Here's my situation -

[marty56]

I would get copies of my TU and EQ CR and FICO scores.  I would show them to my local CU and see what they think.  They may not tell you but it will save you an INQ.  You can try that with the dealer but I don't know if they will be objective.  The goal is to try to get someone to either say they will approve you or everyone says they won't approve you with out actually applying for credit.  You may be forced to but collecting as much info as you can is passive mode is always good.

Even if you are forced to burn an INQ, at least you will know.  Also check other non Nisan dealers as well. 

[mrcrush20]

was the 1st lone with nissan ? they will VRU you

meaning if you have made 18 payment with NMAC on time you will get approved for a new loan if you trade in the old one for 25% more loan that last time 

EX last payment 400, pre approve with out credit check with Nissna VRU for up to 500

if you charge off every credit card lose two houses and have major medical NMAC will still VRU but needs 18 payments on time to do so

[logan_720]

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@Anonymous wrote:

Why get mad at Jimbo, he's 100 percent right and you know it (which is proven with your angry response)

Hey guys I have  credit card debt and am behind on my mortgage, so I decided to buy an expensive new car...makes sense to me!!!

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+1,000,000

[gallifrey]

I seriously hope you consider not buying a new car. You are behind on your mortgage and that's where you live! If that's not paid on time why would your car be paid on time? Having a high income doesn't make you a good borrower. Get your house in order, card debt in order, then buy a car. Without a doubt your score will be higher and look better to potential lenders. Rarely does a person need a brand new car. Good luck!

[kimmiller112]

I know of  a person who has purchased 2 Nissans within the past year, one just a couple months ago.  They were both financed through Nissan's financing.  He do not have very good credit but they were approved.  However, the APRs are high.  There are plenty of car dealerships that are approving loans for people with not so good credit, but just be prepared for a higher than average APR.

[marty56]

Even if you get a high APR, you may be able to refi down the road once your situation improves.

[drkaje]

@ Marty,

What makes you believe the situation will improve to the point where accepting a higher rate really shouldn't be a concern? I read that advice pretty often here and am curious about the thought process.

[Revelate]

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@drkaje wrote:

@ Marty,

What makes you believe the situation will improve to the point where accepting a higher rate really shouldn't be a concern? I read that advice pretty often here and am curious about the thought process.

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Because a car is a special case purchase: you may be dependant on one to have access to employment (income) and at least here in the States, it's pretty much a non-starter if you can't get to your job.  Mass transit works for an unfortunately small number of people here, that's one of the things Europe absolutely does better, but even then there's an opportunity cost with time.

Secondly, FICO scores absolutely go up with time assuming no derogatories hit the report.  That's an immutable fact with the exception of temporary utilization penalties which are not tracked beyond instant-in-time in the algorithm calculation.

Finally, there's a non-trivial penalty for a "first time buyer" in the Auto-enhanced industry option (edit: may be mitigated by a mortgage or other installment tradelines, this is unknown), which can dramatically dump one's score (mine was a 48ish point swing on EX for example) and can be mostly to completely erased within 6-12 months, even if nothing else in your report changes at all, just by having that healthy auto installment loan.

For those reasons, as long as you buy a car you can afford, everything else is absolutely under your control to bring that rate down as time passes.  You don't have to live with the nasty subprime rate forever, especially as even a year (let alone two or more) can make for a pretty substantial increase in scores out of the 500's (or lower) if you focus on cleaning up the behavior which got you there in the first place.  This gets even better for thinnish-files which in my case I fall into, where my EQ score has increased by literally 56 points since 12/30, and that's with a paid tax lien and paid collection on that report too from the last 3 years.  It can happen for other folks too, but I know when I go to refi even my straight score will be well above what I originally got, and that can only help in lowering my rate.

[marty56]

Back in my subprime days, I purchased at home and the interest rate I got was 7.25 which was very high for the time.  After I got out of debt I was able to refi to 4%.  I am so glad I did not wait to buy a home.

 I did many things wrong with my credit but buying a home, even when most people thought I was crazy wasn't.

[drkaje]

@ Rev & Marty,

Thanks!