topic Re: Turned down for loan by CU but got Cap One Blank Check and question in Auto Loans

Turned down for loan by CU but got Cap One Blank Check and question

moreFICOplease — Tue, 15 Jul 2008 13:48:15 GMT

I applied with my local CU and got rejected. They said my score was 515 and they don't work with scores below 600. They must use an auto enhanced FICO because I pulled my report the same day after they did the pull and my score was 644. They pull Experian only.

I got my approval with Cap One the same day and just got the blank check packet yesterday. I'm car shopping now and hope to be in a new vehicle by the weekend! I'm making offers and hope to get a bite from one of these dealers.

Question...does anyone when know when Cap One requests income verification? Is it after I buy the car? I expected it to be in my loan packet but there was no mention of me having to send any documentation in it-only for the dealer.

7/10/08 EQ: 629 TU: 641 EX: 644

Re: Turned down for loan by CU but got Cap One Blank Check and question

granny031350 — Tue, 15 Jul 2008 13:57:01 GMT

my daughter had to send it in to Cap One after she had her vehicle and had signed for her loan. The approval process took a while at the dealer, like 3 hours because they couldn't get through to Cap One. Everything was verified over the phone at the dealer and then daughter had to send in paperwork after she had the car. It was really pretty painless and a lot of fun to car shop knowing what she had to spend.

Re: Turned down for loan by CU but got Cap One Blank Check and question

moreFICOplease — Tue, 15 Jul 2008 16:53:18 GMT

Thank you! Just what I needed to know.

Re: Turned down for loan by CU but got Cap One Blank Check and question

Anonymous — Tue, 15 Jul 2008 18:16:18 GMT

Congrats on your loan, enjoy your new car!!!!!

Re: Turned down for loan by CU but got Cap One Blank Check and question

Anonymous — Tue, 15 Jul 2008 23:31:25 GMT

For my current car, I have that one financed with Cap 1 and I used

the blank check thing. It was so easy, I loved it. I took care of sending

them all the "stips".. pay check stub and whatever else they wanted

right at the beginning. I didn't go shopping until I talked to them and they

gave me the official OKAY... but.. that's me.. I am always paranoid about

things not going like they are supposed to. All in all, Cap 1 has been great.

Have fun shopping for your new car!

Re: Turned down for loan by CU but got Cap One Blank Check and question

moreFICOplease — Wed, 16 Jul 2008 14:23:08 GMT

I just called Cap 1 to find out what documentation they will need from me and where to fax it and they said I don't need to send in any documentation (check stubs, driver's license, w-2).

The woman I spoke to said if they needed documents from me it would be stated in my packet and that it would be in their computer system. Said I'm good to go. We'll see...I'm meeting with a dealer tomorrow.

Lance66 wrote:
For my current car, I have that one financed with Cap 1 and I used
the blank check thing. It was so easy, I loved it. I took care of sending
them all the "stips".. pay check stub and whatever else they wanted
right at the beginning. I didn't go shopping until I talked to them and they
gave me the official OKAY... but.. that's me.. I am always paranoid about
things not going like they are supposed to. All in all, Cap 1 has been great.
Have fun shopping for your new car!

Exactly! I'm wondering why this deal is different than what you and others have gotten.

Does having a Cap 1 credit card count? I have two cards from them for 3-4 yrs and never been late, always paid more than the minimum.

Thanks everyone!

Re: Turned down for loan by CU but got Cap One Blank Check and question

TangMeister — Thu, 17 Jul 2008 07:08:30 GMT

Congrats on the loan. I like their service a lot.

I got the same deal from Cap 1 in Dec '06. They approved me instantly, and I never had to supply any supporting documentation. I've been a Cap 1 card holder since 2002, so perhaps that is part of the reason why there was no verification required. They pulled credit reports/FICOs from all 3 bureaus.

@moreFICOplease wrote:
I just called Cap 1 to find out what documentation they will need from me and where to fax it and they said I don't need to send in any documentation (check stubs, driver's license, w-2).
The woman I spoke to said if they needed documents from me it would be stated in my packet and that it would be in their computer system. Said I'm good to go. We'll see...I'm meeting with a dealer tomorrow.

@Anonymous wrote:
For my current car, I have that one financed with Cap 1 and I used
the blank check thing. It was so easy, I loved it. I took care of sending
them all the "stips".. pay check stub and whatever else they wanted
right at the beginning. I didn't go shopping until I talked to them and they
gave me the official OKAY... but.. that's me.. I am always paranoid about
things not going like they are supposed to. All in all, Cap 1 has been great.
Have fun shopping for your new car!

Exactly! I'm wondering why this deal is different than what you and others have gotten.
Does having a Cap 1 credit card count? I have two cards from them for 3-4 yrs and never been late, always paid more than the minimum.
Thanks everyone!

Re: Turned down for loan by CU but got Cap One Blank Check and question

Ashley1980 — Tue, 22 Jul 2008 11:50:19 GMT

What type of % did you get?

Re: Turned down for loan by CU but got Cap One Blank Check and question

Anonymous — Tue, 22 Jul 2008 17:09:07 GMT

I've had several loans thru Cap One and have been very pleased. One word of advise though, DO NOT tell the dealer that you have a CAP ONE check that gives you XX % of value of car, because they will make sure you are charged that, simply tell them that you have your own financing and are ready to buy!!

Re: Turned down for loan by CU but got Cap One Blank Check and question

moreFICOplease — Wed, 23 Jul 2008 14:52:37 GMT

TangMeister wrote:
Congrats on the loan. I like their service a lot.

I got the same deal from Cap 1 in Dec '06. They approved me instantly, and I never had to supply any supporting documentation. I've been a Cap 1 card holder since 2002, so perhaps that is part of the reason why there was no verification required. They pulled credit reports/FICOs from all 3 bureaus.

Thanks TangMeister! I'm happy to know I'm in good company. Yep I got pulls from all three bureaus also.

Re: Turned down for loan by CU but got Cap One Blank Check and question

moreFICOplease — Wed, 23 Jul 2008 15:17:53 GMT

Ashley, I was approved for the following.

36 month loans

6.84% for 2008 or newer

9.83% for 2007

10.58% for 2005 - 2006

11.83% for 2001 - 2004

48 to 60 month loans

7.34% for a 2008 or newer

10.33% for 2007

11.03% for 2005 - 2006

12.33% for 2001 - 2004

72 month loans

8.34% for 2008 or newer

11.33% for 2007

12.08% for 2005 - 2006

13.33% for 2001 - 2004

Not great but not too horrible either.

Re: Turned down for loan by CU but got Cap One Blank Check and question

moreFICOplease — Wed, 23 Jul 2008 15:20:02 GMT

turboturtle321 wrote:
I've had several loans thru Cap One and have been very pleased. One word of advise though, DO NOT tell the dealer that you have a CAP ONE check that gives you XX % of value of car, because they will make sure you are charged that, simply tell them that you have your own financing and are ready to buy!!

turboturtle321, thanks for that. I haven't told the dealers that but I have told them I have financing through Cap One only because they are trying to beat the financing but they havent' been able to. I do start out telling them that though.