F@@k Nissan! (VERY VERY pissed!)

Roo · 06-26-2009, 02:09 AM

So let me get this straight, your mad at Nissan because they wouldn't let someone with no credit history borrow almost $40k? No credit is FAR from good credit, and student loans don't help much.

Sashimi · 06-26-2009, 04:10 AM

I have a very similar story, but with a happy ending.

The 370z is my 7th car, but all my previous cars were bought cash only so I never put up a loan. Also since I'm very young I didn't think I'd get a good rate at all

First I went to Infiniti of Oakland to get a G37, I was planning on putting 15,000 down and the rest on a loan over 6 years. They approved me but gave me 18.9% APR. So I said screw that I'm not going to buy this.

After a few weeks I fell in love with the 370z so I was interested in buying that. I finally found the one I want and offered to buy this at VPP pricing and place 15K down. After a good week of talking to this salesman who "Guaranteed" that I would get the car for 9% APR, he calls me and says "Sorry we can't approve your loan unless you put 19K down"

This is ridiculous, if I put over 30% down on a car I should get approved no matter what. So the numbers came down to 19K down and 14.99 APR. I wouldn't take it. My credit score is 730 I make more than enough a month I should get approved for something better.

I decide, talking on the phone isn't going to get anything done, so I drove there (1hr 30 min trip) to talk to them in person. The guy still gave me the same quote 19K down at 14.99% APR. There was no way I would do that, I have the money but I feel like I'm getting suckered in so many ways if I accept this.

So the dealer asked to see my pay stub, so I called my work and had them fax over a copy to the dealer. About 5 minutes later they came back saying I was approved for 15K down and 6.59 APR (WAY better than what I was expecting for a 22year old first time buyer)

So I'm now at home with my Z Parked in front of my house. good luck to all of ya

Lonewolf88 · 06-26-2009, 04:20 AM

Quote:

Originally Posted by tooohip

Why are you pissed at Nissan because you have little or no credit history?

Banks from accros the ocean seem really more complicated than in europe....
How can he have a credit history if everyone he meets for a loan give him the same answer? the snake eating his tail

In the other hand, relax dude. It's just a car, if u really want it, you'll have it eventually

MightyBobo · 06-26-2009, 05:29 AM

I was approved for a 25K car loan when I was 19...having a credit card that I paid reliably since I was 18 was a very wise plan on my part

. 6 years later now, when Nissan came back with my loan application (you have to file with them also if your loan isnt already approved through PenFed), they just laughed and said, "Yeah, you're good" lol.

BanningZ · 06-26-2009, 06:47 AM

I put a credit line loan into effect when I bought my fiancee the Scion even though I had cash in hand with the full amount needed for the Scion.. I told my bank to take out a monthly loan payment for the amount of $5000, and all it does is pull money out of my account every month and build up my credit.. Its a great way to build credit. If you have more than five grand in a checking or savings a account they will approve you for a credit limit loan no prob. But you can usually get a credit limit loan for any amount that they can hold on to. As a guaranteed loan.. Its a great way to build up credit.

rackley · 06-26-2009, 08:26 AM

Dude, why would you even use dealer financing to begin with? Shop around and get financing from someone else, you'll usually get a much better deal. Dealer financing is another way they suck money out of people who don't plan ahead and get all their paperwork in order before they walk into the dealership.

kannibul · 06-26-2009, 08:30 AM

Quote:

Originally Posted by Pharmacist

Right now, words cant describe how goddamn pissed I am!!!!!!!!!!!!!!
Ok, here's the story.

I was able to locate a yellow 370 with sport package, no navigation, brand new, literally my ideal combination! Test drove it on Tuesday. Went back to dealership, and made an offer for 1000 bucks below sticker (i.e. CAD 44500) and dealer accepted, no questions or hassle. So I filled the credit application for the financing with 8000 downpayment and the rest to be financed over 2 yrs at 5.9%.

So today I call the salesman to inquire about the status of my loan and he got the F&I woman to call me later today. She told me that my credit application was rejected cuz I don't have a history of credit and I can either get my parents to co-sign my loan application or she can try to put the application through a bank, but at a possibly higher rate!

I was pissed, but thought perhaps my credit score was low (I never checked it before). So I went and checked it online via TransUnion Canada and found my FICO score was 760! It was rated as "good" (which is just one step less than excellent, the max. rating they have) , and higher than that of 58% of Canadians!

So I called the woman again asking wtf is up! She said Nissan rejected it despite my high score cuz I have no history of borrowing large sums of money and that I have a few credit cards with small credit that I do not use (which is partially true, I rarely use credit cards, and the ones I have are low credit limit, like 5000 CAD or so, from my days as a student). What I unfortunately forgot to tell her, but is already stated explicitly on my credit history that I'm sure they read, is that I DID borrow a large sum of money. That was around 45 grand from the government for my student loan in university, and that I already paid off more than half of it (around 24 grand) since I started working as a pharmacist last January. Thus, she said, Nissan thinks I'm a high risk applicant and will need my parents to cosign. She later said she'll try and put it through the banks and will call me later to update me.

