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Capital One Auto Financing

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Anonymous
Not applicable

Capital One Auto Financing

I guess I may just be a cynic, but the Capital One process seems too easy to me. My current truck is getting up there in miles, so I decided to apply online for financing for a new truck. In short order, I was approved for $40,000 with far better rates than I was expecting to receive. Using their Navigator, I was surprised at the low interest rates they were offering me (my scores are in the low to mid 600's). I then read that they would require that I fill out a separate application at the dealership, which now has me skeptical about the legitimacy of the original approval. In addition, when I applied online, they said that they did not need any documents from me. I called them to ask what I needed to bring to the dealership with me and they said all I would need is a form of ID. I found it hard to believe that they did not need to verify income, residence, etc. as well before approving the loan, so I had figured this would happen at the dealership. Since I have just accepted a new job, which I start soon, I was nervous about how they would verify income and I am now nervous this will happen at the dealership, or even worse, a few weeks after I drive the new vehicle off of the lot. Perhaps these forums and others like them have just made me worried about this process and it really is just this easy.

 

I guess my questions are:

 

1.) Has anyone else received a loan from Capital One without having to provide any documents besides ID?

 

2.) I have read Capital One horror stories on these boards, but they all seem to be about pre-approval. Does anyone have experience with the new Capital One Auto Navigator loan process, as opposed to the old Black Check program? In applying online they pulled a hard inquiry from all three bureaus, so I am not even sure what the purpose of the loan application is at the dealership. In fact, the woman I talked to said Capital One does not pull the file again, it is just for the purpose of finalizing the actual loan documents. 

 

3.) Has anyone been approved online and then later denied or asked to provide documents at the dealership stage? I just want to have my bases covered when I am ready to buy and not encounter any surprises. 

 

Thanks in advance for your replies. This board provides a lot of good information, but I wanted to start a new thread that specifically deals with the new way Capital One is doing auto financing and approvals, which seems to be a recent development. 

 

 

Message 1 of 57
56 REPLIES 56
Mortera81
Member

Re: Capital One Auto Financing

Hey there! Just passing along my recent experience with them. Just so you know my scores are in the low to mid 600's as well. I applied last Tuesday on a whim thinking I would never get approved, thought what's the worst that can happen other than a no. I got an instant approval. Was approved up to 40k with an apr range of 2.24-7.65 depending on the car I would buy. I had an eye on an Audi A3 so I looked up the vin number and entered it into the auto navigator and voila up came the "estimated price" of the vehicle and the actual apr that I would get. Super easy process...keep in mind the more money you borrow the higher the interest rate. I also called capital one in disbelief like you haha, but they said everything was legit and to just go to a participating dealership which you can also find on the auto navigator. I then began my search for best price. Emailed several dealerships looking for the absolute lowest price possible, asking for actual drive out quotes and not just random numbers. Ended up choosing a car I wanted and the dealership with the lowest price. Friday afternoon I walked up in there(after completing their application online) and test drove the car I wanted. Told the guy I wanted it, told him I had capital one auto finance up to 40k and told him I had already filled out their own app online. (You have to fill out the dealer's application because that's the only way they can print out all the paperwork for you, they link your application with the capital one auto application). Had my new car within an hour. No hassle, no hey how much do you want to pay a month lets go back and forth, no down payment, nothing. It was a great experience and my interest rate was actually pretty good considering I had a repo 3 years ago(when I was inundated in debt-thankfully debt free now). So hopefully your experience is as great as mine! Keep in mind anything over the 40k you have to pay out of pocket which I had to. Total for me came out to 43k so I just paid the extra 3k. Not stressful at all and my first payment is already set up for 6/29/15. Good luck to ya!!
Message 2 of 57
Anonymous
Not applicable

Re: Capital One Auto Financing

Capital One or the dealership did not ask you for any documents? This is the part that just blows my mind. Congrats on your new car. Hopefully, I will have a success story by the end of the week too.

