Nissan Drops Proof Of Employment Requirement On Some Loans

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Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

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, Senior Pricing Analyst - October 21, 2021

Nissan quietly dropped its proof-of-employment requirement for certain types of loans, according to a letter sent to dealers. In a sign of optimism in response to improving economic conditions, the move could make it easier for well-qualified buyers to get financed based on the company's existing pre-approval process.

In May 2020, Nissan spokesperson Dan Passe stated: "NMAC amended the pre-approval process for these customers and required proof of employment prior to funding," adding " "NMAC removed the employment verification for these pre-approved customers in May 2021 since employment numbers returned to more ordinary levels."

In its letter to dealers, NMAC, the brand's captive financing company, cites "improving economic conditions" as the main reason. While this doesn't enable those without a job to buy a car, it may help make it easier to purchase a vehicle if you've been pre-approved through the lender's proprietary process for determining creditworthiness.

NMAC's letter does point out that proof may still be required "based on a credit analyst's overall review of the application." Examples of proof of employment (POE) can include a recent pay stub as well as a proof of direct deposit showing an employer's name. The automaker isn't the only one making changes with financing.

Ford Credit recently removed its minimum FICO requirement on 84-month loans. While the company does continue to use a proprietary formula to make decisions on credit approvals, it claims the change will enable it to serve a broader range of customers. Sadly, those financing a Nissan may find considerably fewer deals.

While our analysis finds Nissan among the best brands for bad credit, promo deals have seen big changes. Until recently, you could find financing discounts called Special APR Cash. Most of these deals have dried up. Earlier this year, the brand boosted its incentives for dealers when buyers took out bigger and longer loans.

Top Nissan Lease Deals & Incentives

, Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

Follow On: Twitter

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