NMAC, If you have a co-signer..?

[codpet]

Do they go by your credit, average the two, or do they go with the best score between the two?

I have a co-signer who's FICO score is over 800, but mines sub 619. They keep talking about my credit, which is annoying, that's why I have a co-signer.

Anyone have a similar situation? What tier did you get put in with your loan?

[FuszNissan]

They go by your credit, even if you have a co-signer. They look at everything, credit history, LTV, cash down...ect. Banks don't look at Scores anymore. They want all deals to be at 90% LTV.

[codpet]

So, there's no benefit to have a co-signer anymore.. They've negated the purpose.

Also, NMAC doesn't have a Tier with 90% LTV, so I don't understand where you're getting that. NMAC, Nissan's financing system only has 110% and higher.

[FuszNissan]

There is still a benifit, it's just the game has changed. When the banking systems failed, they had to start looking at the liquidity ratios, and not just a Score.

[codpet]

The banking systems failed for other reasons, but yeah, they failed. The dealer said it'll be a call to NMAC to work out, since I have a co-signer, my credit's low, and the co-signer's is high, it'll be a manual deal.

NMAC's LTV is still 110% to 135%, I asked.

[FuszNissan]

Yes, but with your score it changes the LTV. I hope you get your Z! Best of Luck!

[codpet]

No, actually, they showed me the chart, the scores, even the low ones had an LTV of 110%. I wish I knew what chart you were looking at.

The chart said this:

Tier 4
FICO Score 580-619 - LTV 110%, Interest Rate 14.49%.

Tier 3
FICO Score 620-649 - LTV 110%, Interest Rate 11.04%

Also, I was told by one of the three dealers the co-signer did help. He said I would probably be in Tier 3, instead of Tier 4, or being denied because of it.