Denied!!

[babbles]

Nissan Motor Corps denied my application for an auto loan:

too many inquires in the last 12 months-  3

too short of time for revolving accounts-  oldest account 17 years, NFCU account least oldest @ 3 yrs

TN  8 Fico score - 891

dti- 1%

strong monthly employment

I turned down the dealership before I got the denial, did they turn me down because I turned the dealership down?  suckers even pulled it twice in one day

[CYBERSAM]

Try a Credit Union instead, you should get a better rate and ability to refinance in couple of years once once int rate comes down more!

[pizzadude]

Moved to Auto Loans

[CreditCuriosity]

That makes no sense has to be more to this if your Score was 891.  What was purchase price of car?  What is your DTI and other things.  891 FICO score would never be turned down for an auto loan even if turned down by Nissian the FI manager would of easily got you approved through another lender as his commission is based based off of it and he really can care  less what lender is used he just wants his commission.

[babbles]

the score is exactly what they showed me,  purchase price of the car was 27k,  the only debt I have is a $75 balance from a loan that was 25k from 5 years ago, the letter stated exactly what happened 

[CreditCuriosity]

He gave up right at that or did he try to shop you around?  Goto a local CU as that is a pretty cheap loan amount at 27k assuming car is worth it and your income supports it which i speculate it does 27k is easy to write and likely will get a 5.5-7% rate with a CU havent checked them recently but about 4 months ago did my 2024 at a bit over 5% at NFCU which appears to having the cheapest rates at the time.  I speculate you were trying to get captive lending aka nissian for a 0% or 1.99 for x term?  Still weird why would be denied with a perfect score or near perfect as appears model they used would of been 900 for highest score 

[babbles]

I feel bad they hit my credit twice in one day, went with toyota to get a 1k rebate but as you state, I will refinance afterwhile with NFCU,  toyota financial gave me 4.69% for 72 mo 

[cashorcharge]

Typically....though I understand your frustration here....NMAC has some of the lowest underwriting guidelines for new auto loan approvals so something is defintely off here

[babbles]

yeah, I wonder what that is too??

[OGJerk]

The answer is in your last sentence. Your turned the dealer down for whatever reason so they had to withdraw the application, to do that Nissan sent you a denial letter as there was no longer an collateral being offered.