Financing...

[optic462]

Financing...such an ugly word.

 

I know many of you reading this are already owners of an NV. However, if there is anyone one here reading this who is not yet an owner, I thought I would pass along a small bit of information regarding financing....and how extremely difficult it can be if you don't know that facts about the NV.

 

The Nissan NV is classified as a commercial vehicle (according to the NADA). Most banks use the NADA vehicle guides when deciding on whether or not to issue loans as consumer based loans or not. I ran into just such an issue when I purchased my 2015 Ford Transit 150 from CarMax. I did everything I was 'supposed' to do before buying a vehicle. I applied to my bank and got pre-approved and then went car shopping. I found just the right car for me...and just as I was signing the paperwork CarMax said...we can't sell this car to you, your bank will not honor the check. I called them (my bank) and after a few swear words...I lost the argument.

 

This left me in quite a pickle. I had just the right car and no way to finance it. So, I shopped around other banks that I am members of and eventually found one with good rates that did not particularly care about the NADA guides. In fact, when it was all said and done...they asked for pictures of my new purchase.

 

I hope that this post helps someone avoid the headache that I had when trying to make a new purchase. When it was time to buy the Nissan NV, I went back to the same bank as before and got another great rate.

 

BANKS:

--Navy Federal Credit Union: does not issue commercial vehicle loans unless you have a business license.

 

--Apple Federal Credit Union: does not care about Navy Federals stupid rules and will issue you a loan with a better rate. LOL.

 

Feel free to add your experience on the matter and inform other potential NV owners.

Happy financing...

[DesertTed]

In August of last year (2016), Navy Federal financed our NV. This was a non-commercial loan for a private individual. Is this a new thing? We are going to buy a second NV and we're planning to finance it, again through Navy Federal. Bummer if so. I guess we'll find out. Thanks for the heads' up.

Ted

[optic462]

I certainly hope they have changed their rules. I bought my Transit in July of 2016 and it was a no-go. I didn't even attempt to use Navy Federal again after that, because I knew the NV deal would need to go through the Nissan Commercial department. Apple federal certainly had them beat on rates, too. Good luck on your next purchase, DesertTed.

[Glidedon]

I financed my 2013 NV through Nissan for 0% for 4 years.

[DesertTed]

Navy Fed has already pre approved our loan, but I hadn't even thought to ask about a cargo van. I just assumed...I went ahead this morning and went to my local credit union and got pre-approved, just in case Navy Fed says no.

 

So I have approved loans with two potential lenders. I guess we could go to USAA if all else fails. Whoda thought.

Ted

[DesertTed]

Okey dokey. Here's the scoop about Navy Federal. I just talked to them and it boils down to this: In the NADA guide, the Nissan NV cargo van is categorized as a commercial vehicle. They will not make personal car loans on commercial vehicles. No way around it, even though the commercial vehicle was being repurposed for private use.

 

So, I withdrew my application with Navy Fed and we be going with my local credit union. That's a shame for NFCU.

Ted

[breeze]

USAA is cool on 2016 NV3500 SL High Roof's for a consumer loan :-)  Just let them know from the get go, as well as your dealer. 5.6% for 5 years, 25% down (I was just glad to get a leftover 2016 v8 - I got around 16.7 mpg on my interstate travel home driving 60+/-  10mph on cruise control mostly.)

 

USAA even gave me a big discount on my motorcycle loan with Progressive, since USAA only has 5 States that they carry motorcycle insurance in. I'll have to check Navy Federal out too since so many knowledgeable people are using them: for my motorcycle perhaps??

|:-o

Edited August 7, 2017 by breeze

[DesertTed]

Today we brought home Hub's new NV. We ended up financing with Vantage West Credit Union (AZ wide). We didn't even have to fill out an application, we just gave the branch representative at the credit union our numbers. Then when we went to the dealer, we just told them to contact the credit union. We just signed the papers and were out in less than two hours-that included the papers' guy snuggling our new puppy.

Ted