
FAQs
Find answers to commonly-asked leasing, financing and payment questions.
New Customer
General Information
Existing Customer
Register and Manage my MBFS Account
Step 1: Create a User Account. You will be required to provide your e-mail address, first name, last name and set a password. A confirmation code will be e-mailed to you for the purpose of verification.
Step 2: Link your MBFS contract to your user account. You will be required to enter the following information:
- Last Name
- Postal Code
- Account Number
Click here to begin the registration process.
Banking and Personal Information
1) Self-Serve Online:
If you have a registered MBFS account through mbfs.ca
To create your personalized MBFS account please enter here. You will need your Mercedes-Benz Financial Services account number, last name, and postal code to register.
2) Provide Banking Information via Email:
Send an email to mbf@mercedes-benz.com with a void cheque or pre-authorized payment form from your bank that has been pre-printed (or handwritten with a bank stamp) from our account holder and we will update your banking information.
Handwritten Banking:
In order to accept this document, please have the handwritten banking stamped by your financial institution (or provide pre-printed banking)
Corporate Banking:
In order to accept this document, please provide the articles of incorporation for the business. This allows MBFS to verify that our account holder is listed on the articles as having signing authority.
Blank VOID Cheques:
We DO NOT accept Blank VOID cheques, all VOID cheques should have the account holders name pre-printed.
Family Member Banking:
The banking provided is for family members living under the same household. MBFS can only accept this if: a signed authorization letter is received, along with a copy of the Utility Bill to ensure the members live in the same household as the account holder.[1]
For assistance regarding your vehicle, visit the Mercedes-Benz website, or contact your local Mercedes-Benz dealer for the latest vehicle information.
Accidents and Collisions
The account holder is listed as the owner of the vehicle and is responsible for negotiating the settlement with the insurance company. Once settled the insurance company will issue the settlement cheque co-payable to Mercedes-Benz Financial Services and the insured. Once the insurance proceeds are received by MBFS, the Finance Contract is terminated, and these proceeds are applied to the balance due under the loan. If there is a surplus it will be paid to the customer. If there is a deficiency or gap, the customer is responsible (unless they purchased standalone First Class Gap Protection)
Lease Contract
Mercedes-Benz Financial Services is listed as the owner of the vehicle and is responsible for negotiating the settlement directly with the insurance company. Once settled the insurance company will issue the settlement cheque co-payable to Mercedes-Benz Financial Services and the insured. Once the insurance proceeds are received by MBFS, the lease contract is terminated, and these proceeds are applied to the balance due under the lease. If there is a surplus it will be paid to the customer. If there is a deficiency or gap, the customer is protected and the only amounts the customer is responsible to pay are:
(a) The deductible portion under the insurance policy; and
(b) Any Monthly Payments and fees, taxes, charges and other expenses that are due and unpaid at the time of receipt of the insurance proceeds; and
(c) Any other amounts which are payable to MBFS as a result of any breach by the account holder or any of the obligations under the Lease (i.e. amounts needed to release liens; repossession expenses; etc.); and
(d) Any Excess Kilometre charges calculated on a pro rata basis. [2] [3] [4]
End of Contract
Any time that is not within the first or last 6-months of the lease/loan contract.
How to initiate a transfer?
Please contact the Financial Sales Manager (FSM) at any Mercedes-Benz dealer as the Lease Transfer process is completed at a Mercedes-Benz Dealership.
Mercedes-Benz Financial Services Toll Free: 1-888-LEASE MB (1-888-532-7362)
Email:mbf@mercedes-benz.com
To book your pre-inspection online, Click Here. If you have not done so already, you will be required to create your online profile and register your MBFS account (see “How do I register for my MBFS account” for more details). Once registered, you will be taken to your account landing page where you will find the option to schedule and manage your pre-inspection with AutoVIN. You will be able to select your preferred date, time and location for your pre-inspection and elect to receive notifications via e-mail. Upon successful booking of your appointment, an e-mail confirmation will be sent to you with your appointment details. If changes to your appointment are required, you can log back into your account and make the necessary changes. Please note, inspections are conducted Monday to Friday at your home or business location.
