cancel
Showing results for 
Search instead for 
Did you mean: 

Cap1 Auto nav pre qual...but no amount?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Member

Cap1 Auto nav pre qual...but no amount?

I did the prequal on Cap1 Auto and it said i was prequalifed, it did not give me an amount though. however...since i "owe $16,902" on my car which has quite a bit of negative equity...it won't give me any payment amounts. Last year when my credit was less than stellar low to mid 500s I had a dealership "offer" me 50% of what's owed on my car and of course turn me down unless i had $4k down.   Now my scores are hovering mid 600s and it said i was prequalifed on the site. Does this mean I'm still out of the running for a car loan? I expect higher interest due to my scores, thats fine. So long as  I have my car I will always have negative equity up until the day its paid off, due to me trading it in with negative equity. My ex bf was my cosigner, I want to stop looking at his name. I've had the car for 22 months...and no I'm not in the postition to put any money down. 

Thanks for any input. 


KOHLS $300
Victoria’s Secret $450
Capital One Platinum $500
The Children’s Place $500
Kay Jewelers $3k
Walmart $200

SCORE- mid 600s
Gardening since 5/23/19
3 REPLIES 3
Established Contributor

Re: Cap1 Auto nav pre qual...but no amount?

I have 2 auto loans with them (easiest process ever).  If you don't see rate terms or an amount it is probably not solid.  Try moving your numbers around.  My first loan only gave me a 17k amount but the second was 35k.  I didn't put any money down with my 1st one and I put 3k down with the 2nd.  I also got pretty good rates with them.  I went with Cap1 because they allowed me to count all income while other places wanted me to add my husband and he has awful credit. 

Good Luck.

Message 2 of 4
Valued Contributor

Re: Cap1 Auto nav pre qual...but no amount?


@RallyeRed14 wrote:

I did the prequal on Cap1 Auto and it said i was prequalifed, it did not give me an amount though. however...since i "owe $16,902" on my car which has quite a bit of negative equity...it won't give me any payment amounts. Last year when my credit was less than stellar low to mid 500s I had a dealership "offer" me 50% of what's owed on my car and of course turn me down unless i had $4k down.   Now my scores are hovering mid 600s and it said i was prequalifed on the site. Does this mean I'm still out of the running for a car loan? I expect higher interest due to my scores, thats fine. So long as  I have my car I will always have negative equity up until the day its paid off, due to me trading it in with negative equity. My ex bf was my cosigner, I want to stop looking at his name. I've had the car for 22 months...and no I'm not in the postition to put any money down. 

Thanks for any input. 


That negative equity is a problem, yes dealers can work their magic and roll it into a new loan but this is like flushing money down the drain.  I made this mistake years ago and realized too late that I was doing something not in my best interest.  You won't have negative equity forever, you will until you reach the 4 or 5 year mark.  Remember that when you buy a new car you will not only add that 4k plus the tax and licensing fees into that new loan so you will be in a far worse position in terms of negative equity.   I totally get wanting to move on from the ex but this might be something to hold off on.  Heck look at it as revenge because that payment counts against his debt to income ratio.

Message 3 of 4
Established Member

Re: Cap1 Auto nav pre qual...but no amount?


@workingfor850 wrote:

@RallyeRed14 wrote:

I did the prequal on Cap1 Auto and it said i was prequalifed, it did not give me an amount though. however...since i "owe $16,902" on my car which has quite a bit of negative equity...it won't give me any payment amounts. Last year when my credit was less than stellar low to mid 500s I had a dealership "offer" me 50% of what's owed on my car and of course turn me down unless i had $4k down.   Now my scores are hovering mid 600s and it said i was prequalifed on the site. Does this mean I'm still out of the running for a car loan? I expect higher interest due to my scores, thats fine. So long as  I have my car I will always have negative equity up until the day its paid off, due to me trading it in with negative equity. My ex bf was my cosigner, I want to stop looking at his name. I've had the car for 22 months...and no I'm not in the postition to put any money down. 

Thanks for any input. 


That negative equity is a problem, yes dealers can work their magic and roll it into a new loan but this is like flushing money down the drain.  I made this mistake years ago and realized too late that I was doing something not in my best interest.  You won't have negative equity forever, you will until you reach the 4 or 5 year mark.  Remember that when you buy a new car you will not only add that 4k plus the tax and licensing fees into that new loan so you will be in a far worse position in terms of negative equity.   I totally get wanting to move on from the ex but this might be something to hold off on.  Heck look at it as revenge because that payment counts against his debt to income ratio.

 

 

i went and test drove a vehicle yesterday, the car salesman said I was better off just leaving it in my exes driveway and getting a loan without my current car added into it. lol  Yeah. his current gf isnt too happy about me having my car and i told them i guess i can just hold his name hostage for 4 more years and he can't do anything for her in that time.


 


KOHLS $300
Victoria’s Secret $450
Capital One Platinum $500
The Children’s Place $500
Kay Jewelers $3k
Walmart $200

SCORE- mid 600s
Gardening since 5/23/19
Message 4 of 4