Capital One Auto Finance

[OVERIT]

Hello,

I have pre-qualified at Capital One but have a question.  In looking at a new RAV4 as an option on the Cap 1 site, it does not provide a rate - says something along the lines of "unable to provide at price and rate contact dealer...".  Assuming this is because inventory is so low and they are not providing the prices to Cap 1.  With that being said, other vehicles I am able to see a msrp, rates, i.e. 4.3% or somewhere around there.   If I go into the Toyota dealer and choose a RAV 4 and do they Cap 1 financing can I expect the rate would be somewhere around what Cap 1 lists for other cars?  Thanks.

[SouthernCredit]

Not necessarily. I use thier preqaul a lot when shopping for cars, and I've seen similar cars have widely variable terms from dealer to dealer. If that dealer is not feeding in prices, you'll have to go put in a credit app to get your actual term from them. 

You could also try expanding the search area to capture another Toyota dealer and see if you can get terms from that one - then you could use those terms in negotiations with the local dealer. 

[Loquat]

That you pre-qualified is a good thing with CapOne. As for what the terms would be, since nothing was provided when selecting the Rav4, you wouldn't know until the dealership structured the deal and then sends it over to CapOne.

With low inventory, and more specifically because there's a lot of dealer mark up these days, lots of dealers are not displaying their price online anymore. Many are just asking you to inquire using a link on their site or to have you call in.

This is probably why CapOne can't provide you a prequal...they can't access/scrub data from the dealers website.

You can call CapOne and tell them what you're looking at and maybe you'll be about to get a rough idea of what your terms (if they approve) would be.

[jenrn123]

I'm in the same position with a prequalification through Cap 1, looking at financing a 2022 Toyota Rav4 Hybrid (deposit has been paid and expecting arrival in 2 1/2 weeks). The Cap 1 site shows the MSRP for the Rav4 Hybrid, but will not give me a rate. The missing rate does not hold true, however, for all Toyota models. I can get a rate for a Toyota Highlander, around the same MSRP at the same dealership. Should I just expect that the rate will end up being about the same for the Rav4? Or should I be concerned that I won't be able to use my prequal for the Rav4 for some reason?  This is the message I am getting: "We are unable to calculate monthly payment and APR for this vehicle either due to missing information or the vehicle not being eligible for financing."

[JcT21]

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@OVERIT wrote:

Hello,

I have pre-qualified at Capital One but have a question.  In looking at a new RAV4 as an option on the Cap 1 site, it does not provide a rate - says something along the lines of "unable to provide at price and rate contact dealer...".  Assuming this is because inventory is so low and they are not providing the prices to Cap 1.  With that being said, other vehicles I am able to see a msrp, rates, i.e. 4.3% or somewhere around there.   If I go into the Toyota dealer and choose a RAV 4 and do they Cap 1 financing can I expect the rate would be somewhere around what Cap 1 lists for other cars?  Thanks.

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before i bought my ford ranger last week,  i went to 3 toyota dealerships in my area regarding the tacoma.  all of them told me they only use toyota financial unless the customer brings their own finance check with them. 1 dealership, advantage toyota in barboursville, wv. refused cap1 auto fianance completely even though i had pre approval letter in my hand.  said they just wouldnt use them.   my ford dealership had no issue with cap1.  although used cap1,  a week later i did a refi with penfed.  saved me a fortune.  cap1 rates ended up being 7.5% for me even though one of their reps told me to expect near 4% when i called them to talk about the prequal.  

[jenrn123]

As a follow-up to this thread, I went in to finance my 2022 Toyota Rav4 Hybrid today. They didn't have an explanation for why there is an estimated monthly payment or finance rate listed on the Capital One site for some vehicles but not for others but they also didn't blink or make a fuss when I said that I was prequalified with Capital One, so I don't think that these vehicles are excluded from Cap1 financing for any reason. I ended up going with dealer financing in any case, but there was no pressure to do so. Fortunately, I qualified for Toyota financing at Tier 1, so didn't have them pull my credit for Capital 1 so can't answer whether the rate would be the same as other similarly priced vehicles. 

[increasingmyfico]

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@OVERIT wrote:

Hello,

I have pre-qualified at Capital One but have a question.  In looking at a new RAV4 as an option on the Cap 1 site, it does not provide a rate - says something along the lines of "unable to provide at price and rate contact dealer...".  Assuming this is because inventory is so low and they are not providing the prices to Cap 1.  With that being said, other vehicles I am able to see a msrp, rates, i.e. 4.3% or somewhere around there.   If I go into the Toyota dealer and choose a RAV 4 and do they Cap 1 financing can I expect the rate would be somewhere around what Cap 1 lists for other cars?  Thanks.

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    Could be a few things. Cap1 uses a dynamic scoring model so rate is impacted by not just credit score, but also, price, loan to value, trade in, loan term and down payment. Depending on what tier you are approved at if the numbers fall outside of the parameters it may not give you a counter which may be what you're seeing. Also information could be missing on the vehicle in the feed that Cap1 is getting from that dealer. With Cap1 in order for rate to be the same everything has to match ie vehicle value, your down  payment, loan term and loan figures.