Nissan Financing 'Tiers'

Burgy · 03-15-2008, 10:23 AM

All of Nissans financing offers are based on their 'tier' schedule. Does anyone know how they equate that to your Beacon score or credit rating?

PSNissanFleetMgr · 03-15-2008, 10:35 AM

Yes. Nissan's tier structure is as follows:

580-619 - Tier 4
620-649 - Tier 3
650-689 - Tier 2
690-729 - Tier 1
730+ - Tier 0

This is based off of an Auto-Enhanced FICO pulled by NMAC at the time of sale. Hope this helps.

EDIT: In Tennessee they pull Equifax, it varies by state.

Clint · 03-15-2008, 11:08 AM

Here in New Jersey they use Trans Union.

Burgy · 03-15-2008, 01:15 PM

Quote:

Originally Posted by PSNissanFleetMgr

Yes. Nissan's tier structure is as follows:

580-619 - Tier 4
620-649 - Tier 3
650-689 - Tier 2
690-729 - Tier 1
730+ - Tier 0

This is based off of an Auto-Enhanced FICO pulled by NMAC at the time of sale. Hope this helps.

EDIT: In Tennessee they pull Equifax, it varies by state.

Thanks thats very helpful.
Is it an 'auto enhanced' or just the regular score?

I see Nissan has a new offer set till end of March. Thats a really short window of opportunity. Seems odd.

NIZMO4X2 · 03-15-2008, 01:23 PM

Equifax, experian, and trans-union are profit based credit institutions so dealers usually use Fico score for bigger banks and the rest for smaller banks. Fico is usually more accurate. Like if you paid something off a month ago it might only show thats its paid on ur fico and take another 2 months on the rest of them. I worked for nissan for two years. Right before i left i was 21 years old and never had a auto loan. I was a "weak" 680 but I got Tier 1 rates at the time on my frontier. The finance director there called nissan for me and had them do a phone interview about income to see if i can qualify for a better rate. Took 2 minutes and i was approved. Not trying to brag but just want to stress sometimes your score doesnt matter as much as how much pull your dealer has with banks. My old store sold 450-600 cars a month and probally 95% was has financing so we did alot of buisness with the banks

Burgy · 03-15-2008, 02:12 PM

To be clear, FICO is a product of FairIssac Inc, which is Equifax.

I was just asking the other poster if it was the Equifax auto enhanced or just a regular score.

fpd7 · 03-15-2008, 03:30 PM

What interest rates does this equal? What rate for each tier?

PSNissanFleetMgr · 03-15-2008, 05:07 PM

The scores NMAC will pull are auto enhanced, whether they are Auto-Enhanced FICO, or BEACON AUTO 4.0. Different names, same thing.

Rates vary from region to region, but the current rates for my region are as follows:

Burgy · 03-15-2008, 05:48 PM

WOW
Score really has a large impact on what interest rate NMAC will give you.

HemiETR · 03-15-2008, 06:33 PM

Score has a large impact on whatever you finance. 850 is maximum. Just got mine last week, 792. Trying to get into the 8's

Quote:

Originally Posted by Burgy

WOW
Score really has a large impact on what interest rate NMAC will give you.

Clint · 03-15-2008, 06:46 PM

what does the advance column mean?

Clint

PSNissanFleetMgr · 03-15-2008, 07:58 PM

Quote:

Originally Posted by Clint

what does the advance column mean?

Clint

Advance, when used in car speak means the percentage of dealer invoice that the bank will finance. For instance, you buy a Titan for $28500 OTD. Invoice is $27234. Your advance, or LTV ratio in this case would be 105%. Thus, if you're a Tier 4, you're within NMAC's guidelines of 110% advance MAX. These figures, btw, are just examples. Divide amount financed by invoice and you get your advance.

Burgy · 03-16-2008, 05:36 AM

Quote:

Originally Posted by HemiETR

Score has a large impact on whatever you finance. 850 is maximum. Just got mine last week, 792. Trying to get into the 8's

Dude you suck!

I'd be thrilled to be in the 7s!

anmut · 03-16-2008, 07:34 AM

Quote:

Originally Posted by Burgy

Dude you suck!

I'd be thrilled to be in the 7s!

I agree. Anyone have any tips for credit score besides the normal? Don't over extend, carry a balance, always pay balance monthly, blah blah.

Is there a certain kind of credit that bumps your score faster?

Burgy · 03-16-2008, 09:31 AM

Some of the things I've read:

Get your reports and make sure they are accurate - CORRECT mistakes and stay on top of them till its right

Don't close paid off cards

Don't max cards - get them under 30% used

Pay on time

Pay more then minimum

Everything counts, home loans, installment loans (auto), variable credit (cards). They look for a 'balance'. Whats a proper balance? No one can tell you. Has to do with income, age, married, history etc.

MYFico has a very helpful posting forum. Lots of good tips and experiences there.