topic Re: Is Cap1 for real?!? in Auto Loans

Is Cap1 for real?!?

Anonymous — Fri, 19 Feb 2016 19:08:45 GMT

I'm just blown away. 2.5 weeks post bk discharge, and I'm in the market for a different car. Put in my info in the auto nav prequal page and come back with a 4.25% interest rate for 72 mos on an Audi RS5 I've had my eye on. I'll have a large downpayment + paid off trade in to make up the difference between their $40k max and the actual price of the car, but WOWWWWWWW!!!! I never thought I'd get an APR this low ever! My APR on my car that was paid off in my chapter 13 was 12.13%, and I had no blemishes on my credit then (just high util)!

Amazing!!!!!!!!

I wonder if I'd get as lucky going to the dealer and seeing if they'd finance the whole amount? My scores aren't great, but my salary is.

edit: yes, I realize the car I want is over the top, probably too much money, and yes, I did just get out of BK. However, my salary is 4-5 times higher than it was when I filed, I have only a few small student loans remaining as debt, and plenty of disposable income. So while I probably don't need that much car, I can def afford it very comfortably.

Re: Is Cap1 for real?!?

CH-7-Mission-Accomplished — Fri, 19 Feb 2016 19:30:33 GMT

@Anonymous wrote:
I'm just blown away. 2.5 weeks post bk discharge, and I'm in the market for a different car. Put in my info in the auto nav prequal page and come back with a 4.25% interest rate for 72 mos on an Audi RS5 I've had my eye on. I'll have a large downpayment + paid off trade in to make up the difference between their $40k max and the actual price of the car, but WOWWWWWWW!!!! I never thought I'd get an APR this low ever! My APR on my car that was paid off in my chapter 13 was 12.13%, and I had no blemishes on my credit then (just high util)!

Amazing!!!!!!!!

I wonder if I'd get as lucky going to the dealer and seeing if they'd finance the whole amount? My scores aren't great, but my salary is.

edit: yes, I realize the car I want is over the top, probably too much money, and yes, I did just get out of BK. However, my salary is 4-5 times higher than it was when I filed, I have only a few small student loans remaining as debt, and plenty of disposable income. So while I probably don't need that much car, I can def afford it very comfortably.

That is fantastic! You could not hope to do better than that.

Don't let the dealer run your credit. They will not be able to beat that rate and they will likely hit you with 20 inquiries. In fact I would make sure to Freeze all three reports.

With your large equity position, you can then start shopping for a refi in six months or 12 months. You know those with the best credit are getting 2.5% from DCU (without direct deposit), so you are hardly paying any premium at all.

Seriously. Take that deal and refi later. You will hate yourself for two years if you have see all those inquiries.

Also, under NO CIRCUMSTANCES give the dealer your social security number. The only reason they want it is to pull credit. They can't pull it with frozen reports of course, but if you choose not to freeze all three it should prevent them from pullling.

Re: Is Cap1 for real?!?

Anonymous — Fri, 19 Feb 2016 19:44:37 GMT

CH-7-Rebuilding - You're right, I don't want to see tons of inquiries!! I'm amazed/glad I got this offer! I was going to wait another 4-5 months to try to improve my credit score and then try my luck with the dealer, but it looks like I can be in the car I want much sooner! Hopefully with my down payment and trade in, I won't even need the full $40k (The car I want is about $59-62k ) which would make it even better!

I was seriously expecting like a 14% rate, so I was going to try to refi ASAP. 4.25% isn't the best, but it's amazing to me, and I won't feel like I'm throwing away a ton of money in interest. I won't have to be in QUITE as much of a hurry to refi, but I'll probably do it pretty quick anyway.

Re: Is Cap1 for real?!?

Anonymous — Sat, 20 Feb 2016 00:28:32 GMT

Congrats, OP! I'd take them up on that rate if that's the car you want.

Re: Is Cap1 for real?!?

Anonymous — Tue, 23 Feb 2016 22:41:39 GMT

I think I probably will, when I entered info for a model year newer than what I had in there (2015 vs 2014) it dropped to 3.74% for 72 mos oh my!

Re: Is Cap1 for real?!?

Anonymous — Wed, 24 Feb 2016 06:39:27 GMT

Capital one is most forgiving of bk as long as you didn't burn them in bk

Re: Is Cap1 for real?!?

Bankrupt2019 — Thu, 25 Feb 2016 05:20:45 GMT

Not trying to be the negative Nancy here, but I would be very surprised if you actually got the rates or terms that are shown on that prequalification.

Re: Is Cap1 for real?!?

Anonymous — Thu, 25 Feb 2016 07:09:12 GMT

Those rates are real and true. I just financed a car at 1.99%, the exact rate I was quoted when I added the VIN into their system. I couldn't believe it myself but Cap 1 auto finance is awesome.

Re: Is Cap1 for real?!?

Bankrupt2019 — Thu, 25 Feb 2016 16:11:42 GMT

@sanglee24 wrote:
Those rates are real and true. I just financed a car at 1.99%, the exact rate I was quoted when I added the VIN into their system. I couldn't believe it myself but Cap 1 auto finance is awesome.

I myself have used Capital one auto finance I just don't think anyone who is just out of bankruptcy is going to get such low interest rates. Anything is possible though.

Re: Is Cap1 for real?!?

Anonymous — Thu, 25 Feb 2016 16:38:46 GMT

My Ch. 13 discharge was on 10/15. I am barely 5 months out of BK and I was approved for 1.99%.

Re: Is Cap1 for real?!?

Anonymous — Thu, 25 Feb 2016 16:40:58 GMT

I agree, I was absolutely shocked with the interest rate. I am grateful for a second chance from C1.

Re: Is Cap1 for real?!?

Anonymous — Thu, 25 Feb 2016 17:06:47 GMT

@sanglee24 wrote:
My Ch. 13 discharge was on 10/15. I am barely 5 months out of BK and I was approved for 1.99%.

wow! That's an awesomely amazing rate! Congrats!

I'm worried that I won't get that good 3.something rate from Cap1 because I just prequaled to see what I'd get out of curiosity, I'm not ready to buy til mid April or later, and the prequal is only good til April 4. Maybe I can squeeze a purchase in before then? But probably not... I want to buy right now, but I also wanna try to be responsible and save up more money for a down payment.

Although in mid April maybe my scores will be slightly better and I can get bumped down another couple points... I'm 100% certain I will not do better than what cap1 is offering though, so I need to find a dealer that deals with them. They brag a network of 12,000 dealers which seems like a lot, but so far, of all the cars I've checked out online, only one has been in network. what the heck?!

Re: Is Cap1 for real?!?

Anonymous — Sat, 27 Feb 2016 07:12:07 GMT

This is good to hear. I hoping to keep my % under 5. The numbers I get when I imput the calculator vary between 2.53 & 5.81%. depending onwhether I take 60mths or 72.