That's the story in a nutshell. I woke up today ecstatic that I'm gonna be driving my own 370 by the weekend, but now I'm just angry, upset, and depressed cuz of the BS treatment I received. I'm no teenage high school kid. I'm a 25 yr old pharmacist. No way in hell I'm gonna walk into a dealership dragging mommy and daddy behind me to cosign for me. And my good FICO score should be enough for them. I'm buying a Nissan, not a Ferrari or Lamborghini.

At this point, I'm thinking f##k Nissan and their cars. If that's how they do business, I will take my business to another company. If they don't give me financing at 5.9%, then congrats to them. I won't ever pay a single penny to Nissan for the rest of my life.

You have to have a bit of history showing you know how to make payments on loans and credit cards.

It's not Nissan's fault that you don't have the right kind of credit to buy a 30K-40K car...

kannibul · 06-26-2009, 08:32 AM

Quote:

Originally Posted by Pharmacist

Ok, regarding the no credit history thing, I DO have a credit history. It's my student loan. It was 45k, i.e. more than the Z is worth, and paid more than half of it (24k) in a period of only 5 months. Doesn't that count for something?

Also, funny thing is that my own bank already had me preapproved for 18 000 no questions asked, without me even applying for more. The financial advisor in the bank said if I give him proof of income (i.e. paycheck stubs) he can get me even more, but he won't be able to match APR rates of car companies, so I didn't apply.

Besides, where is the risk for Nissan? With 8000 downpayment, and financing over only 2 yrs, at no point in time will I ever be upside down on the loan. Even if I default, they can repossess the car and sell it again, and still make a decent profit.

Student loans are the "joke" of credit.

Are you making payments on it now? More than likely not - so, that shows up as a huge debt on your credibility to be able to pay off more debt.

Pharmacist · 06-26-2009, 09:01 AM

Quote:

Originally Posted by kannibul

Student loans are the "joke" of credit.

Are you making payments on it now? More than likely not - so, that shows up as a huge debt on your credibility to be able to pay off more debt.

Why are they "joke" of credit?

Also, I already mentioned that I paid off more than half of it (24k out of 45k) in just 5 months since I started working in January.

phelan · 06-26-2009, 10:47 AM

Quote:

Originally Posted by FricFrac

I encourage young people all the time to get into the market but most would prefer to spend their money now for instant gratification....

Anyhow 16 years later I could actually afford to buy my Z. Sacrifice now will pay off huge in the future....

I'm giving myself one moment of instant gratification, then it's off to the races to get that house XD

Not sure how it's particularly a "joke" of a credit, but if what people said before is true about getting turned down because you already owe lots of money towards other things (like cjanik with penfed), it kind of limits your position...

kannibul · 06-26-2009, 10:50 AM

Quote:

Originally Posted by Pharmacist

Why are they "joke" of credit?

Also, I already mentioned that I paid off more than half of it (24k out of 45k) in just 5 months since I started working in January.

Because unlike a lot of revolving credit, people aren't overly obligated to pay it back (without the same level of repercussions)

Sibze · 06-26-2009, 01:43 PM

Quote:

Originally Posted by kannibul

Because unlike a lot of revolving credit, people aren't overly obligated to pay it back (without the same level of repercussions)

Totally. Also they are not looked at as much because student loans are EASY to get... they have to be...

To qualify for a government student loan you need to have two things

1. No BAD BAD BAD credit IE Collections/Bankruptcies
2. A pulse

nogoodname · 06-26-2009, 02:00 PM

what are the rates at banks now??...like TD

you have like no credit history....it's always going to be hard to get the 1st loan for a car or house....the 1st one always sucks big time.....check the banks or just get one of ur parents then...not a big deal !!...or save up the cash and then buy it.

Roo · 06-26-2009, 02:02 PM

Hell I have 1 paid off house on my record, 8 cars, 1 current house, and 2 credit cards all with perfect records and Nissan almost denied me. The only bad mark I have on my credit is from Pacific Palisades which is a fraud company and I am currently disputing the mark. The reason I was almost denied is because of my credit score which is about 640. The reason my score is low is because of my American Express card and AMEXs reporting habits. THey seem to always report the high on my AMEX but they never report that its paid off every month. I use my AMEX for business and sometimes I put over $50k a month on the card so it makes my score low because it looks like I have high debt when in fact the card is paid off every month. But if you look at my credit history you see it is stellar.

davidyan · 06-26-2009, 02:17 PM

Thats strange that the bank wouldn't accept due to your lack of credit history alone given you have a good job and down payment. When I was 23 (I'm 26 now) I bought a house with barely any history at all and got a good rate. All they required me to do was to put more than 20% down for the house. A car should be even easier.

