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what is Tier 1

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watchingmycredit
Established Member

Re: what is Tier 1

I'm buying a new Lexus and when looking on Lexus Financial Services site they list their best interest rate at 3.9% for a purchase for a 720 FICO, however, under special offers they have a 0.9% rate where they say "only a limited number of customers will qualify", intrigued I contacted the dealer to find out the requirements and he stated that it would take good financials and a 690 "Beacon" Smiley Surprised or better to qualify. (My EQ FICO is over 800 so it really doesn't matter) I'm guessing that's "Top Tier" though.

Message 11 of 13
JagerBombs89
Established Contributor
Message 12 of 13
casmith1980
Established Contributor

Re: what is Tier 1

from my experience with NMAC - I had a 663 prior to purchasing my Murano.  The total financed amount was just under $50k due to extras (GAP insurance, extended warranty, dealership maintenance program, tire warranty, etc).  Since I had never had a loan in this amount, I had to add my husband to the loan as a JOINT applicant (not co-signer) since he's had loans of higher value.

 

Of course with everything else credit - YMMV Smiley Wink

Filed BK 12/5/14
341 meeting 1/9/15
Anticipated discharge 3/10/15

Goal: 700 by 3/2017
Message 13 of 13
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