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Capital One Auto Navigator

Established Member

Capital One Auto Navigator

Hi Fico Friends, just a quick questions here about CO auto navigator. I was pre-approved for up to $40,000.00 for a new or used vehicle with APR 3.13%- 9.03 depending on the terms and age of the vehicle. My scores as 9/16/16 are  EX 742, EQ 724, TU 757 with no baddies. They did not ask me for any document. According to pre-qualification letter, they do not need any document from me, though i have multiples credit card accounts with them. My question is, do i just take the pre-qualification letter to the dealer and sign all the necessary documents and drive away or do i still have to submit additional documents. I also heard most dealership will insist on pulling your credit to give you the best rate which i do not want to do. Is it optional for pulling my credit for lower rate or the only option in getting the car because i am just good with CO rate for now? I just want a single pull from  CO which going to be EQ. Any advice will help.

Message 1 of 5
4 REPLIES
Valued Contributor

Re: Capital One Auto Navigator

Those interest rates are WAY, WAY, WAY too high for your high credit scores.  DCU (Digitial Federal CU) is at 1.74% right now for up to 60 months.   Other credit unions are right around that same rate.

You should arrange your financing in advance with DCU or another credit union and then FREEZE all three of your credit reports when you visit the dealers.  Do NOT give them your social security number.  They will lie to you and try to shop you around so they can make money on the loan.

You are way too good for those Capital 1 rates.

FICO 08: EX-698, EQ-732, TU-705 - [8/2/2018]
FICO 09: EX-748, EQ-775, TU-748 (8/2/2018)
Mortgage: EX-737, EQ-712, TU-748 - [8/2/2018]
NFCU NavChk 15K | NFCU Visa 6.99% 31.5K | CapOne Venture Visa 50K | Barclay Aviator MC 9.5K | Discover It 24.4K | Alliant 3% Cash Back Visa 25K | Penfed Promise 20.5K | BECU Visa 10K | BECU CLOC 10K | DCU Visa 10K | BofA AK Air Visa 5K | Citibank secured 1K | Amazon Prime 10K
221.9K Total Revolving.
Share Secure Loan Alliant $94 Balance/$15,000
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 2 of 5
Established Contributor

Re: Capital One Auto Navigator


floato wrote:

Hi Fico Friends, just a quick questions here about CO auto navigator. I was pre-approved for up to $40,000.00 for a new or used vehicle with APR 3.13%- 9.03 depending on the terms and age of the vehicle. My scores as 9/16/16 are  EX 742, EQ 724, TU 757 with no baddies. They did not ask me for any document. According to pre-qualification letter, they do not need any document from me, though i have multiples credit card accounts with them. My question is, do i just take the pre-qualification letter to the dealer and sign all the necessary documents and drive away or do i still have to submit additional documents. I also heard most dealership will insist on pulling your credit to give you the best rate which i do not want to do. Is it optional for pulling my credit for lower rate or the only option in getting the car because i am just good with CO rate for now? I just want a single pull from  CO which going to be EQ. Any advice will help.


I agree with other post, scores are too good for that rate, what are your auto scores? (if similar) You should go with the auto manufacturer's lender which a lot are offering 0% for 72 mos with a single pull.  Just ask dealer to run the report with that one lender, don't have him shotgun it to several.  Which auto maker are you looking at?

" EX 687 EQ 701 TU 695 MMS 695"
Message 3 of 5
Valued Contributor

Re: Capital One Auto Navigator

So, Cap1 will pull at least one bureau. Likely 2-3 with my experiences with Cap1 Auto.

 

Go join PenFed

1 EQ pull for membership and most other products.

If your income supports it you should qualify for the following with PenFed (this is a $25K loan example)

1.49% APR36 months$500 to $100,000 
$710.51 
1.99% APR48 months$7,500 to $100,000  
$542.27 
1.99% APR60 months$10,000 to $100,000 
$438.08  
2.74% APR72 months$15,000 to $100,000 
$376.94 
2.99% APR84 months$25,000 to $100,000  
$330.22 

 

You can apply for a CC, PLOC, Personal loan with ONE pull from EQ (usually good for 90 days.

 

At the dealership I bet you get hit with the dealership pull and one to two pulls from Cap1 min.

 

I agree if you are worried about additional pulls freeze the reports, but get financing in hand!

 

Don't let them tell you they have to run your credit, there are other ways to address the Patriot Act requirements.

Message 4 of 5
Frequent Contributor

Re: Capital One Auto Navigator

Don't let them tell you they have to run your credit, there are other ways to address the Patriot Act requirements.

 

^this.

They do NOT have to run your credit when you arrive with financing in-hand from a credit union or other cash source.

There are some things that DO have to happen, though, in various cases.

 

If you are giving them a cashier's check, money order, or cash in an amount greater than $10,000 then they must have your social security number, along with some other information, to report it to the IRS on the form 8300 they are required to submit by federal law, including a copy of your ID.   Personal checks (from your own checking account) are not counted in this, weirdly enough, but those have to go through a whole holding pattern waiting for the check to clear, etc., and some dealers won't take them for that reason.

 

Supplying your social security number as part of the form 8300 process when using cash/cashier's check to buy a vehicle is NOT an authorization for the dealer to run your credit, though.  If this applies to you (i.e., you are going to use a cashier's check from a credit union to pay for the car) then be VERY clear with the finance manager that you are specifically NOT granting them permission to run your credit.  There is no permissible reason for them to do so, since you are paying cash.

 

If you intend to use a Capital One prequalified offer, be aware that your credit will be run.  Capital One's process requires this - they are going to hardpull you to make sure your prequal scores/history haven't changed and to finalize your offer.  The dealers know this, and will often slide several other lenders in on that authorization (you filling out the credit application allows them to do this unless you are specific) to shop your loan.  In many cases, they will beat Capital One's rates, but they are going to try.  The only way to stop this is to be incredibly clear that they are only permitted to submit your application to Capital One, and no one else.  You can write in big black letters on the application something like "Capital One Only!" or whatever, since if you end up arguing over it later they can't produce one that doesn't show that statement.

 

You have to decide how much your time and hassle is worth, though.  If you are using Capital One, you are going to take a hard pull for auto lending, period.  Most credit unions will also generate at least one auto lending pull on  you if you apply with them - in some cases, you may be hit only with one pull for your new memebership, but ti's still a pull.  Multiple auto lending pulls are scored as one on your credit, and with scores like yours I'd guess that the impact of a set of them - scorign as one - won't really hurt you much if it even affects you at all, FICO-wise.   I'd agree with the earlier poster who mentioned that most manufacturers are running 0% financing for buyers with your level of credit score, at one point or another, and then the benefit outweighs the hard pull by far.

Message 5 of 5