Is an NMAC or IFS preapproval solid and guaranteed, even if the credit is shot?
If i remember correctly from the past, it used to be that as long as THEIR(infinity or nissan) tradeline was fine on the credit report, the rest of the stuff didnt matter.
Both Nissan and Infiniti managers told me today the same thing as above, but you know how it is.
Looking for feedback, as my credit is shot completely, yet I have a tier1 preapproval on the IFS side.
NMAC can use and will see the IFS preapproval automatically? Or needs to be manually called in to underwriting?
Can they throw a lower tier on me after pulling credit just because they see the stuff outside the car tradeline?
Hence the question…the PRE part per the managers at both Nissan and Infiniti is solid…it has been reality with some captives in the past, where only history with them mattered or other auto lines, ignoring all other data…
I perfectly understand the trees in the forest. With an unapprovable credit, I have to either buy cash or ask a family member to buy/lease one.
If I get a shot at actual lease in my name, I would rather save the cash and drive whatever…and yes the certain pickup at Nissan is what I am looking at, as there is nothing on the Infiniti side i want.
They have pulled credit. 2+ years ago. Some time at about a year and a half into the 39mo lease with them. Issued a preapproval back then based on my perfect credit. That offer states a monthly eligible amount and the VALID THROUGH date being the lease maturity date.
In anyway, will know shortly from first hand experience if this works and update this thread. Seems like I have atypical questions anytime I post. Oh well.
These are the best questions because no matter how long anyone is here, there are always things to learn.
Plus, when you post the outcome it will help someone who finds the thread later.
If you still have the letter, read the entire disclaimer.
I haven’t seen of one of these letters for auto financing, but the credit card preapprovals you receive in the mail will say that you must still meet eligibility requirements at the time of application (meaning preapproval isn’t guaranteed).
In 2+ years a consumer could have had four other cars repossessed, a home foreclosure, multiple BK filings, 20 credit card charge offs, 500 medical collections… etc.
I would be surprised if the preapproval from 2+ years ago was much more than a marketing ploy to keep your interest in the brand.
They have to rerun your credit at that time of purchase. What if you had some kind of major change in your history such as a BK? What if you lost your job and already 90 day delinquent. You were ‘pre-approved’ that just means you are ‘on the list to get a car’ that doesn’t mean you will get a car.
Update.
Do not know if any preapproval was used in the app process, as I was told to simply fill an app out via broker’s dealer. They never asked for code/letter, etc…
Granted I WAS approved for a tier6 which isn’t even the worst Tier for NMAC…didn’t go for it obviously, but the option was there.
Dealer said that usually they are able to push through a better approval if the current IFS/NMAC account is paid and closed prior, and mine was not.
In any way, maybe this will help someone in the future.
My biggest surprise was that with my credit, with recent chargeoffs and scores <500, BUT clean auto tradelines, I could get a lease if I wanted to.
