Cap One Pre-Approval in the mail

[Anonymous]

I received a letter from Cap One Auto that says as a valued Cap One credit card holder I've been pre-approved for $35,000 for auto financing. I currently have a late model vehicle with 4.89% APR with my CU but the vehicle does not have all the options I want. Therefore I entertained the offer for a minute, thinking I could trade as I'm not upside down. Then I read the small print on the back, "customers with excellent credit qualifications with a loan amount of $20,000 is 13.99%". Are you kidding me! That's what excellent credit gets you! My high score is 684. If I took the offer would they match my current APR?

[Anonymous]

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@Anonymous wrote:

I received a letter from Cap One Auto that says as a valued Cap One credit card holder I've been pre-approved for $35,000 for auto financing. I currently have a late model vehicle with 4.89% APR with my CU but the vehicle does not have all the options I want. Therefore I entertained the offer for a minute, thinking I could trade as I'm not upside down. Then I read the small print on the back, "customers with excellent credit qualifications with a loan amount of $20,000 is 13.99%". Are you kidding me! That's what excellent credit gets you! My high score is 684. If I took the offer would they match my current APR?

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@Solomon,

That offer from Capital One is just a marketing offer.  If you do go ahead  and apply, you may not get that offer they sent you.  

[siccrydas]

I got Approved through Cap1 recently with a 4.5 Apr and my credit score was 636. Don't see how 13.99 % seems right with excellent credit

[Anonymous]

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@siccrydas wrote:
I got Approved through Cap1 recently with a 4.5 Apr and my credit score was 636. Don't see how 13.99 % seems right with excellent credit

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That seems more reasonable. Thanks