F@@k Nissan! (VERY VERY pissed!)

Pharmacist · 06-25-2009, 08:08 PM

Quote:

Originally Posted by FricFrac

Unfortunately these are things they don't typically teach in school about building your credit rating, etc. This is totaly normal and you will see more of the same esp with a poor economy as there will be less risky investments made when loaning money. It has nothing to do with you personally but you have no assets, a fair size debt and you are young and I suspect you haven't been at your job for three or more years - these are all gonna work against you. Swallow your pride and bring your parents in to co-sign and you'll be driving your car - thats a pretty minor thing between you and your car! I was only dreaming of driving a new Z 10 years ago when I was your age....

Ok, regarding the no credit history thing, I DO have a credit history. It's my student loan. It was 45k, i.e. more than the Z is worth, and paid more than half of it (24k) in a period of only 5 months. Doesn't that count for something?

Also, funny thing is that my own bank already had me preapproved for 18 000 no questions asked, without me even applying for more. The financial advisor in the bank said if I give him proof of income (i.e. paycheck stubs) he can get me even more, but he won't be able to match APR rates of car companies, so I didn't apply.

Besides, where is the risk for Nissan? With 8000 downpayment, and financing over only 2 yrs, at no point in time will I ever be upside down on the loan. Even if I default, they can repossess the car and sell it again, and still make a decent profit.

tooohip · 06-25-2009, 08:13 PM

Quote:

Originally Posted by Pharmacist

Ok, regarding the no credit

Also, funny thing is that my own bank already had me preapproved for 18 000 no questions asked, without me even applying for more. The financial advisor in the bank said if I give him proof of income (i.e. paycheck stubs) he can get me even more, but he won't be able to match APR rates of car companies, so I didn't apply.

Besides, where is the risk for Nissan? With 8000 downpayment, and financing over only 2 yrs, at no point in time will I ever be upside down on the loan. Even if I default, they can repossess the car and sell it again, and still make a decent profit.

Guess you better get those pay stubs ready and head back to the bank then.

kannibul · 06-26-2009, 08:32 AM

Quote:

Originally Posted by Pharmacist

Ok, regarding the no credit history thing, I DO have a credit history. It's my student loan. It was 45k, i.e. more than the Z is worth, and paid more than half of it (24k) in a period of only 5 months. Doesn't that count for something?

Also, funny thing is that my own bank already had me preapproved for 18 000 no questions asked, without me even applying for more. The financial advisor in the bank said if I give him proof of income (i.e. paycheck stubs) he can get me even more, but he won't be able to match APR rates of car companies, so I didn't apply.

Besides, where is the risk for Nissan? With 8000 downpayment, and financing over only 2 yrs, at no point in time will I ever be upside down on the loan. Even if I default, they can repossess the car and sell it again, and still make a decent profit.

Student loans are the "joke" of credit.

Are you making payments on it now? More than likely not - so, that shows up as a huge debt on your credibility to be able to pay off more debt.

Pharmacist · 06-26-2009, 09:01 AM

Quote:

Originally Posted by kannibul

Student loans are the "joke" of credit.

Are you making payments on it now? More than likely not - so, that shows up as a huge debt on your credibility to be able to pay off more debt.

Why are they "joke" of credit?

Also, I already mentioned that I paid off more than half of it (24k out of 45k) in just 5 months since I started working in January.

kannibul · 06-26-2009, 10:50 AM

Quote:

Originally Posted by Pharmacist

Why are they "joke" of credit?

Also, I already mentioned that I paid off more than half of it (24k out of 45k) in just 5 months since I started working in January.

Because unlike a lot of revolving credit, people aren't overly obligated to pay it back (without the same level of repercussions)

Sibze · 06-26-2009, 01:43 PM

Quote:

Originally Posted by kannibul

Because unlike a lot of revolving credit, people aren't overly obligated to pay it back (without the same level of repercussions)

Totally. Also they are not looked at as much because student loans are EASY to get... they have to be...

To qualify for a government student loan you need to have two things

1. No BAD BAD BAD credit IE Collections/Bankruptcies
2. A pulse

NotmyGTR · 06-27-2009, 03:02 PM

Quote:

Originally Posted by Pharmacist

Ok, regarding the no credit history thing, I DO have a credit history. It's my student loan. It was 45k, i.e. more than the Z is worth, and paid more than half of it (24k) in a period of only 5 months. Doesn't that count for something?

Also, funny thing is that my own bank already had me preapproved for 18 000 no questions asked, without me even applying for more. The financial advisor in the bank said if I give him proof of income (i.e. paycheck stubs) he can get me even more, but he won't be able to match APR rates of car companies, so I didn't apply.

Besides, where is the risk for Nissan? With 8000 downpayment, and financing over only 2 yrs, at no point in time will I ever be upside down on the loan. Even if I default, they can repossess the car and sell it again, and still make a decent profit.

So, the bank that you deal with will only give you 18K and your mad because Nissan wont finance you for 36K. R U Serious?

NotmyGTR · 06-27-2009, 03:07 PM

What kind of info did you give to Nissan Motor Acceptance? You say that your bank pre-approved you for 18K without even knowing your monthly financial situation. You had to have provided Nissan with your monthly earnings and indebtedness in order for them to do a complete inquirey for you. You make it seem as though your bank will give you the keys to the vault, and all you have to do is give them a little info. Whats the problem with going through your bank?

Pharmacist · 06-27-2009, 05:16 PM

Quote:

Originally Posted by NotmyGTR

So, the bank that you deal with will only give you 18K and your mad because Nissan wont finance you for 36K. R U Serious?

No no, my bank had me already automatically preapproved for 18k loan. All I had to do is sign the agreement to do the line of credit account. The financial adviser told me if I provide proof of income he can approve me for more, but he told me to finance the car at the dealership better because he won't be able to offer anything comparable to 5.9%, so I did not apply for more credit. Of course I had no idea nissan finance will screw me over, so I'll go to the bank again on Monday and see if I can get more credit.

I have no idea how much information my bank has, but I did deposit a lot of money in that account, and I do a lot of business with them.

No, I didn't provide nissan with my income. They never asked for it. Besides, I thought it would show up in a credit check anyway. My student loan does show on the credit history, it shows the maximum I owed and what I owe now. It does not appear to show the timeframe in which I paid it off however.

If I do provide nissan with proof of income will they cut me some slack?

Anyway, I just had an idea. I need some advice. What about leasing the car and then buying it out? I mean, if I dont get a good finance rate, why not lease? The equivalent apr for lease at nissan is 6.9% (or do I need a good credit history for that too?). Additionally, interest is only on the depreciation, and not the whole cost, unlike a loan. And by the time the lease is up I would have saved much more than enough money to buy it out. Unless there are hidden costs or something else I missed? I really don't know much about leasing

06-27-2009, 03:07 PM	#8 (permalink)
NotmyGTR Base Member Join Date: May 2009 Location: TX Posts: 177 Drives: 09 370Z/Pearl 6speed Rep Power: 16	Pay data What kind of info did you give to Nissan Motor Acceptance? You say that your bank pre-approved you for 18K without even knowing your monthly financial situation. You had to have provided Nissan with your monthly earnings and indebtedness in order for them to do a complete inquirey for you. You make it seem as though your bank will give you the keys to the vault, and all you have to do is give them a little info. Whats the problem with going through your bank? __________________ 1996 Skyline GT-R LM fully tuned by Mines/2006 Nissan Titan 5.6 SE Texas Edition/2009 370 Base w Sport Pkg

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