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

Pharmacist · 06-25-2009, 07:37 PM

Right now, words cant describe how goddamn pissed I am!!!!!!!!!!!!!!
Ok, here's the story.

I was able to locate a yellow 370 with sport package, no navigation, brand new, literally my ideal combination! Test drove it on Tuesday. Went back to dealership, and made an offer for 1000 bucks below sticker (i.e. CAD 44500) and dealer accepted, no questions or hassle. So I filled the credit application for the financing with 8000 downpayment and the rest to be financed over 2 yrs at 5.9%.

So today I call the salesman to inquire about the status of my loan and he got the F&I woman to call me later today. She told me that my credit application was rejected cuz I don't have a history of credit and I can either get my parents to co-sign my loan application or she can try to put the application through a bank, but at a possibly higher rate!

I was pissed, but thought perhaps my credit score was low (I never checked it before). So I went and checked it online via TransUnion Canada and found my FICO score was 760! It was rated as "good" (which is just one step less than excellent, the max. rating they have) , and higher than that of 58% of Canadians!

So I called the woman again asking wtf is up! She said Nissan rejected it despite my high score cuz I have no history of borrowing large sums of money and that I have a few credit cards with small credit that I do not use (which is partially true, I rarely use credit cards, and the ones I have are low credit limit, like 5000 CAD or so, from my days as a student). What I unfortunately forgot to tell her, but is already stated explicitly on my credit history that I'm sure they read, is that I DID borrow a large sum of money. That was around 45 grand from the government for my student loan in university, and that I already paid off more than half of it (around 24 grand) since I started working as a pharmacist last January. Thus, she said, Nissan thinks I'm a high risk applicant and will need my parents to cosign. She later said she'll try and put it through the banks and will call me later to update me.

That's the story in a nutshell. I woke up today ecstatic that I'm gonna be driving my own 370 by the weekend, but now I'm just angry, upset, and depressed cuz of the BS treatment I received. I'm no teenage high school kid. I'm a 25 yr old pharmacist. No way in hell I'm gonna walk into a dealership dragging mommy and daddy behind me to cosign for me. And my good FICO score should be enough for them. I'm buying a Nissan, not a Ferrari or Lamborghini.

At this point, I'm thinking f##k Nissan and their cars. If that's how they do business, I will take my business to another company. If they don't give me financing at 5.9%, then congrats to them. I won't ever pay a single penny to Nissan for the rest of my life.

frost · 06-25-2009, 07:40 PM

Ironic, because of the economy and the banks being stingy, no one would accept my loan BUT nissan. Hopefully it works out sir!

azn370z · 06-25-2009, 07:45 PM

You seem pretty angry. You can't blame Nissan for not loaning you the money since you don't have much of a credit history. If this incident really upsets you enough that you would buy another car then the z isn't for you. The designers of the z are great people.

Mike · 06-25-2009, 07:53 PM

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

SoCal 370Z · 06-25-2009, 07:56 PM

Quote:

Originally Posted by Mike

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

Nissan really did not undermine you for if you read the fine print lenders' typically have the prerogative of denying you the loan, although days later.

antennahead · 06-25-2009, 08:39 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

tooohip · 06-25-2009, 07:54 PM

Why are you pissed at Nissan because you have little or no credit history?

Lonewolf88 · 06-26-2009, 04:20 AM

Quote:

Originally Posted by tooohip

Why are you pissed at Nissan because you have little or no credit history?

Banks from accros the ocean seem really more complicated than in europe....
How can he have a credit history if everyone he meets for a loan give him the same answer? the snake eating his tail

In the other hand, relax dude. It's just a car, if u really want it, you'll have it eventually

FricFrac · 06-25-2009, 07:55 PM

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....

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)

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?