06-26-2009, 04:10 AM	#32 (permalink)
Sashimi Base Member Join Date: Jun 2009 Location: Pleasanton, CA Posts: 120 Drives: Pearl White 370z Rep Power: 400	I have a very similar story, but with a happy ending. The 370z is my 7th car, but all my previous cars were bought cash only so I never put up a loan. Also since I'm very young I didn't think I'd get a good rate at all First I went to Infiniti of Oakland to get a G37, I was planning on putting 15,000 down and the rest on a loan over 6 years. They approved me but gave me 18.9% APR. So I said screw that I'm not going to buy this. After a few weeks I fell in love with the 370z so I was interested in buying that. I finally found the one I want and offered to buy this at VPP pricing and place 15K down. After a good week of talking to this salesman who "Guaranteed" that I would get the car for 9% APR, he calls me and says "Sorry we can't approve your loan unless you put 19K down" This is ridiculous, if I put over 30% down on a car I should get approved no matter what. So the numbers came down to 19K down and 14.99 APR. I wouldn't take it. My credit score is 730 I make more than enough a month I should get approved for something better. I decide, talking on the phone isn't going to get anything done, so I drove there (1hr 30 min trip) to talk to them in person. The guy still gave me the same quote 19K down at 14.99% APR. There was no way I would do that, I have the money but I feel like I'm getting suckered in so many ways if I accept this. So the dealer asked to see my pay stub, so I called my work and had them fax over a copy to the dealer. About 5 minutes later they came back saying I was approved for 15K down and 6.59 APR (WAY better than what I was expecting for a 22year old first time buyer) So I'm now at home with my Z Parked in front of my house. good luck to all of ya Last edited by Sashimi; 06-26-2009 at 04:12 AM.

06-26-2009, 05:29 AM	#34 (permalink)
MightyBobo A True Z Fanatic Join Date: Feb 2009 Location: Las Vegas, NV Posts: 8,465 Drives: No cars; only bikes Rep Power: 52	I was approved for a 25K car loan when I was 19...having a credit card that I paid reliably since I was 18 was a very wise plan on my part . 6 years later now, when Nissan came back with my loan application (you have to file with them also if your loan isnt already approved through PenFed), they just laughed and said, "Yeah, you're good" lol. __________________ I don't own a car anymore.

06-26-2009, 06:47 AM	#35 (permalink)
BanningZ A True Z Fanatic Join Date: Nov 2008 Location: nowhere Posts: 5,478 Drives: 06' Nismo Frontier Rep Power: 28	I put a credit line loan into effect when I bought my fiancee the Scion even though I had cash in hand with the full amount needed for the Scion.. I told my bank to take out a monthly loan payment for the amount of $5000, and all it does is pull money out of my account every month and build up my credit.. Its a great way to build credit. If you have more than five grand in a checking or savings a account they will approve you for a credit limit loan no prob. But you can usually get a credit limit loan for any amount that they can hold on to. As a guaranteed loan.. Its a great way to build up credit. __________________ Become a Premium Member: Click HERE MB 06' Nismo VQ40DE Last edited by BanningZ; 06-26-2009 at 06:57 AM.

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06-26-2009, 02:09 AM	#31 (permalink)
Roo Base Member Join Date: Jun 2009 Location: Alta Loma Posts: 161 Drives: 2009 370z with nav Rep Power: 15	So let me get this straight, your mad at Nissan because they wouldn't let someone with no credit history borrow almost $40k? No credit is FAR from good credit, and student loans don't help much.

06-26-2009, 08:26 AM	#36 (permalink)
rackley Base Member Join Date: Mar 2009 Location: Charlotte NC Posts: 77 Drives: 09 370Z Sport-Yellow Rep Power: 16	Dude, why would you even use dealer financing to begin with? Shop around and get financing from someone else, you'll usually get a much better deal. Dealer financing is another way they suck money out of people who don't plan ahead and get all their paperwork in order before they walk into the dealership.

06-26-2009, 02:00 PM	#43 (permalink)
nogoodname Lifetime Premium Join Date: Nov 2008 Location: Montreal Posts: 22,357 Drives: E46 M3 Rep Power: 1764	what are the rates at banks now??...like TD you have like no credit history....it's always going to be hard to get the 1st loan for a car or house....the 1st one always sucks big time.....check the banks or just get one of ur parents then...not a big deal !!...or save up the cash and then buy it.

06-26-2009, 02:02 PM	#44 (permalink)
Roo Base Member Join Date: Jun 2009 Location: Alta Loma Posts: 161 Drives: 2009 370z with nav Rep Power: 15	Hell I have 1 paid off house on my record, 8 cars, 1 current house, and 2 credit cards all with perfect records and Nissan almost denied me. The only bad mark I have on my credit is from Pacific Palisades which is a fraud company and I am currently disputing the mark. The reason I was almost denied is because of my credit score which is about 640. The reason my score is low is because of my American Express card and AMEXs reporting habits. THey seem to always report the high on my AMEX but they never report that its paid off every month. I use my AMEX for business and sometimes I put over $50k a month on the card so it makes my score low because it looks like I have high debt when in fact the card is paid off every month. But if you look at my credit history you see it is stellar.

06-26-2009, 02:17 PM	#45 (permalink)
davidyan Base Member Join Date: Jun 2009 Location: CA Posts: 244 Drives: PG 370Z Sport 6MT Rep Power: 15	Thats strange that the bank wouldn't accept due to your lack of credit history alone given you have a good job and down payment. When I was 23 (I'm 26 now) I bought a house with barely any history at all and got a good rate. All they required me to do was to put more than 20% down for the house. A car should be even easier.