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Cap 1 auto loan question

New Contributor

Cap 1 auto loan question

Has anyone ever had any success in decreasing the APR on a Capital one auto finance through the dealer?

 

Message 1 of 7
6 REPLIES
Epic Contributor

Re: Cap 1 auto loan question


jenne223 wrote:

Has anyone ever had any success in decreasing the APR on a Capital one auto finance through the dealer?

 


current loan?

or you have been approved through capital one but you want to know if the dealership can beat the APR?

Message 2 of 7
New Contributor

Re: Cap 1 auto loan question

Hi,

this is a current loan.
Message 3 of 7
Epic Contributor

Re: Cap 1 auto loan question

The only way to get a better interest rate is if you refinance it to another bank or trade it in and finance or lease a new car at a better interest rate (new used, New, and New lease).

Otherwise if you already have the car and the loan and have been paying for a bit, no help from dealer on current car.

Message 4 of 7
Established Contributor

Re: Cap 1 auto loan question

I had a cap1 blank check once that I took to a dealer. I had him run my credit to see if he could get me a better rate. Ended up that he couldn't, but what was interesting to me was that in his bunch of replys was one from cap1 with a higher rate and a requirement that I either pay off or trade in the car I owned at the time-one that I planned on keeping. Using the blank check did not have that requirement and I bought the car (Jeep wrangler) that day. Two different groups inside cap1 I reckon.

Go figure.
Message 5 of 7
Highlighted
Epic Contributor

Re: Cap 1 auto loan question


Chris123nTx wrote:
I had a cap1 blank check once that I took to a dealer. I had him run my credit to see if he could get me a better rate. Ended up that he couldn't, but what was interesting to me was that in his bunch of replys was one from cap1 with a higher rate and a requirement that I either pay off or trade in the car I owned at the time-one that I planned on keeping. Using the blank check did not have that requirement and I bought the car (Jeep wrangler) that day. Two different groups inside cap1 I reckon.

Go figure.

I had a Santander loan approval at carmax, went to honda and he called his person with santander to get a loan and they flat out denied!

I went back and financed with no issues with santander at carmax... not great rate but I thought that was so silly then!

Message 6 of 7
Established Contributor

Re: Cap 1 auto loan question

I know Cap1 does not do Refi's, I tried and was told they do not, I was quite upset because on thier website they have a "button" to select and when I was told they do not I had an inquiry on my credit report. I wrote a letter explaining this and they removed it (very surprised)..hope that answers at least half of your question. Not sure on the rest. 

CS 728- 01/13 from 554-12/11
Goal: 800
Message 7 of 7