Capital One Auto Financing

[fury1995]

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@Anonymous wrote:

Hi everyone this is my first post here - wasn't sure if I should start a new thread for this question so I'm posting here first.   My husband & I applied for the Cap One auto loan (auto navigator) this morning and originally, our approved amount was $35k.  So we uploaded our ID's (drivers licenses) and most recent paystubs.  Now, it still says it is processing our paystubs but the approved amount suddenly dropped down to like $10k.  Which is weird, because I certainly did not embellish our income when I completed the application (if anything I underestimated a little - we both have jobs where our pay can vary slightly week to week).  I did email them about this but haven't heard back yet, just curious if anyone else had a similar experience?  

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Hi and welcome!

You should open your own post as this thread orgintated in May and your post is probably being missed by most.

Have you heard back from Cap One? I'm guessing the approval is still being worked on by the underwriter and your approval amount will change.

[Anonymous]

I just wanted to add my experience to Capital One Auto. I was approved but they needed to verify my income. My credit scores are in the mid 600's 

[Anonymous]

Hi everyone!  I did get final approval and the amount went back up once they verified employment.  So now I am in the process of choosing a car.  I have a lot of questions about the auto navigator though so I am going to have to call them before I really negotiate for a car.  I put in a few cars that I am looking at and all of them come in $1-2k below the current asking price of the car, so I am hoping to get the dealer down a bit.  

[Anonymous]

I was approved from them for 40000 which is maxed and didn't need proof of income or anything but I also have their credit card

[Anonymous]

I applied recently and actually HAD to submit docs. (Pays stubs) and they also ran my credit again so I took 2 hits. Still super happy first time buyer and got an awesome deal

[reneasworld]

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@Anonymous wrote:
I applied recently and actually HAD to submit docs. (Pays stubs) and they also ran my credit again so I took 2 hits. Still super happy first time buyer and got an awesome deal

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I got pre-approved and had to submit ID and proof of income. Received a mail and said that I am ready to shop with the list of approved dealers. Similar to others on here depening on what care you put in the rate changes. I noticed the rate is super high for used cars versus new. I initially wanted to trade in my current car but there is a LTV which I think is 125% and I am upside down about $11,000 so they said I would have to cover the $5,000 difference.

I am wondering if I have to trade in my current car or not. Can I just purchase and figure our my current car another way?

[Anonymous]

Just got pre-approved by Cap 1.  I was approved for $4 - 15k with interest between 1.99 -7.12%. I am hoping for under 5% interest rate.  It literally took seconds online. I have had a CC account w/ Cap. 1 for many years and always paid on time. I'm going to wait until next month so I can have a bit more for a downpayment. I also plan to pay off my Home Depot charge by then. Best yet they work with 2 of the dealers I was looking at and will allow me to trade in my 98 Nissan Altima. My credit scores are in the 640 range.

ETA: If it matters I figured it out. 

NEW CAR Low Miles - 1.99% 36 MONTHS
NEW / USED CAR 0-3 Years Old - 4.56% 36-60 MONTHS
USED CAR  4+ Years Old - 7.12% 72 MONTH

I also discovered the auto navigator feature.

ETA2: That autonavigator feature is a lifesaver. I just purchased a 2015 Mirage at 1.99%/72mths. I did a straight sale and sold my car.