Anybody experienced difficulties with MB Finance?

[biffothebear]

As far as I know you cannot agree a finance deal with an MB dealership. That is a misunderstanding. All finance deals are subject to MB Finance approval and that is usually clearly stated on the documents.

Were you going to pay off all that was owed on your existing finance deal? Or were you using the 50% rule to give the car back and not pay the remaining amounts? This info would help us all understand why you have had problems.

My existing agreement was taken out prior to the new CCA changes which were implemented in April 2008 (my agreement started in March 2008), and thus it is not a regulated agreement because it exceeded £25k which means the 50% rule does not apply, therefore what I was doing was trading my car in, and a large proportion of my deposit would have covered the negative equity in my car, so there should have been no concerns from a MB finance point of view regarding me terminating the agreement early. I've never terminated an agreement early other than to trade a car in for another and settle the finance at the same time, so no losses as such for any finance company I've dealt with. Furthermore my credit rating is as high as it could be.

Regarding your first point, I hadn't got to the point of completing any documentation, so I think it would probably be a good idea if the dealership actually pointed this out beforehand it would at least then be clear that there was another hurdle to get over before you could start celebrating. I did buy a Mercedes many years ago but this was for a relatively small amount so I don't remember having any problems that time.

Anyway, I've decided I'll wait for a few months and try to reduce the negative equity on my car by using another car to do my long-distance driving in, and then go for a facelift C63 (or possibly a C63 coupe), not likely to be on a finance deal involving dealer contribution, but I'll see what I can do at the time.

Regards,

Biffo

 

[gIzzE]

So you're just putting a small deposit down?
Well that is different, Mercedes are offering...

£7000 deposit
£6300 dealer contribution
36 x £649
£25,400.00 balloon.

Total cost £30400


However, there are also deals out there for contract hire...
£550+vat so £660 a month over 36 months
£1650+ vat deposit so £1980
Total cost £25700

I think I would go with the latter myself, you will need to get £32000 for the C63 come trade in to make it as cheap, and I can't see that happening.

 

[LisleR]

They are very risk averse.

So much so they are complete ********. I thought I'd see what sort of deal they would offer when I purchased my CLS two years ago. They insisted on seeing bank statements for the last 6 months and then told me I couldn't afford a CLS despite a very healthy, and regular, net income going through that account. I have a good credit rating and am not overcommitted.

Anyway I obtained finance elsewhere, at a much lower interest rate.

 

[Pappilo]

I wont say I have an excellent credit rating but I have never defaulted or missed a payment since I started using credit about 8 years ago. All my dealings with the dealer was over the phone and he didnt ask to see anything. The sales man took a few details over the phone and came back to me with a positive result like 30 minutes later. In fact I only had face to face contact with anyone on the day I went to pick up the car and the only thing they asked for was my drivers license. Maybe I was just lucky or they were desperate for customers