Back in 2012, I received one of those letters from CapOne with a you're "pre-qualified* up to $25,000 for auto financing. Ironically enough at the time, I really needed a new car as my beater was on her last legs... So eager beaver here with the time is of the essence in mind, took that letter to the named dealership and shopped for a practical day-to-day comfy commute vehicle (not the cheapest nor the most expensive in the line, a modest model somewhere in between).
So after the test drive, some chitchat with the sales rep and a 3k DP for the car, came the part I dreaded the most. The credit check (back then my CS's was teetering in the low 600's).
After I consecutively gulped down 6 cups of dealership coffee in the late evening hours, you can call it nervous energy or madness, the rep comes out of the back room with a grin.
He says the word "Congratulations!" followed by a firm handshake. "All I need is for you to sign some paperwork and you're all set!". Obviously this was music to my ears.
But when I saw the lender, it was Wells Fargo Dealer Services! I'm thinking in the back of my mind what the heck happened to CapOne? Anyhow I wasn't gonna rock the boat and was just super happy at that moment with keys in hand.
Fast forward to today and guess what? I'm getting those letters again (coupled with corresponding emails) but this time with a you're "pre-approved*" anywhere in the neighborhood of $35,000 to $45,000 varying with partnering dealerships. The car I purchased back in 2012 now has over 150,000 miles yes I'm a road rat!
What should I make of this? Has anyone on here gotten CapOne auto-financing based on a direct offer from them? If yes, did they pull a hard inquiry? Don't get me wrong I am truly grateful to receive these types of offers...
