Need Auto Loan- wrong color or wrong score?

[Anonymous]

I'm looking to get a Nissan Altima for $18k.  I pulled my CS before I left and this is what it said;

714

680

690

Got to the dealer and this is the number they got

780

I have one CC, and one furniture store account.  Both in good standing.  No deliquencies or anything negative in my credit history.

The dealer would not finance because they said they liked to see 4 types of credit, not 2.  He said otherwise my score was "good" and I made enough money and had been at my job a long time, and my time at my current residence looked good.  He said he had a guy in the day before with a score of 820 (emplying thats what they like to see).  I personaly think they like to see less color on the skin...lol.  Tell me what I am doing wrong.  Or should I run not walk to another dealer? (which makes me nervouse because more inquiries will drop my score)

[Anonymous]

I'd run. With your scores/good income I'm sure there's plenty of lenders that would be willing to finance you. I'd try a credit union first and if that failed Capital One. Then I'd go online and get quotes from 3 different Nissan dealers. Once you get the lowest quote, email it to the other 2 dealers and see if they can beat it. Keep doing that and let them compete for your business. Once you get your best price, buy it and then email Nissan's customer service and let them know how you were treated at the original Nissan dealer.

[urlosin]

It is actually very common for people with high scores but otherwise limited credit history to get turned down. I am guessing both of the accounts you have are $5000 or less credit line. It mostly happens with young people. You need to work your way up to higher credit limit accounts to show you can handle bigger payments. You might try a lease or hurry up and apply to some credit unions or other banks while you are still in the 14 day window.

Your skin color had nothing to do with this...all money is green and car dealers will do whatever they can to sell a car.

[Anonymous]

What state are you in? There is no reason you should not be able to get financed.My first financed car was a Nissan, when I had 5 credit cards (3-4 years history) and a good job (I was 22), I had a perfect payment history, was never late and had no negative history. The dealership told me they would not finance me unless I put 4,000 down on a $18,000 car because they don't care whether you made or missed a $20 payment because I had no previous vehicle lending history. I was livid.So, being young and naive I stopped worrying about that little $20 payment and messed up my credit. But, I went back 2 years later (less favorable credit profile) and was given a fully loaded Altima, leather seats with $1000 down payment. I decided not to give up and it worked out. Now at 33, I wish I knew then what I know know.

YOU CAN GET THE VEHICLE YOU WANT!!! You have demonstrated fiscal responsibility and have a phenomenal score. Shop around and definitely find a better dealership worth your time and money. I recently bought a new vehicle ($21,000) with scores in the low 500s, and a mess of old collections I am cleaning up, and was not taken advantage of in any way. BTW, my Nissan was paid in full, but had a 3000 charge off balance because there were extra monies not paid by the contract end date but had paid this down to 440 prior to my 2007 jeep. It was an 2000 Altima with 10miles on it at purchase.

Sometimes, these people say this so you will be quick to spend more money. Don't trust them. You can get a great deal. You just need to find the right person. I know this is irrelevant, but since you mentioned it, I am a black female and went to a predominately white dealership and they were wonderful. I think the only color these dealerships see is green.

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@Anonymous wrote:

I'm looking to get a Nissan Altima for $18k.  I pulled my CS before I left and this is what it said;

714

680

690

Got to the dealer and this is the number they got

780

I have one CC, and one furniture store account.  Both in good standing.  No deliquencies or anything negative in my credit history.

The dealer would not finance because they said they liked to see 4 types of credit, not 2.  He said otherwise my score was "good" and I made enough money and had been at my job a long time, and my time at my current residence looked good.  He said he had a guy in the day before with a score of 820 (emplying thats what they like to see).  I personaly think they like to see less color on the skin...lol.  Tell me what I am doing wrong.  Or should I run not walk to another dealer? (which makes me nervouse because more inquiries will drop my score)

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Message Edited by cfstr1 on 08-29-2007 07:23 AM

[Anonymous]

Thank you all for excellent advice.  I did go to my credit union today like someone suggested and sure enough they were delighted to see my score, and told me they would finance the whole thing!

I am not young, I am in my late 30's, I just pay cash for everything.  Which I know in the world we live in means a creditor knows nothing about me.  Thats why I opened up a couple of accounts.  But I always pay in full.  My credit score rose over 150pts within a 4mo window!