Message 3 of 57
Mortera81
Member

Re: Capital One Auto Financing

Forgot to add they also didn't request anything from me. No income verification and no employment verification. I've only been at my new job and new place since January because I relocated from Dallas to Houston. But they didn't question anything. I don't know if this makes a difference for them but I've had two CCs with them for the last 7 years and the util on one is 0% and the other I have at 1%. Maybe customer loyalty of some sort? Don't know if you have accounts with them or not.
Message 4 of 57
Mortera81
Member

Re: Capital One Auto Financing

Both capital one and the dealership didn't ask for anything. At all. Only thing dealership asked for was my drivers license to test drive the car lol.
Message 5 of 57
CH-7-Mission-Accomplished
Valued Contributor

Re: Capital One Auto Financing


@Mortera81 wrote:
Hey there! Just passing along my recent experience with them. Just so you know my scores are in the low to mid 600's as well. I applied last Tuesday on a whim thinking I would never get approved, thought what's the worst that can happen other than a no. I got an instant approval. Was approved up to 40k with an apr range of 2.24-7.65 depending on the car I would buy. I had an eye on an Audi A3 so I looked up the vin number and entered it into the auto navigator and voila up came the "estimated price" of the vehicle and the actual apr that I would get. Super easy process...keep in mind the more money you borrow the higher the interest rate. I also called capital one in disbelief like you haha, but they said everything was legit and to just go to a participating dealership which you can also find on the auto navigator. I then began my search for best price. Emailed several dealerships looking for the absolute lowest price possible, asking for actual drive out quotes and not just random numbers. Ended up choosing a car I wanted and the dealership with the lowest price. Friday afternoon I walked up in there(after completing their application online) and test drove the car I wanted. Told the guy I wanted it, told him I had capital one auto finance up to 40k and told him I had already filled out their own app online. (You have to fill out the dealer's application because that's the only way they can print out all the paperwork for you, they link your application with the capital one auto application). Had my new car within an hour. No hassle, no hey how much do you want to pay a month lets go back and forth, no down payment, nothing. It was a great experience and my interest rate was actually pretty good considering I had a repo 3 years ago(when I was inundated in debt-thankfully debt free now). So hopefully your experience is as great as mine! Keep in mind anything over the 40k you have to pay out of pocket which I had to. Total for me came out to 43k so I just paid the extra 3k. Not stressful at all and my first payment is already set up for 6/29/15. Good luck to ya!!

Can I ask what the final rate you received was?

Message 6 of 57
Mortera81
Member

Re: Capital One Auto Financing

Sure, the final rate I received was 4.56 and that was with me borrowing the full 40k.
Message 7 of 57
ezdriver
Senior Contributor

Re: Capital One Auto Financing

Congratulations.

 

My experience with CapOne is downright weird. I applied online several weeks ago and have heard nothing from them ... nada! I'm wondering now if my online app was ever really completed.

 

Message 8 of 57
Dj4Money
Established Contributor

Re: Capital One Auto Financing

 EZ did you call Capital One?

 

 I am just waiting for my scores to update and my first target is Capital One.

 

 Another posted was approved for 19K and the lowest rate was 4.56% depending on how much she borrowed. To my knowledge that rate is variable because they have no idea what your going to buy with the money. If you get a new car, I am fairly sure the rate will be reasonable.

 

  But she's going in another direction hoping a local Nissan dealer will come through (maybe it has, I haven't scrolled down yet). It helps to know what you want like the OP does, an Audi A3.

 

 The person I am talking about just wants to get out from under a high interest car loan.... 

Message 9 of 57
Anonymous
Not applicable

Re: Capital One Auto Financing


@Mortera81 wrote:
Sure, the final rate I received was 4.56 and that was with me borrowing the full 40k.

will you let me know how many total inquiries did you have on each bureau after you sealed the deal? One inq on each bureau would be IDEAL. 

The rate for 40k or 19k seems to be the same from posts here? what gives? Did you do a joint application with Cap1. Is approval different with Joint (not a co-signer). 

Is it recommended to do joint if

FICO Scores Varies(500's v/s 600's)

Paystub available for joint 

Previous Auto Loan Experience already (would that really bring down the rate).

 

 

 


@Mortera81 wrote:
Sure, the final rate I received was 4.56 and that was with me borrowing the full 40k.

 

Message 10 of 57
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