So a friend with medical collections got a preapproved offer from capital one for an auto loan and I was reading the requirements on the back, it appears to give the minimum UW requirements:
minimum gross monthly of $1800, a physical address, a valid social, and be in good standing on any existing capital one account.
You cannot have defaulted on a previous or current capital one Credit card or auto account in the past 12 months or had vehicles financed by capital one and repossessed in the past 24 months.
You cannot have been granted a payment extension on a Capital one credit card or auto loan in the past 90 days or have financed a vehicle with capital one in the past two months.
You cannot be in bankruptcy or foreclosure on your real estate mortgage or other loans.
Additionally you cannot have submitted a credit application for more than 1 credit card or home equity loan within the past 30 days or more than 2 credit cards and/or home equity loan in the past 90 days.
You cannot currently be more than 2 months delinquent on more than one revolving line of credit. (so you can be two months delinquent on one? wow!)
financing is $4000-$35,000
obviously YMMV, but I thought this was good information since this was the black-and-white from the footnotes on the offer!