I recently received a pre-approval letter from Capital One and would like everyone's advice on whether it is a good or rather legitimate offer.
The letter says "you can feel confident walking into your neighborhood dealiership to purchase your next vehicle. Take a look at the terms above, you'll notice this auto financing is structured to make it easy for you to buy and finance your next car or truck.They say it doesnt' require a down payment with a fixed apr. There is no dealer credit application and the offer can be used for a new or used vehicle at one selected auto dealer in my town. It says I'm pre approved for up to 30,000 dollars as long as I go during a selected time period to this chevy dealership. The letter says call the number to acknowledge receipt of certificate then head to the dearlship, just bring your pay stub and phone bill.
In the small print it says the offer is based on verification of continuing eligibility to meet credt criteria used to select you for this financing offer, and on additional information taken at the application, including income, loan amount, term and vehicle purchased. It also says that you can't be delinquent on any accounts (which I am not my credit score is low because of student loans and high balances not because of missed payments)
Does this mean that I will be able to receive this auto loan or is this just another one of those gimmic offers where they say u are approved and then you fill something out and are declined. I have a fico equifax of 623 and I do have two accounts with capital one which are current, however I had applied for a car loan with them not to long ago and was denied. They said i was approved for this offer because I am a valued capital one cardholder.
