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Question for Marv


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3 replies to this topic

#1 GoUpScore

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Posted 19 February 2012 - 07:08 AM

Financing question...

Last week, DH got a preapproval through a local dealer's website. He went through all the details including the fact that he won't be trading in his current car that is also financed. He spoke to someone over the phone, who said, "You should be all set. Just need to see the car you're trading. No problem."

He goes to the dealership. The sales woman that he spoke to wasn't available, so he ended up working with the mgr, who says to him, "Looks like you qualify for Tier 2", then proceeded to pull his credit again. Both pulls showed up on TU - one as Credco (online preapproval) and the second was Mercedes Benz Financial. He said that it wasn't an automatic approval and told him "no need to wait around, I'll give you a call when I get an answer." This was Fri. Haven't heard back yet. Since it's been so long, we're guessing that it wasn't approved. Any chance that he could still be approved since we haven't heard anything at all?

We're very hopeful to get a deal done with MB as they're giving the best deal for my trade (purchased from this dealer new in 2005) AND I am in desperate need of a larger car that can accommodate 3 car seats. Problem is that DH has a better credit score and I have the high income with a crap score.

Any thoughts?



#2 MarvBear

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Posted 19 February 2012 - 07:41 AM

Decisions are either automatic meaning literally withing mere seconds, or goes into a queue for review, which should take less than 30 minutes.

If he went on a Saturday, and the deal was declined or heavily conditioned by a credit analyst, they will seldom rehash any deal due to their work log until Monday.

#3 GoUpScore

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Posted 19 February 2012 - 08:48 AM

He went late Fri afternoon, so that's probably as good as going on Sat, right? So he COULD hear back on Monday? Would this mean Tues since Monday is a bank holiday?

BTW, thx for your quick response. Most appreciated.

Edited by GoUpScore, 19 February 2012 - 08:48 AM.


#4 MarvBear

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Posted 19 February 2012 - 09:00 AM

Most all of our banks will be working on Monday, although short staffed, but they will be there.

8 p.m. is usually the cut off for an analyst to look at, unless it is a system approval.




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