Payments
Payment dates
Reflects the breakdown between the base monthly payment and tax for each monthly payment made.
Finance Amortization Schedule:
Reflects the breakdown between the principle and interest for each monthly payment made.
To access the above payment types, you can:
- Go to your MBFS account through mbfs.ca
- To create your personalized MBFS account please click here. You will need your Mercedes-Benz Financial Services account number, last name, and postal code to register.
- For a Lease Contract: there is no fee for this request.
- For a Finance Contract: the customer is responsible to pay any outstanding amount of the accrued interest from the current due date to the new due date.
Loan Payments
MBFS can apply lump sum payments in one of three ways:
1) Principal Payment (to reduce loan/save on interest). If there is a balloon, the principle payment is applied initially to the regular monthly payments first to reduce the balloon, then to reduce term thereafter.
2) Reduce Payment (to reduce payment amount / save on interest)[6]
3) Pre-pay Payments (to pre-payment payments)[7]
Online banking:
- Please log in to your bank's online banking, add a new bill, choose Mercedes-Benz Financial Services (or Mercedes-Benz Financial) as the payee, reference your Mercedes-Benz Financial Services account number, enter a $ amount, and submit the payment.
Cheques/Bank Draft:
- Please mail payment payable to Mercedes-Benz Financial Services with your Mercedes-Benz Financial Services account number or VIN of the vehicle referenced with 'Principal Payment' noted to: Mercedes-Benz Financial Services, 500-2680 Matheson Blvd. E, Mississauga, ON L4W0A5.
[8]
Pre-Authorized Payment
Each month your payment is deducted from your enrolled chequing account. If the date happens to fall on a weekend or holiday, the debit is processed the next business day.
All you need is a chequing account in good standing with a financial institution. To sign up, you will also need to supply some basic personal information, chequing account information, as well as your Mercedes-Benz Financial Services account number(s).
You can set up your account for Pre-authorized Payment through your on-line account. Simply click on the Payment Options tab and complete the on-line form fields. You must also read & acknowledge the Pre-authorized Payment agreement and then submit your request for final processing.
You should receive an instant on-line as well as an e-mail confirmation stating that your Pre-Authorized Payment enrolment request has been received. It is very important that you continue mailing your payments if you don't receive either the on-line or the e-mail confirmation.
Mercedes-Benz Financial Services
Toll Free: 1-888-LEASE MB (1-888-532-7362)
Credit Basis
Many people think that credit reports and credit scores are one and the same. In fact, a credit score is derived from the information contained in credit reports - and your credit score determines your credit standing.
When you hear the term "credit score," people are usually referring to your Beacon score - a scoring formula for assessing credit risk. Different retail and commercial organizations evaluate your "credit worthiness" using Beacon scores from the credit reporting bureaus, as well as some of their own scoring criteria. For example, while Mercedes-Benz Financial Services uses the services of the different credit reporting bureaus, we have our own formula to derive your credit "score" to determine whether you qualify for financing through Mercedes-Benz Financial Services.
Just as your credit history can be different when reported through different bureaus, your credit score can also differ at any point in time, since it is based on many different factors that include:
- Your history of making scheduled payments
- The amount of outstanding debt you have
- The duration your credit history spans
- The number of credit inquiries that have been made on your account and the type of inquiries made
- The kinds of credit you have been awarded (bank cards vs. store specific cards vs. loans, etc.)
If you want an accurate picture of the credit history that is being reported about you, you will need to request a copy of your credit history from each of the two major credit reporting bureaus. Remember, when you order a credit report it will not necessarily include your credit score. To find out your credit score, you will need to specifically request the "scoring option."
