I was wondering if anyone has used the Capital Auto Navigator to recieve a preapproved offer for a vehicle? I was approved with a decent APR and they simply said to take the offer to any dealer approved by Capital One. Any stories on this?
I have. I did this about four months ago. I got a 09 Eddie Bauer Ford Expedition for 17k. Put 2k down. Capital one was great buy you have to watch the dealership. They ran my credit anyways and i took five hard pulls from the same bank on each agency. The dealership comes back and said wells fargo had offered me a better rate 6% for 72 months. I told them no that capital one was offering 6.25 for three years and i would pay more if i went with wells fargo. When i declined they said i couldn't take the car home that night because of how capital one did their paperwork. I had to call capital one and have them talk to the finance manager. They settled everything but the dealership sucked. They were mad i went with capital one. Capital one will not let you make a principle payment until you are three payments ahead. No prepay penalty. That principle thing is the only thing i don't like. Otherwise they have been great. Its the dealership i had issue with.
Really? Did you print out the pr-qualification offer and take it to the dealership? Did they ask you to upload any documents?
I was approved through Capital One pre-qual at 4%. I let them run my credit, and Honda offered me 1.9%.
We didn't have to print out anything after the offer from capital one, but looking back I wonder if that is a mistake. Capital One informed me on the phone to tell the dealership I already had approval and they needed to simply do the stuff on their end. The dealership acted like I was talking in a foreign language and didn't want to call capital one. They said they had to "run" my credit to do the deal. I agreed to it. They ran my credit and then some I later found out when the told me about wells fargo's offer. Overall, the dealership is what made it such an exhausting experience. I would use capital one again, just more carefully when dealing with the dealerships.
It worked just as advertised. I used it 2 nights ago. I went into the dealer and they knew what I was talking about. This particular Honda dealer said that after Honda Financing, CapOne is one of their biggest partners. They tried to beat what CapOne quoted, but couldn't. It was no surprise to me, as I was discharged from a Ch 13 bankruptcy only 3 weeks ago and pulled an EQ auto enhanced score of 642. CapOne gave me an APR of 4.15 on a 2016 Honda Pilot. Yay for CapOne!
I was pre-approved for up to $35,000 on between 4-13%.. Haven't done anything with it though - more specifically because I could only got to one dealership who didn't have the car i wanted.