Cap 1 auto finance is dead to me.

Anonymous · ‎06-19-2018

so I am literally depsiting my $121 refund check for gap insurance because I just paid off a 5 year loan on my Ford Expedition 2 years early and the letter says, "we look forward to meeting your future financial needs"... sounds like they want my business again right? well I got my first cc thru cap 1, they have my dd going to them from my employer 2x a month in a checking account and as I said, I just paid off my truck...we are looking for a new car for my wife and preapply with auto navigator and get turned down.. **bleep**??? I did co app with wife and both our scores are between 720-750... never had a late payment ever... no baddies ever... I called them up to see what is going on and they confirmed that we are denied... and to wait for a letter in the mail because they can't say over the phone why we were denied... I asked the rep why they wouldn't want business from someone who always pays on time.. he said of course they want my business but I'm still not approved.. I guess we will be getting our new loan from elsewhere...

funny thing is I have the cash to pay for the car but wanted to used credit cards to make min spends and pay it off using plastiq within 3 months to get all sorts of cash back subs... Johnny

Anonymous · ‎06-19-2018

I would be very much interested in the reason(s) provided in the letter. Please do update. I cannot imagine why they would deny given your scenario. I bet you find a better alternative anyway. Best of luck.

blunderer · ‎06-19-2018

Wow!! Sorry to hear that.

Maybe it's something small like they needed to verify you're really applying for another loan right after paying off a loan? CapOne front line reps aren't the best when it comes to getting info. I know you stated you're able to buy the car but it just seems odd they wouldn't approve you for another loan.

Well surely this won't keep you from enjoying your new ride

Brian_Earl_Spilner · ‎06-20-2018

Cap1 auto is weird. Was shopping around for the last 4 month's. Each month I pre-qualed with them in case something popped up. The first 2 months they would only approve me for $27,500. I decided to garden and purchase a car in December. In the mean time, I applied for some new credit cards to bolster my utilization while gardening to boost my score. Unfortunately, something happened to my truck that nobody has been able to figure out. Went back to pre-qual and they were now approving me for $35k, but jacked the APR up between 4-6% because of my new cards. Don't understand how they were offering me $7500 more based on the same income and a score drop of 5 points. I also felt the APR increases were excessive for just a small drop in score. One other thing I found weird. Got pre-qualified for 4 months straight, first 2 times were uneventful, second 2 times I received letters that my address didn't match what was on file with all 3 bureaus. There's no discrepancy.

Anonymous · ‎06-23-2018

so I got the awaited letter from cap 1 today... it didn't specify which score was for which person (my wife and I) but one of us has a 710 and the other has a 723 score... I got denied due to "too many inquiries"... I didn't realize they were that sensitive to inquiries... as I said cap 1 is dead to me... thanks for the $150 sub for switching my direct deposit... I'll switch my direct deposit back to chase (not that a new $300 Chase sub has anything to switching back to chase for my personal checking)... cap 1 will only have my oldest quicksilver sockdrawer card.... I'd rather deal with Chase or BoA for my next car loan and pay it off in 6 months just to hit min spends for new cards using plastiq my wife is only 1/24 and is about to app spree for new Chase cards

blunderer · ‎06-24-2018

Thanks for the update.

Definitely understand your decision to move on from CapOne.

GL to wifey on the app spree with Chase.

LandoCredrissian · ‎06-25-2018

I have a checking and quicksilver one account with Cap1. Question - If I were to get an auto loan with Cap1, would it show in the app along with the other accounts?

Anonymous · ‎06-25-2018

@LandoCredrissian wrote:
I have a checking and quicksilver one account with Cap1. Question - If I were to get an auto loan with Cap1, would it show in the app along with the other accounts?

yes, when you log into your account you will see your checking, credit cards, and auto loan all in the same page... on your credit report it will show up on a different part as your credit cards.

LandoCredrissian · ‎06-25-2018

Excellent. Thank you.

Hex · ‎06-27-2018

Maybe your paying so early was too much of a good thing. Capital one gave you the loan in anticipation of making a profit from the transaction. I’m sure there are administrative expenses involved in writing and managing the loan. At the very least they don’t want to lose money on deal. I have a cap1 car loan that I am ahead on and I could easily pay it off now but I don’t for two reasons.
1) Once I pay it my installment utilzation will go up and I might lose points on my score.
2) When I apply for my next loan I want the lender to think they can make some sort of return on their investment.
Just a thought. I just got a second car loan with Penfed for $18800 at 1.99% a few days ago.