Credit Reporting Agencies
The two major credit reporting bureaus in Canada are:
Equifax: 1.800.465.7166
Visit their Web site at: www.equifax.ca
TransUnion: 1.866.525.0262
Visit their Web site at: www.transunion.ca
Visit the Office of the Privacy Commissioner of Canada Web site to learn more about safeguarding your personal information.
As an additional resource, you may also wish to visit the Web site of Credit Counselling Canada, a national association of not-for-profit credit counselling agencies.
Glossary
A measure of the cost of credit expressed as a yearly rate. Each province requires various items to be included in addition to interest.
Base Monthly Payment
The portion of the monthly payment in a lease that includes depreciation, any amortized amounts and vehicle usage costs. Taxes, maintenance and any other fees are added to this base monthly payment to calculate the total monthly payment.
Buyer
The person who signs the Conditional Sale Contract for vehicle purchase.
Closed-End Lease
When you return your vehicle at lease maturity Mercedes-Benz Financial Services absorbs the loss if it is worth less than the established residual value. In other words, the residual risk is "closed" to you. You will remain responsible for any excess wear and tear charges, excess kilometre charges or other amounts that may be due and owing under the lease.
Credit Application
The formal request for credit. It usually includes your name, address, social insurance number (optional) and date of birth. By signing the application, you are giving Mercedes-Benz Financial Services authorization to check your credit history and to collect, use and disclose your personal information for the purposes set out in the credit application.
Depreciation
The amount of a vehicle's projected decline in value through normal use during the lease term.
Down Payment
An initial amount paid up front to reduce the amount financed. You can also reduce the amount financed when you trade a vehicle, depending upon the balance owing on the trade-in.
Excess Wear and Tear
The wear and tear to a vehicle that is above expected normal wear and tear. To help you determine if there is excess wear and tear on your leased vehicle that you will be charged for, Mercedes-Benz Financial Services has developed the First Class Finish. See your dealer for details.
Gap Protection
If your leased vehicle is stolen, damaged beyond repair or destroyed, there may be a shortfall (gap) between the proceeds of your insurance that Mercedes-Benz Financial Services receives and the full balance owing by you under the lease. Rather than having to pay the whole amount of this shortfall, in circumstances where Gap Protection applies you will only be required to pay the amount of the insurance deductible together with any outstanding charges owing by you at the time Mercedes-Benz Financial Services receives the insurance proceeds. Gap Protection is not insurance and is only available through Mercedes-Benz Financial Services on certain leases.[9]
Guarantor
A person who is guaranteeing the payment and performance of your obligation under a lease or Conditional Sale Contract.
Lease
A contract for the use of a vehicle between a lessee and lessor, with agreed-upon terms and conditions.
Lessee
The person or organization to whom the vehicle is leased; signatory to the lease agreement.
Lessor
The organization that leases the vehicle (Mercedes-Benz Financial Services).
Open-End Lease
In an open-end lease, the lessee is responsible for the residual value. If you return your vehicle at lease maturity, you are responsible for any shortfall between the residual value and the net proceeds from the sale of the vehicle. In the event that the net proceeds exceed the residual value, this surplus would be paid to you (after deduction for any other amounts that may be owing by you under the lease).
Purchase Option [10]
At lease-end, you have options. One such option that may be available under your lease is to purchase the vehicle at a predetermined price plus applicable taxes. This predetermined price is listed in your agreement.
Residual Value
The estimated wholesale value of your vehicle at lease maturity, predetermined at the time you sign your lease.
Financing
The use of credit to finance the purchase of a vehicle over an agreed-upon duration, or term.
Star Advantage
The use of credit to finance the purchase of a vehicle over an agreed-upon duration, or term with a final lump sum payment at the end of the loan allowing for lower monthly payments to be made during the term.
Security Deposit (Lease)
A refundable amount that the lessee must pay to the leasing company at the beginning of the lease. This deposit will be returned if all of the terms and conditions of the lease are met, otherwise it will be applied against your lease obligations.
Term
The duration of the lease or loan agreement, typically expressed in months.