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Contributor
jht2
Posts: 75
Registered: ‎03-12-2013

Decided to bite the bullet and applied for Cap1 auto.....approved, but

So I applied and was approved for Cap1 auto financing. I requested for $27000 but was only approved for 18600 which is waaaaaaay lower than the vehicle I need. When you guys bring in the blank check to the dealer and have them beat the offer, are they willing to go to the amount you want or will they match the 18600 and just beat the APR? Wanted to try cap one before I went to my two credit unions. Shouldve held off but I've had sleepless nights and my current vehicle isn't cooperating and a money pit. 

Contributor
Hoya08
Posts: 97
Registered: ‎06-05-2013

Re: Decided to bite the bullet and applied for Cap1 auto.....approved, but

[ Edited ]

Is your approved amount based upon an "arbirtrary" number you came up with, or based upon the bank's/CU's valuation of the potential car?

 

If the latter, you will have to negotiate the sales price down as low as you/they will go.  If the agreed price is above your current loan approval, you will require a down payment to cover the difference (excluding TTL fees).  If this is not feasible, try the dealership financing.  They may offer 100% financing, but potentially at a higher APR.

 

Usually, when folks ask the dealership to "beat" their bank's/CU's offer, they are referring to the APR.

 

Also, is this a new (2013) or used car?

 

 

Contributor
jht2
Posts: 75
Registered: ‎03-12-2013

Re: Decided to bite the bullet and applied for Cap1 auto.....approved, but

Cap1 gave me 10.75 Apr which I believe isnt that great. I am in the market for a truck and here in AZ they play hardball and hardly budge off the MSRP. And willing to travel to Texas where there trucks are remarkably lower I'm talking $10000 lower Az. I'm going to wait and see what my CU will give me since I've had my previous auto loan and personal loan with them.

Contributor
Hoya08
Posts: 97
Registered: ‎06-05-2013

Re: Decided to bite the bullet and applied for Cap1 auto.....approved, but

If this is a new vehicle (2013), have you looked at TRUECar.com?  It's a website which shows how much cars (built to your specifications) are sold for in what ever area you choose.  It also shows current national incentives and the invoice price.  Dealerships that are apart of the TRUECar network usually honors the TRUECar price.  

 

As a disclaimer, I am not an employee of TRUECar.  I'm a member through USAA/PenFED and have used this car-buying service in the past (via USAA) and almost purchased a 2013 vehicle (viai PenFED) a few weeks ago.

Contributor
jht2
Posts: 75
Registered: ‎03-12-2013

Re: Decided to bite the bullet and applied for Cap1 auto.....approved, but

I have and spoke with a salesman here locally and they refused to use that price. Assuming they're not part of truecars program

Established Contributor
bahbahd
Posts: 729
Registered: ‎08-12-2011

Re: Decided to bite the bullet and applied for Cap1 auto.....approved, but

Come to texas. El Paso is not that far. Heck, Lubbock is not that far either. It is probably closer to you than it is to me on the other side of Texas.

Contributor
jht2
Posts: 75
Registered: ‎03-12-2013

Re: Decided to bite the bullet and applied for Cap1 auto.....approved, but

Lol, funny story I was just in El Paso a week ago. Boring 8 hour drive. I was debating flying to Houston,  cause their prices on crew cab trucks are phenomenal.  Plus thats where one of my credit unions are  located

Frequent Contributor
tonyjones
Posts: 429
Registered: ‎04-22-2013

Re: Decided to bite the bullet and applied for Cap1 auto.....approved, but

To OP, what CRA did they pull and what was your score?


Gardening Since November 2013
  
Contributor
jht2
Posts: 75
Registered: ‎03-12-2013

Re: Decided to bite the bullet and applied for Cap1 auto.....approved, but

Cap1 pulled my lowest CRA w/ TU @ 639, thought it would have been EX or EQ both are at 680. My DTI was a little high stupid of me for not realizing, currently at 44% but I'll get pd down and app agsin in 2 months

Frequent Contributor
tonyjones
Posts: 429
Registered: ‎04-22-2013

Re: Decided to bite the bullet and applied for Cap1 auto.....approved, but


jht2 wrote:

Cap1 pulled my lowest CRA w/ TU @ 639, thought it would have been EX or EQ both are at 680. My DTI was a little high stupid of me for not realizing, currently at 44% but I'll get pd down and app agsin in 2 months


That's not so bad, I think I'm going to wait until November to apply, need to garden some more with my Cap1/Walmart/Student Loan


Gardening Since November 2013
  

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