Capital One Auto Loan Navigator ~*Approved For $35,000*~

[Anonymous]

I have had a Quicksilver account with Capital One since 2012. Since 2013 they been sending me notices about applying for an auto loan through them. Every email I would just delete it. Just didn't need it. So I told my hubby we would be getting a car the 1st of the year. Capital One hadn't sent me one of these emails in awhile but they must have heard me because they sent me one like every 3 days in the last month. So it said it will not hurt your credit so decided to try it. It said I was instantly approved and they offered me $35,000. They only verified my address by me faxing in some documents (Utility Bill and Drivers License). Before they started the process they told me they would not be checking my credit scores with a HP but instead do a soft pull. They told me that I would have to do a HP on my credit when we went to actually pick out a car but the car lot would be the one to do it. They sent me a link to choose their authorized car lots. In my area they had over 60 different car lots to choose from. They had two different customer service agents to call me back on the same day to see if I needed any assistance or even would like to request more money but I declined. I reached out to one of the car lots that was nearest to me. They told me I would only be there for about 20 minutes max. Just enough time to pick out the vehicle I chose (if I chose it online if not add about another 20-30 minutes to pick from the lot), sign documents and that's it. My start to finish process from filling out the paperwork online to my approval was all less than 30 minutes. Pretty fast and decent credit start. They gave me one month from the date of the approval to pick out the car I wanted and print out a voucher to pay them with. They told me the $35,000 also included tax, title, license as well as the purchase price. They also said they put a cap to make sure the dealership did not overcharge you for a vehicle. The cars I checked prices were fair and competitive with the market. I will be going this weekend to check out some cars from a couple of places on the list they sent me.

[Anonymous]

Congrats on your approval! 

If you have the ability/time, you may wish to check out actual vehicle listings on the Capital One Auto Navigator website.

Depending on what type and age (new/used) you are looking for, you may find that your interest rates and/or financing terms with Capital One vary slightly.

Your $35,000 blanket approval means that they will lend you up to $35,000 - but only on certain cars, and only on a new car (most of the time).

Used cars, as well as some new ones, have a lower "max loan value" (the cap they mentioned to you already), and that can be troublesome sometimes, if you pick out a car that is close to your approval - say, a vehicle with a sticker price of $31,499 that is $34,927.16 with tt&l.  If Capital One's "max loan value" on that vehicle is $30,000, you will still be declined for the final deal, even with your preapproval of $35K, unless you are willing to put in the other five grand as a cash down payment.

If you are shopping for a used car, be aware that the "max loan value" may be less than the sticker price from the dealer, again causing Capital One to say no unless you pay the difference in cash.  If it's a late-model (2014 or newer) used car, this is less likely, but still possible depending on precisely what make/model you are looking for.

Capital One's prequal offers should probably be edited to read "we'll loan you up to $35,000 - if you pick a car we are willing to loan that much on - but we'll loan you something on just about any car our dealers have."  The Auto Navigator program can tell you precisely what they will loan on any given car - if you search for a certain type of car in your area, and you see a monthly payment amount on the listing in Navigator, then you're good to go.  If you see "unable to determine" listed instead, then the dealer's price is above what Capital One will loan on that car, and you'll either have to pay a cash down payment or negotiate the dealer's price down to meet the "max loan value" once tt&l is included.

Also, as a side tip - do not accept GAP insurance from the dealer.  They love to try and tack this on - at anywhere from $500 to $1500+ a pop - but you can buy it from  your auto insurance carrier for about $4 a month if you really want it.  That's less money you have to get from Capital One, and less money (and interest) you have to pay them back in the end.

[Anonymous]

I was also recently prequalified for $35k with cap one. my question is with the auto navigator already supplying the monthly payment and interest rate on a stickered price, where does that leave you on negotiating the price of the car? are you able to wheel and deal and still be approved for that car? or do you just take the offer to the dealership and the prices are essentially set? 

