Cap One Auto Refi questions

[EaglesFan2006]

I did the cap one refi pre-qualification and seems like I got a good offer.  Before submitting I was curious if anyone had good experiences with them and can maybe answer some of these questions:

1) how quick is their turn around time usually.  IE from when app is submitted until funding

2) when is the first payment typically due after loan closes.   Wanted to make sure I don't overlap with current loan. 

3) is it reported as a CFA?  If so would this impact future auto scores the same way any other car loan would?

[Anonymous]

Following as I also have a couple offers from them that I'm debating.

[Roadgeek395]

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@EaglesFan2006 wrote:

I did the cap one refi pre-qualification and seems like I got a good offer.  Before submitting I was curious if anyone had good experiences with them and can maybe answer some of these questions:

1) how quick is their turn around time usually.  IE from when app is submitted until funding

2) when is the first payment typically due after loan closes.   Wanted to make sure I don't overlap with current loan. 

3) is it reported as a CFA?  If so would this impact future auto scores the same way any other car loan would?

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I recently refinanced with Capitol One. I was happy with the experience.

My loan was funded two days after the app was submitted 

My first payment was due roughly 45 days after the loan was funded 

Not sure what a CFA is so I'm not sure how to answer that question 

[Anonymous]

Great info @Roadgeek395, thank you. How long did it take for your refi loan to report?

A CFA is a Consumer Finance Account, which generally means a subprime loan such as OneMain or a payday loan that has a somewhat adverse effect on scoring. The negative comes in as those loans are typically a last resort for those who can't secure bank loans. Unfortunately some legit loans also report that way. Honda finance is one of them.

[Roadgeek395]

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@Anonymous wrote:

Great info @Roadgeek395, thank you. How long did it take for your refi loan to report?

A CFA is a Consumer Finance Account, which generally means a subprime loan such as OneMain or a payday loan that has a somewhat adverse effect on scoring. The negative comes in as those loans are typically a last resort for those who can't secure bank loans. Unfortunately some legit loans also report that way. Honda finance is one of them.

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To be honest it still hasn't reported. I've been a little concerned but I've done some research on this forum and it seems that capital one doesn't report until you make your 2nd or 3rd payment.

I'll definitely check how it's reported as soon as it reports

[Roadgeek395]

My capital one auto loan finally reported. It's only showing as an installment loan. Not sure how to see if it is a CFA or not.

*UPDATE* It is reporting as an Auto Loan 

[Anonymous]

Very nice - thank you for the DPs