topic Re: Nissan in Auto Loans

Nissan

Anonymous — Wed, 03 Nov 2010 14:15:26 GMT

Hello

Long story, brought a new car a few years and then totalled it. Tried to get new auto loan last summer and could only get high interest loan and that was only with a co-signer.

Need car though so bit the bullet and brought used one. This car is now starting to give me problems and am looking for new car in about 4 to 6 months.

Looking at Nissan

Scores presently

TU 634

EQ 629

EX - 630 - from EX site

Have 2 PAID collections 1 from July 2009 and 1 from Nov 2007

1 PAID judgement about 2 and a half years old (although EX lists this twice)

Have about 5 old credit cards that show closed or paid after collections. age ranges from 2 to 6 years.

Recently had an old one drop off and lost some points due to average age, so I believe these are probably helping more then hurting at this point.

Also have 3 old auto loans and the present 1 year and a half old auto loan with co signor. All paid as agreed no lates.

Alo 1 personal loan paid as agreed never late

Also have open 1 credit card for 2 years. Paid as agreed and never late.

The open loan will be sold privately or traded in.

Have extremely stable job history. Have been at present job for over 5 years and also lived at same address for almost 6 years

Income is $63,000 year.

Do you think I will get approved by Nissan (NMAC)?

Anybody have experience with them and anybody know what report they pull in NJ?

Any assistance is greatly appreciated!

Thanks!

Re: Nissan

Anonymous — Wed, 03 Nov 2010 14:49:15 GMT

Roughly the same kind of scores as you and I was approved. Do the online application and if you get an approval it will be for a specific payment amount. Then just take that into the dealer and work your deal. They pulled TU for us and we got 2.9% for 72 mos on a new rogue. That was after getting the usual 20% crap rate from everyone else. We did this last Thursday 10/28. We applied on Wednesday morning and got a response Thursday morning. We were in and out in under 4 hours. Longest wait was appraising our trade and the finance guy taking a long time with the customer before us. BTW we rolled in 3535 negative equity and only put down $1325. I wish you luck.

Re: Nissan

Anonymous — Wed, 03 Nov 2010 15:19:36 GMT

Thanks for response!

Wow, $3535 and still 2.9%? That is amazing.

What was showing on your report? Any derogs?

Also are you in NJ?

Re: Nissan

Anonymous — Wed, 03 Nov 2010 15:50:25 GMT

What We have on our reports is a bunch of starter cards-all opened with in last year.

My harley loan opened 12/09

Car loan opened 5/08 with co-signer

I open collection for 293 for an apartment that screwed us and Hell will freeze over before I pay this.

So we don't have the collection issues. All I can tell you is Ford, Chevy, Toyota and all the big banks either turned us down or approved at over 15%. The only reason I applied with Nissan was to put one final nail in the coffin. With Nissan we were a tier 2. We did not qualify for the 1.9% for 60 or 0% for 36 but we did for the 2.9% for 72.

I say give it a shot. The online approval is good for 30 days. We live in texas

Re: Nissan

Anonymous — Wed, 03 Nov 2010 15:56:12 GMT

Thansk for the insight!

yeah, hoping my good auto credit will off set any damage from the paid derogs.

Also plan on getting my Credit Crad utilization down to about 10% by the time I am ready in about 4 months. According to simulator this will put my score between 650 and 670.

Anyone in NJ know who Nissan pulls though?

Re: Nissan

mross1080 — Wed, 03 Nov 2010 16:10:28 GMT

I was just approved last week from nissan ( Infiniti actually but same bank) with a 619 and rolled in about 7k in neg. equity and zero down. They pulled TU and only have 2 years history on that report and have 1 unpaid false med collection that im trying to get removed. I had 2 current auto loans and 1 was traded in (actually traded in 2 cars but other one was in DW's name). I was approved for 3.9 for 72 months.

Re: Nissan

Anonymous — Thu, 04 Nov 2010 03:48:09 GMT

Whenever you are not sure about your loan prospects, and you are going to a dealership, a healthy downpayment will always help. You might also keep that in mind since your current loan may have you in a negative equity situation.

Re: Nissan

Anonymous — Sat, 06 Nov 2010 01:21:08 GMT

My Fico score is at 700, and all of my credit scores are just over 700 as well. I haven't been late with a payment in over 3 yrs and considered just a 5% risk and have a long credit history-albeit not perfect. I have guaranteed income every month of over 5k take-home from my pension. I'm looking to lease a Nissan Altima in NYC and I'm wondering if I will have any problems leasing. How far back do they look at your history because when I was younger, it wasn't perfect and is my score good enough to be approved? I make sure that when I use my Credit Cards, I pay them off as soon as possible so I keep my credit utilization down.

