
If what they say is true then get those statements in writing on their dealership letterhead.
From what I can understand is your credit was pulled from that dealer & you are ready to do a one pay lease. Have you suggested placing MSD’s which should put them at ease, if what they are telling you is true?
The dealer has pulled the credit and the deal was structured as a one pay lease of approx 7700. We didn’t do the msds and did one pay instead as I thought it would be better. I’m happy to do msds and make monthly payments. I don’t think doing msd and a one pay would be possible, and not worth it for me for sure but if i has to then yes I would do it. We are just trying to build credit which is why we are doing the lease rather than buying the car.
Yep, the dealer is likely being truthful here. Most car financing companies are very rigid and follow a strict set of rules. One pay doesn’t reduce their risk much. If you really like the car, you can just buy it outright.
Just think of it this way, you lend someone $40,000, they pay you a first installment of $7700, would you like some guarantee they are going to pay the rest?
