NMAC Program Subprime

[Anonymous]

Local Nissan dealer told me I have pre approval with NMAC, I did it through soft pull on line. Told me when I come in person to bring my paystub as POI. Any idea what int rate might be on that program. Obviously subprime scores since I need POI.

[Appleman]

Not enough information. The dealer may want you to bring POI just in case they need it.

Did he specify that it was Subprime?

Have you tried Cap1 Auto Navigator with the SP option. May be worth the time to see what you might qualify.

[Anonymous]

She told me I was approved by NMAC and to bring POI. Assuming subprime due to my scores but auto history is clean. I have an approval on my own from Cap one at 16.13.

[JGGM]

I'm not saying this is for sure your case, but many times the captive lender for a manufacturer (in your case NMAC) offer subvented rates for subprime borrowers. Typically if this is offered, you lose all the cash rebates, but you get a much better interest rate than you would normally qualify for. For example: Say a new Nissan Altima has $4,000 in rebates (I have no idea what the actual number is, I'm just throwing out a number). NMAC may do the loan at 7.9% interest (when you might normally qualify for 16.9%) BUT you lose the cash rebates, so you pay more for the vehicle itself. The same thing typically happens when you see 0% on vehicles. 

POI would be a normal stipulation with any subprime approval. 

[Anonymous]

Went to buy a Sentra last night. Dealer ran my credit said I was approved through NMAC but would only show me a payment chart with no interest rate and an inflated price from their on-line best price if you finance with NMAC. Salesman said you wont know rate until you go to sign and was playing payment game. I asked to speak to finance manager. He told me same thing. I walked out.I would think after running my credit you should know the int rate before signing for the car at closing. Going to a local CU for a loan today instead and obviously not back to that dealer. 

[JGGM]

If the dealer told you they had an approval, then they had an interest rate. Maybe they were shopping the rate, who knows. My personal guess is they didn't actually have an approval yet. There's no reason to hide the interest rate from you - it is what it is. 

As as far as marking up the vehicle price from online - if they had a subvented rate from NMAC, that wouldn't surprise me (see previous post about giving up rebates to get said subvented interest rate thru captive lender). Personally, I have no issue telling a customer their interest rate once I have an approval. And, I've always been of the belief that if the customer has a better offer from their own bank, then by all means let's use that offer....customer happy, dealer happy, win-win. 

Sorry you have had a less than desirable experience.