Re: Nissan

mross1080 — Sat, 06 Nov 2010 01:24:53 GMT

Your recent history holds the most weight. With a score over 700 I wouldnt think of any problems getting a lease. Im not sure if it qualifies for there best rate if the lease deal is for tier 1 or 1+ only.

Re: Nissan

Anonymous — Sat, 06 Nov 2010 04:50:40 GMT

Got approved with NMAC the other day and felt darn lucky. I filed chapter 7 beginning of 2010, tried to reaffirm a car with Toyota, but they wouldn't in spite of no lates with them. Only one other car loan a few years back in an otherwise active credit history with only a few lates prior to bk. FICO score is now in the 590-610 range. Toyota loan shows IIB but no lates and no repo yet. I was hoping to hang on the Toyota for a few more months but the repo trucks began to circle my house like flys to ____ . Decided to apply for loans online first. Ford no, NMAC no, and roadloans yes at 17% for 22K. Decided to go into the Nissan dealer anyway since I actually liked how I was treated when I bought my last car there. The finance guy shopped me to a few other banks without any success, he then checked back with NMAC and worked with them to get me a $27K new car at 9% with 4K down. Even though I only had 10 months of current employment, I had high income with a solid company. I think it was a combination of a good finance guy at the dealer and my TU tradeline for Toyota looking like a reaffirmation rather than a surrender. I think this dealer sold me on my next car already.

Re: Nissan

larinoriani — Mon, 08 Nov 2010 19:34:13 GMT

Please! Never roll in negative equity into a new loan!That's a NO-NO. Don't create your own never-ending car loan nightmare! .

Re: Nissan

Anonymous — Thu, 11 Nov 2010 14:34:47 GMT

I know that you can't get auto enhanced scores anywhere but from experience can anybody advise estimated auto enhanced score based on below details?

I heard Nissan uses TU in NJ so that should help me as well.

Scores presently

TU 644

EQ 630

EX - 630 - from EX site

Have 2 PAID collections 1 from July 2009 and 1 from Nov 2007

1 PAID judgement about 2 and a half years old (although EX lists this twice)

Have about 5 old credit cards that show closed or paid after collections. age ranges from 2 to 6 years.

Recently had an old one drop off and lost some points due to average age, so I believe these are probably helping more then hurting at this point.

Also have 3 old auto loans and the present 1 year and a half old auto loan with co signor. All paid as agreed no lates.

Alo 1 personal loan paid as agreed never late

Also have open 1 credit card for 2 years. Paid as agreed and never late.

The open loan will be sold privately or traded in.

Re: Nissan

Anonymous — Thu, 11 Nov 2010 16:45:28 GMT

@larinoriani wrote:
Please! Never roll in negative equity into a new loan!That's a NO-NO. Don't create your own never-ending car loan nightmare! .

Incorrect.

There are several situations times and places where rolling in negative can actually help you.

But you need to carefully think out the decision and depending on the interest rate may need to make higher payments.

Re: Nissan

larinoriani — Thu, 11 Nov 2010 17:53:06 GMT

@Anonymous wrote:

@larinoriani wrote:
Please! Never roll in negative equity into a new loan!That's a NO-NO. Don't create your own never-ending car loan nightmare! .

Incorrect.

There are several situations times and places where rolling in negative can actually help you.

But you need to carefully think out the decision and depending on the interest rate may need to make higher payments.

Sorry but II disagree. Most situations are not feasible and/or lead to counter-productive results.

Re: Nissan

Anonymous — Thu, 11 Nov 2010 19:03:46 GMT

@larinoriani wrote:
@Anonymous wrote:

@larinoriani wrote:
Please! Never roll in negative equity into a new loan!That's a NO-NO. Don't create your own never-ending car loan nightmare! .

Incorrect.

There are several situations times and places where rolling in negative can actually help you.

But you need to carefully think out the decision and depending on the interest rate may need to make higher payments.
Sorry but II disagree. Most situations are not feasible and/or lead to counter-productive results.

Not really. It is not something I recommend every time, but you can easily go from a two figure interest rate to Zero. A gas guzzler to a more efficient one.Ancillary and total costs need to be figured into the equation.

An unwarrantied high mileage high interest rate to a zero or near zero interest rate new warrantied car can be a huge cash savings.

