04-28-2014 07:13 PM
Hello all! As title shows. Just got approved for a Capital One "blank check" auto loan. Applied online, jointly, with my wife. They sent an e-mail stating we are approved and included the rates for the model years(used car loan). It also stated they are holding off on mailing the check until I call in during normal business hours to verify information. My main question is, what information are they trying to verify? Is it just for me to verbally confirm my ss# and address? Or is it like the Up2Drive loans where they like to do a "pop quiz" about random items on your credit report? From what I've read about these loans is you typically send(fax) in documents to verify. Does this also mean my rates they e-mailed could potentially increase? Thanks in advance for any help.
04-28-2014 07:23 PM
hey man, going through the same process. they ask you random credit/address/personal questions to verify who you are then once that happens the rate is signed sealed and delivered as long as you have proof of your real income and all that.
04-28-2014 07:25 PM
Congrats! I'm thinking about financng a new car with them this summer. What maximum $$$ did you get...finance rate?
04-28-2014 07:27 PM - edited 04-28-2014 07:29 PM
I'm assuming the wife calls separate to verfiy as well? I recently did a consolidation loan through Prosper which was the quickest loan processing I've ever seen. They even let you send documents in with a smart phone. I hope Capital One is the same way. As far as rate and $ amount. I requested 27,500. The e-mail didn't state anything about $ amount, just that it was approved. The rates it listed were 2014-newer 3.18%, 2013 4.08%, 2011-2012 4.49%, and 2007-2010 5.10%
04-29-2014 08:11 AM
05-01-2014 09:38 PM
Just to make sure I understand they didn't require any documentation of income? Just verbal verification?
If you wouldn't mind sharing, what are your FICOs?
05-02-2014 03:30 AM
05-04-2014 04:01 AM
I was co-signing for my wife sitting at the Toyota dealership filling out the application, no income verification required, drove the car home right then.
didn't bring any documentation of anykind anyways.
I'm guessing because I already had a auto loan with Toyota financial with 4 years already of no late payments, and TU of 740 at the co-sign
05-04-2014 05:10 AM - edited 05-04-2014 05:14 AM
I suppose that explains why I only need to verbally confirm our incomes. Actually must have been a typo I somehow made. The rep on the phone asked "so your wife makes 36,000 every month? Told her to take a zero off of that and it was all good. I've had a few different auto loans over the last 10 years with no missed/late payments. My wife on the other hand is only in her 1st loan which started 3 years ago. Still no negatives on her auto score either. Must be the track record on installment loans makes them feel there's no need to confirm/see any documents.
05-05-2014 11:54 PM
It's not track record on installment or anything, at least directly. Most lenders only verify if FICO is below 700 (usually 680). I'm guessing wife alone would have also needed no verification. For prime borrowers, it's SOP for most mainstream lenders to not verify unless they put down unemployed or student or something like that.
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