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Capital One® Auto Finance

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  • Most Helpful Positive Review

    Dec 16, 2013

    Dealer running yr credit after the fact
    Helpful to 1621 out of 1649 people

    First, let me state my credentials. I was an Account Supervisor for a major auto loan company before I retired.  It is absolutely NOT necessary for any dealer to run your credit after your lender has approved your loan. The dealer is simply trying to get you to switch to their preferred lender so they can get more money out of the deal. Don't let them try to pressure you into dropping YOUR lender by saying things like "you lender has a bad reputation," or "the dealership got burned by the lender and refuses to work with them," whatever their excuse may be. If the dealer refuses to work with you once you have secured your own loan, WALK AWAY FROM THE DEAL because your lender is giving the loan to you, not the dealer. Once you make a deal for the vehicle, then you will be responsible for the difference, usually your down payment amount. A lot of  dealers will shoot your application for a loan out to many lenders, who will check your credit. Too many inquires on your credit can adversely affect your credit score. (Suggestion: Never apply for an auto loan first if you are trying to buy a house. Secure your home mortgage before you apply for an auto loan.)

    There are three separate items you are dealing with when you buy a vehicle from a dealer: the price of the vehicle, your financing, and the value of your current vehicle. We've already talked about your financing, so lets talk about the other two: First, the price of the new vehicle; NEVER go by the MSRP, just remember, it is the SUGGESTED retail price which could be a lot higher than the fair market value of the vehicle. Even if the dealer gives you unbelievable discounts or credits. Tell the dealer you want to see the 'Dealer's Invoice" for the vehicle you are interested in. That invoice is what the dealer paid the manufacturer for the vehicle plus shipping costs. The dealer might include 'options' or 'add ons' on the invoice. That's ok because it gives you a starting point to begin you negoiation with the dealer. Your goal should be to give the dealer a fair profit for the vehicle without being rediculously over charged. Now there are dealers like CARMAX that have a flat price for their vehicles with very little room, if any, for negotiating. They act like a retail store.

    Dealers will offer to combine all three elements into the deal as a 'service to you.' But they will simply be trying to control the whole deal to get the maximum amount of money from you. These are three separate items, treat them as such.

    Now, the third element, your trade-in. You can trade in your old vehicle in hopes of getting a lower price on the new vehicle. That's ok, if you wish to to do it tha way, but just remember, the dealer will offer you a price lower that you could get by selling it to an individual. You might try Kelly Blue Book at to get an idea of the different values of your old vehicle before you decide which way you want to go. Important note: if you own the vehicle outright and sell it to an individual, then any money you get is pure profit for you. If you still owe money on it, your leinholder gets paid first and then you get what is left over, so make sure you sell the vehicle for at least the balance of the loan if you go that route.


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    Most Helpful Critical Review

    Sep 24, 2013

    Extra payment application
    Helpful to 190 out of 207 people

    Read Finance charge and payments section carefully in contract. Any extra payment you make does NOT go toward the principal until you are three months ahead in payments. The extra is applied to next payment, does not go toward principal until you are more than three months ahead in payments and stay three months ahead in payments. While you can make extra payments toward the principle, it can only be done on-line.and must be done separate from regular payment. Thus charging you more interest in the long run.

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    Reviews (126)

    Apr 23, 2015

    Helpful to 4 out of 4 people

    I was charged an extra $ 9 a day to have the auto loan, and when I paid extra money on the loan, it did NOT go to the principal of the loan. The extra money when to daily finance charge for over the next 3 months. I contacted them about the daily charge and adding money to the principal and was given the run around and the extra money was never applied to the loan principal. I was able to refinace with my credit union. Never again with Captial One.

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    th4anderson365's review was:    

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    Mar 30, 2015

    Helpful to 19 out of 26 people

    I've bought new cars, but they were all when I was young and stupid and didn't care if I effed up my credit. Now that I'm older, and I DO care, I also KNOW that my APR wasn't going to be great if I had to get a new car right now. My older car broke down finally, and it didn't make any financial sense to put $3k worth of repairs into a $500 car. I could've bought another used one, but that didn't make much sense, either, to be quite honest. We needed something reliable and that had a warranty, in case anything went wrong. I wasn't even sure anyone would approve us. But, Capital One did.

    We went into the dealership, we haggled ( some people might not like to haggle, but I do. I got an EXCELLENT deal.) and walked out with a 2014 Ford Focus with only 4l miles on it and plenty of warranty left over. My APR is ridiculous, but credit isn't great. That's what happens when you screw up. Consequences. BUT, I have a reliable car that is fun to drive and that is great on gas mileage. I seriously couldn't have been happier. Thanks, Capital One. AGAIN!!!

