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

370Z Purist · 06-25-2009, 09:29 PM

Nissan's lenders (more like everyone now) have been extremely stingy; and even if you're 25, unless you have an excellent history of revolving credit (constantly borrowing and paying large amounts, constantly being the word), a good percent of lent money vs available credit, a long history of having credit (think 10+ years of having a credit line), etc., you will be denied.
Not to mention the poor economy.

That's even more ridiculous, because when you think about it, say you're an accomplished, well off 40 year old businessman grossing a yearly income of 200,000 dollars. You have paid off all your debt and have no debt, period. You live in a home, fully paid off. You also have access to a grand total of 100,000 dollars of credit. Which is completely unused. People will call you and start cutting your credit lines because you have too much available credit versus loaned amounts... isn't that idiotic? Basically, the less debt you have, the lower your credit score. It's unbelievable.

Sure, it's not nearly as simple, and I'm probably completely butchering how it actually works, but that is true.

Also, just get your parents to cosign or go to the bank and figure something out. Just because someone denies you a loan doesn't mean you should fly off the handle. I admit, that's some ********, but you can't let trivial money issues (not so trivial nowadays) limit you from getting this wonderful car. If you're just going to stop because of this, you'll never get what you want. Perseverance and patience are virtues, and probably should be necessities. I have to agree with azn370z, if you're angry and not going to get a Z just because of this, than the 370Z just isn't for you.

Pharmacist · 06-25-2009, 09:38 PM

Quote:

Originally Posted by 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!!

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.

antennahead · 06-25-2009, 09:39 PM

Quote:

Originally Posted by Mike

do you have credit unions in Canada? If so, join one and get your loan from them.

Find a Credit Union. Does the company you work for have one? Hospital have one? There might even be one for Pharmacists. They will treat you right, guaranteed.

John

370Z Purist · 06-25-2009, 09:43 PM

Quote:

Originally Posted by 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.

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.

tooohip · 06-25-2009, 09:44 PM

Quote:

Originally Posted by 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.

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

cdawg410 · 06-25-2009, 09:48 PM

Quote:

Originally Posted by 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.

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.

KillerBee370 · 06-25-2009, 09:49 PM

It doesn't sound like a "Nissan" thing neccissarily. It's just the way this world works. You have to use credit to establish credit and starting with a vehicle that is less expensive may be the way to go for now.

I'm not saying it's fair, it's just the way the cookie crumbles.

Sibze · 06-25-2009, 10:11 PM

I work for a bank here in Canada and as said before Student loans do not go towards your credit bureau as a loan or credit card does. IF Nissan declined you I can guarantee a bank will as well. With what’s going on with credit right now banks are not looking to take on debt with someone that doesn't have a credit history.

Unfortunately banks have learned a lesson from the States, and are tightening loaning money.

And always look at the 5 C’s of credit

Credit History – History of paying debts?

Character – Will they pay?

Collateral – If they don’t pay what assets do they have?

Capacity – Can they pay?

Capital – Down payment or overall savings

nicknick · 06-25-2009, 10:43 PM

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 · 06-25-2009, 10:54 PM

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

shabarivas · 06-25-2009, 11:03 PM

Hey man - honestly if you had financed it for 5 years - they would probably have approved the loan... 37K in 2 years? thats like 1500 a month - I mean if you could afford to pay that off then you should just say 5 years and pay it off in 2. my 2c

fly yellow · 06-25-2009, 11:05 PM

If this were a year ago you would have been approved without a problem. Collateral doesn't come into affect with car loans. The vehicle is the collateral. It is a secured loan. Shop it around at different banks. You may even get a better rate. 5.9% for 24 months is far from a great rate.

Pharmacist · 06-25-2009, 11:33 PM

Quote:

Originally Posted by 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.

why would bmw finance non bmw cars?

Cjanik · 06-26-2009, 12:02 AM

I just got turned down by penfed for the 3.99 APR loan.

I am also 25 years old, but I am putting down 25k dollars and financing 15k, but they still turned me down. My score is about 700 flat. I can pay it off but it wouldnt be a smart thing to do if i can get that 3.99 APR and invest the 15k.

Im going to resubmit my app and ask for 10k this time. Supposedly one big NO NO for anyone lending money is if you have other loans that you owe money on. penfed said they turned me down because I owe 5k on my 2008 Tacoma (worth like 19k), and 2k on a honda prelude.

oh well. best of luck, in this economy its whats going to happen.

FricFrac · 06-26-2009, 02:13 AM

Quote:

Originally Posted by 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!!

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....

