NMAC, If you have a co-signer..?

codpet · 08-08-2009, 12:55 PM

Do they go by your credit, average the two, or do they go with the best score between the two?

I have a co-signer who's FICO score is over 800, but mines sub 619. They keep talking about my credit, which is annoying, that's why I have a co-signer.

Anyone have a similar situation? What tier did you get put in with your loan?

FuszNissan · 08-08-2009, 12:58 PM

They go by your credit, even if you have a co-signer. They look at everything, credit history, LTV, cash down...ect. Banks don't look at Scores anymore. They want all deals to be at 90% LTV.

codpet · 08-08-2009, 12:59 PM

So, there's no benefit to have a co-signer anymore.. They've negated the purpose.

Also, NMAC doesn't have a Tier with 90% LTV, so I don't understand where you're getting that. NMAC, Nissan's financing system only has 110% and higher.

FuszNissan · 08-08-2009, 01:05 PM

There is still a benifit, it's just the game has changed. When the banking systems failed, they had to start looking at the liquidity ratios, and not just a Score.

codpet · 08-08-2009, 01:09 PM

The banking systems failed for other reasons, but yeah, they failed. The dealer said it'll be a call to NMAC to work out, since I have a co-signer, my credit's low, and the co-signer's is high, it'll be a manual deal.

NMAC's LTV is still 110% to 135%, I asked.

FuszNissan · 08-08-2009, 01:51 PM

Yes, but with your score it changes the LTV. I hope you get your Z! Best of Luck!

codpet · 08-08-2009, 01:56 PM

No, actually, they showed me the chart, the scores, even the low ones had an LTV of 110%. I wish I knew what chart you were looking at.

The chart said this:

Tier 4
FICO Score 580-619 - LTV 110%, Interest Rate 14.49%.

Tier 3
FICO Score 620-649 - LTV 110%, Interest Rate 11.04%

Also, I was told by one of the three dealers the co-signer did help. He said I would probably be in Tier 3, instead of Tier 4, or being denied because of it.

08-08-2009, 12:55 PM	#1 (permalink)
codpet Base Member Join Date: Jul 2009 Location: Jacksonville, FL Posts: 32 Drives: Eclipse 2007 GT Rep Power: 16	NMAC, If you have a co-signer..? Do they go by your credit, average the two, or do they go with the best score between the two? I have a co-signer who's FICO score is over 800, but mines sub 619. They keep talking about my credit, which is annoying, that's why I have a co-signer. Anyone have a similar situation? What tier did you get put in with your loan?

08-08-2009, 12:58 PM	#2 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 542	They go by your credit, even if you have a co-signer. They look at everything, credit history, LTV, cash down...ect. Banks don't look at Scores anymore. They want all deals to be at 90% LTV. __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

08-08-2009, 12:59 PM	#3 (permalink)
codpet Base Member Join Date: Jul 2009 Location: Jacksonville, FL Posts: 32 Drives: Eclipse 2007 GT Rep Power: 16	So, there's no benefit to have a co-signer anymore.. They've negated the purpose. Also, NMAC doesn't have a Tier with 90% LTV, so I don't understand where you're getting that. NMAC, Nissan's financing system only has 110% and higher. Last edited by codpet; 08-08-2009 at 01:06 PM.

08-08-2009, 01:05 PM	#4 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 542	There is still a benifit, it's just the game has changed. When the banking systems failed, they had to start looking at the liquidity ratios, and not just a Score. __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

08-08-2009, 01:51 PM	#6 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 542	Yes, but with your score it changes the LTV. I hope you get your Z! Best of Luck! __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

08-08-2009, 01:09 PM	#5 (permalink)
codpet Base Member Join Date: Jul 2009 Location: Jacksonville, FL Posts: 32 Drives: Eclipse 2007 GT Rep Power: 16	The banking systems failed for other reasons, but yeah, they failed. The dealer said it'll be a call to NMAC to work out, since I have a co-signer, my credit's low, and the co-signer's is high, it'll be a manual deal. NMAC's LTV is still 110% to 135%, I asked.

08-08-2009, 01:56 PM	#7 (permalink)
codpet Base Member Join Date: Jul 2009 Location: Jacksonville, FL Posts: 32 Drives: Eclipse 2007 GT Rep Power: 16	No, actually, they showed me the chart, the scores, even the low ones had an LTV of 110%. I wish I knew what chart you were looking at. The chart said this: Tier 4 FICO Score 580-619 - LTV 110%, Interest Rate 14.49%. Tier 3 FICO Score 620-649 - LTV 110%, Interest Rate 11.04% Also, I was told by one of the three dealers the co-signer did help. He said I would probably be in Tier 3, instead of Tier 4, or being denied because of it. Last edited by codpet; 08-08-2009 at 02:03 PM.

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