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

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...

370Z Purist

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.

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-Phil

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KillerBee370

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

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

shabarivas

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

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.

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Cjanik

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.

Roo

So let me get this straight, your mad at Nissan because they wouldn't let someone with no credit history borrow almost $40k? No credit is FAR from good credit, and student loans don't help much.

Sashimi

I have a very similar story, but with a happy ending.

The 370z is my 7th car, but all my previous cars were bought cash only so I never put up a loan. Also since I'm very young I didn't think I'd get a good rate at all

First I went to Infiniti of Oakland to get a G37, I was planning on putting 15,000 down and the rest on a loan over 6 years. They approved me but gave me 18.9% APR. So I said screw that I'm not going to buy this.

After a few weeks I fell in love with the 370z so I was interested in buying that. I finally found the one I want and offered to buy this at VPP pricing and place 15K down. After a good week of talking to this salesman who "Guaranteed" that I would get the car for 9% APR, he calls me and says "Sorry we can't approve your loan unless you put 19K down"

This is ridiculous, if I put over 30% down on a car I should get approved no matter what. So the numbers came down to 19K down and 14.99 APR. I wouldn't take it. My credit score is 730 I make more than enough a month I should get approved for something better.

I decide, talking on the phone isn't going to get anything done, so I drove there (1hr 30 min trip) to talk to them in person. The guy still gave me the same quote 19K down at 14.99% APR. There was no way I would do that, I have the money but I feel like I'm getting suckered in so many ways if I accept this.

So the dealer asked to see my pay stub, so I called my work and had them fax over a copy to the dealer. About 5 minutes later they came back saying I was approved for 15K down and 6.59 APR (WAY better than what I was expecting for a 22year old first time buyer)

So I'm now at home with my Z Parked in front of my house. good luck to all of ya

MightyBobo

I was approved for a 25K car loan when I was 19...having a credit card that I paid reliably since I was 18 was a very wise plan on my part . 6 years later now, when Nissan came back with my loan application (you have to file with them also if your loan isnt already approved through PenFed), they just laughed and said, "Yeah, you're good" lol.

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I don't own a car anymore.

BanningZ

I put a credit line loan into effect when I bought my fiancee the Scion even though I had cash in hand with the full amount needed for the Scion.. I told my bank to take out a monthly loan payment for the amount of $5000, and all it does is pull money out of my account every month and build up my credit.. Its a great way to build credit. If you have more than five grand in a checking or savings a account they will approve you for a credit limit loan no prob. But you can usually get a credit limit loan for any amount that they can hold on to. As a guaranteed loan.. Its a great way to build up credit.

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