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Capital One® Auto Finance

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  • Most Helpful Positive Review

    Dealer running yr credit after the fact
    Helpful to 1880 out of 1912 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 KBB.com 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.

    THIS IS IN NO WAY LEGAL ADVICE. IT IS SIMPLY BASED ON WHAT I LEARNED AS AN ACCOUNT SUPERVISOR FOR A MAJOR AUTO LOAN COMPANY.

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    Most Helpful Critical Review

    Extra payment application
    Helpful to 272 out of 295 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 (131)

    Cannot be trusted for any reason.
    Helpful to 12 out of 17 people

    Don't trust this company.  I paid them for a due date change when I became disabled.  It was only $25 but after several months of auto payments found they had never changed the date and was charging late fees.  They also showed 30 days late for their ineffective procedures.  Cannot be trusted for any reason.

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    Fair
    Helpful to 5 out of 5 people

    Cap One bought me I got a loan at the dealership I work at.  Yes the interest was higher but you have to crawl before you walk.  My credit score has jumped almost a 100 points within a year.  And I refinanced with NFCU and got a better rate.  But NFCU would not approve me at first.  

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    simple hassle free.
    Helpful to 2 out of 2 people

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    Thank you
    Helpful to 24 out of 25 people

    I needed a car. Capital One allowed that to happen. They financed my first car with a CS of 575. I did refinance with my credit union a few months later (btw, the CU would not give me the loan initially). After 2 years, I am ready to make a new purchase and Capital One will be my first stop.

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    Need help
    Helpful to 8 out of 12 people

    Long process at dealer. I purchased a car Friday everything through capital one was done and I looked today and see the dealer ran my credit several places more than five. And I see my paper work shows one of their banks. Should it say capital one auto? They didn't tell me I was going with a lender through the dealer. I should have caught this. I am calling capital one tomorrow. Nor did they tell me they were running my credit through like they did once I could see. Shouldn't the finance be through capital one on the paper work? I hope this can be fixed it's been two days. 

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    THE WORST AUTO LOAN COMPANY EVER!!
    Helpful to 25 out of 29 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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    SUPER EASY!
    Helpful to 31 out of 42 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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    Absolutely Fabulous!
    Helpful to 33 out of 38 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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    Great bargaining chip
    Helpful to 19 out of 23 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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    No more Blank Check
    Helpful to 52 out of 58 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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    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.