It was odd. I'm not sure but it says it will take two days but they have cut my approval limitsince I submitted my last 5 paystubs because it said 45 days somewhere. I got 3 paystubs in that time period and two commission checks. It may be because I'm commission but I also put my w2 that is two thousand more than I first put on the prequalification page. First it went from 48k then to 30 something then to 21k then to 14k. Not sure if a monthly commission confuses them or I need to call them. Hopefully gets no lower. Car I wanted was around 13k and planned to buy it Monday.
Nevermind spoke to soon. It says it takes 48hours to review and after 48 hours they approved me for more than I asked for. I probably will buy this month and will keep updated.
I just applied for Cap One Auto yesterday and no income verification was required. It just stated to take my approval letter, valid drivers license and proof of insurance to the dealer. I also call the automated number and was informed the same thing.. I'm currently negotiating the purchase price. I hope I can lock it down by this weekend or mid next week. My scores Fico 8 EX 683 TU 705 EQ 704 The last time I checked MyFico for auto scores was 1/22/17 and they were 672-712 so not really sure what they are right now . I was approved for 24,100, 1000 down at 2.63 for 60 mos. and looking to use only $18,000-19000 and putting $3000 dn . By putting more down my interest rate dropped 2.49%. I plan on paying loan off early so 2.49% rate is awesome to me. The car I picked is a 2017 Honda Civic Coupe LXP .
I'll definitely post an update about the process as it unfolds for me. I pretty excited about it! I gotta keep my poker face on until the deal is done.
Have a great day!
Update: I'm going in to a dealership today to purchase my car. Its a 2017 Honda Civic Coupe LXP..CapOne rep told my to bring valid driver's licese and proof of insurance and that's it. Cap still has me at 2.49% for loan amount of 18808. I'm putting $4000 dn but only had to put $1000.to get a rate of 2.63% Saleman at the dealership said I should be in and out quick and the car was ready to go and they work with Cap One Daily.. I'm still very anxious just want ti over with..lol I'm sure i'll post again after I get the keys in hand..
Ok I am now the proud owner of a 2017 Honda Civic Coupe LXP....I thought my 2.49% from CapOne was a good rate and was pretty happy with it until Honda came back with 0.9%!. I was pleasantly shocked. So i didn't even use Cap One after all but I think it definitely helped having that good offer from another lender when I walked in. I still didn't have to provide any income docs or verification calls. I left a dealership with only one pull on Equifax and that's it. I think that's amazing in itself. It was the best car puchasing experience I ever had. Honda pulled score from Equifax and my auto score was 700.
I love this car!! It reminds me of a storm trooper!
When I did that Capital one prequalify tool last year the paper said income verification wasn't necessary. If they do require docs the furtherest back I've heard of banks going is one month.
Everything was legit and even the manager told me that the interest rates offered are almost done deals. Ended up getting a 2017 Mitsubishi Mirage G4 ES Sedan on Thursday.