I got the same letter last week and my score was around the same as yours as well. My letter was only specific to one dealership in the area so I figured I would do an online application with Capitol One to prevent being locked into just one dealership. I was denied through Capitol One itself so im assuming that you have to go that particular dealership to stand a better chance of getting approved.
I posted about the same question a week or so ago when I got my letter and from my understanding the dealership is trying to lure you in so they paid Capitol One $$$ to send out those pre approvals. If you think you could find what you are looking for at that particular dealership then I say go for it. Mines was through a Ford dealer and there was nothing that really caught my eye to make me want to actually go to the dealer. Good luck.