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    Mar 24, 2015

    Absolutely Fabulous!
    Helpful to 16 out of 18 people

    I have had many car loans in my 47 years.  I have to tell you this was like slipping on a pair of new shoes with the COAF Blank Check.  I searched for and found a great car, just what I wanted with all the features.  The dealer wanted to run me through several lenders (and that was the worst part of the deal...nothing to do with COAF).  They pursued me aggressively with an aggressive interest rate ranging from 6-5 to 8% depending on year of vehicle.  This is excellent for the first car loan being just 2 years out of Chapter 7 bankruptcy.  I walked in with my check and came out with one of the best cars and deals I can remember in a long time.  I have nothing but positives for COAF and highly recommend applying for the COAF Blank Check directly, so that you are in essence shopping with cash.  Remember, it is you who have the power NOT the dealer.

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    TheNog's review was:    

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    Mar 19, 2015

    Great bargaining chip
    Helpful to 13 out of 17 people

    I used this as a tool against the dealer finance department. Becasue I had a better deal than they were offering me initially I was able to get them to beat the Capital One rate on a used car. Having financing set up prior to going to a dealer is the only way to buy a car because they know they can lose a serious customer who will go spend that money elsewhere.

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    Mar 08, 2015

    No more Blank Check
    Helpful to 31 out of 36 people

    I have used Capital One for four of my vehicles purchases. The Black check program was GREAT. I aways walked into the dealership as though I had cash in hands. I ran the show. STOP!!!!!!!! No more Blank Check program. Once approved online by Capital One you now have to go to the dealership and fill out a credit application. Well this time it was a terrible experience and the had me by the BALLS. I NEVER had to put a dime down when I used the Blank Check program. This thime it was back and forth with the bull.... I had to come back the next day and bring 3k. I also received credit allerts showing that I now have an additional 4 efing HARD inquires. Yes the dealer runs your credit now. All because you now have to fill out a credit application once you get to the dealership. Capital One's new rule. Yes you now get to go shopping instantly but the downside is that you are no longer seen as a cash buyer.

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    Mar 04, 2015

    outstanding experience
    Helpful to 8 out of 9 people

    I've had my high points and low points with my credit; I am generally not late on payments, but my debt to income ratio has seen better days.  Capitol One has been extremely fair to me, and made the whole car buying experience easy.  The online approval process is fast, the website payments are easy to register.  Overall I woulde rate them A+.

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    Mar 04, 2015

    Helpful to 12 out of 15 people

    They have INCORRECTLY applied CHECKS WITH INSTRUCTION letter INCLUDED to be applied to PRINCIPAL PAYMENT ONLY as regular payments.  Their excuse is "Well that is just our processing center.  They can do it wrong sometimes."   WOW!  Way to go for taking responsiblity and I have to BABYSIT my transactions.  If you call in to apply a PRINCIPAL ONLY payment...they send you an EMAIL that doesnt  state EXACTLY WHAT YOU HAVE DONE. REDICULOUS.  Never borrow from this company again.

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    Mar 01, 2015

    There when I need them
    Helpful to 9 out of 10 people

    Had my loan a little over 3 years now. Nearly have my vehicle paid off. It was a very easy and painless process to get this loan. They were willing to take a chance on me when nobody else would.  A tremendous help in getting my credit back in shape.

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    alleman's review was:    

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    Feb 27, 2015

    Mediocre Product
    Helpful to 3 out of 7 people

    The application process was very tedious.

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    Feb 21, 2015

    great so far
    Helpful to 22 out of 26 people

    Easy application good rate and the loan to value keeps you from getting ripped off by dealer and I didn't need a down payment just bring the blank check auto loan to the dealer and if they don't want to fit the car you want in the 110% loan to value walk away and go to the next dealer you will find one that will get you the deal you want fast remember if the stealer trys to make you feel like the blank check is bad walk away and save your self time and money

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    Company Overview

    Capital One offers loans for new and used cars through select franchised dealers, as well as auto loan refinancing. Minimum loan amount is $7,500, and approval can take as little as sixty seconds. The website offers tools to help consumers manage their auto loan and keep them updated on their auto loan application status. Financing is not available for commercial vehicles, motorcycles, or recreational vehicles. Customer service is available online or by phone.

    Capital One, founded in 1988, is a Fortune 500 company and is a diversified financial services company, offering an array of credit, savings, and loan products for consumer, small business, and commercial clients. Capital One serves customers in approximately 1,000 branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia.