Nissan drops proof of employment requirement on certain loans
Nissan has quietly dropped its proof of employment requirement for certain types of direct lender loans, according to a letter sent to dealerships. In a sign of optimism in response to improving economic conditions, the move could make it easier for well-qualified buyers to obtain financing based on the company’s existing pre-approval process.
In May 2020, Nissan spokesperson Dan Passe said, “The NMAC has changed the pre-approval process for these customers and required proof of employment prior to funding,” adding, “” The NMAC has removed employment verification for these pre-approved clients in May 2021 since hiring. the numbers have returned to more ordinary levels. ”
In its letter to dealers, NMAC, the brand’s captive finance company, cites “improving economic conditions” as the main reason. While this will not allow unemployed people to purchase a car, it can make it easier to purchase a vehicle if you have been pre-approved through the lender’s exclusive process for determining creditworthiness.
The letter from the NMAC emphasizes that proof may still be required “based on the overall review of the application by a credit analyst”. Examples of proof of employment (POE) may include a recent pay stub as well as proof of direct deposit showing the name of an employer. The automaker is not alone in making changes to financing.
Ford Credit recently removed its FICO minimum requirement on 84-month loans. While the company continues to use a proprietary formula for making decisions on credit approvals, it says the change will allow it to serve a wider range of clients. Unfortunately, those who finance a Nissan can find far fewer offers.
While our analysis finds Nissan among the best brands for bad credit, promotional offers have seen big changes. Until recently, you could find financing discounts called Special APR Cash. Most of these agreements have dried up. Earlier this year, the brand stepped up its incentives for dealers when buyers took out larger and longer loans.
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