Capital One Auto Navigator vs HP at the dealer?

Dj4Money · ‎03-17-2020

I've been up and down the Navigator since I was approved as I am excited to get another car and keep that $400+ or so I spend every month on rental cars in my pocket.

Please don't ask anymore why I rent cars, I work Postmates and have previously did Uber and Lyft when my schedule wasn't occupied with taking care of my parents.

Now that both are gone (Stepfather passed way last Thurs while making an errant) I can return to working a more typical schdule. That still doesn't justify using rentals.

Anyway, if do a lowest APR search based on my downpayment (let's say $1,500) I mainly get Jeep and GM products. Mostly Jeep Renagade, Compass, Malibu, Spark, Trax and Equnoix.

Example 2020 Equinox LS ($17,550) = $399 for 72 months @16.92% ($1,500 down)

If I switch the search to a 2020 Kia Forte GT which I have found several under $21,000. When I find a dealer that won't play the add-on game to increase the price back up near MSRP with stuff nobody wants. Anyway, one dealer listed that accepts Cap One has a GT manual priced at $18870 (after national rebate).

2020 Kia Forte GT ($18,870) = $398 for 72 months @20.64% ($2,552)

Amount financed $17,972 for the Chevy vs $16,418 for the Kia.

I would have to put an additional $1,052 down to get that payment and my APR is still higher...

1) That is forcing me to purchase the Kia out of state so taxes aren't rolled in. That bites into my plans for starting a business based around cars lik the Kia. It would take me likely 4 months of deligiantly saving to earn the money back which is windfall from a settlement.

2) A similar car, a Honda Civic Sport this one a 2018 from CarMax cost $18,999 and still has a lower APR than the Kia (18.55%, $1,500 down) which would have the same payment.

Yeah Cap One will let me spend $25,300 as long as I put down about 22-23%... Given where I am, my FICO, post-BK it-al it's somewhat understandable about the APR, but to require more down for a compact car vs a SUV???

I was told by Cap One that dealer that agrees to a purchase will do a HP and the APR might change to something more favorable.

What are the chances of that happening?

Anonymous · ‎03-17-2020

Sorry for you loss. I have found the dealer doing the hard pull for CapOne terms always game back worse. YMMV however.

Anonymous · ‎03-17-2020

Sorry for you loss. I have found the dealer doing the hard pull for CapOne terms always game back worse. YMMV however.

Dj4Money · ‎03-19-2020

@Anonymous wrote:
Sorry for you loss. I have found the dealer doing the hard pull for CapOne terms always game back worse. YMMV however.

Thanks, he died sleeping.

Anyway, sounds like dealers would still try to generate a profit by bumping up the rate a point or two, which is allowed by law.

Working with Navigator some more, max amount financed is around $17,500-$17,600. APR between 16-20%.

It's still not quite the end of the month, the manual cars have to come down in price quite a bit but I think I can get there.

I drove both and I can live with the DCT as I believe this is the wave of the future as fewer and fewer manuals will be offered and human beings can't shift as fast as these transmissions do, especially in Sport mode. One problem is mods, the VW DSG's have quite a bit of stock torque capacity, while the Hyundai DCT is unknown though it's been offered in Veloster Turbo and Ultimate trims since 2019.

The older 6 speed auto is limited to about 230-240 lbs of torque. That's basically a premium fuel tune for these cars since they are rated with 87 octane to make 201 hp. They easily make another 30-40 hp/50-60 of torque with 91-93 octane tune.

Anonymous · ‎03-19-2020

Actually the rate came back the same the issue was down payment. I took the exact numbers from the dealer ran it through auto navigator on my phone while there and it showed no need to make a down payment. Dealer always came back saying I needed a down payment of a certain dollar amount for CapOne. I wound up using Springboard Auto instead.

Dj4Money · ‎03-20-2020

Other lenders might give a better rate. I don't kmow if that option is available to me given my BK. My bank score is going up but the my Auto 8 won't budge without an auto loan, so rates won't change, only underwritting does.