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New Contributor
Posts: 67
Registered: ‎09-16-2010
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Re: Capital Ove Auto Finance Income Verification

I was just recently approved for their loan as well.  I spoke with a CapOne rep who stated everything was verified.  Just go to the dealership and get the car.

Starting Score: EQ 430, TU 467, EX 465
Current Score: EQ 617, TU 618, EX 611
Goal Score: EQ 700, TU 700, EX 700


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New Contributor
Posts: 70
Registered: ‎08-27-2016
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Re: Capital Ove Auto Finance Income Verification

[ Edited ]

After you apply, many companies use "The Work Number" to verify employment.  This is a business most have never heard of.  They actually have a copy of your paystub - if your company participates.  98% of medium to large companies participate.  It takes all that verification responsibility off their plate. Just about every mortgage company uses that service.  And this is yet another report you can freeze.  I  froze mine years ago because I found a collection agency was accessing it every month on a regular basis - no doubt to see if I was worth suing..Booy did that piss me off.  I would suggest everyone look into freezing their report.  I find this to be egregiously invasive, especially since people don't even know it's out there.  Employers should be required to tell us they are passing along our personal salary & other info to 3rd parties who want to buy it   The reports contain a massive amount of personal information.  I have a copy of my old report.  Plenty of errors too.  Just a matter of time before there's big class action suit.

 

To show how widely used The Work Number is, I am on SSDI and the SSA had been pulling my Work Number report to see if I was working I'm sure.  This occurred right after I was approved for SSDI. They pulled it the same day every month for a year, then stopped. Guess they were satisfied.  

 

Not saying that's what Cap 1 is doing.  I have puchased over 10 cars in my lifetime and have never been asked to show proof of   income, even when I was young.  Probably due to the security in the vehicle.

New Contributor
Posts: 61
Registered: ‎12-09-2015
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Re: Capital Ove Auto Finance Income Verification

UPDATE FROM MY ORIGINAL POST

 

No income verification needed. Went to the dealership with my DL, insurance card, and a down payment (I had a lot of negative equity) after I had already selected a vehicle off the auto navigator. Was in and out of the dealership in less than an hour with my new 2017 Chevy Cruze

 

 

New Contributor
Posts: 59
Registered: ‎03-21-2014
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Re: Capital Ove Auto Finance Income Verification

cool to know.  i just tried that site out for fun, 773 score and it said i was preapproved and didn't ask for any documents.  i was thinking of a honda and am curious if i go in there with this paper, maybe i will get their .9 financing instead.  but i don't want to deal with income verification, etc.

 

just wondering am i missing something or is there supposed to be an app to use for the capital one car hunt like their howto video shows?  i found one on the app store but it wants account info.  the video shows you messing with options and readjusting on the fly.

Valued Contributor
Posts: 1,601
Registered: ‎12-16-2014
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Re: Capital Ove Auto Finance Income Verification


damac2004 wrote:

cool to know.  i just tried that site out for fun, 773 score and it said i was preapproved and didn't ask for any documents.  i was thinking of a honda and am curious if i go in there with this paper, maybe i will get their .9 financing instead.  but i don't want to deal with income verification, etc.

 

just wondering am i missing something or is there supposed to be an app to use for the capital one car hunt like their howto video shows?  i found one on the app store but it wants account info.  the video shows you messing with options and readjusting on the fly.


With 773 you will qualify.  Chances are low that they would require income verfication for someone with scores that high.  I am about 100 points lower and haven't had to provide paystubs for any auto loans.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Regular Contributor
Posts: 107
Registered: ‎06-16-2016
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Re: Capital Ove Auto Finance Income Verification

[ Edited ]

Honda Financial pulled Equifax auto score for me.  I was 700 so i'm sure your auto score is much higher than I was.  I believe the 0.9 was a promotional rate so it may be time sensitive.  Check with your local dealer.   You should have no problem at all as long as its still available.  Good luck with your car purchase!


Discover $11200, Amex BCE $15400, CapOne QS1 $6500,
BOA MC $4000 Merrick $2500, Fingerhut $2400, Citi Simp $900 Kohls $700, MEFCU Visa $1000 CapOne QS $1000
Fico 8 Scores as of 3/02/17: TU 704 1 INQ, EQ 705 5 INQ, EX 683 8 INQ
Almost 700 across the board!!!! I'm heading for the garden until 4/2018 at least.

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