topic Re: Cap1 Auto in Mortgage Loans

Cap1 Auto

Anonymous — Sat, 15 Mar 2008 01:57:26 GMT

I've heard varying things about Cap1 auto.. Do they pull 3 or just 1. I know they pulled all 3 when I got my CC with them. I'm thinking of doing the Blank Check program

Re: Cap1 Auto

Anonymous — Sat, 15 Mar 2008 02:46:07 GMT

They pulled all three when I applied for the blank check program. The blank check program was a very easy process for purchasing a car and I'd do it again.

Re: Cap1 Auto

CreditDrama85 — Sat, 15 Mar 2008 03:07:46 GMT

when i applied they pulled TU and EX but NOT EQ

Re: Cap1 Auto

Anonymous — Sun, 16 Mar 2008 15:27:31 GMT

Do you know if they use auto enhanced FICO or the Classic FICO you see off of this site?

gtree, do you remember what your FICOs were at the time?

Message Edited by GETNUMBERSUP on 03-16-2008 08:27 AM

Re: Cap1 Auto

Anonymous — Mon, 17 Mar 2008 02:33:16 GMT

Hey I was wondering how does the cap 1 auto loan work. I have a friend that sales use cars and he gives real good deals to his friends. I do not feel it will be a problem to get approved, but I am not interested in him in my private finances in seeing my credit history. Dose cap1 give me a check to give to him without his involvement in the credit history and what my finance charge would be? In about 5 weeks I would like to help my daughter get a used car at a price I can trust to be at a good deal.

Re: Cap1 Auto

Anonymous — Mon, 17 Mar 2008 02:35:31 GMT

the Cap1 blank check program is like you walking to the dealership with cash in your hands..your apply with Cap1 directly..it's gives you leverage in negotiating auto deals...you do not deal with your friend at all in terms of financing..you get a blank check from Cap1 to give to the dealer..Cap1 will let you know what your maximum amount is..

Re: Cap1 Auto

Anonymous — Mon, 17 Mar 2008 03:51:20 GMT

glassblower1 wrote:
Hey I was wondering how does the cap 1 auto loan work. I have a friend that sales use cars and he gives real good deals to his friends. I do not feel it will be a problem to get approved, but I am not interested in him in my private finances in seeing my credit history. Dose cap1 give me a check to give to him without his involvement in the credit history and what my finance charge would be? In about 5 weeks I would like to help my daughter get a used car at a price I can trust to be at a good deal.

Cap1 Blank Checks really make the process or purchasing a car as painless as possible. You don't have to worry about the dealer finance manager putting the screws to you. It has to be purchased from a "franchised dealership" as in "Bob's Chevrolet, Dan's Lincoln-Ford-Mercury" etc etc.

If you plan on purchasing from an independent dealer then call Cap1 Auto Customer Service first to make sure that dealership in on their approved list of dealerships or the sale is a no-go.

I applied & paid the extra $15 & my check was at my door the next day. I will most definitely use Cap 1 Auto again for my next purchase!

Check this site out & read it thoroughly before going to any dealership. It helped me save a TON of money I otherwise would have been suckered into parting with at the dealership.

Re: Cap1 Auto

Anonymous — Mon, 17 Mar 2008 13:25:45 GMT

what were your FICOs and do you know if they were the auto enhanced FICOs they pulled?

Re: Cap1 Auto

Anonymous — Mon, 17 Mar 2008 15:24:07 GMT

Also, any idea if CarMax is an approved dealership??

Re: Cap1 Auto

Anonymous — Mon, 17 Mar 2008 15:54:10 GMT

GETNUMBERSUP wrote:
what were your FICOs and do you know if they were the auto enhanced FICOs they pulled?

My scores were around 680's or so & I was approved at 7.80% as I hadn't had an auto loan in almost 5 years. I have no idea if they used the "auto enhanced scores" or not but they did pull all 3.

LEEHI, yes you can use a Cap 1 Blank Check at CarMax. Taken from the F.A.Q. page at Cap 1 Auto.

"5.Can I buy my vehicle from a used car superstore?

Yes, CarMax®, Auto Nation®, CarsDirect.com®, CarOrder.com®, Hertz®, Enterprise®, and many other used car superstores have already been approved and have handled many of our customer vehicle purchases. As used car superstores continue to open, we will immediately consider adding them to our program."

Message Edited by DavidLee on 03-17-2008 11:54 AM

Re: Cap1 Auto

Anonymous — Mon, 17 Mar 2008 19:22:56 GMT

They pulled all three for me, and I was in the latter part of the 500s at the time. I got a rate of 13.45% which I paid for 3 months, then refinanced with Firstmark Credit Union at 7.1%. I thought the Cap1 program was great, though. I keep reading their credit cards are horrible, but really I like this program, it's efficient and can save you money at the dealership.

Re: Cap1 Auto

Anonymous — Mon, 17 Mar 2008 20:35:23 GMT

WOW! You guys have been SO helpful! All the questions I've wanted to ask, but didn't know where to start! Thanks for posting this thread, and thanks to all of you who've replied! Will be applying next month. My lowest FAKO is about 650, and I have never had an auto loan. My biggest concern is my BK discharged in 06. Never a late or a missed since! *fingers crossed* Hopefully I have the same success as you all have had!

Re: Cap1 Auto

Takunda1 — Tue, 18 Mar 2008 03:50:55 GMT

Car max is an approved dealer with COAF. We have a "specail arrangement with them" At carmax you can go with tout the blank check because their car prices are non negotiable. They'll run your credit through about 5 lenders then you get who ever offers you the lowest rate.

Re: Cap1 Auto

Anonymous — Tue, 18 Mar 2008 15:24:19 GMT

Takunda,

Do you work for Carmax? I like dealing with Carmax..I bought my first car with them.

Re: Cap1 Auto

christypagano — Tue, 18 Mar 2008 15:36:26 GMT

I had a bankruptcy discharged in Feb 06 and got approved in Dec 06 and Jan 08 with them. The process was great!! Income has to verifiable though. W2's etc. You send everything to them by fax and you'll know if you are approved in one minute!! Good Luck!!

Re: Cap1 Auto

Anonymous — Tue, 18 Mar 2008 15:55:08 GMT

christy, did you do the blank check program with them or the regular finance and what were your scores?

Re: Cap1 Auto

Takunda1 — Tue, 18 Mar 2008 23:24:14 GMT

GETNUMBERSUP wrote:
Takunda,

Do you work for Carmax? I like dealing with Carmax..I bought my first car with them.

No I work for Cap One Auto, but I did buy a car from Carmax & it was a very smooth transaction.

Re: Cap1 Auto

Anonymous — Tue, 18 Mar 2008 23:30:26 GMT

what's the minimum fico that cap one auto accepts..i hear they pull all three FICO and take an average..

Re: Cap1 Auto

Takunda1 — Wed, 19 Mar 2008 03:28:57 GMT

GETNUMBERSUP wrote:
what's the minimum fico that cap one auto accepts..i hear they pull all three FICO and take an average..

This is true, but it also depends on the whole credit picture. Due to the current economic issues, COAF is actually cutting down by 50% on the number of loans they are giving out this year...somewhere in the line of only 7000 loans, so I figure most applicants are going to need to be prime to qualify. I have seen scores as low as 620, but I'm not sure if thats the minimum requirement. I'll ask someone iin Loan origination and get back to you.

Re: Cap1 Auto

Anonymous — Wed, 19 Mar 2008 03:48:10 GMT

sounds good..sent you a pm