topic Re: Capital one auto financing!! in Auto Loans

Capital one auto financing!!

Anonymous — Wed, 27 Jun 2012 15:56:48 GMT

Hello! I keep receiving preapproved offers for capital one auto finance and was wondering if anyone has had a good experience with this! I've read on here that people have had a few bad experiences but I'd like to find out the good ones! I'm buying a new car in a few months. Worked really hard getting my scores up. My Transunion is 665. I hope to have it up some more after I pay some cc down. Can anyone tell me their experience with this and if they wanted down payment, terms, etc. any info good or bad will be greatly appreciated. Thank you!!!

Re: Capital one auto financing!!

Education44 — Wed, 27 Jun 2012 16:44:46 GMT

I opened an auto loan with Capital One in April 2011. So far, my experience with them has been positive. In fact, I was late one month and they agreed to waive the late fee. I was not required to put any money down on a 2011 Honda CRV. On the other hand, my interest rate is on the high side. When I applied for a loan with them my credit was a mess.

Re: Capital one auto financing!!

Anonymous — Wed, 27 Jun 2012 17:18:34 GMT

Ok thank you! So no trouble with the dealer taking the check? That's where I've been hearing issues!

Re: Capital one auto financing!!

Anonymous — Wed, 27 Jun 2012 21:46:19 GMT

Most people are not going to create a post that say's "I financed with Cap 1 blank check and the process went normally". The ones who experience problems are going to be the only one's that post. Although I don't have hard numbers i would be willing to bet that Cap 1 processes thousands of loans per month and most go smoothly. They generally have dealers within a network that you are directed to based on your purchase requirement and they deal with Cap 1 blank checks all the time.

If you do go that route don't be afraid to see if the dealer can find financing at a better rate if you believe that your credit should be eligible.

Re: Capital one auto financing!!

Anonymous — Wed, 27 Jun 2012 23:05:59 GMT

Thank you! I didnt expect to find that post that's why I asked here! Yes I do hope things go smoothly. I will check around also since it basically counts as 1 inquiry for shopping around. Thanks again. Still would like some stories from people that have actually used the blank check. Thanks again

Re: Capital one auto financing!!

sbluejean — Sat, 30 Jun 2012 03:39:31 GMT

I'm an Internet Sales Manager for a Ford Store. We are also a "Platinum Dealer" with Capital One Auto Finance. We hold a number of Cap One "Pre-Approved" sales events during the year where pre-approved customers are directed to our dealership to buy their new or used vehicle. The checks to which you are referring are absolutely legit. However, there are (as you will no doubt find out in reading all the fine print) "Conditions" and "Stipulations" (stips, as we lovingly refer to them) attached to each pre-approval, i.e.. year model range, mileage, vehicle class (Forget about financing a 1 ton truck or Cargo Van, they won't do them, period), etc.

Once you have picked out the vehicle you want, the Sales Manager or Finance Manager has to submit the vehicle and purchase money structure to Cap One for final approval. In most cases, things go smoothly and the customer takes delivery of their new vehicle, but there have been hiccup on occasion.

Also, depending on your score, in most cases we have been able to get that same customer approved with other lenders (including "prime" and not just sub-prime) with whom the customer got better terms and a better rate. So, do your due diligence. A "Pre-Approval" check is actually your opportunity to "better deal" the lender.

...Just Sayin'.

Re: Capital one auto financing!!

Anonymous — Sat, 30 Jun 2012 03:59:24 GMT

Ok. Thanks a lot. That was really helpful! So are the capital one approvals always sub prime? My score is 665. Up 15 points from 2 months ago. What's hurting me is my credit cards are close to the limits. Once I pay them down I should be in the 700's hopefully by the time I'm ready to buy in 6 months. Thanks again. So are they subprime?

Re: Capital one auto financing!!

Anonymous — Sat, 30 Jun 2012 04:14:41 GMT

I have a capital one auto loan that I opened in Feb of 2011. My credit was not great, so I took a shot and ended up with a 7% interest rate, which is not bad considering my credit score at the time. I planned to refinance after a bit (I will next month, hopefully). The experience was absolutely painless and actually gave me the edge at the dealership.

-I applied and was approved for the loan

-I checked the cap1 website and found a list of dealers who accept the cap1 check in my area, choosing one based on the kinds of vehicles I was interested in

-The particular dealership I chose is big on internet sales, so I looked up the cars they had available and found the one I wanted

-I researched the true value of the car on a couple of websites, looked up what rebates were being offered, etc

-I emailed the internet salesperson and told him I would be paying with a check, and gave him a figure (left a little on the bone for him, and still got a really good deal)

-He accepted and a friend drove me over after work and I tested the car

-Spent about 30 minutes filling out paperwork and then drove the car home

I did let the dealership check into financing for me, but they couldn't come close to the cap1 interest rate due to my credit score. When I got the denial report in the mail, my score was, I think, 650.

