After reading the approval ratings for sevral sub-prime autoloan companies, i decided to apply for a loan with Capital One Auto online, after about a minute of submitting application, i was notified that i was appoved for the loan. After getting the "Welcome" email i was advised that the max loan amount would be $30k. After shopping around at different dealers and playing the back and forth game with numbers local deal agreed to price match an out of town dealer.... after all was said and done the "out the door" vehicle price would be $32k, after calling COA (different times and talking to different people) and asking for and increase on the max loan amount they advised me that $30k would be the max and that they have no control over the limits, they input the numbers in the computer and it returns with a yes or no approval and the max loan amount. They suggested to try the dealership, stating that finance managers have direct contact with loan underwritters that could provide better rate. After explaing to the local dealer my credit situation and not wanting a lot of inquires on my credit report, they said they might be able to get me a lower rate, they asked me if i would give them permission to run my credit with a sub-prime lender that might appove me, if it's a no go they would check with COA. Later that day i was advised that sub-prime lender did not approve me, BUT.... i was appoved by COA to cover all the loan including tt&l at the same rate.... After about 30-40min or paperwork i drove out with a 2014 model car... my question is, since i still have the "blank check" appoval for $30K and have 45days to use it can i trade in my older vehicle and use COA check to purchase a $10k vehicle or would the second appoval by the dealer cancel the first one??? Also how true is it that sevral credit inquires (shopping around for best rate) can count as only if done in the same month???
Thanks......
