Financing with mb - Benzworld.org

sanjaymerchant · 10-12-2006, 05:14 PM

Hello,
mb usa is offering $1000.00 if you finance with them during the month of october.Has anyone taken an advantage of this offer? At what intrest rate? my brother is purchassing 2007 ml 350, the dealer told him MBUSA will not finance lower than 8.25% is this true or the dealer is simply trying to get more intrest? Any help will be greatly appreciated.
Thank you,

sanjay

sosh · 10-12-2006, 07:34 PM

The actual rate quoted is a reflection of his credit rating/score. The better the lower the rate. 8.25 is high and indicates that he has a credit problem or lack of credit experience. The finance manager of the dealership should be willing to discuss it with him.

sanjaymerchant · 10-13-2006, 05:44 AM

Thanks,Sosh What the dealer said the intrestrate with mbusa starts @ 8.25% regardless. howevere when pressed (we started walking) he was willing to go down as low as 6.44% for 48 months but it would have to be with someone else not with mb financial. by the way the fico score is some where around 725 to 735 which is not bad. I am wondering, if my brother can get lower rates @ other institution, why can't he get the same rates @ mb financial and get additional $1000.00 or are we being unreasonable? thanks so much.

regards,

sanjay

sosh · 10-13-2006, 07:06 AM

The Fico score mentioned is not top tier credit. The best rates and deals go to the top tier. As for a better rate elsewhere, its possible but watch out for fees etc. Yes the dealer makes some commission from the financing, MB or elsewhere. Best bet is to try it on his own perhaps at his own bank or elsewhere where he is known. As for the $1000, thats an MB deal and would not be available elsewhere.

RaeRae · 10-13-2006, 02:54 PM

Hi -

I just purchased my 06 350 last month. We originally was going to go through the MB lease program to avoid the high interest rate because the sales guy also mentioned that the interest rate was over 8% regardless of credit rating.

We were trading in my old 03 ML320 and were actually upside down with that loan so we were faced with absorbing a 10k hit from that vehicle. To make a long story short....we ended up just going through our credit union and received a 7.5% interest rate. Combining that interest rate with a bi-weekly payment schedule and we ended up with a really comfortable car note.

Good Luck.

hawbottom · 10-13-2006, 03:58 PM

If the MB rate is in fact 8.25%, they would have to make the rebate about $1550 to equal the rate of websites such as e-loan which offers a rate of 6.35%.