topic Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing? in Understanding FICO® Scoring

Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Wed, 20 Jun 2007 05:07:08 GMT

I'm thinking of applying for a car loan online. I just checked my fico score and i just hit 701 on Transunion and 700 on Equifax. Don't know Experian. I've raised my scores 100 points in a about 10 months. Yay for me! Scared of going into the dealership without a fall back plan if they try to screw me over. I've never gotten an auto loan or any kind of loan before. My entire credit history is my credit cars. My oldest card is 13 years old. Anyone have good experiences with Capital One Auto or HSBC Auto Fincancing?

Message Edited by MXtra on 06-19-2007 10:07 PM

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

smallfry — Wed, 20 Jun 2007 09:50:17 GMT

I just finished paying off a car loan with Cap One. Trying to make the last payment was a trying experience. Don't ask. If I were you I would try to gain membership in a credit union. Their rates tend to be better. Try Navy Federal of Penfed. I just refi'd a 6 month old car with Navy got 6% and GAP insurance only cost $199. See what you pay for that alone through the traditional lenders. Good luck.

Message Edited by smallfry on 06-20-2007 05:50 AM

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Tuscani — Wed, 20 Jun 2007 11:11:27 GMT

I agree with smallfry.. Try a CU. I will say that CAP1 auto is no were near as bad as their CC division. Can't comment on HSBC auto.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Wed, 20 Jun 2007 14:00:48 GMT

both of them are okay to deal with, if that is all that you can get. capone auto's blank check was the only way i could get a vehicle back in '05, and although the interest rate was high (18.99%), the process was quick, easy and painless. i refi'ed the loan with hsbc a year later, and knocked off a few percentage points (14.99%), then another year later i refi'ed with citifinancial auto. citi knocked my rate down to 8.75%. of course, these rate reductions were based on my credit substantially improving over the past 2.5 years.

can anyone tell me if 8.75 is decent auto loan rate for low-mid 600's?

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Wed, 20 Jun 2007 15:02:51 GMT

Pentagon Federal has the best auto rates I have ever found. I have financed a few autos with them and have been researching recently. I joined a few years ago and I am not in the military. I have been very happy with them. www.penfed.com

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Wed, 20 Jun 2007 15:44:49 GMT

i just joined and am going to try to refi my auto loan with them. thanks for the info.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Wed, 20 Jun 2007 17:38:35 GMT

what kind of downpayment would I need with penfed? The car I want will cost about $20,000 after all the taxes and fees are added in. So will I need $2,000 for downpayment? I thought I read somewhere most credit unions only finance 85% which is why the rates are low, but it does say they finance up to 100% of the car for eligible people. I wonder if I'm eligible since I've never gotten a loan before. I didn't know joining a credit union was so easy and can be done online for $20.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

smallfry — Wed, 20 Jun 2007 18:18:45 GMT

@Anonymous wrote:
what kind of downpayment would I need with penfed? The car I want will cost about $20,000 after all the taxes and fees are added in. So will I need $2,000 for downpayment? I thought I read somewhere most credit unions only finance 85% which is why the rates are low, but it does say they finance up to 100% of the car for eligible people. I wonder if I'm eligible since I've never gotten a loan before. I didn't know joining a credit union was so easy and can be done online for $20.

I put nothing down. Ever.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Wed, 20 Jun 2007 21:48:33 GMT

i would advise against using CapOne for autofinance solely based on my personal experience. i got the blank check on time and approved for 14.99% (my scores at the time were around 650). however, when they had to verify my income and employment and such, their fax machines kept "breaking" and even though i asked them to expedite the verification, they still took a long time.

then once i finally bought my car, they had SERIOUS problems getting my check processed. the check was deposited by the dealer and it took me at least 10 separate phone calls (speaking with supervisors and the like) to figure out why my account wasn't being opened correctly. somehow my check/account information was "lost" between the department that processes the checks and the department that sends you information regarding your monthly payments and account opening.

needless to say, i refinanced right away (i mean before i even made the first payment to CapOne) with Chase at 6.94%. the refinance application took me 10 minutes to complete online and i got a phone call from chase within 2 hours asking me where i would like to sign the closing documents.

to make a long story short, i had a TERRIBLE experience with capital one and from what i have heard from friends, their interest rates are higher than a lot of other lenders.

i am happy with my CHASE loan, so i would recommend looking on the chase website and checking out what they have to offer at this time.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Thu, 21 Jun 2007 17:38:42 GMT

in my case, i went to the dealer, and told them i would be writing a check (didnt say it was a capone blank check). we worked a deal, they did all of the paperwork, and gave me a final figure. i pulled out my blank check, filled it out and handed it to them. they had never seen one before. dealer called the number that came with the check, was on the phone with capone for about three minutes, and i walked, or i should say drove off the lot with my truck. was in and out in no time, with no problems. as they say on here, ymmv.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Thu, 21 Jun 2007 22:18:26 GMT

