Nissan

[larinoriani]

Please! Never roll in negative equity into a new loan!That's a NO-NO. Don't create your own never-ending car loan nightmare! .

[Anonymous]

I know that you can't get auto enhanced scores anywhere but from experience can anybody advise estimated auto enhanced score based on below details?

I heard Nissan uses TU in NJ so that should help me as well.

Scores presently

TU 644

EQ 630

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.

[Anonymous]

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@larinoriani wrote:

Please! Never roll in negative equity into a new loan!That's a NO-NO. Don't create your own never-ending car loan nightmare! .

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Incorrect.

There are several situations times and places where rolling in negative can actually help you.

But you need to carefully think out the decision and depending on the interest rate may need to make higher payments.

[larinoriani]

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@Anonymous wrote:

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@larinoriani wrote:

Please! Never roll in negative equity into a new loan!That's a NO-NO. Don't create your own never-ending car loan nightmare! .

---

Incorrect.

There are several situations times and places where rolling in negative can actually help you.

But you need to carefully think out the decision and depending on the interest rate may need to make higher payments.

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Sorry but II disagree. Most situations are not feasible and/or lead to counter-productive results.

[Anonymous]

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@larinoriani wrote:

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@Anonymous wrote:

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@larinoriani wrote:

Please! Never roll in negative equity into a new loan!That's a NO-NO. Don't create your own never-ending car loan nightmare! .

---

Incorrect.

There are several situations times and places where rolling in negative can actually help you.

But you need to carefully think out the decision and depending on the interest rate may need to make higher payments.

---

Sorry but II disagree. Most situations are not feasible and/or lead to counter-productive results.

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Not really. It is not something I recommend every time, but you can easily go from a two figure interest rate to Zero. A gas guzzler to a more efficient one.Ancillary and total costs need to be figured into the equation.

An unwarrantied high mileage high interest rate to a zero or near zero interest rate new warrantied car can be a huge cash savings.

Rolling $5,000 of negative on a $570 a month truck payment into a Zero Percent  $20000 purchase of a vehicle with twice the gas mileage will give you a car payment a hundred dollars cheaper and a savings on gas of a hundred+ a month as well.

Rolling negative cause you always wanted  a red car and the one you bought two years ago is not red enough- yeah that's dumb.

[haulingthescoreup]

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@Anonymous wrote:

I know that you can't get auto enhanced scores anywhere but from experience can anybody advise estimated auto enhanced score based on below details?

I heard Nissan uses TU in NJ so that should help me as well.

Scores presently

TU 644

EQ 630

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.

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I can't even begin to come up with a number --for one thing, auto-enhanced scores are on a different number scale, going up to 900, I think it is --but also, we just don't know that much about them.

The fact that you do have auto loan history, and it's healthy, will definitely help.

Our understanding is that the auto-enhanced scores look particularly closely at any previous auto financing.

But as to whether the collections and judgment would hurt you more on auto-enhanced than regular FICO scoring, I don't know

[larinoriani]

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Not really. It is not something I recommend every time, but you can easily go from a two figure interest rate to Zero. A gas guzzler to a more efficient one.Ancillary and total costs need to be figured into the equation.

An unwarrantied high mileage high interest rate to a zero or near zero interest rate new warrantied car can be a huge cash savings.

Rolling $5,000 of negative on a $570 a month truck payment into a Zero Percent  $20000 purchase of a vehicle with twice the gas mileage will give you a car payment a hundred dollars cheaper and a savings on gas of a hundred+ a month as well.

Rolling negative cause you always wanted  a red car and the one you bought two years ago is not red enough- yeah that's dumb.

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That scenario would demostrate savings on rolling over negative equity, In a perfect world. But in a real world, and with the present economy, how many people would have all the factors required to be approved for a deal like that?  I guess there always exceptions to the rule.

Thanks for taking the time to exemplify your point.

[Anonymous]

Its actually not as uncommon as you think.

Ford Fusion right now has a $2,000 rebate with 0% for 60 months and .9 for 72.

Going in with employee pricing or x plan or negotiating near invoice would get you @ $2,000 off from MSRP.

Add a $1,000+ down payment and assuming you have qualifying credit you can easily walk into the deal with a decent LTV and get approved- especially if you are on existing good terms with Ford Credit.

I think many people could take advantage of it.

But at the same time I advocate no one taking advantage unless they do the math first.

if new cars could not absorba few K of negative new cars would never be sold. Now if we  were talking 7K or 10K yeah I think that would be an issue trying to roll in.

Cars to me are conveyances that serve a purpose.

[joeblow2]

When you apply with Nissan and they approve you online do they come back with an interest rate also along with the max payment they will go to ?

[mross1080]

I have a rolling neg equity situation that worked out. My DW bought a used car before I met her and really got taken for a ride. she ended up paying to much for the car with higher milage for the year and getting told 16% interest was good. Well 3 years into the loan and a 650 dollar payment. The car had 145k on it and was worth around 7k for a trade in and she still owed around 15k. The car started having issues and I really worried about dependability. In april after a lot of looking we ended up trading it in for a new corolla and rolling in a difference. I was amazed they actually let us roll in that much neg. We put down a couple grand and the loan ended up bein around 24k at 0%. We now pay 402 a month for 60 months. Not only do I not have to worry about a car with no warranty breaking down on us. But the payment was much lower. We do have to pay it for 2 more years than we would have had to with the other but it works out to about the same amount of money. Otherwise I dont agree with rolling in neg. But it worked in my case.