Any car I've wanted I purchased with cash.  Ive had a Maxima (that I worshipped!..lol), Volvo and 1 or 2 others.  All excellent cars and all paid for, and rode until the wheels fell off.  Now I want a new Nissan Altima. --- It must be standard Nissan lingo, because they told me the same thing they told you. "we like to see a car loan on there...blah..blahh'  Which in essence they did me a favore.  I'm sure their interest rate was atrocious.

The problem now is that they know the bank has cleared me.  ---THEY CALLED MY BANK!  And tried to get them (the bank) to send them (delaer) the paperwork!  They told me they were "helping me rush things through"  I'm pissed, but this car and the options it comes with is exactly what I want.  I'm torn and I feel rushed.  Once the dealer found out (about the approval) he blew up my cell phone leaving messages ALL DAY LONG!

You are all right....money does talk.  There was a couple in there who was differernt from myself, and they didnt seem to be treating them any more worse or better.

[Anonymous]

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iWANTaNISSAN wrote:

Thank you all for excellent advice.  I did go to my credit union today like someone suggested and sure enough they were delighted to see my score, and told me they would finance the whole thing!

I am not young, I am in my late 30's, I just pay cash for everything.  Which I know in the world we live in means a creditor knows nothing about me.  Thats why I opened up a couple of accounts.  But I always pay in full.  My credit score rose over 150pts within a 4mo window!

Any car I've wanted I purchased with cash.  Ive had a Maxima (that I worshipped!..lol), Volvo and 1 or 2 others.  All excellent cars and all paid for, and rode until the wheels fell off.  Now I want a new Nissan Altima. --- It must be standard Nissan lingo, because they told me the same thing they told you. "we like to see a car loan on there...blah..blahh'  Which in essence they did me a favore.  I'm sure their interest rate was atrocious.

The problem now is that they know the bank has cleared me.  ---THEY CALLED MY BANK!  And tried to get them (the bank) to send them (delaer) the paperwork!  They told me they were "helping me rush things through"  I'm pissed, but this car and the options it comes with is exactly what I want.  I'm torn and I feel rushed.  Once the dealer found out (about the approval) he blew up my cell phone leaving messages ALL DAY LONG!

You are all right....money does talk.  There was a couple in there who was differernt from myself, and they didnt seem to be treating them any more worse or better.

---

Do you have more than one Nissan dealer where you live?  If so most credit unions offer a service where you tell them what car you want and the extra's you want in it, they will find it for you and negotiate a price.  You could end up paying less than the sticker

[George2037]

Do you have more than one Nissan dealer where you live?  If so most credit unions offer a service where you tell them what car you want and the extra's you want in it, they will find it for you and negotiate a price.  You could end up paying less than the sticker

---

That's true, I was shopping for a Motorcycle and when I called my CU they told me the purchase price was too much.  About 2 hrs later I got a new Purchase Order from the dealer almost $2k less, aparently the CU called them and TOLD them what they are going to sell the bike for.

[Anonymous]

It's funny how that works, isn't it? Congratulations on the approval. It is well deserved.

[Anonymous]

Darn!  I wish I would have known that.  My CU did say something about looking at the true value of the car.  But they never told me if that car was overpriced.  I do belive the woman said it was a good deal.  I did my homework and it seems as though it was: Leather seats, tinted windows, spoiler -- all after-market purchases--all not factored into the price ( I priced similar year and models).

My CU gave me a 6.24% rate... and I am happy about that.  The dealar sliped up and told me that the financing they were going to do for me (?!-- oh they were???!!) was going to be 16% !!

When I arrived at the dealer to get my car, I met with the manager.  I told him I didnt like the harrasing tactics.  He must have told my sales guy because he ate tons of humble pie-and -'yes mam'-and so forth (still left a bad tast).  Anyhoo...thank you all.  This board is a God send.  ----Once the car is paid off-[going to double up on payments], I'm going to try to purchase my first home (I'm scared to death! )--- So I'm going to head over to the mortgate board and get tips over there. 

Message Edited by iWANTaNISSAN on 08-30-2007 04:10 PM

[George2037]

Your CU will watch out for you, I mean don't completly trust them with everything but you can deal with them knowing they are working for you.... Remember CU's are customer owned and no shareholders to keep happy    It's in their best intrest to make sure you are happy and don't get screwed over, I'm sure if they had a problem with the price tag they would have spoken up.

Oh something else to remember when you are shopping for a Home Loan, go to your CU first.. Their Home Loan Dept is prob paid by the hour and cold care less if they close a loan or not.  You will get an awesome rate, and they won't let you get into something that will hurt you later on down the line. 

Check out this thread and go to the link, it gives some really interesting info on CU loans vs Big Bank Loans.....