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CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

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Anonymous
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CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

I've been recieving these type of offers for some time now but never thought too much of it because I just purchased my new car last year in March(18). Very curious to see if this is just marketing or a target offer. I have a cc with Capital One but no other relationship. Letter state that I'm pre approved for 10-40k at a particular local dealership. Has anyone else had these type of offer. Were they for real or just to get you in the dealership. Again it said pre approved not pre qualify. Thanks in advance if I dont respond to everyone. STAY BLESSED!
12 REPLIES 12
GApeachy
Super Contributor

Re: CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

I did one in June but I didn't see a set limit.  All I know is I could go online and shop around and it would tell me what my pymt. would be.  I found some new trucks and it showed I did not qualify for them when I tried to get a monthly pymt. hth

My Take Home Pay Don't Take Me Home
Message 2 of 13
Anonymous
Not applicable

Re: CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

@LauraC - Interesting, did you end up using the pre approval to purchase?
Message 3 of 13
GApeachy
Super Contributor

Re: CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

No, couldn't find a utility work truck in our area.  They were 3 or more hours away.  The fancy trucks I looked at here locally I did just out of curiosity.  Way too much for my blood.

My Take Home Pay Don't Take Me Home
Message 4 of 13
Anonymous
Not applicable

Re: CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

Appreciate it for chiming in!
Message 5 of 13
GApeachy
Super Contributor

Re: CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

This is weird...the timing anyway.  Just got this email:  (from cap1)

 

because we appreciate your loyalty, you're invited to pre-qualify for auto financing with no impact to your credit score

 

 
My Take Home Pay Don't Take Me Home
Message 6 of 13
Anonymous
Not applicable

Re: CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

Prequalify or preapproved?
Message 7 of 13
GApeachy
Super Contributor

Re: CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

No, pre-qualify.  However, last time I went to them for the pre-qual and was approved. Dh too.  I think that's a good sign I even received this offer to pre-qual....maybe a good sign, idk.  Not gonna do anything with it though, doubt I'd find what we need around here, used anyway and affordable on top of that.

My Take Home Pay Don't Take Me Home
Message 8 of 13
Anonymous
Not applicable

Re: CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

Definitely good to know, I dont need another vehicle but I was wondering what the details of those type of letters were.....
Message 9 of 13
Anonymous
Not applicable

Re: CAPITAL ONE PRE APPROVAL WITH RANGE LIMIT

I received this and contacted the dealership. The sales manager told me he could get me approved with better rates from another lender. At that point I just felt as if it was a way to get me in. Told him thanks and never went in
Message 10 of 13
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