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

spearfish25

My credit score is 789 and Nissan turned me down. There isn't a good reason to any of their decisions. Instead I got a loan from a bank at 4%...worked out much better. Don't miss out on the great fun of owning the new Z just due to the Nissan lenders.

cdawg410

Student loans don't count. They are guaranteed. Granted Nissan can take back the car but they can't take back the miles and make it brand new again. Most student loans are guaranteed by the government so if you default the loaning institution is covered. In my humble opinion you shouldn't be looking to buy a 30-40k car if you don't own property. Priorities my man, get yourself a home or some assets so a bank starts looking at the collateral it can go after instead of writing you off as bad debt. What you do is certainly significant and important and congrats on being a pharmacist, very nice job, but being new to the field doesn't make the banks feel good about your prospects of being employed long term. If you were a pharmacist for 5 year with an income history consistent with that of a long time pharmacist it wouldn't be an issue but I'll bet that you haven't been a 'real pharmacist' for over 30 months. Patience is a virtue, your car will be waiting for you and so will we. GL!!

Pharmacist

Well, that's exactly the thing. They don't have to clean the car or take off the miles or whatever, with 8 grand down, and 2 grands monthly payment, I won't ever be upside down on the loan. Even if worst case scenario happens, and I default, they can just wholesale the car as it is and get more than enough money to settle the loan and bit more.

And no, I've only been licensed since last December. I just graduated last summer.

370Z Purist

Think about it this way; they're too lazy to fill out the paperwork and repossess. They'd rather you keep it the whole time and they just collect. There's really no other way to explain it.

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tooohip

If you pay... thus the crux of this discussion, LOL! They don't want the risk! Go back to your bank, end of story.

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cdawg410

I'm totally on your side man, from your perspective it is a douche move on their part. You'd figure the 8k and a fat monthly would satiate the bastages but when it comes down to it, it's all about risk management. You've done what u are supposed to do, unfortunately the housing crisis has impacted every other lending practice in the WORLD. Greed begets greed and now the borrowers are forced to deal with the repercussions. Personally, I've lost about 2 brand new 370's in the worth of my Condo 5 miles from the nations capital. It is what it is. Take your 8k and ability to pay 2k a month in car payments and buy a condo or townhouse or home and you'll laugh at us car freaks in 5 years when you can buy a 911 cash while we're still modding our 370's. I certainly understand the desire to have this NOW, but you are in a unique situation, take advantage young man.

nicknick

Try BMW finance to get the Zed. That is how I got my car, the mx5. They were better thsan everyone else when i tried.

280z/300zx

Damn, well now I'm worried. Just finished med school (went the PA route instead of MD) end of last year at 26 and I've been working now for only a little over 2 months. My credit score is 760 with a credit history back to when I was 18 but only for small stuff on small credit cards. I've been paying on my student loans for 2 months now as well. I'm having Nissan locate my Z for me now but now I'm worried when the time comes that I won't qualify. I know my mom will co-sign if I need her to. Should I apply on my own first or just have her co-sign from the begining? I was planning on using penfed per the AK post on how to get 3.99% financing. I mean I understand loan companies have to be more careful now but when you have someone who is making good money and has a good credit score as well as good credit history (even if it is short) it's BS they won't give out a loan. I guess we'll see what happens. So again, should I apply by myself from the begining or just have my mother co-sign up front? Thanks

Pharmacist

why would bmw finance non bmw cars?

FricFrac

Absolutely agree 110%. I had a Datsun 280ZX that I was happily dumping money into 16 years ago. My dad said it would be wise to buy a house. I was 21 at the time and I would have way rather spent the money on my Z but instead I buckled down and put a lot of sweat equity into my place and no more mods for my Z and definately not a new 300ZXTT. It was a struggle - got married had kids, etc and my dream of getting a new Z all but vanished. I'm not going to get into the details but suffice to say although I do Electronics Engineering and work on some crazy stuff I would never have gotten as far ahead finacially as I have with Real Estate. I encourage young people all the time to get into the market but most would prefer to spend their money now for instant gratification....

Anyhow 16 years later I could actually afford to buy my Z. Sacrifice now will pay off huge in the future....

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phelan

I'm giving myself one moment of instant gratification, then it's off to the races to get that house XD

Not sure how it's particularly a "joke" of a credit, but if what people said before is true about getting turned down because you already owe lots of money towards other things (like cjanik with penfed), it kind of limits your position...