They did not ask for any down payment. You don't have to use the full check value. There are no penalties for paying the loan off early. I've had nothing but a positive experience thus far. *knock on wood*

Re: Capital one auto financing!!

LALALISA — Sat, 30 Jun 2012 20:34:12 GMT

I got a loan 6 mths from Chap 7 BK discharge back in 2007. My exp is positive because they gave me a loan. I have 12 mths to go on my loan and they helped me reestablish my credit post BK. And I've never been late on a payment in 5 yrs

Re: Capital one auto financing!!

sbluejean — Sat, 30 Jun 2012 20:52:40 GMT

@Anonymous wrote:
Ok. Thanks a lot. That was really helpful! So are the capital one approvals always sub prime? My score is 665. Up 15 points from 2 months ago. What's hurting me is my credit cards are close to the limits. Once I pay them down I should be in the 700's hopefully by the time I'm ready to buy in 6 months. Thanks again. So are they subprime?

No, thay are not always sub-prime. They actually run the full gamut. Had a guy the other day who had 1.99% preapproval with USAA, and I got him done with Cap One at 1.79%. The guy was a bullet (credit wise). So, no they are not strictly sub-prime, they can be really competitive if they really want the deal. Hope that helps.

Re: Capital one auto financing!!

Anonymous — Sun, 01 Jul 2012 06:21:19 GMT

Thank you guys so much!!! This sounds promising!!! Thanks again!

Re: Capital one auto financing!!

Anonymous — Thu, 19 Jul 2012 05:10:40 GMT

I received an offer from Capital One last Summer. Was in the market for a vehicle so it was good timing. Looked at their approved dealers in my area and found a vehicle that I liked. Test drove it, things were good so I made the purchase. I couldn't take the vehicle right away. Had to wait a few days until they were paid by Cap 1. Financed the vehicle and included sales tax too. I know, not a good idea but I needed to get out of the SUV that was costing me close to $450. per month for gas. The loan for that was in a relative's name (also used Cap 1). Now I only spend about $160. per month for gas and try to pay more on the loan. Payments over the regular amount has to be done over the phone with no fee. Other than that, everything is fine. Financed $12,700 for 72 months at 17.1%. I'm going to try to knock it down over the next year and refinace at a lower rate. Might end up upside because of the high rate. If so, I'll just chalk it up to the cost of having bad credit when I started. Things are getting better.

Re: Capital one auto financing!!

Anonymous — Thu, 19 Jul 2012 18:45:53 GMT

Thank you!! Do you know what your credit score is?

Re: Capital one auto financing!!

Anonymous — Thu, 19 Jul 2012 20:03:24 GMT

Just looked through the folder and saw that it was 520. Damn! It's jumped up a lot in 10 months!

Re: Capital one auto financing!!

Obt3wKLq5t — Thu, 19 Jul 2012 20:06:57 GMT

Got 1.39% over the weekend with Capital 1 at the dealer over 36 months. Prior to running the credit, the dealer told us 3.79% so I told them that I could get 1.99% through Penfed. I was suprised at the rate when I was locked in the room with the finance guy.

Re: Capital one auto financing!!

Anonymous — Fri, 20 Jul 2012 03:25:54 GMT

Wow! That's awesome. Congrats. I thought if you use capital one that the dealer doesn't run your credit. That you show up with a blank check from capital one. Idk

Re: Capital one auto financing!!

Anonymous — Fri, 20 Jul 2012 05:52:03 GMT

My credit score was provided by Cap 1 when they sent me the check.

Re: Capital one auto financing!!

Obt3wKLq5t — Fri, 20 Jul 2012 13:01:48 GMT

I think in my case, capital one was one of the banks the dealers used. So this is different than showing up with a blank check after you get approved. So if you got exellent credit, it might be worthwhile to see what the dealer can give you.

It showed up on my report as two inquiries though. One for dealer to check our credit, second one by capital one to all three bureaus to obtain the loan.

Re: Capital one auto financing!!

Anonymous — Fri, 20 Jul 2012 14:29:20 GMT

Thanks for the info. The good news is when you have a bunch of inquiries in a 30 day time frame while car shopping they only count as one. Yay!! Getting excited. Gonna buy in the next 6 months!

Re: Capital one auto financing!!

diabla — Fri, 12 Oct 2012 15:11:49 GMT

Great thread. I'm considering Cap 1 now. I keep getting the preapproval letters and emails every month for a different dealer, so I hope I can go to a different dealer than the one they're featuring that month. My scores are in the low 600s but I'm waiting to respond to the preapproval when my score is closer to 680. I've been cleaning it up and waiting on about 5 collection deletions, a 120 day late removal, and a possible judgment removal. That should all happen within the next 2-3 weeks so then I hope to be a lot higher when I answer the call! But it sounds like they're pretty reasonable either way. I'm really excited about it so its good to find this thread!