Two vehicle loans at the same time with Cap1?

[Anonymous]

I currently have a vehicle that was financed last year using the Cap1 Auto Navigator. Ran the pre-qualify again and was told I qualify. Does that mean I can have two loans with them, or are they expecting me to trade in the car I have now?

[Shooting-For-800]

I would say two cars if your income supports it.

[WarthogWrangler]

It would be for two vehicles.  If you want a different rate or more credit you can call them and tell them you'll be trading your current vehicle in and they will calculate it based on that.  

[Anonymous]

Thanks for the responses.

I let the dealer run an app through my current CU just to see what they would do. I was a little disappointed when the CU initially came back with a rate 4% higher than Cap1. The Finance Manager at the dealer called the CU and somehow got them to offer a rate 1% lower than Cap1. Car was purchased, and very happy. 

[Shooting-For-800]

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@Anonymous wrote:

Thanks for the responses.

I let the dealer run an app through my current CU just to see what they would do. I was a little disappointed when the CU initially came back with a rate 4% higher than Cap1. The Finance Manager at the dealer called the CU and somehow got them to offer a rate 1% lower than Cap1. Car was purchased, and very happy. 

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They were probably lying to you and padded the rate.  

[Anonymous]

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@Shooting-For-800 wrote:

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They were probably lying to you and padded the rate.  

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What do you mean by "padding the rate?" I told them I was pre-approved with COAF and wanted to use that. They ran it through and were getting ready to send me over to the finance team to complete the paperwork. I asked them to run my CU at that time, and that's what they did. The CU rate I got ended up being 4.73% on a USED car when the CU's lowest rate on a NEW car is 3.99%