06-25-2009, 07:37 PM	#1 (permalink)
Pharmacist A True Z Fanatic Join Date: May 2009 Location: Toronto, Ontario Posts: 1,249 Drives: 09 370z Sport 6MT Rep Power: 18	F@@k Nissan! (VERY VERY pissed!) Right now, words cant describe how goddamn pissed I am!!!!!!!!!!!!!! Ok, here's the story. I was able to locate a yellow 370 with sport package, no navigation, brand new, literally my ideal combination! Test drove it on Tuesday. Went back to dealership, and made an offer for 1000 bucks below sticker (i.e. CAD 44500) and dealer accepted, no questions or hassle. So I filled the credit application for the financing with 8000 downpayment and the rest to be financed over 2 yrs at 5.9%. So today I call the salesman to inquire about the status of my loan and he got the F&I woman to call me later today. She told me that my credit application was rejected cuz I don't have a history of credit and I can either get my parents to co-sign my loan application or she can try to put the application through a bank, but at a possibly higher rate! I was pissed, but thought perhaps my credit score was low (I never checked it before). So I went and checked it online via TransUnion Canada and found my FICO score was 760! It was rated as "good" (which is just one step less than excellent, the max. rating they have) , and higher than that of 58% of Canadians! So I called the woman again asking wtf is up! She said Nissan rejected it despite my high score cuz I have no history of borrowing large sums of money and that I have a few credit cards with small credit that I do not use (which is partially true, I rarely use credit cards, and the ones I have are low credit limit, like 5000 CAD or so, from my days as a student). What I unfortunately forgot to tell her, but is already stated explicitly on my credit history that I'm sure they read, is that I DID borrow a large sum of money. That was around 45 grand from the government for my student loan in university, and that I already paid off more than half of it (around 24 grand) since I started working as a pharmacist last January. Thus, she said, Nissan thinks I'm a high risk applicant and will need my parents to cosign. She later said she'll try and put it through the banks and will call me later to update me. That's the story in a nutshell. I woke up today ecstatic that I'm gonna be driving my own 370 by the weekend, but now I'm just angry, upset, and depressed cuz of the BS treatment I received. I'm no teenage high school kid. I'm a 25 yr old pharmacist. No way in hell I'm gonna walk into a dealership dragging mommy and daddy behind me to cosign for me. And my good FICO score should be enough for them. I'm buying a Nissan, not a Ferrari or Lamborghini. At this point, I'm thinking f##k Nissan and their cars. If that's how they do business, I will take my business to another company. If they don't give me financing at 5.9%, then congrats to them. I won't ever pay a single penny to Nissan for the rest of my life.

06-25-2009, 07:45 PM	#3 (permalink)
azn370z A True Z Fanatic Join Date: Nov 2008 Location: Seattle Posts: 1,722 Drives: z34 - R1 Rep Power: 490	You seem pretty angry. You can't blame Nissan for not loaning you the money since you don't have much of a credit history. If this incident really upsets you enough that you would buy another car then the z isn't for you. The designers of the z are great people. __________________ 2010 k23 H&R sport springs / Spc rear camber arms / SSR SP1 / Berk cbe / Varis cf lip / Nismo S-Tune side skirts

06-25-2009, 07:53 PM	#4 (permalink)
Mike The370Z.com Sponsor Join Date: Jun 2009 Location: Loganville, GA Posts: 5,944 Drives: 370z Rep Power: 2186	do you have credit unions in Canada? If so, join one and get your loan from them. __________________ NISSAN: 75 280Z / 86 300ZX GLL /87 Sentra SE / 03 350Z / 23 Z Porsche: 93 968 / 23 Macan GTS / 93 968

06-25-2009, 07:54 PM	#7 (permalink)
tooohip A True Z Fanatic Join Date: May 2009 Location: Columbia, MD Posts: 1,626 Drives: 09 370z CY To/Sp Rep Power: 270	Why are you pissed at Nissan because you have little or no credit history? __________________ Lance KW Variant 3 Coilovers \| Stillen Sways \| Stillen Gen III Intake \| AAM HFC \| AAM True Dual CBE \| AAM Comp Oil Cooler \| Hawk HPS Pads \| Volk TE-37 \| Hoser Keg Tap

06-25-2009, 07:55 PM	#9 (permalink)
FricFrac A True Z Fanatic Join Date: Dec 2008 Location: Victoria, BC Posts: 1,481 Drives: 370Z 300ZX 280ZX 240 Rep Power: 229	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.... __________________ '09 370Z - '93 300ZX Vert - '83 280ZX - '83 280ZXT -'81 280ZXT stroker - '72 240Z - Stillen CBE, HFC, G3, Grounding Kit, Sways // Swift Spring // H&R 15mm // 5% Tint // Clear Bra //

06-25-2009, 07:40 PM	#2 (permalink)
frost Retired admin Join Date: Dec 2008 Location: Winterfell Posts: 106,613 Drives: Your Wife Crazy Rep Power: 0	Ironic, because of the economy and the banks being stingy, no one would accept my loan BUT nissan. Hopefully it works out sir!

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