Capitol One Preapproval

Anonymous · ‎06-15-2009

I recieved a letter in the mail from Capitol One saying that I was preapproved for a car loan up to X amount of $$. It was only listed to visit one dealership on certain days of the week and it asked me to call the number listed to verify my preapproval. I called the number and put in my personal id that was given and it said your preapproval is guarenteed etc...call or contact the dealership listed.

How does this all work? Should I call Capital One before hand to find out what the rates are? Does this mean I could apply through Capital One directly to get the same loan without being obligated to just one dealership? Thanks.

Anonymous · ‎06-15-2009

Its a "real" offer.

You have no rate or terms as you have committed to no amount/vehicle to finance.

All that will be set when you get there.

In reality the dealership paid Cap1 a lot of mony to generate those letters, and cap1 gets a nice financing profit.

Anonymous · ‎06-15-2009

So would it just be easier to call Capitol One and ask for the blank check in order to go to other dealerships besides this particular one? Thanks.

Anonymous · ‎06-16-2009

@Anonymous wrote:
So would it just be easier to call Capitol One and ask for the blank check in order to go to other dealerships besides this particular one? Thanks.

They (Capital One) isn't going to give you a blank check because the offer is dealer specific. The car dealer paid Capital One to generate this traffic for them and them alone. You either have to purchase a car from the dealer listed or NO DICE. Good Luck

King

Anonymous · ‎06-16-2009

I also received this offer 2 months ago,and ad USMC states,you do have to go to the dealer associated with the offer. They have made arrangements with Cap One for your biz. I went in to the dealership and didn't see anything I was interested in.

Couple of weeks later...another offer from another dealership, I guess it all comes down to you and the type of vehicle you are looking for.

Good luck

Anonymous · ‎06-16-2009

So would it just be easier to call Capitol One and ask for the blank check in order to go to other dealerships besides this particular one? Thanks.

Like the others said, That offer is only for that dealer,

Be aware, If you apply for a CapOne blank check auto loan they will pull all 3 CRB's as I found out last summer,

The rate CrapOne gave me was not competive so I didn't use it, so there's 3 wasted INQ's on me, I got a better rate financing thru Ford Credit.

Lessoned I learned from that, Only app for credit IF you plan on using it,

Anonymous · ‎06-16-2009

@Anonymous wrote:
So would it just be easier to call Capitol One and ask for the blank check in order to go to other dealerships besides this particular one? Thanks.

Like the others said, That offer is only for that dealer,

Be aware, If you apply for a CapOne blank check auto loan they will pull all 3 CRB's as I found out last summer,

The rate CrapOne gave me was not competive so I didn't use it, so there's 3 wasted INQ's on me, I got a better rate financing thru Ford Credit.

Lessoned I learned from that, Only app for credit IF you plan on using it,

Exactly...people must understand that they are dealing with a Credit Card provider, Capital One isn't interested in give you Prime or Super Prime rates even if you have superior credit. It's always near sub-prime high interest ALWAYS.

King