Capital One Auto Financing

[Anonymous]

Hey DJ, on my phone at the moment but will reply to the on-going topic in a bit.. The CPO car I'm planning to get is the 2014/15 IS350.. The other car I had in mind as brand new is the 2015 Acura TLX (3.5L V6).. I have yet to submit my inquiries for the TLX, but I just sent the ones for the CPO IS350 in the afternoon using your suggestions so far  

Thank you again for all the help so far!

[Anonymous]

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@Dj4Money wrote:

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@Anonymous wrote:

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@Dj4Money wrote:

 Your welcome, a couple of things -

 1) Using the Cap One pre-approval is up to you. You have 30 days and current manufacturer interest rates will not be beat by Capital One. You are just using it as a bargaining tool unless you get a rate quote higher than the dealer will give you then you are welcome to take it.

 As a bargaining chip, it doesn't matter then which dealer you contact. Just tell them you have financing already, no need to tell them where you got it from.

 2) I have about $3,000 in negative equity and while I like my Hyundai, I miss my life as an automotive enthusiast. I can return to that lifestyle without it costing me more money monthly. Sure I would be winding the clock back eight and have to pay eight additional payments or about $2900.

  Here's what I would do with your pre-approval.

 Contact dealers as far as your willing to go and I bought my Hyundai up in Washington, so I'm willing to go pretty far. Again outline the colors you want (primary, first choice, second choice or it doesn't matter), packages and options.

 Add up the price including invoice + package/options and destination.

 Tell them you are ready to buy as soon as price is agreed upon. If they are far from you ask  if delivery is possible.

 Once the price is agreed on, then tell them you want to trade. If they whine, then say look these transactions are not connected. If they want to raise the price of the new car to compensate, tell them thank you for your time and that you'll be contacting the second place dealership.

 You should only thank the dealers you contact after you have purchased.

  Good Luck, be sure to post a picture...

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so for (1), but if the dealer would try to beat the rate/loan I have with CapOne, wouldn't they run a credit check on me? Wouldn't want another hard inquiry on my report from that though? Unless there is a way the dealer can for sure offer a better rate/loan amount w/o a hard pull?

oh ok cool, I can even look outside the CapOne network.. but I'm assuming this is for certain they can beat my loan offer & w/o running hard inq, correct? Also, throughout the whole process (e-mailing & in person), i don't have to disclose who my loan is from, just that I already have a loan already? I feel that once I'm in the dealership, they would try to pry that info from me. In my e-mails for the dealer bidding for my purchase, I can disclose that I have a loan already, correct?

(2) would i have the right though in terms of outlining some of the options when my budget would only call for a certified used car (though my other car i have in mind would be brand new, so I would follow your plan)? 

when you wrote "add up the price, etc etc" do you mean I outline that in my e-mail communication with them initially when i list out my car preferences/options? do I come clean with them if they ask if i have a trade before they agree in the price?

thank again for the advice so far! for sure i'll post a pic!

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 If you take all your inquries in the same 30 days, it will only count as one or about 2-3 points on your FICO score. It's not a big deal, it will recover sometime after your car loan appears on your report as paid and current.

 Only take the OEM's rate IF it's lower than Cap One. Example Ford, Nissan and Toyota have some form of 0% for up to 72 months. For Ford the threshold is 660 EX FICO to get Tier 1 assuming you don't have other issues on your credit. You can get 0% from Toyota or Nissan with less than 700 score as well. 

 Don't let them pull your credit all your doing is shopping for price at that moment. You shouldn't be visiting dealerships until one has offered you the lowest price, you get it in a written quote, print it and take it with you.

 Once you have a quote in witting, email a copy to the Internet dept of the Cap One In-Network dealer and ask if they will match it. If they won't and the dealer that will give you the price is out of network, then agree to their price and let them run your credit again to see if the captive bank can beat it or another lender like Chase or even a CU.

 That would be two HP pulls, maybe three total, all within the last 10 days or so or less. I would be thinking less if your trying to get in on the labor day deals out there.

 The only difference between used cars and new cars is the inspection process. If you are looking at CPO's the dealer has already done it's multi-point check already, usually a car off lease anyway. At that point it's focusing on price and pitting dealerships against each other for your business.

 Correct, outline what you want in the initial email. As for keeping the trade close to your vest do whatever you feel comfortable with. I've had dealers try to increase the price or threaten too because I wanted max wholesale value on my trade.

