I received an offer from Capital One last Summer. Was in the market for a vehicle so it was good timing. Looked at their approved dealers in my area and found a vehicle that I liked. Test drove it, things were good so I made the purchase. I couldn't take the vehicle right away. Had to wait a few days until they were paid by Cap 1. Financed the vehicle and included sales tax too. I know, not a good idea but I needed to get out of the SUV that was costing me close to $450. per month for gas. The loan for that was in a relative's name (also used Cap 1). Now I only spend about $160. per month for gas and try to pay more on the loan. Payments over the regular amount has to be done over the phone with no fee. Other than that, everything is fine. Financed $12,700 for 72 months at 17.1%. I'm going to try to knock it down over the next year and refinace at a lower rate. Might end up upside because of the high rate. If so, I'll just chalk it up to the cost of having bad credit when I started. Things are getting better.
Just looked through the folder and saw that it was 520. Damn! It's jumped up a lot in 10 months!
Got 1.39% over the weekend with Capital 1 at the dealer over 36 months. Prior to running the credit, the dealer told us 3.79% so I told them that I could get 1.99% through Penfed. I was suprised at the rate when I was locked in the room with the finance guy.
My credit score was provided by Cap 1 when they sent me the check.
I think in my case, capital one was one of the banks the dealers used. So this is different than showing up with a blank check after you get approved. So if you got exellent credit, it might be worthwhile to see what the dealer can give you.
It showed up on my report as two inquiries though. One for dealer to check our credit, second one by capital one to all three bureaus to obtain the loan.
Great thread. I'm considering Cap 1 now. I keep getting the preapproval letters and emails every month for a different dealer, so I hope I can go to a different dealer than the one they're featuring that month. My scores are in the low 600s but I'm waiting to respond to the preapproval when my score is closer to 680. I've been cleaning it up and waiting on about 5 collection deletions, a 120 day late removal, and a possible judgment removal. That should all happen within the next 2-3 weeks so then I hope to be a lot higher when I answer the call! But it sounds like they're pretty reasonable either way. I'm really excited about it so its good to find this thread!