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Cap One Auto pre-qual

Em1967
Established Member

Cap One Auto pre-qual

Hi everyone!

I know the Capital One Auto financing topics have been discussed A LOT, but I want some opinions if you would all be so kind.

 

The hubs and I did the Cap 1 auto pre-qual.  On the vehicle we want, for the price we want, we got 3.24% interest.  I called them to confirm the info and to ask a few other questions.  The email I got stated they needed NO other info.  I confirmed that they did not even need POI (we've each been at our employers (govt) for almost 20 years).

I checked with the 2 credit unions we are members of and they quoted 4.74 & 6.49 respectively.

 

I have been working on my scores and cleaning up my report.  I have 2 charge-off's left on my report and 3 mortgage lates from 3.5 years ago.  My scores are 668 EX, 667 TU & 681 EQ.  The hubs scores are similar 674, 668, 684.  He has the same 3 lates but nothing else.

 

I am seriously considering going with this.  My thought process is I could go with it now and once the last 2 charge-off fall off (12/17 & 2/18), I could consider a refi to a lower rate. Thoughts? 

 

Thanks!
Em

11 REPLIES 11
hmw_75
Frequent Contributor

Re: Cap One Auto pre-qual

I'd say go with it.

 

I've had good luck with Capital One Auto (my current loan is with them, as was one in the past).  Lots of people around here who are big fans of PenFed or DCU or whatever, but I have gotten better offers than those lenders from Capital One almost every time.  

 

It is not unusual for them to not require paperwork, especially if you have a long employment history and thick credit file.

Message 2 of 12
Em1967
Established Member

Re: Cap One Auto pre-qual

Good to know!

 

Can I pick your brain for a few minutes?  In your past experience has this been a smooth process with Capital One and the dealer?  Did you pre-negotiate your price (via email or internet)?  How do the payments work?  All online or do they send you a statement every month?

 

I hate car shopping.  It give me anxiety.  I have been considering and researching for a few months now (that's a LOT of money for a car) and I've finally made a decision.  I'd like to be done with it.

 

Thanks,
Em

Message 3 of 12
hmw_75
Frequent Contributor

Re: Cap One Auto pre-qual

I negotiated hard with the dealer for final price.  Played three of them against each other to get the deal I wanted on the specific options package I wanted.  Capital One has absolutely no control over that; as long as your final number (including tax, title, registration, etc, minus any down payment or trade in) is less than or equal to your preapproval amount from Capital One, you're fine.

 

The process was easy.  If you are certain you want the Capital One deal, you must be firm with the financing office at the dealership and tell them they are only authorized to submit to Capital One, or else they'll try to beat it.  I let them try, because I know that auto inquiries are non-damaging and short-lived, and when I am ready for something large like financing a vehicle I am less concerned about inquiries than usual if playing the game with the finance manager can save me money.  If they do try to beat it for you, then expect half a dozen or more auto lending inquiries to appear on your reports (these have no impact on your scores if they are properly coded as "auto lending").  If you firmly insist that they just take up the Capital One deal, bring them a printout of your page from the Capital One site with your approval code, and you should only see the HPs from Capital One.  They MUST run your credit even though you are already approved, as it is required by the Patiot Act and by their best practices to check up on you and verify your identity and credit information.

 

After that, it's very simple.  You'll sign everything at the dealer, and leave with the car.  Capital One will fund your loan and start sending you statements (you can opt out by choosing "paperless") and start pulling payments (if you choose "auto-pay").   If you need to shift your payment due date to better match up with paydays/etc, they will let you do this by just making a partial interest-only payment.   Everything is managed with an online account using their website or app.  If you have other Capital One accounts already set up with online access, the car loan will begin appearing along with the others when you log in.

 

 

Message 4 of 12
Em1967
Established Member

Re: Cap One Auto pre-qual

Thanks for all that info!!  I appreciate that.

 

Em

Message 5 of 12
Tigers09
Valued Contributor

Re: Cap One Auto pre-qual

Just to chime in, I used Cap1 a little over a year ago. Went in to dealer with their pre-approval. Did not want to stress or fuss there, or have them run credit everywhere. I knew a rate I had and was happy with it.
Rode out with a new ride faster than I had before. Whole process was smooth and easy. Cap1 never asked for POI
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 6 of 12
Em1967
Established Member

Re: Cap One Auto pre-qual

Just an update.

 

We are still car shopping.  We located one and our dealer ran the Cap 1 approval but the rate came back 5.99%.  It wasn't great and it wasn't terrrible.  We decided to take the rate with the thought of refinancing in a month or two.  Unfortunately, that deal fell through as the other dealer made a sale on the car we wanted.

 

But that may have been a blessing in disguise... I decided to give Penfed a try (just yesterday).  I'm happy to say we we were approved for 2.99%!!!!  Check will be overnighted and we can now do this as cash buyers!!  So excited!!  

 

Hoping to find what we want and wrap this up by the weekend!

 

Em

 

FYI.. Scores went up some for me:  Ex 677, TU 684, Eq 718

 

 

Message 7 of 12
Tigers09
Valued Contributor

Re: Cap One Auto pre-qual

Awesome!! PenFed is great.
Since you took a HP for the car, might as well see what else they can offer you. That pull is good for any other credit products for at least 30 (could be 90) days
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 8 of 12
college22c
Valued Member

Re: Cap One Auto pre-qual

Did you put any money down?

Chase Freedom (5K) Discover It ( 5K) Discover it Miles ( 1,250K) Chase Sapphire (5K) Chase Amazon (2K) Quicksilver ( 3K) Quicksilver x2(4,300K) Venture Rewards (10k) Amex Green ( Charge) The home Depot (1K) Barclaycard Arrival (3,300K) BOA cash rewards (1,500K) US Bank Perks+ (1K) US Bank Cash ( 3K) Citi Bank Double Cash ( 1,200K)
Message 9 of 12
Em1967
Established Member

Re: Cap One Auto pre-qual

No fortunately.  We were almost at that point when my dealer was confirming the availability.  It's been an ordeal for this vehicle.  And it's nothing exotic, a 2017 Highlander.  Still waiting to hear if they've found what I'm looking for,

 

Em

Message 10 of 12
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