Capital One Auto Finance: Two very different experiences and it boiled down to the dealership:
Hello all. I was pre- approved back in July, 2014 for a Capital One auto loan and financed a Toyota Camry with the blank check method. It went smooth as silk and dealer was very respectful and did not try to pull me into financing elsewhere. I got 1.99% and was quite pleased. Ironically, my car was totalled by some idiot in July and I re-applied for financing a month ago through their website and got an instant approval with a reference number, good for 45 days. As to my 8 month loan before car was totalled, I was never late and paid car off promptly.
Now, the straight forward application has turned into something that is NOT straightforward. I think it is partly due to the change in the "blank check" versus the system used now, which is a reference number and a letter stating you are pre-approved for anywhere between 1.99 and 5.99, depending on the vehicle. Well, I found a car, confirmed that the dealer used Capital One, and drove 40 miles in bumper to bumper traffic realy to seal the deal. I was writing up the sale when the finance manager came over to answer my question on gap insurance,which I had asked initially when I came in to the dealership. The Finance Manager immediately asks me who I am using for financing. This is before he answers the GAP question.
The finance manager tells me that they haven't used Capital One in two years. He says "What do you have one of those blank checks?". I knew what he meant because I have seen those as I volunteer for Legal Assistance and a lot of people thought they were denied a legitimate offer when it was a poorly designed advertisement for financing OR there was also a check floating around which could only be used at one dealership. I tell him that I had a reference number and my documentation had directions for the dealer, should he be interested in looking. I further advised him that I asked three people before coming up, including the sales manager. I have had enough experience with dealers being unfamilar with Capital One that I definitely make sure they are familar with it and will accept it before wasting my time. Apparently a direct question is no longer sufficient. and it doesn't matter that the dealer also appears on the Capital One website as a dealer.
They were horrible to deal with. They were condescending and I firmly believe that they bait and switch people. They know that they are on the Capital One site--I asked several people there, not just one salesman before driving up there on a busy, tourist trap of a Saturday in New England. I called Capital One to advise them that one of their listed dealers did not take their credit and they really did not care. They did not even want to know the name of the dealer.
Is it just me, or is it lousy to unequivocally tell someone that you take their financing and then try to get you to switch by telling you that it doesn't matter how many times your credit is run and that it only stays on the credit report for 60 days, and that I could have five inquiries run that day without penalty? Also, I was asked what I did for a living twice during the sales presentation and have disabled veteran plates.
So, after an 80 plus mile round trip and a hot as heck car buying process, I was told to take a hike. I think the crowning moment of the entire disaster was when they realized I had Capital One, asked me if I would allow severa inquiries, I said no, and then they literally GOT UP in unision and without an apology or goodbye they walked away. I had to chase down the GM to ask him why he didn't take the financing.
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I am new to the score thing, every time I pull my score it varies a lot. I have a rough idea of my scores:
Experian: 692, TransUnion: 662 to 673 depending on whether it pulls bureau with errors, and Equifax: 683. Reason for low score is that I declared Ch 13 in 2010 when I had Cancer and left military 2 months before diagnosis. Ch 13 discharged in May, 2015. Lots of errors on report, however.
