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I have an open Nissan loan that is current/never late. Filed CH7 BK after nasty divorce in 6/13 and reaffirmend auto loan. Have opened some new credit lines and am current on all accts. EQ FICO is 623. I went to Nissan to trade in a car that my mother purchased and that I drive. The Nissan that I purchased is driven by my college aged daughter. The dealership says that NIssan does not want to open a second loan for me without putting my daughter's name on loan, saying that I'm one person, why do I need two cars? If one is for my daughter, then she should be on the loan too. Supposedly this is to prevent people from buying cars for others. Has anyone had this experience? Is this a common practice? Are there other finance companies that would not have this condition?
@amzmom wrote:I have an open Nissan loan that is current/never late. Filed CH7 BK after nasty divorce in 6/13 and reaffirmend auto loan. Have opened some new credit lines and am current on all accts. EQ FICO is 623. I went to Nissan to trade in a car that my mother purchased and that I drive. The Nissan that I purchased is driven by my college aged daughter. The dealership says that NIssan does not want to open a second loan for me without putting my daughter's name on loan, saying that I'm one person, why do I need two cars? If one is for my daughter, then she should be on the loan too. Supposedly this is to prevent people from buying cars for others. Has anyone had this experience? Is this a common practice? Are there other finance companies that would not have this condition?
I think that this is the dealership's way of saying that the finance company wants a cosigner, either for credit or income purposes, or both. I'm not aware that Nissan has a "one-loan per person" policy; most financiers will offer multiple loans if you qualify with income & credit.
If the finance company wants a cosigner they could just say so. Really makes no sense, considering Nissan gave me a loan with a 2.9% APR when my credit was worse than it is now. The customer service lady from the dealership just called and I told her I was unhappy. She said she would talk to the finance manager and get back to me. We'll see.
Yeah, it's the dealership that is the middleman between you and the finance company; they'll quite often bend / twist / exaggerate / etc... in order to get the deal done.
U think a call to NMAC would help?
No, it likely won't help.
Yes, the dealership but more directly, the lender, are trying to avoid straw purchases, which is where you own the loan and the payments but someone else has use of the car. It's common that they require you to apply jointly for one or both vehicles if you have more than one vehicle under your own name.
Some are more lenient than others but with an open auto reporting and recent BK I am fairly to completely certain that to get a second loan you will need to have a second party on the loan.