06-25-2009, 09:29 PM	#16 (permalink)
370Z Purist A True Z Fanatic Join Date: Jun 2009 Location: Zion, Illinois Posts: 1,873 Drives: '09 370Z-T BS M6 Rep Power: 19	Nissan's lenders (more like everyone now) have been extremely stingy; and even if you're 25, unless you have an excellent history of revolving credit (constantly borrowing and paying large amounts, constantly being the word), a good percent of lent money vs available credit, a long history of having credit (think 10+ years of having a credit line), etc., you will be denied. Not to mention the poor economy. That's even more ridiculous, because when you think about it, say you're an accomplished, well off 40 year old businessman grossing a yearly income of 200,000 dollars. You have paid off all your debt and have no debt, period. You live in a home, fully paid off. You also have access to a grand total of 100,000 dollars of credit. Which is completely unused. People will call you and start cutting your credit lines because you have too much available credit versus loaned amounts... isn't that idiotic? Basically, the less debt you have, the lower your credit score. It's unbelievable. Sure, it's not nearly as simple, and I'm probably completely butchering how it actually works, but that is true. Also, just get your parents to cosign or go to the bank and figure something out. Just because someone denies you a loan doesn't mean you should fly off the handle. I admit, that's some *******, but you can't let trivial money issues (not so trivial nowadays) limit you from getting this wonderful car. If you're just going to stop because of this, you'll never get what you want. Perseverance and patience are virtues, and probably should be necessities. I have to agree with azn370z, if you're angry and not going to get a Z just because of this, than the 370Z just isn't for you. __________________ -Phil "Since one of my brake light bulbs just went out, the forum told me that my piston rings are about to blow."* Last edited by 370Z Purist; 06-25-2009 at 09:40 PM. Reason: moar stuffz

06-25-2009, 11:05 PM	#27 (permalink)
fly yellow Enthusiast Member Join Date: May 2009 Location: Baltimore, MD Posts: 455 Drives: 09 yellow 370z Rep Power: 265	If this were a year ago you would have been approved without a problem. Collateral doesn't come into affect with car loans. The vehicle is the collateral. It is a secured loan. Shop it around at different banks. You may even get a better rate. 5.9% for 24 months is far from a great rate. __________________ A severed foot is the ultimate stocking stuffer. Mitch Hedberg

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06-25-2009, 09:49 PM	#22 (permalink)
KillerBee370 A True Z Fanatic Join Date: Mar 2009 Location: So Cal baby! Age: 51 Posts: 5,964 Drives: with passion Rep Power: 321	It doesn't sound like a "Nissan" thing neccissarily. It's just the way this world works. You have to use credit to establish credit and starting with a vehicle that is less expensive may be the way to go for now. I'm not saying it's fair, it's just the way the cookie crumbles.

06-25-2009, 10:11 PM	#23 (permalink)
Sibze A True Z Fanatic Join Date: May 2009 Location: Ontario, Canada Posts: 16,202 Drives: In your way Rep Power: 63	I work for a bank here in Canada and as said before Student loans do not go towards your credit bureau as a loan or credit card does. IF Nissan declined you I can guarantee a bank will as well. With what’s going on with credit right now banks are not looking to take on debt with someone that doesn't have a credit history. Unfortunately banks have learned a lesson from the States, and are tightening loaning money. And always look at the 5 C’s of credit Credit History – History of paying debts? Character – Will they pay? Collateral – If they don’t pay what assets do they have? Capacity – Can they pay? Capital – Down payment or overall savings

06-25-2009, 10:43 PM	#24 (permalink)
nicknick Enthusiast Member Join Date: Jan 2009 Location: Australia Posts: 438 Drives: Mazda mx5 2007 6sp m Rep Power: 16	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.

06-25-2009, 10:54 PM	#25 (permalink)
280z/300zx Track Member Join Date: Feb 2009 Location: Nevada Posts: 689 Drives: 280z, 300zx, Vette Rep Power: 272	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

06-25-2009, 11:03 PM	#26 (permalink)
shabarivas A True Z Fanatic Join Date: Apr 2009 Location: Sacramento, CA Posts: 2,188 Drives: 370z MB 6mt Rep Power: 914	Hey man - honestly if you had financed it for 5 years - they would probably have approved the loan... 37K in 2 years? thats like 1500 a month - I mean if you could afford to pay that off then you should just say 5 years and pay it off in 2. my 2c

06-26-2009, 12:02 AM	#29 (permalink)
Cjanik Track Member Join Date: May 2009 Location: Las Vegas Posts: 578 Drives: N/A Rep Power: 17	I just got turned down by penfed for the 3.99 APR loan. I am also 25 years old, but I am putting down 25k dollars and financing 15k, but they still turned me down. My score is about 700 flat. I can pay it off but it wouldnt be a smart thing to do if i can get that 3.99 APR and invest the 15k. Im going to resubmit my app and ask for 10k this time. Supposedly one big NO NO for anyone lending money is if you have other loans that you owe money on. penfed said they turned me down because I owe 5k on my 2008 Tacoma (worth like 19k), and 2k on a honda prelude. oh well. best of luck, in this economy its whats going to happen.