Capital One Auto Navigator success!

[Jannelo]

A huge success story for me also.  Here I was in the 520s last year.   Bad things on my credit report.  Still paying Capital One on a chargeoff.  I'm now down to 2,177 compared to the 3,977 it was at.   My Quicksilver 1 just started reporting, which now gave me three credit cards.  And with that, my score jumped six points on my Experian a week ago.  I am now at 594.   I had received pre-approval letter from Cap 1 for a car at one dealership, Nissan, for many months.  From what I could tell, the interest rate was 15.99, but nothing specific said.  Just on the back in the fine print.  I had been receiving that letter for six months.

My longtime paid-off car had now developed even more expensive problems.  I needed to spend thousands on repairs.  So I hit the pre-qual button on Cap 1 Auto Navigator.  No instant acceptace, just a post saying they would be in contact with me within three days after researching whether I was "eligible" or not.  I was dejected, taking that to mean "no."  But, lo and behold, two days later, they asked me to call them and verified I was who I was and told me, congratulations, to start shopping for a car.  I planned to stay practical:  no big payment, a reliable car.  But it was depressing thinking about a car payment not being in a car I loved.  I wasn't given an interest rate, but when I clicked on cars, it showed what it would be.  I found a shimmery black 2016 Toyota Camry SE with a really nice interior, surprisingly sharp, very sharp, and black inside, like I wanted, and only one owner, personal use (no rental car agency car), mileage 45,000, for 14,500.  (Well, I didn't know it was such a good-looking car from the photograph online, only later).   Having tirelessly researched everything, it was a fair deal.  I built the loan on their site.  It was 6.28 APR for 60 months or 6.99 for 72 months. 

So off I went to the Mazda dealership that had it as a trade-in.  I liked it fine in the photo, but in person, it was absolutely gorgeous. Toyota has really stepped up on their interior, at least in this particular car they did.  Black leather, with red stitching around the edges (which I thought would be tacky, but looked great).  That exterior black paint had a  lot of dimension, a shimmer to it, not flat.   I no longer  felt like I was settling.  and Mazda was amazing.  There was no haggling over the price, but it is a chill dealership that prides itself on customer experience. I loved the salesperson, who never once tried to put me in a more expensive vehicle.  They were happy I had my Cap 1 in place and turned me over to their finance person.  She was wonderful also.  I was wondering if this loan was going to come out close to what was on the site and how I built the loan.  The interest rates stayed the same.  Nervous, I chose the 72, with the higher interest rate  of 6.99, but plan to pay the car off in three to four years.  But I wanted the comfort of a lower payment if I needed it and also because I was unsure if my figure of of the 6.29 percent/60-month loan would come out to what I figured out, which was $258 a  month.  I had on the building of my loan that the 6.99/72-month loan would be 226.  So I went with that just  in case my figures were off.  I was close, as it turns out.  The loan ended up being 6.99 APR for 72 months at $237.18 a month.   I was upset that I couldn't splurge and get into another Lexus, which is what I had before, but I am beyond thrilled with my buy and that I was being financially responsible, another step in my credit-building journey.

I want to kiss the ground of Cap 1.  I never thought at t his stage I would be even close to an auto loan interest rate in the sixes.  I felt I would be in the 15 percent interest rate or higher range and was just aiming to get down to 12 percent.

I hope this gives some  of you hope regarding an auto loan with Cap 1.  And it was such an easy experience doing it this way compared to past experiences buying cars.  By the way, I just bought this car today.  So I am on Cloud 9.

[Shooting-For-800]

A lot of people complain about Cap One but many forget that Cap One was there for them when no one else would even look at them.

I am still happy with Cap One 5 years after my rebuild started.

Grandfathered into $59 AF Venture

Grandfathered into $0 AF Savor

etc.

[Anonymous]

CONGRATULATIONS!!!

I am glad I saw this. I am a nervous wreck because this evening I am buying a "new to me" car with Capital One Auto Financing. I've been reading everything I can and have negotiated a deal with the sales manager.

Now, I have been playing around with the "Build My Offer"  calculator on this particular car. I am hoping that I've done this correctly. Is what I put in the calculator the same thing that will be used? No surprises?

Which credit bureau will they pull, (I've seen EQ and I've seen some say EX) because they are frozen and I've already made it clear I do NOT want excessive hard pulls and for them to only use my prequal through Cap1. I have also already given my POI to Capital One so that verification is complete and it says to let the dealership know that this has already been taken care of.

[Anonymous]

Congratulations on the new Infiniti! The 3.0 twin turbskies is a nice skooter. 

I also went through the Cap One Auto Navigator process and agree that it was in fact easy. HOWEVER, I do have one (or two) negatives:

1) They tried to jack up my APR once I was ready to sign from 4.7% to ~6%.. Whatever, no biggie. I was planning to pay the $12k car loan way sooner than the 48 month term anyway (which I am..a year and a half early paying off my loan).

2) Although I know this is mostly dealer's fault, it is something that irked me and it's something to keep an eye on. If you go into a dealership and request that you ONLY want Capital One financing and strictly tell the dealer to NOT submit for other banks to get a "lower rate", they should respect your wishes with the paperwork in your hand. That said, I didn't pay too close attention to them trying to get a lower rate, thus resulting in 3 or 4 inquiries on my CR. Pissed off? Yes. Anything I can do about it? No. So just to put the word out - make sure your stealership doesn't try to inquire with other banks on your behalf when you're 100% sure this is what you want.

[Anonymous]

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@Anonymous wrote:

Congratulations on the new Infiniti! The 3.0 twin turbskies is a nice skooter. 

I also went through the Cap One Auto Navigator process and agree that it was in fact easy. HOWEVER, I do have one (or two) negatives:

1) They tried to jack up my APR once I was ready to sign from 4.7% to ~6%.. Whatever, no biggie. I was planning to pay the $12k car loan way sooner than the 48 month term anyway (which I am..a year and a half early paying off my loan).

2) Although I know this is mostly dealer's fault, it is something that irked me and it's something to keep an eye on. If you go into a dealership and request that you ONLY want Capital One financing and strictly tell the dealer to NOT submit for other banks to get a "lower rate", they should respect your wishes with the paperwork in your hand. That said, I didn't pay too close attention to them trying to get a lower rate, thus resulting in 3 or 4 inquiries on my CR. Pissed off? Yes. Anything I can do about it? No. So just to put the word out - make sure your stealership doesn't try to inquire with other banks on your behalf when you're 100% sure this is what you want.

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That happened to me as well and I let them know about it!  APR went up 2% and they told me they asked Cap1 for a 3% lower rate than I already knew I'd be getting. WTH?