Since Capital1 overs a soft pull car loan pre-approval, I applied at the begnning of the week to use it as an indication of what I can expect before applying places that will do a hard pull.
Things went better than I expected as they showed I get could 5.29%. I did have to call in and verify some things. When I was told to upload something to prove my residence address, the guy told me that yes a financial statement would work. So I uploaded my most recent bank statement that shows my name and address. Following day got a email to call them. Phone automated system said I still needed to provide a proof of residency. So I uploaded my cell phone bill which shows address and name. Nope. Same thing next day. Finally figured out how to talk to a person, and they said I still need to provide something. Apparently nothing I provided them including CC statements was good enough. It now had to be a utility bill and a cell phone didn't qualify. The only traditional utility we have is electricity which is in a roommates name; water paid by complex, we don't really watch TV and with unlimited data on our phones for internet so we got rid of our cable. I explained that and was told, they wouldn't be able to proceed with an offer if I couldn't provide something. So we are at in impass. I feel frustrated because I don't think my situation is that unusual today and they previously told me that financial statement would be fine.
So my question is, am I going to have the same problem with other lenders? No point in doing a hard pull until I figure this out. I'd hate to have to sign up for cable just to get a loan. The only thing I didn't try was my car registration renewed in May and my car insurance bill. Perhaps my monthly storage unit bill?
Things went better than I expected as they showed I get could 5.29%. I did have to call in and verify some things. When I was told to upload something to prove my residence address, the guy told me that yes a financial statement would work. So I uploaded my most recent bank statement that shows my name and address. Following day got a email to call them. Phone automated system said I still needed to provide a proof of residency. So I uploaded my cell phone bill which shows address and name. Nope. Same thing next day. Finally figured out how to talk to a person, and they said I still need to provide something. Apparently nothing I provided them including CC statements was good enough. It now had to be a utility bill and a cell phone didn't qualify. The only traditional utility we have is electricity which is in a roommates name; water paid by complex, we don't really watch TV and with unlimited data on our phones for internet so we got rid of our cable. I explained that and was told, they wouldn't be able to proceed with an offer if I couldn't provide something. So we are at in impass. I feel frustrated because I don't think my situation is that unusual today and they previously told me that financial statement would be fine.
So my question is, am I going to have the same problem with other lenders? No point in doing a hard pull until I figure this out. I'd hate to have to sign up for cable just to get a loan. The only thing I didn't try was my car registration renewed in May and my car insurance bill. Perhaps my monthly storage unit bill?
Thank you for the replies. I bought a vehcile yesterday and was financed by the dealer through Chase for a similar rate, and did not have to provide ANY documentation at all. So I don't get Cap1's issue, but won't be following it up with them. Maybe they still resent me for the Credit Card Charge Off that I waited almost 6 years before paying it off a few months ago (11 months till it falls off). I was just happy that they at least would consider loaning to me again.
