Nissan

[Anonymous]

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!

[Anonymous]

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.   

[Anonymous]

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?

[Anonymous]

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

[Anonymous]

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?

[mross1080]

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.

[Anonymous]

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.

[Anonymous]

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.

[mross1080]

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.

[Anonymous]

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.