Rob asked:
If I attach a letter explaining my credit history and reasons why I’m a good candidate to assume a car lease will this help or hurt my chances of approval. I’m faxing over the credit application to Mercedes Benz financial and plan on attaching a 1 page letter I wrote to them. Is this a good idea what do you guys think?
Henry
If I attach a letter explaining my credit history and reasons why I’m a good candidate to assume a car lease will this help or hurt my chances of approval. I’m faxing over the credit application to Mercedes Benz financial and plan on attaching a 1 page letter I wrote to them. Is this a good idea what do you guys think?
Henry
April
A letter of explanation won’t hurt. It may not help if the rules are set in stone, but if the loan agent has any discretionary powers, it could help.
Comment by mccleary97502 — August 22, 2010 @ 12:40 pm
Courtney
Hi Rob:
MBUSA has very strict guidelines as to who can and cannot assume financing on a leased vehicle. You can’t help or hurt your chances by including a letter of explanation with your application. It will have no affect on the final decision. You either fit, or you don’t
Comment by loancareer — August 24, 2010 @ 3:35 pm
Julia
Auto finance is what I do for a living and it can’t hurt but in reality it wont help either.
The reason for this is most all major lenders don’t care why things show on your credit report they only care what shows and either you qualify or you don’t plain and simple.
Comment by SPIFIMAN1 — August 26, 2010 @ 7:41 pm
Jared
Unfortunately a letter won’t be any use I’m afraid.
When applying for credit – the application is processed through both an internal and external credit scoring systems.
If you feel you may have some blips on your credit history or your credit score is too low, it’s always advisable to contact your Credit Agency (Experian or Equifax) and they can give you all the details you need.
Hope this helps.
Comment by kfreck87 — August 29, 2010 @ 6:01 am