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Valued Member
dhrren
Posts: 40
Registered: ‎06-14-2012

Nissan $550/Month Pre-Approval

Good Morning,

 

First off I LOVE THIS BOARD.  Thanks to you all I went up 80 points in 2 months!

 

So yesterday I started the car trade in process.  I have 2 seemingly good offers.

In this thread I have questions about NISSAN/INFINITI or NMAC.

 

I went on to the www.nissanusa.com  website put in my SSN and all applicable info and within 10 minutes was approved for up to $550 per month.

I am not quite sure what that means.  It does say in the dealer part that they DO NOT have to run my credit again.

 

Can someone please provide me with as much information as possible on what exactly these approvals mean and how i can use it?

 

APR?    How much?  30K?    Does it have to be a nissan or just one from their lot?   Is there an LTV?  I am really confused but i want this done by tomorrow. 

 

 

Any information is appreciated and yes i searched the forums and google and didn't get much.

 

Thank you,

 

DRH

 

 

Contributor
cahiatt
Posts: 75
Registered: ‎05-04-2011

Re: Nissan $550/Month Pre-Approval


dhrren wrote:

 

I went on to the www.nissanusa.com  website put in my SSN and all applicable info and within 10 minutes was approved for up to $550 per month.

I am not quite sure what that means. 

 



It means that someone at Nissan USA programmed their website for suckers. $550 doesn't mean a lot. It could mean a $32k loan for 5 years at 1.9% or it could be $17k for 3 years at 15%. Never buy on payment. That opens up a door for the dealer to start adding costs or even stretching ot the term on higher priced vehicles to keep you under your payment ceiling. Not a good idea.

 




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Moderator
pizzadude
Posts: 8,544
Registered: ‎01-28-2010

Re: Nissan $550/Month Pre-Approval

 

Yeah, I agree that you're setting yourself up for a bad deal if you want into the dealer and announce that you're pre~approved for $550/month.    Find the vehicle that you like and negotiate the price, not the monthly payment.    You need a pre~approval for an exact dollar amount at a set interest rate ~ I'd recommend talking with a local CU or bank to get an idea of what you can get pre~approved for.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
dhrren
Posts: 40
Registered: ‎06-14-2012

Re: Nissan $550/Month Pre-Approval

How can I find out what $ amount and apr in approved for through NMAC?
Moderator
pizzadude
Posts: 8,544
Registered: ‎01-28-2010

Re: Nissan $550/Month Pre-Approval


dhrren wrote:
How can I find out what $ amount and apr in approved for through NMAC?

You may not be approved for an exact amount and set rate, which IMO is a pre~approval that you shouldn't rely on.    If none of the information they gave you lists a specific dollar amount and set interest rate then you can expect to be gouged at the dealer.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
dhrren
Posts: 40
Registered: ‎06-14-2012

Re: Nissan $550/Month Pre-Approval

I will be going to the Nissan dealer later to see what this is about. The approval instructs the dealer to not run credit again. If anyone else has experiences with the Nissan approval website let me know.
Moderator
pizzadude
Posts: 8,544
Registered: ‎01-28-2010

Re: Nissan $550/Month Pre-Approval


dhrren wrote:
I will be going to the Nissan dealer later to see what this is about. The approval instructs the dealer to not run credit again. If anyone else has experiences with the Nissan approval website let me know.

I think it is exactly what it appears to be ~ an approval for a monthly payment.    They will very likely steer you to a car that maximes their profit & fees, so beware.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
dhrren
Posts: 40
Registered: ‎06-14-2012

Re: Nissan $550/Month Pre-Approval

Thank you Pizzadude.  From what i read it is pretty legit however you have to select a vehicle and then do all to know

what APR and term, etc because it is based on New vs CPO vs used etc.  I do get that I was just hoping that NMAC

could tell me how much and what APR for what CPO vs New vs used etc.  If anyone has more info I am all ears. 

 

 

Thanks  all!

Frequent Contributor
BigDaddy18
Posts: 673
Registered: ‎04-23-2009

Re: Nissan $550/Month Pre-Approval

Yes this sounds shady and super unfair for people that dont know any better.  I'm glad your on this forum so you can at least get some inside scoup don't do it!!


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