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Nissan Loan

mel1txr
New Member

Nissan Loan

Some what complicated question, need a car bad, went to my local Nissan dealer, was preapproved for the car I wanted my score is 710, also just got done paying a 4 year car loan with Ally no late payments, the problem I forsee when I submit a credit app is I am disability with MS. The loan I got with Ally 4 years ago I was working so there was not an issue, now I bring in 2k of disability, the variable is I am married my wife makes real good money but her score is 500 (long story) can I put her on the loan or will they just overlook that I am disability because of my good credit and perfect car payments? 

Message 1 of 9
8 REPLIES 8
Appleman
Valued Contributor

Re: Nissan Loan

If you are appyling for a credit card you can utilize your spouse'e income as household income.

However, if you want to list your wifes's income on the auto loan she will need to be on the loan.

 

However, I have not usually been asked for POI (proof of income) with my credit. This issue will be putting down the proper income and being qualified with an income of $24,000. It will not leave much room for payments if you have other debt.

 

Does part of your wife's long story include auto loan troubles? And even if people make good money they can still outspend it.

 

I will defer to other views from other myFICO members.

Message 2 of 9
mel1txr
New Member

Re: Nissan Loan

She has had issues with loans and not much debt, just a divorce a few years ago and some collection accounts, like I mentioned we just paid off a 4 year 30,000 loan with Ally no 0 late payments, but that was in my name.

 

 

Message 3 of 9
workingfor850
Valued Contributor

Re: Nissan Loan

Not sure what you mean by preapproved.  Normally if your preapproved you would already know the answer to this question.  You can count your disability income for sure and you can count hers also if she is a co-applicant but your concerns about her credit are valid.  I always suggest getting a preapproval through a credit union, rarely will a dealer beat their rate and in many cases the dealer will mark up the interest on the loans they get you.  Lenders and car financing arms have been paying millions in finanacial penalties for these practices but still most manufactuers lending arms allow dealers to add up to 2% interest to a car loan for arranging it for you.  

Message 4 of 9
mel1txr
New Member

Re: Nissan Loan

Thank you, I was pre-approved at the dealer, I gave them, ss,name, address, dob, Nissan ran my credit and said I was approved for pretty much any car on the lot at 0% because of my score and payment history on my past car loan which was just paid off a few months ago. My concern is when discussing the next steps to get the car I was told I would need to obliviously pick the car, sign all the papers, and fill out the credit app all a formality because of my pre approval, but on that app it will ask my job and salary which will show I could not afford a car, I know from buying many cars when you have a decent credit score they usually do not check salary or employment but just know putting my wife as a cosigner with a 500 score will most likely kill the deal, I think. I also know i can put my past job and salary on the app as I most likely will go back to work at the end of the year so the issues are endless here.

Message 5 of 9
SEMO
Frequent Contributor

Re: Nissan Loan

With your scores as they are I doubt you will get stipulated for POI... Another thing to consider is that most lender's gross non-taxable income up by 25%. So a person bringing in 2000 a month in social security would be "grossed" up to 2500 a month. Not all lender's do this but many do, Depending on her actual credit profile she might be able to go on the loan with you.

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 6 of 9
bigpoppa09
Established Contributor

Re: Nissan Loan

I have 2 loans with Nissan at the moment wasn't asked for POI or any docs when i bought both.

Message 7 of 9
workingfor850
Valued Contributor

Re: Nissan Loan

I agree, rarely do they require proof of income if your scores are in the 700 range.   

Message 8 of 9
DavioKanuri
Established Contributor

Re: Nissan Loan

Well, what happened here?
***FICO08 as of: Dec 19th 2017-EX: 731 | EQ: 727 | TU: 756***



Message 9 of 9
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