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New Member
biffhamilton
Posts: 12
Registered: ‎10-10-2012
0

Re: Capital one auto financing!!

I was recently approved for a $10K loan from Capital One.(FICO score - 670)

 

Went shopping yesterday and bought a car from a dealer ( only a verbal agreement over the phone later in the day) only to find out they were not on the Capital One perferred dealer list.  Crap!

 

I sent C1 the dealer info.....Is there a chance they accept them even though they aren't listed?

 

 

New Member
Beautyx2g
Posts: 4
Registered: ‎10-23-2012
0

Re: Capital one auto financing!!

I keep seeing all over the net that people are receiving the pre-approved letters from cap1. I have been getting them via email for 3 months now, this time I responded and set up an appt with the dealer listed. I'm curious as to if this will be a waste of time or not??? My score is bad I'm rebuilding my credit. I surprisingly was approved for a loan and a card from cap1 both 4 - 5 months ago. Found out today I only have 2 things in collection both medical. Anyone who is familiar with the process what are the chances I will get approved for an auto loan???? Any advice is helpful

 

Thank you in advance,

Newbie 


Starting Score: Myfico: 505. CreditKarma: 517
Current Score: Myfico: 505. CreditKarma: 517
Goal Score: 650


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Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012
0

Re: Capital one auto financing!!


sbluejean wrote:

I'm an Internet Sales Manager for a Ford Store. We are also a "Platinum Dealer" with Capital One Auto Finance. We hold a number of Cap One "Pre-Approved" sales events during the year where pre-approved customers are directed to our dealership to buy their new or used vehicle. The checks to which you are referring are absolutely legit. However, there are (as you will no doubt find out in reading all the fine print)  "Conditions" and "Stipulations" (stips, as we lovingly refer to them) attached to each pre-approval, i.e.. year model range, mileage, vehicle class (Forget about financing a 1 ton truck or Cargo Van, they won't do them, period), etc.

 

Once you have picked out the vehicle you want, the Sales Manager or Finance Manager has to submit the vehicle and purchase money structure to Cap One for final approval. In most cases, things go smoothly and the customer takes delivery of their new vehicle, but there have been hiccup on occasion.

 

Also, depending on your score, in most cases we have been able to get that same customer approved with other lenders (including "prime" and not just sub-prime) with whom the customer got better terms and a better rate. So, do your due diligence. A "Pre-Approval" check is actually your opportunity to "better deal" the lender.

 

...Just Sayin'.

Just wondering, is that with ONLY the pre-approved checks?  WE financed a chevy silverado 3500 with cap 1. @ 14.99 percent. Didn't use the pre-approved checks.
Just now refied with CU @ 5%.

 

 

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

New Member
Jattmoney
Posts: 12
Registered: ‎10-24-2012
0

Re: Capital one auto financing!!

Will I be able to get a loan from Capital One with limited history?

Contributor
diabla
Posts: 230
Registered: ‎10-01-2012
0

Re: Capital one auto financing!!

How is getting the Cap1 preapprovals in the mail/email different than going to their website and applying for a car loan?  I see some people get the blank checks, but I get the preapproval emails and letters every month.  Same amount, different dealer each month.  These last few months have not been with the dealer of the car that I want, so I haven't responded yet.  I'm wondering if I should go to the website and pull for my own when I'm ready?

New Member
Beautyx2g
Posts: 4
Registered: ‎10-23-2012
0

Re: Capital one auto financing!!

I finally responded to a C1 email and proceeded to call the dealer listed. I went Friday and was there for 2 hrs, all worth it cause they got me a loan and car. Everything is within my range. Loan approval with a myfico score of 505 & credit karma score of 517. You never know until you try!


Starting Score: Myfico: 505. CreditKarma: 517
Current Score: Myfico: 505. CreditKarma: 517
Goal Score: 650


Take the FICO Fitness Challenge
Established Member
Pjackson
Posts: 16
Registered: ‎07-25-2007
0

Re: Capital one auto financing!!

Beauty,

 

how much were you approved for?

Valued Contributor
Epcot
Posts: 2,789
Registered: ‎10-10-2012
0

Re: Capital one auto financing!!

Beautyx2g, congrats on the approval and vehicle.

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
New Member
Beautyx2g
Posts: 4
Registered: ‎10-23-2012
0

Re: Capital one auto financing!!

Pjackson ...... 17,000 & Epcot thank you. It's a huge stress off my mind


Starting Score: Myfico: 505. CreditKarma: 517
Current Score: Myfico: 505. CreditKarma: 517
Goal Score: 650


Take the FICO Fitness Challenge
Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012
0

Re: Capital one auto financing!!


Beautyx2g wrote:

Pjackson ...... 17,000 & Epcot thank you. It's a huge stress off my mind


And how much was the interest rate?:smileysurprised:

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!


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