If you are struggling in this bad economy, then you will get NO help from Mercedes Benz Financial (MBF) if you leased a car through them.
Credit score above 800? Don't expect MBF will be even slightly considerate of modifying their lease terms to help you repay your obligation. Nope, not MBF!
I've tried for hours on the phone with MBF to somehow modify my near complete auto lease with them and they will not budge on their original terms of their lease. They will defer up to a few payments, but won't extend or modify the lease in any way to make the lease easier to repay. What would you do if you made ~50% less income while being fully employed, would you not try and cut all costs where possible? Yes, you would. You would start by cutting out all unnecessary expenditures, cancel life insurance, subscriptions, all vacations, gifts, any extravagances, and anything beyond the absolute minimum of what you could affort.
Then, you'd try negotiating with any of your loan companies you have loans with and you would have luck with some and not others. I have found most businesses will be reasonable in accepting repayment terms that the lender and borrower can aggree with, BUT not MBF! MBF would rather you start bankruptcy and hound you forever trying to collect on the full deficiency dollar amount that you would owe them if you ever voluntarily surrendered the car or had it repossessed. You see, if you do everything you can to try and do the right thing by mitigating the negative effects of exiting a contract early, you will still get nowhere with MBF.
The real bummer here is that Mercedes is a great product with great dealership service which convinces you to never buy another brand of car in your lifetime. NOT NOW THOUGH! They have ruined my respect for their business practices. In short, their financial company sucks and I want to let everyone know that I can. This is why I am writing this email. I sincerely hope that one of the news networks picks up on this issue and lets others know how inconsiderate MBF is in light of this Great Recession.
Please help, I and others can only hold on for so long.
Thank you.
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