 Agree on price for the new car first I what is would do and keep the salesman on-topic. Just say your not ready to talk about trade yet. You can take your current car to Car Max for a appraisal so you'll know and have it in writting so they can't try to low ball you.

 BTW what are you trying to get anyway? 

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I was also thinking of trying to get a loan through mmy CU as well, but I don't know if that would be useful... or at least where would that be useful during this e-mailing process with dealerships? Thoughts? I called them asking about applying for a loan, but haven't stopped by yet and they told me having the VIN would help in the loan application process, but most of the cars I have in mind (mainly through the CapOne network), are CPOs, so listing out the options/packages that I'd like with my CU would be a bit harder to narrow down for a better loan option deal

How about with Carmax and dealing with them? I know they're harder to budge on price on the vehicle per say.

I don't really notice any advantage with the labor day weekend sales.. must look for the CPO stuff I guess? As for the TLX, maybe look for deals there... Is there really a great incentive to find out the labor day weekend deals?

[Rebuilding69]

Applied for a Cap1 loan yesterday & got denied.

My ficos are in my sig. I have 1 open medical collection for $136 which I'm going to assume was the reason for denial. I have 2 cards with them, but only been with them for 6 months or less.

Everything else on my report(all medical related) is paid & closed & I've never missed CC payments, so not sure what else could be the problem.

Guess I'll find out in a week or so.

[Anonymous]

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@Rebuilding69 wrote:

Applied for a Cap1 loan yesterday & got denied.

My ficos are in my sig. I have 1 open medical collection for $136 which I'm going to assume was the reason for denial. I have 2 cards with them, but only been with them for 6 months or less.

Everything else on my report(all medical related) is paid & closed & I've never missed CC payments, so not sure what else could be the problem.

Guess I'll find out in a week or so.

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I think I had 4 or 5 collections(not paid) on my report when I applied. Scores at the time, mid to high 500's. I was approved for 30k but 17%. I think what did it was that I was on my 4th good standing car loan with another company. I didn't take the offer, I was just checking to see if I could get approved. I still have to payoff my other loan. But when I do next year, I will be going with Cap One. They have been great with me. I forgot I had 3 paid CO's with them and paid them off 2 months before I applied.

[Anonymous]

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@Rebuilding69 wrote:

Applied for a Cap1 loan yesterday & got denied.

My ficos are in my sig. I have 1 open medical collection for $136 which I'm going to assume was the reason for denial. I have 2 cards with them, but only been with them for 6 months or less.

Everything else on my report(all medical related) is paid & closed & I've never missed CC payments, so not sure what else could be the problem.

Guess I'll find out in a week or so.

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Off-topic, but how did you get your med collection charges closed? Any links to info on this forum?

[Rebuilding69]

I did pay for deletes for the majority of them. A couple were reporting incorrectly so I disputed those.

[Anonymous]

I just applied, recieved approval for up to $35k at 6.79% (60 mo's). I tried at my credit union which I have been a member of for a year and was denied. I'm still waiting to hear from DCU, applied online and i'm still waiting for an answer.

My credit scores are EX: 683 TU: 664 EQ: 665. I feel that my APR might be higher than what I've seen on these forums. The car I am looking to buy is a CPO 2013 VW GTI with 23k miles. The car is listed at $21,999 and I have $5k-$6.5k for a downpayment.

I have one credit card, 2% utilization. Ive had 4 accounts late (student loans) and the time since late is 1.4 years (they are now current). My AAoA is 2.9 years. 

Ive seen so many better APR's for people with about the same credit . I will probably take the CapOne and see if VW can offer a better APR.

[Anonymous]

Hi all,

Looking to purchase my first vehicle. I got approved for a Capital One auto loan and was looking to purchase a mazda3. I did a bunch of internet bargaining and settled on a price (lets say 23K). But when I went into to get the price and tell them that I had a pre approved auto loan from capital one, they told me that if I used the outside loan, that I would lose my incentives and I would have to purchase it at 24K. Are they lying to me? There are no specific incentives from the manufacturer that is being use as far as I am aware so I am not sure why the price would go up, besides the fact that they arent making as much becuse of the low interest rate.

[Anonymous]

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?  

[juniornj23]

Wao that great capital one