Capital One Auto Navigator Advice needed

[Anonymous]

Greetings All,

Been lurking around here a bit lately and am overwhelmed by all the information that members are able to provide.  Anyway, I'm fresh out of Chapter 13, discharged at the beginning of the month.  2 days ago after readign about it on here, I went to Auto Navigator, put in my info and to my suprise I was pre qualed for up to 40k between 2 and 5%.  

As my car has 1 foot in the grave, I'm looking to get somethng used to replace it.  I have found a car that I am interested in the price is very comptetitive, so my question is.... Has anyone walked into a deal with the pre-qual certificate filled out and been declined at the dealer when they do a hard pull?  or is the pre-qual a fairly certain given?

Thanks in advance, I'm thinking about heading to the dealer ofter work.

Bob

[Anonymous]

As a finance manager at a dealership,

If you walk into a dealer looking for a vehicle and tell them you have been pre-qualified through the Auto Navigator program through Cap One, the finance manager will submit you to Cap One on the specific vehicle and Capital One will approve it through their Auto-Navigator program. I have seen dozens of their pre-approvals and have never seen Cap One decline them. Find a dealer who utilizes Cap One as a lender, and go onto the Auto Navigator portal and put in the vehicle information from the specific vehicle your interested in. I have seen their interest rates come back a tad higher than what was quoted in the pre-quallification... However that is usually based on a structure change (ie: the customer not putting as much money down as they had stated in the pre-approval or adding sales tax...etc etc)

[Anonymous]

Completely agree with everything stated above. You should be able to find a good list of dealers that Capital One is already set up with, and their prequals are very solid

[nettie]

I completely agree with the other 2 entries.  I was like you discharged from a chapter 13 , on 11/9/16.  I applied for a Capital One auto loan,  12/2/16 and was prequalified for up to $34,100 at 3.05-8.00 percent.  I went to one of the qualified dealer (Ford) and took my prequalification letter.  I had to fill out an application at the Ford dealership. When they ran my credit, I ended up with  several  inquiries,  but Capital One quoted me the lowest rate.  I left the dealership with a brand new 2016 Ford Taurus with an interest rate of 3.05 percent for 72 months.  They only asked for my driver license.  I hope this help.

Nettie

[oldman425]

Back in 2007 I was pre-approved through Cap 1 for $32K so I walked into the local dealer with my letter and a couple hours later drove home in my new used truck.  This year I was pre-approved with NFCU for $35K for my wife's new car.  The car she wanted was a tad over $35K so we had to come up with a little cash to cover the difference.