[Anonymous]

When I went to the dealership I did not tell them how much I was approved. As a matter of fact I didn't even initially tell them I had my own financing or where. I used to own a small car lot so I know the tactics sales people use. The less information you give them up front the better. Because as they say, "Anything you say can and will be used against you". A good sales person objective is to get every single dollar they can out of you. That way the dealership gets paid and they get paid. They will also try to shop you to their own financing companies to keep all the money in-house. They will promise you lower interest rates and the moon and stars...Anything they can to get you to go with them...You have to decide if you want to take the additional dings to your credit...for me I did not...so here is exactly what happened with my own experience....I went to Rick Chevrolet in Buford GA...and had picked out a car and was actually there almost 3 whole hours before I revealed the amount Capital One had given me...as soon as I did...a finance manager came from out back and refused to drop the price of the car...he tried to play hard ball with me...which proved to not work...I was adamant on how much I was paying for the car...he continued to push the issue of him not being able to move the price to where I wanted it...so I politely got up and walked out...before I could get to my car the sales person who we had dealt with the whole time ran me down begging me to come back...apparently the finance manager had changed his mind...but I had not...so now you have to be willing to walk away from any deal that does not work for you...because ultimately you will be the one having to pay for that vehicle for 5-6 years....You are the person with the power not them...the offer does nothing until it is activated and someone agrees to take it and pay it...that person being you...so trust me...they want you...I left there and went right across the street..To Mall of Georgia Chrysler Dodge and Jeep in Buford GA...Again I did not tell them how much I was approved for or even that I had my own financing...I just said I am looking for a car...Told them what features I wanted such as safety, third row seat and affordable price..Later, I revealed that I had my own financing...again...the finance manager came from the back and told me that he had in-house financing that was only 1.99%...but I told him I had already gotten approved and the range for me was from 2.38%-10%...that I already had a relationship with Capital One and wanted to stick with them...the car I was looking at was approved for 2.38% so it was not worth it to me to take all the dings to my credit...just to save a few dollars...he pushed it slightly but ultimately he was much wiser and let it drop...I told him one last time do not under no circumstances shop my credit to anyone...As a matter of fact I told him to do a soft pull 1st to make sure I would even be approved for the car and that APR before doing a hard pull...he let me know he couldnt give me an exact APR but he could soft pull and tell me my chances...later he then did a hard pull...after the whole process my APR ended up being 3.81% obviously higher than the 1.99% they promised me...but only pennies more and I was satisfied with the end results...When I found the car...the exact same car...I actually purchased it for $4,000 less than I would have at Rick Chevrolet because I did negotiate with Dodge....so I could get the notes where I wanted it...At Rick they were trying to set it at over $600...but I said I didnt want to pay over $450...that was my own max budget...and my car note ended up being $418.66 for 60 months...which was perfect!...remember that even though you are approved at 35K that does not mean you have to use the whole amount (My car was $20,995 and out the door was $25K so I actually used 10K less)...so make sure to get the notes you can handle and are comfortable with...and get the car that is what you want and works for your family...for me I needed a vehicle with a third seat that accommodates my whole growing family...and like I said notes that were $450 and below...and that's what I got so I am happy....My process at the 2nd car lot was only 45 minutes from start to finish...I got a 2016 Dodge Journey...here is a video showing my fam getting in that car...SN: I have received no lie 6 calls from Rick Chevrolet...begging me for my business...offering me a free car to try out to entice me...letting me know they will talk to that finance manager...yada yada yada...Their loss truly but my gain..Sometimes a closed door mean its a open windows somewhere else....It's not everyday that car lots get people who have money in hand and all they got to do is sign off on it...so dont let them or anyone intimidate you...YOU HAVE THE POWER...good luck on your vehicle!!!

http://www.use.com/JRV1l?pop=false

[Anonymous]

Sam[ple of my approval with amount http://www.use.com/JRe70?pop=false

[cuthatcard]

Fantastic story ! 

I have a cousin who owns a car lot that once told me he'd rather make $100.00 off of a car and move them off the lot than let them set, trying to make thousands over a month ! 

He's been in business over 40 yrs, has a Doctoral degree, but loves selling cars ! 

Sells cars all over my state and the south-east. He, and his sons, now sell boats as well. 

He's made a good living doing this and I truly believe by just making a few dollars and moving many cars, his method really has paid off ! 

Your story is great, glad you walked out and stuck to your guns !!