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

NotmyGTR

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?

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Pharmacist

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

Anatoray

Being the age of 25, I'm not surprised, because you it is most likely that you do not have a long credit history. That's very important when it comes to car loans, no matter the score, and your existing loan debt hurts a lot too, no matter how much you've paid off. You also haven't been at your job for at least 2 years, so yes, your situation makes perfect sense to me, even though it sucks. While in your mind you can afford this car, and in all reality, probably can, the empirical proof is against you. A Loan officer may not be willing to put their job in danger over the decision.

I was also 25 when I got my 370 in Feb, and had trouble getting a good loan for financing due to my short credit history, even with a score of 730. I was given an ok loan rate because of my available liquid assets, no loan debt, and having been at my job for 3 years already.

davidyan

Thats strange that the bank wouldn't accept due to your lack of credit history alone given you have a good job and down payment. When I was 23 (I'm 26 now) I bought a house with barely any history at all and got a good rate. All they required me to do was to put more than 20% down for the house. A car should be even easier.

Sibze

(added this after I read what I said.... This was not to sound mean just the way you can read it)

That’s wrong. A House (Mortgage) is probably the EASIEST form of credit to get especially in Canada and even more before the credit "crunch"

Reason = Mortgage is fully secured to an assets that will not depreciate but will increase in value. A bank is more guaranteed because the home value will not decrease 25% the first time its "driven"

bloodo

Agree. I got approved for a 140k Mortgage loan with no credit history. I do, however, have a good paying salary. But, when I tried to apply for a credit card to start establishing credits, I got denied everywhere. I have to use my dad as a co-sign.

Brazilbro

go through your bank, thats what i did, "if u got a checking or savings with a good long history of having money in it" and i got a good rate at just over 6%, if your going to pay it in 2yrs anyway whats a couple tenths of a percent.. its chump change

tru_Asiatik

penfed denied me for the same exact reason(not enough credit history)
i did buy my previous car but was co signed by my gf at the time
so on the day i purchased the car nissan financing approved me
but 2 weeks or so i get the same letter stating the same reason

but i was lucky enough that my dealership found a bank to finance it
so im enjoying my z now


as far as your situation dont blame nissan
was you student loan 45k at one time or was it borrowed money broken down to semesters?? if so then thats not really borrowing a large amount, its small amounts that added up

so just keep looking for a bank but obviosly dont expect a lower interest

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Pharmacist

wow, that sucks! glad you found a way out of it. i guess its good they turned me down now rather than let me drive off with the car, and screw me over a few weeks later.

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.