Nissan / NMAC approval strategy

Discussion in 'Credit Talk' started by e557373, Mar 19, 2004.

  1. e557373

    e557373 Well-Known Member

    Hey all -

    Thinking about applying for the current promo they have for the 04 Quest (1.9% / 60 until 3/31).

    Should I go ahead and apply online, or would I be better off letting the dealer run the credit?

    I've read that dealers have a good bit of influence in getting lower scores approved into their tier i/ii programs & I don't know if an online app limits them in what they can do with the app...

    I recently got a prime rate 30 yr mort (5.875) and a prime + 1 heloc from Chase with mid-high 600 scores.

    I did have a 30 day late posted to my Chrysler car loan back in 9/03 though ;< Not sure how much that will affect the "car fico" that the dealers use... but I'm sure it won't be good!

    Any advice?
  2. rjones2002

    rjones2002 Well-Known Member

    many people on cnet have recommended visiting the dealership and speaking with the finance manager. This manager gives the okay for the approval/denial in many situations.
  3. kickman

    kickman Well-Known Member

    You'll likely have to go through several layers of sales people and sales managers first. You might want to call ahead, ask to speak with the finance manager and arrange to have an application faxed to you.

    Worth noting, if you are a Latino or African American, you might not get as soaked on the interest rate as you might have in the past. That's because NMAC is wrapping up the settlement of a lawsuit where they were exposed as charging those folks much higher rates than others with the same income and creditworthiness. That said, everyone should expect to get better treatment from NMAC as a result.
  4. dario1979

    dario1979 Well-Known Member

    Generally you shouldnt have to speak with any sales people. just go sraight to the receptionist and ask to speak to the finance mgr. she/he will page the finance mgr and he will meet you on the showroom floor or someone will take you back to thier office. the worst days to go is on Monday. That's when they are cleaning up the deals from the weekend. Frdiay, Saturday, and Sunday are not good days to go either. Well I hope that helps.
  5. e557373

    e557373 Well-Known Member

    Well... went ahead and took the plunge.

    I didn't get my true fico since they probably use a car fico anyway. My PG score was 628 at the time.

    On my TU, I had high balances on my CC ~90%, 1 late car payment 6 mos ago (out of 4 car loans of history), a paid chargeoff student loan from 1999, and around 1 year of solid lates on another student loan (clean for 2 years now).

    Anyway, the FM sent the app off to NAMC... I was suprised that the way they have it set up, he didn't see my reports or scores at all. Some rep that he had to call at NMAC did all of the analysis. All he saw was a final Tier 1-4.

    He mentioned that T1 was 690+, T2 was 650+. Not sure where T3/T4 broke.

    Anyway, I came back as a T3. For this promo T1 and T2 could get 1.9% on the Quest. He somehow called and got her to upgrade me to a T2 (maybe I was borderline) but I had to put down $400... what kinda sense that makes I don't know since we're talking around $30k for the car.

    So - done deal at 1.9% for 60 mos. Didn't think I had a chance in hell to be honest, but it worked out!

    btw - he mentioned that their non-promo T3 rate was around 13% - during the promo it would have been 3.99 instead of 1.9.

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