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vegasblackcar

HELP; Mercedes Sprinter Dealer Financing ??

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Hello Fellow CBers'

Does Anyone have experience Financing a Mercedes Benz Sprinter thru the Mercedes Dealer??

I need and Appreciate ANY Info/Advise on the process. I Have a fairly New Business (10 months) where the Sprinter will be 100% "Business Use" and would like to buy the vehicle in company name with myself as a personal guarantor OR co-buyer.

Basically need Daimler Financial 'guidelines/requirements';  So that I can have everything in order prior to applying. Salesman does Not give me any info until I do the application/paperwork (OR he may not even know)…...

Anyone finance a Sprinter thru Mercedes??  Please share …...THANKS

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8 hours ago, vegasblackcar said:

MarvBear ; THANK YOU !!!  But what does "bump" Mean ??

"bump" just means post a new comment in your thread, which causes the thread to bubble back up to the top of the list in the Forum.

 

I think I just killed two birds with one stone.

 

 

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Usually the captive lender has a special commercial division.

 

Normally there are 3 options:

1..  The corporation buys the car based solely on their creditworthiness as judged by the credit analyst.

2.  The corporation buys the car, with an officer of the corporation as guarantor.

3.  The corporation buys the car with an officer of the corporation as co-maker.

 

If either 2 or 3 is approved you will need to seal a corporation resolution statement authorizing you to sign.

Rates are generally higher for commercial loans.  And we don't receive the dedicated treatment like we do on the retail channel, so you may have a little wait. On a business loan,  I don’t remember being ever asked for POI.

 

Hope this helps.

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Thanks MarvBear ;  That Helps A TON !!! I Appreciate Your input !!

Where can i get insight into Mercedes /Daimler commercial  underwriting 'guidelines/requirements'.

i am dealing with a Mercedes dealer that has a commercial van (Sprinter) office on site. Really want to go in prepared to increase approval odds......  Already Inc. with state, appx . 9 tradelines ( 6 on D&B , 3 on Experian)  reporting with 80 D&B Paydex score ....

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Their commercial guidelines should be very similar to their retail guidelines.   Commercial loans are always a PITA for a finance manager 

 

because they have to be signed just so.

 

They will want to independently verify you are incorporated.    I usually do that via the State's website. (I am in Florida).

They will have a corporate resolution for you to sign as an authorized agent.  And you will need the corporate seal.  Really the same qualifications are just about the same for a regular consumer retail deal.   Just got to credit qualify.   If your business does not, and your credit if fine that will let you either co-make or guarantee the loan, so you can still use your corporation.    One catch that most people want to argue with me about is the insurance.   I'm not going to take your individual insurance policy for a business loan.  You will need to have written a business insurance policy for the vehicle prior to taking delivery and present proof.

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