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Capital One® Auto Finance

Product Holder (141 Reviews)
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3.6809000968933 5

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  • Most Helpful Positive Review

    Dealer running yr credit after the fact
    Helpful to 2416 out of 2454 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 404 out of 435 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 (141)

    Great experience
    Helpful to 6 out of 6 people

    I was looking for a car to buy and did not want high payment thus decided to buy a year old car so depreciation on car is done, I bought a year old car with 8k miles on it, my credit was not that great, I uploaded documents and one call and I received check for dealer in mail. This was the best car buying experience I had. Of course interest rate is little high based on today's rate and now i have proved my payments on time I will be calling them to get rate reduced so I do not have to go thru with all paperwork with other lender. Definately recommend cap one 

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    The worst mistake I ever made!
    Helpful to 12 out of 15 people

    Stay away from Capital One Auto Finance, they are all about the money. I purchased a car and they are my auto finance company. They are underhanded and they are not designed to help the customer but to get all they can from you. I was financed for 16,668.61 from Capital One Auto Finance, by time they were finished with the interest, I would be paying 22,917.60 for my car. Please take heed to my warning, stay away from them. Bad Business!!!!

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    Helpful to 2 out of 2 people

    ALERT, Anonymous, that is the way interest works. We ALWAYS pay much more for items when we pay interest over 4 to 6 years. What is your point? Sounds like you know very little about finance.

    Gonzozap's reply was:    

     
    The worst mistake I ever made!
    Helpful to 4 out of 5 people

    Stay away from Capital One Auto Finance, they are all about the money. I purchased a car and they are my auto finance company. They are underhanded and they are not designed to help the customer but to get all they can from you. I was financed for 16,668.61 from Capital One Auto Finance, by time they were finished with the interest, I would be paying 22,917.60 for my car. Please take heed to my warning, stay away from them. Bad Business!!!!

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    Helpful to 0 out of 1 people

    ALERT, Anonymous, that is the way interest works. We ALWAYS pay much more for items when we pay interest over 4 to 6 years. What is your point? Sounds like you know very little about finance.

    Gonzozap's reply was:    

     
    I love Capital One!!!
    Helpful to 6 out of 8 people

    They have given me a chance with an auto loan and two CC ! I owe them so much!

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    Dishonest bank and you should stay away
    Helpful to 47 out of 52 people

    I refinanced my car with capital one and now a few years later I decided to pay it off. Well payment has been made in full - capital one withdrew the last $2,800 from my bank account nearly two weeks ago - but nevertheless Capital One REFUSES to release the lien. This makes it difficult to trade it in or sell it. I told Capital One that I need the lien released immediately (pursuant to instructions on their website that promises a release within 2 days) but was told it will not be eligible for the lien release process to begin until at least 15 business days has passed in accord with state law. Upon further inquiry Capital One changed its story and conceded there is no such state law, but nevertheless has still failed to release the lien. Despite having been with Capital One for years, never missed a payment, have 4 credit cards with them including a world elite card, a checking account, a savings account, and a pre-approval for a new $40k loan at 1.99%, I am treated this way. Their customer service is non-existent. Do yourself a favor and do business with a more reputable bank. If Capital One treats good customers this way then I doubt you'll be treated any better. 

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    Dishonest bank and you should stay away
    Helpful to 5 out of 11 people

    I refinanced my car with capital one and now a few years later I decided to pay it off. Well payment has been made in full - capital one withdrew the last $2,800 from my bank account nearly two weeks ago - but nevertheless Capital One REFUSES to release the lien. This makes it difficult to trade it in or sell it. I told Capital One that I need the lien released immediately (pursuant to instructions on their website that promises a release within 2 days) but was told it will not be eligible for the lien release process to begin until at least 15 business days has passed in accord with state law. Upon further inquiry Capital One changed its story and conceded there is no such state law, but nevertheless has still failed to release the lien. Despite having been with Capital One for years, never missed a payment, have 4 credit cards with them including a world elite card, a checking account, a savings account, and a pre-approval for a new $40k loan at 1.99%, I am treated this way. Their customer service is non-existent. Do yourself a favor and do business with a more reputable bank. If Capital One treats good customers this way then I doubt you'll be treated any better. 

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    Totally Unsatisfied!
    Helpful to 16 out of 20 people

    First Capital One interest is really high.  I am a student in the medical field, they gave me a loan for my car a year ago. Now that i am done with school i have to do my externship working in a hospital with no pay for 4 months.  Have all my paper work ready, I have contacted Capital One bank 3 times about this matter to see how they can refinance or if they have a program for students since i do not want my credit to be affected because of my school. One of the Manager I spoke with on the phone, Chris, told me they cannot help in this matter and they will report me to the Credit Bureau after 30 days of no payment.  I just don't understant how such a well known Bank has nothing in place for students. Unbelievable that it is just about money!

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    Helpful to 11 out of 14 people

    You knew when you took out the loan you would have no income for 4 months. YOU should have saved the money to cover those payments because the loan is your responsibility. They are a bank and lending institution, of course it's just about the money. Doesn't sound like you're smart enough to be a med student or maybe this is just your welcome to the REAL world.

    Tmutt4488's reply was:    

     
    Helpful to 10 out of 12 people

    This is absolutely ridiculous. Of COURSE the loan is all about money! The finance company is not there to be your friend and emotionally nor financially support you. What makes you think you would get away with 4 months of no payments and no penalties? This isn't a student loan. Grow up and read the terms of any loan prior to trying to get away with purchases you cannot afford in the event you are unemployed.

    MarthaGalvez's reply was:    

     

    Agree with the other responses. YOU need to find a solution to your internship problem. Like - get a part time job. You can't make your problems the bank's problems.

    Gonzozap's reply was:    

     
    Smooth Process
    Helpful to 14 out of 16 people

    I am very pleased with my experience with Capital One Auto Finance. I had an approval within a few minutes. Uploaded my documents to verify my finances and identity. I chose several cars in my approval range. The next day I went to one of the approved dealerships and test drove all of my choices. I decided on a vehicle and thoroughly checked the vehicle out and of course the car fax was clean. I was out the door with my new vehicle within a couple of hours. Since I purchased my vehicle i have received a letter letting me know that there was a fee change and it would be lower than originally documented. This really was car buying made easy. From now on this is how I will purchase any new vehicles. It took the hassel and stress out of buying a car. 

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    A breath of fresh air
    Helpful to 21 out of 23 people

    Of all the steps to rebuilding my credit this was the most rewarding thus far. Being able to walk in the dealership and and shop for a car like a cash customer definitely lifts the heart. I initially went to traditional car dealers who, for some reason, still found it necessary to try haggling about down payment and what not but, that's not related to this great product/service Capital One offered. I ended up going to Hertz Car Sales who happened to be well versed in selling to customers using Capital One Auto finance. Got a great vehicle, with warranty and  had zero out-of-pocket. I didn't use the max amount allowed (near 28k) for my own reasons but, just crossing the 600 threshold and these folks really came through! A year ago I had to struggle at "buy here pay here" lots with a low 500, its a slow process but, it pays off in the end.

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    Helpful to 2 out of 2 people

    Hi , may I ask what your score was with credit karma ,when you took out the loan and for how much was you able to get financed . Thank you !! Elvira

    kekec's reply was:    

     

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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.