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Cap One Prequalified- Denied and have car

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New Member

Cap One Prequalified- Denied and have car

I finance a car through capital one. My husband got prequalified through cap one and we found a used car. When we went to buy it we gave them the letter and told them not to do any other hard inquires. They said cap one approved it but with me as the buyer and my husband co-signer and with a higher monthly payment. We agreed signed the paperwork and took the car. Paperwork says financing through cap one and all the info (payment apr etc). Found out a couple days later they did 4 hard pulls. Today, 10 days later, I call cap one to find out how to set up online payments and find out the application was “sent back to the dealer” and I should call them. I’m waiting for a call back from them, but is anyone familiar with what happens here? My score is 619 and my husbands 592. I have an existing auto loan that has always been on time.
Message 1 of 5
4 REPLIES 4
Established Member

Re: Cap One Prequalified- Denied and have car

Sorry to here about your situation.  I was a salesman for about 5 months back in 1997.  If there is one thing that I took from my experience...it would be how to buy a car.  I would never buy in one day...I would take up to 5 to 7 days an let the car sit, on the dealers property, until I knew personally that my deal was solid enough for approval from ‘’the lender”.  The only chance you take is that they may sell it.  If your in love with it, just place a firm enough deposit for them to hold it...otherwise, there is always another vehicle waiting for you, somewhere, if not there.   Yes, you will find that most people would ‘frown” on this strategy, but I know from experience how dealers will push you and the car out the door, quickly, for sales numbers, in hope’s that you get “final approval” for the loan.  If your fico credit score isn’t close to 700 or better...it’s a slower process for approval.  Remember this, if your deal isn’t approved an you are still in possession of the car...drive it back to them as fast as you can an let it sit until you are officially approved, because somewhere in the paperwork is language that can allow them to charge you, substantially, for running up mileage, bearing the deal does not go thru with final approval.

As of 8/5/19: FICO EX-768 EQ-780 TU-779
Total Credit Limits $205K = Credit util 1% overall AAoA 2.8 years...All thanks to the forum!
Message 2 of 5
Valued Member

Re: Cap One Prequalified- Denied and have car

Hello Katnj,

Did you hear back from the dealership regarding the capital one application? What happened? I’m going to apply with Capital one soon and this is a fear.

Thank you!
Message 3 of 5
New Member

Re: Cap One Prequalified- Denied and have car

Turned out that the woman I spoke to
At Capital One have me wrong information. The application was sent back to the dealer because they did not sign one section. The loan was approved and funded a few days later.
Message 4 of 5
Valued Member

Re: Cap One Prequalified- Denied and have car

That’s great news. Congratulations!
Message 5 of 5
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