OMG Capitol One Auto Is Awful

[Anonymous]

14,000 dollar over priced gmc truck 2003 model with 76,000 miles.. Capitol one finaced me credit scores were 663 , 644, 650 .. But oops the catch , intrest rate was 18%... Yep !!!! I am so ashamed .. I  said they were crazy and I was told to go thru my bank if I thought I could do better.. So I went to my bank but no word yet...

I was also told since  I am a white business owner that this place a factor also... Does that sound like discremination  it does to me.. Lets see I cant buy a house because I dont have high enough credit and I get ripped on a truck loan.. Duh  and everyone wonders why I perfer to pay for things in cash.. So I guess I will just keep driving my 1993 ford truck ... Until I can aford an overpriced gas guzzler truck for my business...

[Schoolbuskid]

Join a credit union and apply there, you will get much better rates with those scores! Good Luck!

[islandchild82]

---

bevy1234 wrote:

14,000 dollar over priced gmc truck 2003 model with 76,000 miles.. Capitol one finaced me credit scores were 663 , 644, 650 .. But oops the catch , intrest rate was 18%... Yep !!!! I am so ashamed .. I  said they were crazy and I was told to go thru my bank if I thought I could do better.. So I went to my bank but no word yet...

I was also told since  I am a white business owner that this place a factor also... Does that sound like discremination  it does to me.. Lets see I cant buy a house because I dont have high enough credit and I get ripped on a truck loan.. Duh  and everyone wonders why I perfer to pay for things in cash.. So I guess I will just keep driving my 1993 ford truck ... Until I can aford an overpriced gas guzzler truck for my business...

---

Who told you that being a white business owner played a factor?

Capital One financed me at ~10% with my scores in the 630s. I'm surprised your interest rate was so high. Do you have any baddies, i.e. repossessions or anything like that?

[Anonymous]

Creditors are not suppose to use race as a factor of approving/denying credit.  That's in violation of the Equal Credit Opportunity Act.

[Anonymous]

Just got financed for $28000.00 through my credit union. They pulled EXP. Myfico.com score on EXP was showing 574 they told me they pulled 617. Must have used AUTO ENHANCED as I have 2 paid in full never late auto loans showing. Interest Rate 8.25% plus they are deducting .25% for Automatic payments form checking account. So 8% total. Not bad. My new 2008 Mini Copper is on order. In about 3 weeks the dealer advised they will try to beat my credit union rate so I may even get better. Hope so but if not I am still pretty happy as I was expecting double digit rate. Best of luck for you and I would say join a credit union. Other wise, I think the dealer will be able to get better rate for you with those scores . Best of luck!

[Anonymous]

I have one derog that I disputed from 2004 ( Not Mine) I have a student loan 3000.00 +  in deferment .. A cap one card 1500.00 CL  never late and always pay way more than min.. Opened 6 months ago and 2 Bank Plus Loans from 2000 and 1999 both paid in full a satisfactory.. Thats it ..

I am going to a credit union in the morning.. Looking at a 2003 FX4 Ford F-150

[Anonymous]

Oh by the way Just pulled all my new scores today and according to  Members exchange I am in the B C Class 9% to 11.5 % .. I have never financed a car or house... I make $ 32 to 40 thousand a year ..

2006  Adjusted Gross around 10,000

2007 Adjusted Gross around 14,000

2008 Gross for 6 months on Bank Statments 20,000

New Scores Today

TU 635  EQ 667 EXP 633

Looking at a 9600.00 Truck , Going to Credit Union Tomorrow..

1 . Collection from 2004 ( Disputed but still on TU and EQ ) Not EXP

1 Cap One 1500 cl  Paid as agreed Slightly High Balance of 850.00

1 Bankplus Loan Paid off in 2000 ( Paid as agreed)

1 Banplus Loan 1999 Paid Off ( Paid as Agreed )

1 Sallie Mae Loan ( 3000 or so ) was late but Paid as agreed )

Capitol One said 18% at a dealership last week on a 15,000 dollar truck with 2000.00 down .. I turned this down..

Went to an independent dealer and found a Ford FX4 2003 for 9600.00

The sales guy said go to members excahne and pay 26.00 to join the credit union and the with those scores and your income they should get you a good rate..

I am Scared !!!

[islandchild82]

Good luck! Hope you have a better experience and get a better rate!

[Anonymous]

Ok I called my sister.. She is the commercial real estate loan manager at wachovia bank in NC  not MS where I live.. I told her about my credit and my scores and all, she couldn't believe that cap one wanted such a high intrest rate..  She also could not believe that with my scores and a 1500 credit limit on my cap one card that I was denied by walmart,lowes,and home depot...  She said tell me everything on your credit and on your denial letters from recent denied .. So I said  Not enough lines of credit, credit lines to low , too many inqiuries, amout of credit limits on revolving accounts to low..  Well lets see if no one but cap one will give me a chance  then that perrty much explains it.. My sister said that what she sees at her computer is I am showing a 647.00 balance on a 1500 cl card.. I have one delinquent account for 141.00 from 2004 and I was late but paying as agreed on Sallie Mae.. She also said there ar like 10-14 inquires on my credit showing where I tried to buy a house , tried to get CC's and where I tried to buy an auto.. So she said go in to the credit union and join first then tell them everything you were trying to do and want to do and be honest with them..

I am taking the sheet from from he dealer with the priceof the truck.

I am taking 2006, and 2007 taxes

I am taking bank records showing 20,000 in deposits from 01/08 to 05/08

I am taking Quickbooks list of accounts and payments

I am taking proof of full coverage insurance

I am taking all Fico Scores and reports

I am taking some money Checkbooks etc

I am taking Capitol one statement for the past 5 months

I am taking copies of my dispute letters on the 141.00 derog that was never solved

Anything Else ???

[Anonymous]

Went to the credit union they pulled Transunion my lowest score.. Went at 10 am this morning.. They wanted last 3 years tax returns I only had 2006 and 2007.. Thats it My score with TU 632...  She asked when I was going to start paying my sallie mae account, Then she said I need to take it to the board for review and I will call you in about an hour .. That was 11 AM   It is now 3pm and no call yet.. Guess they turned me down and ar to chicken to call and let me know..  Another case of we will tell you yes but if the answer is No we will leave you guessing for a couple of days until you decide to call us and then we can tell you what we really think of you....