Rolling $5,000 of negative on a $570 a month truck payment into a Zero Percent $20000 purchase of a vehicle with twice the gas mileage will give you a car payment a hundred dollars cheaper and a savings on gas of a hundred+ a month as well.

Rolling negative cause you always wanted a red car and the one you bought two years ago is not red enough- yeah that's dumb.

Re: Nissan

haulingthescoreup — Thu, 11 Nov 2010 18:58:46 GMT

@Anonymous wrote:

I know that you can't get auto enhanced scores anywhere but from experience can anybody advise estimated auto enhanced score based on below details?
I heard Nissan uses TU in NJ so that should help me as well.

Scores presently
TU 644
EQ 630
EX - 630 - from EX site

Have 2 PAID collections 1 from July 2009 and 1 from Nov 2007
1 PAID judgement about 2 and a half years old (although EX lists this twice)

Have about 5 old credit cards that show closed or paid after collections. age ranges from 2 to 6 years.
Recently had an old one drop off and lost some points due to average age, so I believe these are probably helping more then hurting at this point.

Also have 3 old auto loans and the present 1 year and a half old auto loan with co signor. All paid as agreed no lates.

Alo 1 personal loan paid as agreed never late

Also have open 1 credit card for 2 years. Paid as agreed and never late.

The open loan will be sold privately or traded in.

I can't even begin to come up with a number --for one thing, auto-enhanced scores are on a different number scale, going up to 900, I think it is --but also, we just don't know that much about them.

The fact that you do have auto loan history, and it's healthy, will definitely help.

Our understanding is that the auto-enhanced scores look particularly closely at any previous auto financing.

But as to whether the collections and judgment would hurt you more on auto-enhanced than regular FICO scoring, I don't know

Re: Nissan

larinoriani — Thu, 11 Nov 2010 20:40:35 GMT

Not really. It is not something I recommend every time, but you can easily go from a two figure interest rate to Zero. A gas guzzler to a more efficient one.Ancillary and total costs need to be figured into the equation.

An unwarrantied high mileage high interest rate to a zero or near zero interest rate new warrantied car can be a huge cash savings.

Rolling $5,000 of negative on a $570 a month truck payment into a Zero Percent $20000 purchase of a vehicle with twice the gas mileage will give you a car payment a hundred dollars cheaper and a savings on gas of a hundred+ a month as well.

Rolling negative cause you always wanted a red car and the one you bought two years ago is not red enough- yeah that's dumb.

That scenario would demostrate savings on rolling over negative equity, In a perfect world. But in a real world, and with the present economy, how many people would have all the factors required to be approved for a deal like that? I guess there always exceptions to the rule.

Thanks for taking the time to exemplify your point.

Re: Nissan

Anonymous — Thu, 11 Nov 2010 22:15:32 GMT

Its actually not as uncommon as you think.

Ford Fusion right now has a $2,000 rebate with 0% for 60 months and .9 for 72.

Going in with employee pricing or x plan or negotiating near invoice would get you @ $2,000 off from MSRP.

Add a $1,000+ down payment and assuming you have qualifying credit you can easily walk into the deal with a decent LTV and get approved- especially if you are on existing good terms with Ford Credit.

I think many people could take advantage of it.

But at the same time I advocate no one taking advantage unless they do the math first.

if new cars could not absorba few K of negative new cars would never be sold. Now if we were talking 7K or 10K yeah I think that would be an issue trying to roll in.

Cars to me are conveyances that serve a purpose.

Re: Nissan

joeblow2 — Thu, 11 Nov 2010 23:20:42 GMT

When you apply with Nissan and they approve you online do they come back with an interest rate also along with the max payment they will go to ?

Re: Nissan

mross1080 — Fri, 12 Nov 2010 01:48:06 GMT

I have a rolling neg equity situation that worked out. My DW bought a used car before I met her and really got taken for a ride. she ended up paying to much for the car with higher milage for the year and getting told 16% interest was good. Well 3 years into the loan and a 650 dollar payment. The car had 145k on it and was worth around 7k for a trade in and she still owed around 15k. The car started having issues and I really worried about dependability. In april after a lot of looking we ended up trading it in for a new corolla and rolling in a difference. I was amazed they actually let us roll in that much neg. We put down a couple grand and the loan ended up bein around 24k at 0%. We now pay 402 a month for 60 months. Not only do I not have to worry about a car with no warranty breaking down on us. But the payment was much lower. We do have to pay it for 2 more years than we would have had to with the other but it works out to about the same amount of money. Otherwise I dont agree with rolling in neg. But it worked in my case.