CAUTION: CAPITAL ONE AUTO LOANS

[Anonymous]

Wow, I'm sorry y'all have had such bad luck with COAF ... I have financed 3 cars through them, at better rates than I was quoted anywhere else??? They have been great to me. As long as you get all the info they need in to them, they will overnight the check if you are in a rush. One word of caution however, NEVER tell the dealership what the CAP on your check is, because they'll make sure you hit the roof

[champ02]

I find it hard to believe so many people have trouble with Cap1?

They have been great for me so far.  I was just approved online instantly for a "Blank Check" auto loan.  Though I've decided not to purchase a vehicle right now.  My average score was around 655 and I do have a CC with them with a $1250 limit which I always pay on time and PIF most of the time. 

[Flying_High]

Capital One auto loan SUCKS I applied two nights ago for the blank Chack and they denied me FICO TU 741, EQ 692  EX 738 so i went ahead and applied for auto loan at Credit Union and withen 3 hrs later i was approved, I was working so I had to call her back ..she pulled EQ 692 and she said my score was not bad at all she got me a $10,000 loan at 7.0 rate....can not wait to get my truck

[Autumnslight]

I do think that some Capital One applicants have credit that is "too good" for approval. I applied online for their "Blank Check" program in July, and was instantly denied. I was approved for Tier A (1.9% for 72 months) through Volkswagen the very next day.

When I got the Capital One denial letter in the mail, there was only one reason listed, "Too many mortgage accounts." Huh???

I wish I hadn't even bothered to apply with them and taken the inquiry. It does seem like they're focusing on the lower credit tiers to try to make more money quickly. I think they can be a good option for those with lower credit scores, but if you're in the higher 600s, I wouldn't even bother with them. You'll probably have much better luck with a credit union or a dealership's captive lender.

[Cellice]

Your score did not get hurt by making the inquiry. For FICO those inquiries will be counted as one.

Capital One is a bank. Approvals are not 100% based on your scores. They determined based on the information you provide and the information on your report if you qualify for their financing. They might deny you for too many inquiries, previous negatives, too many new accounts, too high DTI ratio etc

It does not make them a bad bank if they deny you and another bank approves you. It is your own fault that you did not read everything on your application. I work in a business with termination penalties on our contract. Our customers has to agree that they understand an termination penalty will be charged THREE times if they apply online and FOUR times if they apply by phone. We even give them 90 days to cancel without it. Yet some people still claim they had no idea (idiots)