First Lease - How to Improve Car Loan Limit? - Mercedes Benz GLE 350

Ask the Hackrs
21

No, this is not how this works, just like “2 Learner’s permits do not make a Driver’s License”

As you said in the OP: neither of you have prior Auto loan/lease on your credit bureau. MBFS is not loaning someone(s) with 0 prior auto loans that much car. You need a cosigner whose bureau can carry it, or a less expensive MB, or a different brand.

Yes, it’s not at all like bringing a credit union check. Any leasing company has to have a relationship with the dealer, their systems setup to process their applications and print their forms, and all the finance people have to be trained. Outside THE brand captive, it’s on a dealer-by-dealer basis. Search for posts about RR or Toyota customers seeking US Bank.

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22

Plus they have to have a contractual relationship defining things like any % of LAF; commission on buyrate and MF markup; right of first refusal on lease returns; pay the lower amount of RV or market value, etc.

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23

Thanks for clarification on this.

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24

Tried the one-pay lease. Didn’t help. If I get someone to co-sign can we then do a one pay lease?

25

BMW is calling your name. The X5 xDrive40i is better in every aspect anyways.

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26

I can’t see how your friend who got his/her first lease 6 months ago can co-sign your lease for a GLE. Maybe with a huge down payment, you might as well just finance it but you might run into the same situation.

27

Bmw also isn’t crazy about people with no auto history.

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28

A 320 maybe

Highly doubtful, for all the reasons already discussed.

29

Looks like a Kia in OP’s future then :sunglasses:

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30

MB wont allow anyone else to cosign unless you are blood related or living in the same house/linking credit.

You cant piece together 2 approvals
One pay might help with approval but it is difficult.

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31

Typically people work up to a GLE53. I would recommend starting smaller or maybe even go with the financing.

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32

One pay might help with approval but it is difficult.

May I ask why? The credit profile is for the lease amount, and he pays the rent charge upfront, it’s like buying with cash.

The bank still owns the car, and had GAP insurance for the RV, why do they care about lessee credit profile?

33

Because they’re still loaning out their asset and people with poor credit are more likely to not return it.

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34

Exactly. And even in this scenario, even with an 800 credit score, without auto history it’s based on revolving debt. People without auto history have not demonstrated they are trustworthy to borrow the bank’s $80k car and return it on-time, in the condition it was agreed upon. That’s collateral risk: not worried about the payments, worried about the collateral (which is often worth more than the sum of payments and finance charges).

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35

OK. Would leasing through my own business (LLC) have some kind of impact. I was reading about how it can have some benefits and wondering If it would make it more likely I get approved?

36

Just seems easier for me to get a new car after the lease / not have to worry about the hassle of selling it later.

Seems like financing is the only option though, so will consider it. don’t really want to ask someone to co-sign.

37

What size down payment would be needed for approval with a 72k msrp excl tax mb with a 40k loan limit and would a down payment actually work as a way of getting approval?

If I total the car I will lose the down right? So I guess this is a bad idea if its a huge amount.

38

Yes. Any amount of downpayment is not advisable.

Unfortunately, no one here will be able to give you an exact response or number. Only the Finance Manager (who may or may not want to work your deal since the odds of it happening are low) working on your application with MBFS can tell you for sure. In any case, based on the high-level info you provided, it’ll be a reach in every sense. GLWT

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39

Does the business have a prior auto loan/lease without you as a personal guarantor, or is it a pass-thru entity?

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40

It relatively rare for LLC to not be a pass through.