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Old 03-24-2012, 10:44 AM   #1
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Capital One Auto Financing..?

Sooo... I got a "auto loan pre-approval letter" for up to 30K from Capital One last week. It says to bring the letter to this one dealership and bring also a pays tub and utility bill. Is this a trap? Lol
I ask because right before I got this "pre-approval" I had applied for a 24k loan online and just got a letter saying "declined, reason(s): Insufficient credit history/too many new accounts/period of employment too short".

So I don't get how come I was "pre-approved" but declined online!!! Lol what the heck!?
I do have a credit card with them and I did have a name change and DID call all there credit bureaus to update my records with them.

Have u guys dealt with similar situations regarding these so called letters thru them or any other lender? Are they legit? How do this work? Curious....

Thanks!

-Krysta

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Old 03-24-2012, 11:01 AM   #2
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Speaking from personal experienceI also received/used a preapproval offer from Cap 1 to purchase my 02 Grand Cherokee at Carmax in 2007. Offer is legit. In all likelihood though you will probably pay a higher interest rate than their best rate. For me that was OK with less than excellent credit (good but not excellent at the time). I have one more car payment left. Last summer received another from Cap 1 and when I went to purchase my 09 JKU the dealer was able to beat Cap 1's rate with the improved credit I now have from paying off the GC. Overall Cap 1 has treated me more than fairly.

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Old 03-24-2012, 11:22 AM   #3
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Originally Posted by G-Mike
Speaking from personal experienceI also received/used a preapproval offer from Cap 1 to purchase my 02 Grand Cherokee at Carmax in 2007. Offer is legit. In all likelihood though you will probably pay a higher interest rate than their best rate. For me that was OK with less than excellent credit (good but not excellent at the time). I have one more car payment left. Last summer received another from Cap 1 and when I went to purchase my 09 JKU the dealer was able to beat Cap 1's rate with the improved credit I now have from paying off the GC. Overall Cap 1 has treated me more than fairly.
I see. That's awesome. Well funny thing cause as a result of splitting from my ex... He filed for chapter 8 and all our joint accounts fell on my name... I just grabbed what I could and left him everything (except Bose system and iPod [i need music!] lol) and so ya my credit is not good. But I am surprised that they didn't mention I was declined (online) because of previous accounts or collection accounts lol
Also, do u mind telling me what interest u got back then on ur WJ... And then on your JK? U don't have to. Also, when u got ur WJ, did they ask u for a big down payment? How about for JK? I ask cause I wanna have a second car. I love my YJ but I want it as my toy. =) thank u again.
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Old 03-24-2012, 11:33 AM   #4
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You will probly' get to the dealer & they will get you all excited about a vehicle ,then try to put the C1 credit through & it will also be declined so in my opinion don't get to excited about it
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Old 03-24-2012, 11:36 AM   #5
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You will probly' get to the dealer & they will get you all excited about a vehicle ,then try to put the C1 credit through & it will also be declined so in my opinion don't get to excited about it
Haha I'm not... I just thought it was funny I was pre approved/declined at same time ...
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Old 03-24-2012, 11:59 AM   #6
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Not that I condone buying vehicles on credit. But if you have a local credit union you can usually walk through any situation with the under-writer of the loan.

When I was getting my home loan I have an account in collections for a medical bill. I calmly explained the situation to the guy and showed him why I had no intention of paying that bill and it was being disputed.

He wrote it off and didn't think twice about it. Cars are a bit different and if you are just not paying your bills, you cannot explain that with any logic to any loan person.
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Old 03-24-2012, 12:14 PM   #7
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Originally Posted by MickeYJ
Sooo... I got a "auto loan pre-approval letter" for up to 30K from Capital One last week. It says to bring the letter to this one dealership and bring also a pays tub and utility bill. Is this a trap? Lol
I ask because right before I got this "pre-approval" I had applied for a 24k loan online and just got a letter saying "declined, reason(s): Insufficient credit history/too many new accounts/period of employment too short".

So I don't get how come I was "pre-approved" but declined online!!! Lol what the heck!?
I do have a credit card with them and I did have a name change and DID call all there credit bureaus to update my records with them.

Have u guys dealt with similar situations regarding these so called letters thru them or any other lender? Are they legit? How do this work? Curious....

Thanks!

-Krysta
Capital one is legit, but before you go to the dealership go online to Capitalone .com. Go to the auto loan page and fill out that credit app. If they approve you, you will get whats called a blank check loan. They will send you an actual blank check for the amount your approved for. You have to go to a capital one approved dealership, but they are everywhere. This is how I got my JKU in February, 1 1/2 months after filing bankruptcy. The rate was lower than any dealership approval rates from the same banks. Its worth a try. Good Luck
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Old 03-24-2012, 12:31 PM   #8
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Originally Posted by kjwhite622

Capital one is legit, but before you go to the dealership go online to Capitalone .com. Go to the auto loan page and fill out that credit app. If they approve you, you will get whats called a blank check loan. They will send you an actual blank check for the amount your approved for. You have to go to a capital one approved dealership, but they are everywhere. This is how I got my JKU in February, 1 1/2 months after filing bankruptcy. The rate was lower than any dealership approval rates from the same banks. Its worth a try. Good Luck
Thats what I did.... And was not approved. But I got that other "pre approved" letter like two days later lol and then today I got that "declined" letter.
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Old 03-24-2012, 12:39 PM   #9
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Originally Posted by MickeYJ

