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Member
Posts: 16
Registered: ‎04-28-2014
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Capital One Auto Loan- Approved but need to call?

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.

Member
Posts: 20
Registered: ‎01-15-2014
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Re: Capital One Auto Loan- Approved but need to call?

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.

Established Contributor
Posts: 581
Registered: ‎01-31-2009
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Re: Capital One Auto Loan- Approved but need to call?

Congrats! I'm thinking about financng a new car with them this summer. What maximum $$$ did you get...finance rate?

May 2013 Starting Scores: 540's-570's [no credit cards, no inq's, 1 Student Loan 90 day late, CA's and CO's...most PFD'd!]
December 2014 Scores: 654-705 ...Oldest accounts just aged off! :/
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Member
Posts: 16
Registered: ‎04-28-2014
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Re: Capital One Auto Loan- Approved but need to call?

[ Edited ]

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%

Member
Posts: 16
Registered: ‎04-28-2014
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Re: Capital One Auto Loan- Approved but need to call?

Time for an update. Called first thing this morning. No waiting on hold and got a very pleasant, easy to understand rep. They just wanted to double check mine and my wife's income verbally. I was then given 4 multiple choice questions about my credit and personal life. These were obsurdly easy if you know yourself at all. I was then told we were approved for the full 30k and the check is being sent overnite with the fee waived. So far I am very happy with how things are going. The rep on the phone said they need nothing else and when the check comes to feel free to shop/buy a vehicle. Very pleased so far.
Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
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Re: Capital One Auto Loan- Approved but need to call?

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?

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
Member
Posts: 16
Registered: ‎04-28-2014
0

Re: Capital One Auto Loan- Approved but need to call?

Correct. Before they would send the check I called and the rep. Only verified mine and my wife's income. Before we hung up I asked if any documents were needed like paystubs, utility bills, or a DL. She said nothing else is needed and we can go to a dealer once the check comes. The packet had our Transunion auto scores in it mine was 740 the wife had 707. We've both had auto loans with no late payments or any kind of negative. I've heard of people getting different colored checks. This blank check is blue. Looks just like a business check.
Member
Posts: 17
Registered: ‎05-04-2014
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Re: Capital One Auto Loan- Approved but need to call?

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

Member
Posts: 16
Registered: ‎04-28-2014
0

Re: Capital One Auto Loan- Approved but need to call?

[ Edited ]

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.

Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
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Re: Capital One Auto Loan- Approved but need to call?

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.

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
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