Rising Stars Program
Mercedes-Benz Financial is proud to announce the Rising Star Program. Mercedes-Benz Financial Services has opened the offering to college students, first-time buyers and military. With minimal requirements, this select group of customers can enjoy their early success and start the journey as Mercedes-Benz customers for life.
Many of these opportunities require no down payment and no security deposit and provide low finance rates with variable term lengths. Take a closer look at how to qualify for the Mercedes-Benz Rising Stars Program and specific details below. For more information contact the Mercedes-Benz of Anchorage sales team.
Program Eligibility Details
| Elements | First Time Buyer
New/Certified Pre-Owned |
Student | College Grad | Military |
|---|---|---|---|---|
| Vehicles | MB | MB | MB | MB |
| Product | Lease* / Retail | Lease / Retail | Lease / Retail | Lease* / Retail |
| Term Limit | No | Yes** | No | No |
| Amount Financed / Max cap | $50K | $55K | $55K | $55K |
| Down Payment Required | No | 20% | No | No |
| Security Deposit | No | 10%*** | No | No |
| Proof of Income | Yes | Yes | Yes | Yes |
| Student / Graduate Status | No | Yes | Yes | No |
| Reference Required | Yes | Yes | No | No |
| Proof of Residency | Yes | Yes | No | No |
| 24 mo. Clean credit
history required**** |
Yes | No | Yes | Yes |
| Payment to income not to exceed
20% of Gross Monthly Income |
No | No | No | Yes |
*Lease applies to the First Time Buyer program for new cars only.
**Term cannot exceed Student Visa (if applicable), or appropriate F1 Visa and I-20 documentation.
***Security deposit not applicable in NY. Down payment requirement in NY 25%.
****No collection accounts, credit lines must not exceed credit limits.
Program checklists
Program checklists for each of the 4 paths that can be used for organizing the required documentation prior to transmitting to the Retail Credit Analyst for review and approval.
First Time Buyer (New/Certified Pre-Owned) Approval Checklist
1. Proof of Income
- Last three months personal bank statements showing sufficient cash flow to support payment/debt
2. Advanced Requirements
- Amount financed or capitalized cost not to exceed $50,000
- Advance within standard guidelines for approved tier
3. Proof of Residency
- Utility bill with service address
- Signed and dated Lease Agreement
4. Three verifiable personal references
5. Credit Requirements
- 24 months of established trade line credit history on file*
- No derogatory credit history, including public record or collections
Student Approval Checklist
1. Name of College/University
- Must be an accredited four-year college or university –or-
- Accredited graduate program –or-
- Accredited registered nursing program
2. Proof of Enrollment
- Official transcript –or-
- Letter from Registrar’s Office
3. Program Requirements
- Term cannot exceed F1 Student Visa expiration
- Expired F1 Student Visa okay with I-20 documentation demonstrating length of stay greater than term
4. Proof of Income
- Last three months personal bank statements showing sufficient cash flow to support payment/debt
5. Advance Requirements
- Amount financed or capitalized cost not to exceed $55,000
- Advance within standard guidelines for approved tier
6. Credit Requirements
- No derogatory credit history, including public records or collections
7. Cap Reduction/Security Deposit
- 20% Cap Reduction
- 10% Security Deposit
- In NY, no security deposit; 25% Cap Reduction
College Graduate Approval Checklist
1. Name of College/University
- Must be an accredited four-year college or university –or-
- Accredited graduate program –or-
- Accredited registered nursing program
2. Proof of Enrollment or Graduate Status
- Proof of graduate status (copy of graduate’s diploma or official transcript) –or-
- Letter from Registrar’s Office stating intent to graduate within the next 6 months
3. Proof of Income
- Last three months personal bank statements showing sufficient cash flow to support payment/debt
4. Advance Requirements
- Amount financed or capitalized cost not to exceed $55,000
- Advance within standard guidelines for approved tier
5. Credit Requirements
- 24 months of established trade line credit history on file*
- No derogatory credit history, including public records or collections
Military Approval Checklist
1. Proof of U.S. Military, Reserve, or National Guard Enrollment
- Military ID Card (for dealer’s records only, do not forward to MBFS)
2. Proof of Income
- Last three months personal bank statements showing sufficient cash flow to support payment/debt
3. Advance Requirements
- Amount financed or capitalized cost not to exceed $55,000
- Advance within standard guidelines for approved tier
4. Credit Requirements
- 24 months of established trade line credit history on file*
- No derogatory credit history, including public records or collections
- Payment to income not to exceed 20% of Gross Monthly Income
*Must be individual or joint. Authorized user will not qualify.
Completing the checklists above do not guarantee credit approval. All information must be provided before credit approval.