Thats what I did.... And was not approved. But I got that other "pre approved" letter like two days later lol and then today I got that "declined" letter.
Yeah, most of those letters are just to get you in the dealership door. Its worth a shot, if you get turned down, then at least you know.
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Old 03-26-2012, 10:11 AM   #10
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Originally Posted by kjwhite622

Yeah, most of those letters are just to get you in the dealership door. Its worth a shot, if you get turned down, then at least you know.
True
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Old 03-26-2012, 10:43 AM   #11
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I have crappy credit... like really crappy and got the same pre-approval letter. Ended up getting approved for 23k or something like that, but had an insane interest rate (figured it'd be high, but not that high). Go to there website though and look at the restrictions/terms of use too...

-Must be from certain dealerships
-Must be 5 years or newer
-Must be under 60k or 70k miles
-... and a few other restrictions if I remember right

Is it worth it? Meh, went a different route, but had it in my back pocket for a worse case scenerio.
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Old 03-26-2012, 10:46 AM   #12
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Originally Posted by The Korean
I have crappy credit... like really crappy and got the same pre-approval letter. Ended up getting approved for 23k or something like that, but had an insane interest rate (figured it'd be high, but not that high). Go to there website though and look at the restrictions/terms of use too...

-Must be from certain dealerships
-Must be 5 years or newer
-Must be under 60k or 70k miles
-... and a few other restrictions if I remember right

Is it worth it? Meh, went a different route, but had it in my back pocket for a worse case scenerio.
23k? What was the apr they were offering u?
And ya I read the restrictions. Makes sense, they want a car they could resale in case u default on the loan.
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Old 03-26-2012, 10:47 AM   #13
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Capital one actually approved me. Interest rate is not terrible but....
Funny thing.... For 2 weeks I got like 6 letters from various banks declining the loan.

Set up my payment to come out of my account. Been 7 months and now they are offering me credit cards with a decent limit
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Old 03-26-2012, 10:49 AM   #14
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Originally Posted by kjeeper10
Capital one actually approved me. Interest rate is not terrible but....
Funny thing.... For 2 weeks I got like 6 letters from various banks declining the loan.
Exactly!!!! They declined me online! And got a pre approval letter... Than later I got the "we were unable to approve your request ..." letter....
Which STILL has me confused lol
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Old 03-26-2012, 10:54 AM   #15
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23k? What was the apr they were offering u?
And ya I read the restrictions. Makes sense, they want a car they could resale in case u default on the loan.
Yes 23k... the pre-approval was for "up to 30k." My apr was between 17 and 19.5% if I remember correctly, but it could of been a smidge higher in the lower 20s. My credit score is just below 600 (had perfect credit up until 3-4 years ago... easy to drop, hard to go up... ).
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Old 03-26-2012, 11:05 AM   #16
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Originally Posted by The Korean

Yes 23k... the pre-approval was for "up to 30k." My apr was between 17 and 19.5% if I remember correctly, but it could of been a smidge higher in the lower 20s. My credit score is just below 600 (had perfect credit up until 3-4 years ago... easy to drop, hard to go up... ).
Holy crap!!!! Ya that's super high. Ugh
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Old 03-26-2012, 11:06 AM   #17
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Originally Posted by MickeYJ

Exactly!!!! They declined me online! And got a pre approval letter... Than later I got the "we were unable to approve your request ..." letter....
Which STILL has me confused lol
Pre approvals are garbage.
You have a job and are alive you'll get them. Read the small print. I could be off here but. They don't actually look into your credit until you fill out the application.
Once they look to see your credit is good/bad determines if you get the loan or not.

my interest rate is nowhere near 20 lol
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Old 03-26-2012, 11:08 AM   #18
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Holy crap!!!! Ya that's super high. Ugh
haha yaaaa... That's why I went a different route...
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Old 03-26-2012, 11:11 AM   #19
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I use either my CU or the manufacturer.... Have 60mo @ 0% on my escape and 60mo % 3% from my CU on a used car. Shop around.
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Old 03-26-2012, 11:11 AM   #20
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I use either my CU or the manufacturer.... Have 60mo @ 0% on my escape and 60mo % 3% from my CU on a used car. Shop around.
Yes .,,, but the issue here is credit. Good for u tho
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Old 03-26-2012, 11:13 AM   #21
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One more thing.

If you or anybody gets a loan through C1

Don't EF with them.. They will cut your head off and feed it to the wolfs

Make your payments and everything will be fine.

I give them an extra $100 per month but plan on a refinance in another year or so.
By them my credit should be better.
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Old 03-26-2012, 11:13 AM   #22
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haha yaaaa... That's why I went a different route...
Ya, I mean I sold my WJ n got my YJ but I wanted to get a little sporty car also n that's why I applied n stuff... But 20% ... I don't think I could do that.

I wonder if "Buy here, pay here" lots have The same rates.
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Old 03-26-2012, 02:45 PM   #23
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I would never, ever walk into a dealer without having my financing already lined up ahead of time. That's just asking to get screwed. I financed my LJ with Capital One because the rate was 1 or 2% better than what the dealer was offering. Paid it off way early, had no trouble getting the title, dealing with early payment fees, or anything like that.

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