Insufficient credit history???
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Joined: May 2007
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From: Honozooloo, HI
Originally Posted by aRT13
Dude, it's not that we're ignorant; I'm sure all of us in here have had their lessons in credit through out the years. The OP stated the following below and people answered accordingly.
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Joined: Mar 2005
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From: East Coast
LOL. If you were a GM of a car dealership you would also intervene on a sale that can't come to completion. Especially if the sale is halted unreasonably by a consumer who has a credit score of 800. You gotta understand every sale counts. Frankly, it sucks to be a car sales man now or any commission paying job. The economy is crappy.
Also, there was no doubt in my mind that "Slappy" had actual credit. Its very difficult to have "no credit/insufficient history" at 30+ years old. Especially in a world based on DEBT. You have to be homeless for a long time or your parents are rich giving you the ability to be without the need to borrow money. But thats an issue for another time...
Also, there was no doubt in my mind that "Slappy" had actual credit. Its very difficult to have "no credit/insufficient history" at 30+ years old. Especially in a world based on DEBT. You have to be homeless for a long time or your parents are rich giving you the ability to be without the need to borrow money. But thats an issue for another time...
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An interesting take-away...
Just a quick follow-up, to smooth over some feathers.
I was looking for some answers to help explain why that could have happened, and I did get some good feedback. There was some namecalling between other folks, and hopefully this thread can avoid more of that.
The interesting point, though, is the ability of the GM to override IFS's ruling. In everything else I had read here, I did not get that impression. Honestly, I was fully prepared that they were going to say there was nothing more IFS could do for me.
I do wonder what limits are placed on the authority of the GM though. Realistically,the cars are not owned by Infiniti, but rather by the owner of the dealership, so I suppose some of that authority is set on an owner-by-owner basis. I would imagine, though, that Nissan enforces some consistency across the board to insure a similar buying experience for users in different geographies.
I was looking for some answers to help explain why that could have happened, and I did get some good feedback. There was some namecalling between other folks, and hopefully this thread can avoid more of that.
The interesting point, though, is the ability of the GM to override IFS's ruling. In everything else I had read here, I did not get that impression. Honestly, I was fully prepared that they were going to say there was nothing more IFS could do for me.
I do wonder what limits are placed on the authority of the GM though. Realistically,the cars are not owned by Infiniti, but rather by the owner of the dealership, so I suppose some of that authority is set on an owner-by-owner basis. I would imagine, though, that Nissan enforces some consistency across the board to insure a similar buying experience for users in different geographies.
Originally Posted by Slappy_G
OK, let me first give you an update, then respond to several posts.
I did get the dealership to inquire and they were getting nowhere with IFS, so the GM asked for an exception and they granted it. So, all is well with the world.
As to my statement earlier, here's what scares me: I have a significant credit history (a mix of carrying loans, credit card balances, and immediate credit payoffs with no balances). Not a single late payment in 15+ years and no negative reports at all. My score was just below the 800 mark. I have no active debt NOW, but I did have it before.
This is the reason I was concerned. I understand quite well how financing works, but the real reason isn't that people don't want to finance anyone, it's that they want low-risk debtors, so they will get their money back. The issue that led to this credit crisis was that banks dramatically increased their risk tolerance to increase their profit margins on loans, and consequently had a very high number of defaults and delinquencies.
I'm still curious as to how I'd have an insufficient history for a $43K car after just getting pre-qual'ed for a house loan many times that figure.
Finally, my bait and switch comment was not referring to financing in general, but IFS specifically. A number of other banks considered me Tier 1, so the fact that the only one that didn't was Infiniti was what I found distasteful.
All that being said.... life is good now, though it was odd that the GM had to intervene.
I did get the dealership to inquire and they were getting nowhere with IFS, so the GM asked for an exception and they granted it. So, all is well with the world.
As to my statement earlier, here's what scares me: I have a significant credit history (a mix of carrying loans, credit card balances, and immediate credit payoffs with no balances). Not a single late payment in 15+ years and no negative reports at all. My score was just below the 800 mark. I have no active debt NOW, but I did have it before.
This is the reason I was concerned. I understand quite well how financing works, but the real reason isn't that people don't want to finance anyone, it's that they want low-risk debtors, so they will get their money back. The issue that led to this credit crisis was that banks dramatically increased their risk tolerance to increase their profit margins on loans, and consequently had a very high number of defaults and delinquencies.
I'm still curious as to how I'd have an insufficient history for a $43K car after just getting pre-qual'ed for a house loan many times that figure.
Finally, my bait and switch comment was not referring to financing in general, but IFS specifically. A number of other banks considered me Tier 1, so the fact that the only one that didn't was Infiniti was what I found distasteful.
All that being said.... life is good now, though it was odd that the GM had to intervene.
Keep in mind that ultimately, a home will appreciate. A car will not. The bank must protect themselves.
I'm in the exact same situation myself. I can get a home loan, but I can't get another Infiniti.
Originally Posted by Slappy_G
Just a quick follow-up, to smooth over some feathers.
I was looking for some answers to help explain why that could have happened, and I did get some good feedback. There was some namecalling between other folks, and hopefully this thread can avoid more of that.
The interesting point, though, is the ability of the GM to override IFS's ruling. In everything else I had read here, I did not get that impression. Honestly, I was fully prepared that they were going to say there was nothing more IFS could do for me.
I do wonder what limits are placed on the authority of the GM though. Realistically,the cars are not owned by Infiniti, but rather by the owner of the dealership, so I suppose some of that authority is set on an owner-by-owner basis. I would imagine, though, that Nissan enforces some consistency across the board to insure a similar buying experience for users in different geographies.
I was looking for some answers to help explain why that could have happened, and I did get some good feedback. There was some namecalling between other folks, and hopefully this thread can avoid more of that.
The interesting point, though, is the ability of the GM to override IFS's ruling. In everything else I had read here, I did not get that impression. Honestly, I was fully prepared that they were going to say there was nothing more IFS could do for me.
I do wonder what limits are placed on the authority of the GM though. Realistically,the cars are not owned by Infiniti, but rather by the owner of the dealership, so I suppose some of that authority is set on an owner-by-owner basis. I would imagine, though, that Nissan enforces some consistency across the board to insure a similar buying experience for users in different geographies.
Many many dealers will simply say that the GM got involved, because it makes the customer feel like their particular situation was escalated to the highest possible level, and something was solved. (this IS part of the GM's job description
)Quite frankly, based on what you've stated, I don't see why they would say insufficient credit history. A competant finance manager would have gotten you approved on the first time around.
my $0.02
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