Capital One Auto Finance *Updated*

[Anonymous]

I decided to go ahead and apply online with capital one auto just to see what I could get. I thought it was still the blank check program but I guess it is different now? I got an instant approval but it just gives me an approval range. It says: 

Approved up to: $40,000

APR: 2.45 - 8.93

vehicle: 2015 Subaru Impreza

It says i have to go to the dealer to finalize the application process. I can play around with their online utility by entering the vehicle I want to buy and my estimated down payment, and it estimates that I will get a 2.5% rate with a $3k down payment. But I guess it isn't finalized until I can get to the dealer. 

Does anyone have any experience with capital one's new finance method? Know if their estimated APR is accurate?

My Info:

Scores: EQ 676 TU 688 EX 646 

Income: $55,000

Length of employment: 7 years

DTI: 12%

I went to the dealership this weekend and made a purchase. I ended up using Capital One financing because they gave me 2.5% at 60 months with $4k down. 

[CH-7-Mission-Accomplished]

Why aren't you using DCU?  They are at 1.99% and your scores are good.  I always assume when I see a range like you got from Cap 1 that there is no way they will give you the bottom number but something towards the upper number.  You should check out DCU.

[Anonymous]

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@CH-7-Mission-Accomplished wrote:

Why aren't you using DCU?  They are at 1.99% and your scores are good.  I always assume when I see a range like you got from Cap 1 that there is no way they will give you the bottom number but something towards the upper number.  You should check out DCU.

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DCU pulls FICO 04. I checked that score and it is 40 points lower than my 08 score, so I wouldn't qualify for their lowest rates. I wish I could go with them, they seem great. If I can't get a great rate now I will probably look into refinancing with them in a few months when I know my scores will be a little higher. A couple of baddies come off my reports in July.

[CH-7-Mission-Accomplished]

Cool.  I have financed two cars through Cap 1 and had no problems (I did have the blank check product).  Just wanted to make sure you knew about DCU.

I'm just leary about anything that gives you a range of X to Y because it usually comes out closer to Y!

[Anonymous]

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@CH-7-Mission-Accomplished wrote:

Cool.  I have financed two cars through Cap 1 and had no problems (I did have the blank check product).  Just wanted to make sure you knew about DCU.

I'm just leary about anything that gives you a range of X to Y because it usually comes out closer to Y!

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Yeah I am definitely leary about it too and totally expecting something closer to the top of the range. I guess I will find out when I head to the dealership this weekend. Hoping that their estimator is accurate.

[CH-7-Mission-Accomplished]

Please report back about your experience and rate offered.  I'm very curious.

I can't help but think that they want to involve the dealer so the dealer gets a piece of the finance action --- so they are motivated to jack the rate for a kickback.  I have no proof, just making a parnoid assumption.

[Dreamer13]

I recently applied with them and received a range as well. I think the lowest rate assumes you are buying a new car for 60 months. If you play with the stimulator and choose 72 months or buy a used vehicle, the APR changes/goes up.

[Anonymous]

I am buying a new car at probably 60 months and planning on putting 20% down so the simulator says I should get 2.5%. I guess I'll find out soon how accurate that is.

[Anonymous]

Did you get asked for poi or any other documents? Capital One just approved me for my first auto loan and they didn't request anything.

[Anonymous]

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@Anonymous wrote:

Did you get asked for poi or any other documents? Capital One just approved me for my first auto loan and they didn't request anything.

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I didn't get asked for any of that besides just entering my gross income. I didn't have to submit any documentation. Did you also get approved for a range in APR? The fine print says we'll have to fill out a credit application at the dealership so I am guessing they will either ask for documentation there or at a later date? I don't know. It all seems a little weird to me.