Thread: Mercedes Benz question?

I traded in my old MB and have signed the paperwork for the new one. I got a good deal, and the dealership I went to (same one I use for repair work and I like them) offered a good interest rate and other benefits. The last MB I purchased I got financing myself, but the deal at the dealership and interest rate (1.99%) were too good to pass up.

A friend of mine now has me worried about the financing aspect. She said that dealerships will claim to not find financing for your car, then force you to pay in full or lose both the car you purchased and the trade in. I have never heard this before, but probably because I have never been financed through a dealership before. While I could pay in full, it would really drain my savings fund and so I do not want to do that.

How long does it take for Mercedes Benz to finance you? I was there for 5 hours and I was told I was being financed directly through MB Financing itself, so wouldn't they be able to do it immediately, or at least within a few days?

I do not have possession of the car yet. I declined the keys just yet (and I still have the title for my trade in) initially because I simply ran out of time to get the check for my down payment before I had to go out of town. Right now I have a loaner car from Mercedes.

So how long does it take a dealership to actually approve your financing? I searched online and am now more worried than before. My income is temporarily lower due to working less (I am finishing the last 3 months of my internship and will be employeed fulltime again in mid September).
I have excellent credit- over 750. The primary issue is the income, even though the income reduction is temporary and does not impact my ability to make a $180/mo car payment.

If you drive the car off the lot they are holding you by the tender places. Wait 'til your financing is approved before taking possession of the new car. Or drop into a local bank and ask for a loan application. They will check your credit with your permission. Or go on line and check your own credit. Try to get your score also.