topic Re: Capital One auto in Auto Loans

Capital One auto

Anonymous — Sun, 09 May 2010 00:36:51 GMT

I just got approved (and started using) a Capital One credit card with a $500 limit. They had sent me a letter in the mail and I signed up and got it. I am curious about a Capital One auto loan. Are my chances good if they just gave me a CC? I'd like to get a car with about 50% LTV and am curious if its worth an inquiry when I've already been approved for a crappy 14.99% at a dealer (my mid score is about 620). Keep mind, I had one auto loan before with Chase Custom, when I had worse credit, and paid it off perfectly in 18 mos. Any ideas?

Re: Capital One auto

m3v8 — Mon, 10 May 2010 01:04:10 GMT

I'm in exact same boat,- got Cap One cr.c just to build a realtionship with them. So now I'm looking to finance an auto, but not sure if the time is right... had the credit card with them for less than 6 months. I will go into bank with my credit reports (so that they wouldn't have to pull my credit report), sit down and talk with loan officer to see what's the idea of a loan to my credit score... need to finance about $50k.

Once I was at Cap One branch, inquired about a loan, but was told they don't know anything about loans at branch, and that I have to call the bank...

Re: Capital One auto

gettingsmarter — Thu, 13 May 2010 23:15:00 GMT

You may be OK and might get approved - - My score is a little below 620 - I was approved 2 weeks ago through Capital One Auto at 12.99% for 66 months - 26K loan - AND I have 2 PAID (as of March) charge off collections accounts on 2 Cap. One credit cards. Go Figure.

Re: Capital One auto

Anonymous — Thu, 13 May 2010 23:26:57 GMT

I applied a few weeks ago and got a $26,400 loan at 10.51%. I tried to get a better rate at the dealership but they couldn't beat that. Seems like good rates are hard to come by now days. My score was 630.

I just got my 2010 Golf TDI today and used the blank check program. It was pretty painless. I would just make sure that all the docs are faxed from the dealership or you can run into some issues. So far so good.

Re: Capital One auto

m3v8 — Fri, 14 May 2010 00:42:31 GMT

All sounds good, but I need to finance a $50 k BMW....doubt cap One would finance that much. Any thoughts?

Re: Capital One auto

Anonymous — Fri, 14 May 2010 01:10:22 GMT

@m3v8 wrote:
All sounds good, but I need to finance a $50 k BMW....doubt cap One would finance that much. Any thoughts?

why don't you just apply through BMW Financial Services, seems would be easier considering the amount. And from what I hear BMW is being very generous these days.

Re: Capital One auto

m3v8 — Fri, 14 May 2010 01:45:27 GMT

Hm... interesting... good advice. BMW dealer is saying the same thing, that I should just apply through BMWFS. Well, the thing is,- I have had a lease/loan through BMWFS from 2007 to the end of 2009, 3 years lease, 36 payments. Out of those 36 payments I was late 30, 30, 60, 30, 30, 30... year one...but got better, and paid all on time all the time till lease was up and I finished it as in all paid in good standing. These 2 years ago lates with BMWFS is what worries me. I heard BMWFS never forgives even a one day late.

Cap One approved car loan 6 months ago for $50k, but they wanted $20k down,- so they really approved their standard $30k car loan and nothing else special. What makes it interesting, when I applied for car loan with Cap One six months ago my score was Tru 598, Ex 609, Eq 610...one paid collection, paid judgment, and paid derogatory, $$$ thousands in balances on closed accounts.

....and now, after six months all balances are $0.00, no collections on record, no judgment on record, except Eq wouldn't remove Judgment, so Eq score 636, Tru 708 (vantage?), Ex 606 (weird, score just doesn't want to update on experian, major improvements with credit history, I buy Exp score every month, but no change... I think Exp is all screwed up with their scoring formula?)

Re: Capital One auto

MarineVietVet — Fri, 14 May 2010 03:07:36 GMT

@m3v8 wrote:
Hm... interesting... good advice. BMW dealer is saying the same thing, that I should just apply through BMWFS. Well, the thing is,- I have had a lease/loan through BMWFS from 2007 to the end of 2009, 3 years lease, 36 payments. Out of those 36 payments I was late 30, 30, 60, 30, 30, 30... year one...but got better, and paid all on time all the time till lease was up and I finished it as in all paid in good standing. These 2 years ago lates with BMWFS is what worries me. I heard BMWFS never forgives even a one day late.
Cap One approved car loan 6 months ago for $50k, but they wanted $20k down,- so they really approved their standard $30k car loan and nothing else special. What makes it interesting, when I applied for car loan with Cap One six months ago my score was Tru 598, Ex 609, Eq 610...one paid collection, paid judgment, and paid derogatory, $$$ thousands in balances on closed accounts.

....and now, after six months all balances are $0.00, no collections on record, no judgment on record, except Eq wouldn't remove Judgment, so Eq score 636, Tru 708 (vantage?), Ex 606 (weird, score just doesn't want to update on experian, major improvements with credit history, I buy Exp score every month, but no change... I think Exp is all screwed up with their scoring formula?)

No one has been able to pull their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com (If you look hard enough) and your Transunion score at www.transunioncs.com. (Not transunion.com)

What you buy from Experian is called a Plus score. It in no way correlates to a FICO score.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

Re: Capital One auto

m3v8 — Tue, 18 May 2010 21:25:24 GMT

Just got a Pre- Approval for Car Loan for up to $30k from Capital One. I didn't even asked for it, they just sent me the pre-approval letter, saying "go ahead and spend it at the dealership". My scores,- Exp 606, Eq 638, Tru 708. One derogatory is still on report.

Re: Capital One auto

ngerasimatos — Wed, 19 May 2010 01:57:53 GMT

I used their financing a few years ago. it was easy and never had any issues with them. Had to fax lots of paperwork and such but overall it was the easiest experience I have had with financing a vehicle. Ever.

Re: Capital One auto

keikdasneak — Thu, 20 May 2010 04:26:18 GMT

What report did they pull?

Re: Capital One auto

ngerasimatos — Thu, 20 May 2010 04:28:51 GMT

All three, but they rely mainly on TU

Re: Capital One auto

Anonymous — Tue, 21 Sep 2010 23:25:31 GMT

keep sending me the letters, but the fine print says you have to have minimum $18K/year. I'm only at $15K/year (unless you count periodic student loans, which would put me closer to $25K). I only want to borrow $7-9K (what I can realistically afford) for a decent used car and pay it off in 2-3 years. Anyone know whether CapOne would approve that? I have two baddies I've been trying to PFD for a few months, total worth abut $800, and one of CapOne's $500 cards that I've had for several years, among other lines. I have a mortgage with a perfect payment record for 2+ years and a PIF personal loan for about $5K. Current scores in my siggy; UTIL should be under 10%.

Re: Capital One auto

Anonymous — Wed, 22 Sep 2010 15:55:03 GMT

They seem to be pretty strict on the requirements. I used them 5 years ago, when I received the same preapproval email. Though the process was really easy, the dealer had to "work the numbers" to get the payment where CapOne required. They did this by making the service contract 24months instead of 36.

CapOne would not approve until that was done.