Cap One Auto Nav/Dealer Credit Check Question

[peter1974]

I am Pre-qualified via Cap One and likely based on Experian which is my cleanest report. I understand that the dealer will ultimately need to run a hard pull for approval. Is it possible to have them run just Experian?

If not and they have to run all 3, then how do they look at the 3 scores? Do they go by the highest/lowest/middle? Etc?

[dunn2500]

if they use cap one probably......if they start shotgunning your credit everywhere than anyones guess who they will use

isnt their a way to be pre approved thru cap one b4 even heading into dealer, thats what i would do......if your a bit timid in negotiating car deals (most people are FWIW) a pre approval protects you going in.....they can play alot of games............just a thought

[peter1974]

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@dunn2500 wrote:

if they use cap one probably......if they start shotgunning your credit everywhere than anyones guess who they will use

isnt their a way to be pre approved thru cap one b4 even heading into dealer, thats what i would do......if your a bit timid in negotiating car deals (most people are FWIW) a pre approval protects you going in.....they can play alot of games............just a thought

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That's what I was looking for in auto nav, how to turn the pre-qual into an approval but don't see an option to do a full application directly. They must have an agreement with dealers that they have to complete the app there. This dealer is in their network by the way.

[dunn2500]

or just do an app with cap one over the phone maybe......am sure you can get an auto loan thru them without going thru dealer.......or credit union (thats what i use)

cap 1 had me @ 6.76% while my CU is 3%.....no money down if i dont want and free to choose......just another option but for me cap one was alot higher in preapproval

[4sallypat]

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@dunn2500 wrote:

or just do an app with cap one over the phone maybe......am sure you can get an auto loan thru them without going thru dealer.......or credit union (thats what i use)

cap 1 had me @ 6.76% while my CU is 3%.....no money down if i dont want and free to choose......just another option but for me cap one was alot higher in preapproval

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Yes, call Cap 1 - they are very helpful.

Do the app over the phone instead of going into a dealership.

You do NOT want to have the dealership run your credit - they will pull so many for all types of lenders it's not funny.

By getting the dealer to only go thru Cap 1 - you have your own financing set and you are only getting hit for 1 pull and saving your scores.

[Grizzly1]

While I can't confirm what FICO version they used, Capital one hard pulled all three when I bought my truck last fall.

[Loquat]

Like mentioned above, CapOne will probably pull all 3 of your reports. As for escaping the dealer running your credit, chance are they're still going to run it if you utilize the auto navigator...I believe it's part of the process.

HOWEVER, if you obtain your own financing by way of a credit from a bank or credit union, the dealer DOES NOT need to run your credit report. PLEASE don't let fool you into thinking that the Patriot Act is a reason for doing such.

Paying with a bank draft doesn't not constitute a cash payment and the law says that a dealer isn't required to run a credit report of such.

If they claim they need to verify your identity there are a many of ways to go about doing so without pulling a credit report.

However, if they find some way to get you to sign a credit application, there is no going back on the number of inquiring that they rack up on your behalf.

Always know, that if a dealer was required BY LAW to do anything, they wouldn't need you signature to consent...it'd be part of the process and they'd have to refuse to do business with you if you didn't comply.

[Mycreditjourney2020]

I pre-qualified through Capital One Auto Navigator this past week.  If you read all the fine print it does say your purchasing dealer will run your credit for your specific deal.  Also you will notice as you search for cars within the Navigator site, you're PROJECTED interest rate changes quite a bit depending on the dealership, the asking price and your down payment. Auto Navigator said I was pre-approved for up to $65k.  I was only looking at vehicles in the 20k -27k range and any over 20k kept telling me I had to put more and more down as the price went up,  which didn't make sense if I'm approved for $65k??

I was in an accident this week, so I was a bit pressed to locate a vehicle to purchase. I spent close to 10 hours on the Auto Navigator site and almost all my quoted interest rates were 5% up to 7.5%.  I applied to NFCU and they instantly approved me for 4.79%.   Long story short, I ended up purchasing a Subaru and they told me they have deals with Chase and felt they could beat 4.79% since I knew my FICO scores.  And they did!  Chase got me at 3.99% for 21k and I could choose any term 48-72 months at that rate.   

    So even though you may not want the inquiries,  what's more important to you....a few fico points or saving $$?  Also remember that inquires for an auto loan within a short period only count as one inquiry.

[Marths]

I purchased a new truck yesterday, and I used Cap1 Auto Navigator, and dealer knew already that we wanted to use them when we had credit pulled.  They did pull all 3 for both my wife and me, however, that was to be expected from them.

With that being said their interest rates make no sense to me. We were approved for a 2.65% APR with them for this specific truck. (My credit was 711 and wife was 776 for anyone who is curious) I found another truck at a different dealership that was virtually the exact same(color, model, year, features, etc) the only difference was it was $500 more and 20k less miles. We were approved for 5.99% for that truck even with a larger downpayment as well. So my best advice for anyone who sees this is to shop around dealerships and always check on their tool because it varies even so the vehicle is similar. 

[dunn2500]

multiple inquiries do count as one point wise but they all still show up.....so if your looking for card, or other financing they will still see all those inquiries.....discover rejeceted me because of too many even though they were all auto for 1 truck......so its not 100% scott free to aquire a bunch of them if its not necessary....

i was shocked at how much cap 1 wanted as down payment tbh.....and their rate wasnt even that good

I would secure my own financing and give the dealer 1 shot to beat it......they do this everyday so shooting it out to 12 different banks isnt needed......they should know ( doing this everday all day) and if they dont they arent very good at their job....i think the shotgunning isnt so much about the rate you get its more about maximizing the profit on buy vs sell rate......

its always a conflict of interest between customer and dealer (its just the reality)......you want best deal and they want the most profit so never a good idea to let them handle the whole thing without any knowledge or research......and its fine, understand this is the game and play accordingly....whoever does their job better gets the deal.....