Weekend auto loan at Dealership

[Anonymous]

I was pre-approved for an auto loan through Capital One auto navigator last week.

Today is a Saturday on Thanksgiving weekend and the Ford dealership just ran my credit this morning.

They also contacted me this morning and told me that everything is good to go, and final.

How can they tell me that everything is good to go if the banks are closed today ?

I don't want to drive 2 hours to the dealership today just for the bank to deny me on Monday morning. 

Can anyone help me with this ?

[Anonymous]

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@Anonymous wrote:

I was pre-approved for an auto loan through Capital One auto navigator last week.

Today is a Saturday on Thanksgiving weekend and the Ford dealership just ran my credit this morning.

They also contacted me this morning and told me that everything is good to go, and final.

How can they tell me that everything is good to go if the banks are closed today ?

I don't want to drive 2 hours to the dealership today just for the bank to deny me on Monday morning. 

Can anyone help me with this ?

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The banks do not have to be open. Dealers can get an automatic approval just like you can when you apply for a credit card. If the dealer has the automatic approval and you like the terms, then go pick up the car

Thanks

Mark

[Anonymous]

Thanks for the info,

Im just a little reluctant due to never using a Capital One auto navigator before.

Ive heard both negative and positive things about the auto navigator process. 

Also, the dealer ran my credit through 10 other banks as well, even after I already told him I was pre approved by Cap1.

[Anonymous]

Dealers do that I hate that. I do a new car loan when I buy a new car every year. I now have19 paid satisfactory loans on my reports. I always finance through the dealer. Your dealer will most probably be using Ford credit if your Fico auto score is at least 665. I tried the capital one site twice but always got a better rate at the dealer. I now have a 2022 bmw and they gave me 0.9 percent. Ford is my favorite domestic car I am going to get a new Maverick next month to haul things around

Thanks

Mark

[Loquat]

@Anonymous As mentioned, banks don't need to be open for a dealer to hang a deal.  Actually the part of banking that deals with auto loans (especially with bigger captive lenders) are often open on day and times when normal banking isn't. 

I hope everything worked out for you and you're kicking off the holiday season with a new set of wheels. 

[Anonymous]

Update:

I went to the dealership today to pick up the Bronco.

The dealer printed out documentation from Ally bank instead Capital One.

He said that Ally offered s lower rate than Capital one.

It was only 1/4 % lower.

Is Ally a good bank, as in better than Capital one ?

I just dont know.

I have done tons of reviews on Capital one auto finance,  but have no idea about Ally auto loans and how they treat the customers.

[Loquat]

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@Anonymous wrote:

Update:

I went to the dealership today to pick up the Bronco.

The dealer printed out documentation from Ally bank instead Capital One.

He said that Ally offered s lower rate than Capital one.

It was only 1/4 % lower.

Is Ally a good bank, as in better than Capital one ?

I just dont know.

I have done tons of reviews on Capital one auto finance,  but have no idea about Ally auto loans and how they treat the customers.

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Ally and Capital One are both large lenders that play well in the auto segment.   When I worked at a Finance Manager I used Ally a lot and they were really decent to work with.  I don't really read or hear of many complaints about them.  As an institution I think they're just as good as the others out there.  

Congrats on the purchase of your new vehicle!

[sccredit]

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@Anonymous wrote:

Update:

I went to the dealership today to pick up the Bronco.

The dealer printed out documentation from Ally bank instead Capital One.

He said that Ally offered s lower rate than Capital one.

It was only 1/4 % lower.

Is Ally a good bank, as in better than Capital one ?

I just dont know.

I have done tons of reviews on Capital one auto finance,  but have no idea about Ally auto loans and how they treat the customers.

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ALLY has been around forever. Used to be GMAC and was spun off during their BK. Have had 3 loans through them over the years with them and never had an issue

[movinonup22]

Re: Weekend auto loan at Dealership

Thanks for the info,

Im just a little reluctant due to never using a Capital One auto navigator before.

Ive heard both negative and positive things about the auto navigator process. 

Also, the dealer ran my credit through 10 other banks as well, even after I already told him I was pre approved by Cap1.

Cap one auto navigator is fine butr dealers always want to run your credit even though your already approved. Happen to me in Feb of 2020
i'm now waiting for 16 HP inquiries between the 3 CRA's to fall off in Mar 2022.  Purchased a GMC Yukon. EX was 675, maybe they were trying for a better rate. Got APR 7.5 from Ally

Will probably go credit uninom next time around but YMMV

[Creditplz]

Actually my first car lease ever was with AudiFS, I applied at 5pm and I guess they thought it'd get approved but Audi FS wouldn't budge, they let me take the car home and I drove it for 2 weeks... then they came to my house (parent house at the time) for the car, said they couldn't get it approved and if I wanted it id need a loan for it.. I gave it to them.. come to find out it's called spot financing.. Audi FS wouldn't budge hahahaha it was a win/win for me.. free miles.