My Cap1 Pre-Approved Auto Loan Story

[Anonymous]

So what was your loan amount? If it was me i wouldn't put anything down and asked them to cut a check for 6000 to you for your trade

[rebound2014]

Used this for a new Honda Odyssey last June... learned about the Navigator loans here, I believe. The online application & approval was easy-breezy, great rate (at that time 1.9%), no complaints whatsoever with regard to CapOne's side of the transaction. CapOne was (and continues to be) fantastic with regards to their auto loan dept.

The Honday dealership in Florence (AL) however, not so much. Told the finance guy flat out that I understood I had to sign the credit authorization papers in order to marry the documents for the sale but do not shop the loan, I had 1.9% for up to 40K & up to 72 months even if another bank could match or beat it I was NOT interested because I did not want the inquiries.  He shopped it anyway... 12 hits total across the 3... 7 of which landed on Equifax alone.  

[Tim_S]

---

@Anonymous wrote:

So what was your loan amount? If it was me i wouldn't put anything down and asked them to cut a check for 6000 to you for your trade

---

My loan amount was for just over $30,000 and I extended the bumper to bumper warranty to 7 years.  I considered the check for $6,000 instead  of trade in, but my fiance is a numbers cruncher and she felt lowering my loan amount was the better option.

[Anonymous]

Just did my deal this evening. I am on a fixed income so it wasimportant to keep my payments lo. The deler kept trying to redirect to me another car then said the internet price assumed that ther would be a trade (it didn't say so).Then the person I was emailing with said I would get a $200 credit for scheduling an appointent. They tried to pretend that didn' happen so I pulled up the email with it in bold. Then the manager comes over saying when they run the numbers they come up with nearly $40 more a month and an APR of 3.02. I must have looked ready to go because he then howed me the 2015  Mirage with 200 miles on it. Cap 1 gave me 1.99% and my payments are under $200 because they could use all the dealer rebates and what not. I now have a care that meets my modest needs and I can afford. I didn't have to provide any other documentation other than my Cap 1 pre-approval. 

I will never walk into a dealership without a pre-approval in hand..  It made it super easy to stand my ground and not cave in to all the dealer double talk.