Tier 1 vs Tier2

[TeeSharice]

From Nissan site:

2004 Quest & Maxima — 1.9% APR financing for up to 60 months!

Available APR financing includes 24, 36, 48, and 60 months. $42.50 per month per $1000 borrowed at 1.9% for 24 months, $28.60 per month per $1,000 borrowed at 1.9% APR for 36 months, $21.65 per month per $1,000 borrowed at 1.9% APR for 48 months and $17.48 per month per $1,000 borrowed at 1.9% APR for 60 months on all new 2004 Quests and Maximas in dealer stock. Down payment may be required. Subject to NMAC Tier I & II credit approval. Offers end 03/31/04. See participating dealer for details.

 

 

 

What are the scores for Tier 1 & Tier 2 approvals?? Will it matter than Im about 5K upside down?

[MarvBear]

Tee: Nissan's scoring system is proprietary. It is somewhat related to your FICO, as it will have some bearing, but not the sole determining factor. They jealously guard their proprietary scoring mechanism. LTV will play a significat role in that determination along with income.

[fniguru]

Nissan LTV as follows:

 

12-63 mos with 700+(tier 1) on new Nissan is 125%

64-72 mos with 700+ is 120%

 

tier 2 12-63 mos scores of 699-660 is 115%

64-72 mos is 110%

 

tier 3 with scores of 659-620 is 110%

no 72 mo available on tier 3

 

tier 4 619-600 100%

no 72 mo available on tier 4

 

LTV is based on dealer invoice plus tax, title and license...

 

Keep in mind credit scores aren't the only factor in the above LTV's they are just a GUIDE. In other words just because you see a 720 score doesn't always mean you get the advance OR rate other factors are involved.

[MarvBear]

locked pending review.

 

*edited to unlock*

[MarvBear]

fniguru:

 

Thank you for clarifying your post. And double thanks for providing a Nissan rate sheet.

 

I will be making the Nissan Rate Sheet available thru the Bank Rate sticky for the auto forum members.

 

I will echo fniguru statements in that a particular score does not guarantee a particular rate.

 

It is possible to have a 720+ score but be a Tier 2 candidate.

[MarvBear]

Nissan Motor Acceptance Corporation rate sheet added. You can go here for a look.

http://www.creditboards.com/phpBB2/viewtop...pic.php?t=29336