Capital One Refinanance?

[Anonymous]

My wife just got pre-approved to refi one of our cars to them, reducing the int rate from 13.4 to 9.8. How solid are Cap one refi pre-approvals? Reason I ask is one of her Cap One cards is over the credit limit by $74 dollars but not past due and they still pre-appoved he. I thought that you have to be current and under the limit on your Cap One cards in order to refi a car with them. She called them to ask but the only response she got is we are not credit analysts, had no clue. I am going to pay the card under the limit but it wont report to the bureaus until 03/24. Should she wait until 03/24 to apply, pay it under the limit today and apply tomorrow, or since she was aleady pre-approved it won't matter and pull the trigger today?  

[Anonymous]

---

@Anonymous wrote:

My wife just got pre-approved to refi one of our cars to them, reducing the int rate from 13.4 to 9.8. How solid are Cap one refi pre-approvals? Reason I ask is one of her Cap One cards is over the credit limit by $74 dollars but not past due and they still pre-appoved he. I thought that you have to be current and under the limit on your Cap One cards in order to refi a car with them. She called them to ask but the only response she got is we are not credit analysts, had no clue. I am going to pay the card under the limit but it wont report to the bureaus until 03/24. Should she wait until 03/24 to apply, pay it under the limit today and apply tomorrow, or since she was aleady pre-approved it won't matter and pull the trigger today?  

---

Apparently real solid as we just decided to submit the app and was approved @ 9.8%, going from 13.4%. Just have to purchase GAP now as our car insurance company does not have GAP. Any suggestions? 

[Remember0]

Congrats! You mentioned you re-fi'ed. Are you really underwater and how much (GAP may not be worth it frankly)? I.e., what car do you drive (year, make, model, and miles) and how much will the principal of the Cap One loan be?

Typically when you refi your LTV needs to be under 100% (sometimes 120%), meaning you aren't too far underwater. Either way I think you can buy from GAP Direct in some states. Honestly don't know standalone sources of GAP insurance other than insurance companies and lenders.

[Anonymous]

Actually, someone posted on here a while back a company called GAP direct. I am going to use them as despite the ability to refi I am still way underwater.

[Anonymous]

Oops you posted that as well. Thanks for the reminder!!

[Anonymous]

Just don't send them a GW letter for a one time 30 day late removal request, they won't do it.