Auto Loans

[FICOfit]

My scores are in the 700s and I was denied an auto loan through Chase and CapOne.  My current loan is through Chase and I called them up about the denial.  Said they couldn't approve me because I was late two times two years ago, although I am current now.  CapOne, I don't know.  I have a CC with them with a $0 balance and have been nothing but a good customer.

This is frustrating.  The only negs on my reports are the lates with Chase, which I realize may be lowering my auto enhanced score (even though I had three other auto loans paid off, no lates, etc.).  I also have an old CO from over 4 years ago that I cam having a heck of a time getting removed.

Should I just try dealer financing?

[Takunda1]

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FICOfit wrote:

My scores are in the 700s and I was denied an auto loan through Chase and CapOne.  My current loan is through Chase and I called them up about the denial.  Said they couldn't approve me because I was late two times two years ago, although I am current now.  CapOne, I don't know.  I have a CC with them with a $0 balance and have been nothing but a good customer.

This is frustrating.  The only negs on my reports are the lates with Chase, which I realize may be lowering my auto enhanced score (even though I had three other auto loans paid off, no lates, etc.).  I also have an old CO from over 4 years ago that I cam having a heck of a time getting removed.

Should I just try dealer financing?

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Contrary to popular belief, having a credit card with a company won't get you in the door with an auto loan. We are two completely different departments, we don't even communicate at all. Secondly, Capital One lost a lot of money last year from prime borrowers who borrowed large sums of money but then failed to maintain their payments. As such the new direction for COAF is is the sub prime business where we actually made a lot of money to cushion the losses from the prime borrowers. I know it sucks but companies are trying to make money too. You'd probably be approved for a refi before a new loan. As everyone says on here, try a CU. Good luck.

[bevy1234]

So what you are saying is since a bunch of screwballs didnt pay the loans they took out back to cap one on time all the honest hard working people that need a loan with every intention of paying it back and with the means to pay it back have to freakin suffer... Sounds like  Maybe cap one should have done better book work .... I hope cap one never goes in the insurance business Can you imagine. Hey I got approved thru cap one a week ago on a 15000.00 truck  at only a mere rate of 18% ...   and yep I have a cap one credit card with 0% unitl 2009... At 18% I must be paying the CEO's Car note ! Thanks but no thanks..  Going to join members exchange credit union tommorrow maybe I will have better luck.. If not I will do what every White , Male , Business Owner does Pay Cash or drive a Old Piece of Crap until they can pay cash..

Also I need another line of creit besides cap one ... Ugggh !!!

[1111mel]

With scores in the 700's you would do fine at a dealership...They don't scrutinize the reports, they just care about the #.

With scores like that you should get 6% at a dealership or 7.5% for used.

[EDub357]

Takunda, do you work for Cap One?  The won't approve me an dmy EQ score is over 680