I have a Cap One auto loan. They treat me OK. I can pay online which is nice, and they report to all 3 bureaus in a timely fashion, so all in all I have no complaints. I think at this stage I'd go through my bank, but my circumstances when I got the auto loan a year and a half ago limited my options.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Sun, 24 Jun 2007 16:14:30 GMT

When I went out to purchase a new car a couple of months ago, I applied with twelve different lenders. Crap1 and Capone were the only one's to deny. Not only did they deny, they took about 10 days to send me a letter in spite of having said that a rep would call me within 24 hrs to discuss the loan. Crap1 is well known for treating customers poorly and charging higher rates. I'm glad they denied, I financed through NMAC at 6.49% and later refied through NFCU at 4.50%! My EX score was 702 and FICO EQ was 698 at the time of the denials. I had been with the same employer for 3 yrs. I will never do business these loan sharks. The name says it all: "Capone"

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Tue, 26 Jun 2007 04:50:29 GMT

Instead of buying a $20,000 car that will quickly go down in value, why not just buy a car for cash for $2000? Keep it six months and without a car payment, you can probably save the $400 a month you would have spent on payments. Then take that $2400 and trade in your $2000 car for a $4400 car. A year later again trade up with the money you saved on car payments to a $8000 car that is totally paid for.

A FICO score is nothing more than an "I love debt score" Pay cash and you win in the long term.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

VLGaffEsq — Fri, 13 Jul 2007 21:41:07 GMT

I agree that PenFed is the best option, especially if you can get in; however, I bought a used 2002 Acura RSX using a "blank check" from CapitalOne Auto Finance for about $ 13,000 and it worked perfectly for me (the interest rate was a little high at 10%). I always paid over the phone, never had a problem and recently paid the loan off in full when I sold the car. Overall, I was a very satisfied customer (aside from everyone calling them "crapitalone"). I am a big fan of CapitalOne, with my auto loan and my two credit cards with an interest rate locked at 4.99%! Good luck.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Thu, 20 Sep 2007 14:25:44 GMT

Hi, where did you get the GAP for $199? Thanks

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Fri, 21 Sep 2007 05:19:14 GMT

I have had two auto loans with Chase. Interest rates were both below 8 percent. I had good experiences with them. A couple of times I was a little short for the month and I called them and they deferred a payment...adding it to the end of the loan. So I was able to skip that months payment without incurring a late fee or 30 day late on my CR.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

ReachingForTheStars — Fri, 21 Sep 2007 22:27:11 GMT

Hi - I recently paid off my HSBC Auto loan. I financed $10500 in 2002. I paid $1500 down; and got a horrendous 24% rate. However, this was in the days when my score was sub-500, so I was happy to get a car . . . I had never financed anything, and was still showing a CO from Amex. Anyway, HSBC was great to me - I paid the huge interest rate for 10 months, then contacted them when I lost my job and couldnt make the payment. They dropped my rate to 0.06%, and rolled my three DF months to the end of the loan. I was so releived and lucky they didnt come get the car. I will not finance a car again while I am in rebuilding mode, but I would consider them in the future - provided I could get a great rate.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Sat, 22 Sep 2007 16:30:54 GMT

Check out promotional auto manufaturer financing. I just got approved by Ford Motor Credt for $37K at 1.9% for 60 months. They pulled EQ and I was at 675.

I was told before agreeing to let them pull my credit that an EQ of 630 would get 1.9% with a stable employment and address history.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

Anonymous — Sat, 22 Sep 2007 16:35:35 GMT

This is just the start of the "super finance" deals that will be coming from manufactures.

They are in serious trouble-

GM dealer here is doing 6K cash back w/ 0% 60 months.

I am Holding out for the "At a huge loss and 0% financing Sale"

@Anonymous wrote:
Check out promotional auto manufaturer financing. I just got approved by Ford Motor Credt for $37K at 1.9% for 60 months. They pulled EQ and I was at 675.

I was told before agreeing to let them pull my credit that an EQ of 630 would get 1.9% with a stable employment and address history.

Re: Anyone with experiance using Capital One Auto or HSBC Auto Financing?

jsmith12345 — Sat, 22 Sep 2007 18:44:18 GMT

I've used Cap One on several car purchases. I've never had a problem, if the dealer gives me any grief I just stand up to walk out and they stop. My rate has always been at 7.99% or lower except for the first time I used them and that was at 10.99%. I've also used E-Loan in the past and they usually beat the Cap One rate.

Side note: I won't own a Cap One credit card. Low CLI, crappy interest rate and lousy customer service.