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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
Anonymous Loan Holder

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 Negative Review

Sep 24, 2013
Extra payment application
Anonymous Loan Holder

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 (343)

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May 09, 2016
zeekeo Loan Holder

Got pre-approved for 40k at 2.49% on a new car. Went to a dealer and drove out 3 hours later in 2016 accord sport at said rate. Only papaerwork provided was license and prrof of insurance to the dealer. No income verification or additional paperwork. 

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May 22, 2016

What was your ck score?

May 05, 2016
Too easy!
swagna Loan Holder

Just refinanced my car for 2.99%. Results were instant, they did all the legwork. All i did was sign the Title Paperwork and mail it back off in the envelope provided. I even got to pick my payment date which allowed me to skip a car payment! Thanks Capital One!

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Apr 28, 2016
Cap One is alright... BEWARE the dealer!
THov76 Loan Holder

I'll just start by saying, I've worked in finance for over 15 yrs. After a nasty divorce and a chapter 7 discharge over 5 yrs ago, I've been working diligently on rebuilding my credit. Long story short, I have several credit cards that have been opened for 3 years with on time payments and overall credit utilization at 11%. My median credit score is 667. I was approved by Cap 1 for up to $35,668 and APR 3.97%-10.25%. I found my vehicle, the one I wanted… 2013 Ford Explorer Limited, Kodiak brown, leather interior, moon roof, power 3rd row seats, 42K miles, for $30,175. After haggling with the dealer on this so-called Certified Pre Owned vehicle, I got them down to $28,750. I used Cap 1's calculator and saw that with the tax, tags, title, and fees that my payment would be $515 and 7.29%. When I got the loan docs to sign, I found that they added an extended warranty on top of what we discussed that cost an extra $2,389 putting my payment at $614 and APR at 8.59%. Not to mention, I specifically told them when I handed them my pre approval letter that I did not want them running my credit to any other finance companies which they did anyway. I hit the roof. After everything was said and done, they ended up knocking $1,389 off of the extended warranty and I paid $1,000 towards the remaining. (It was a good deal, 7yr 100,000 miles, covering EVERYTHING from the tires to electrical.) I also got their 30 day satisfaction warranty so if anything untoward happens with the vehicle I can bring it back and switch it out for another, their 1 year (no mile limitation) warranty covering most of the major mechanical, and free inspections and regular maintenance. Oh, and I got the payment and interest rate I expected. I said all of this to say; a lot of the things that most people here are complaining about, terms being changed from what was expected (high car note and interest rates) is not on Cap 1, but the dealership. You just have to wheel and deal. They take advantage of the fact that you don't deal with car purchases on a daily basis and try to get over on you. There is a reason that Cap 1 uses specific dealerships for their preapproval program; these dealers get some sort of incentive above the sale of the car for using their (Cap 1’s) financing. I only gave 4 stars because Cap 1 should make these dealers do a full disclosure of costs and Cap 1 should speak directly to the customer to lock in financing after receiving the credit app so everything is fully disclosed and not so much in the dealer's hands. 

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Apr 26, 2016
Complicated pre-approval process

Owned a 3 credit cards for about 3 years, credit score of about 750 with history of auto payments for 2 years with no deliquency. I was pre-approved for auto refinance but my application was turned down due to the reason of "insuffcient credit history". Not sure what exactly it means for a history of about 3 years. I'm curious to know what a sufficient credit history make. 

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Apr 26, 2016
Paulcox29 Loan Holder

Words can't explain very easy process and very low rates. I been with now for over 2 years my credit sucked they give me a chance when no one will, since then my credit go better credit card lines got higher was able to finance my PWC with them, now i just bought a Toyota Tundra and they guided me all the way words cant explain. They have a customer for life.

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Apr 21, 2016
Pain free process
ineedsandnsun Loan Holder

I started on the auto navigator (autonav) website where I was given the ability to print out a letter showing I was pre-approved from $7k - $24k at an average of 8.9%. I looked through the inventory of local dealers and found a few cars that fit my circumstances. I figured it would be easier to get a car at the lower range of my acceptance and tried to stay below $14k. I test drove a few cars, found one I liked and presented my certificate to the salesperson. They ran my credit at the dealership (the pre-acceptance is a soft pull, the hard inquiry happens when you fill out the dealer's paperwork) and put the offer through Capital One. It took around 20 minutes but I drove away with the car I wanted and no money down or trade in was needed. I highly recommend them, just read the information on the site (FAQ section etc) so you fully understand the process.

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Apr 17, 2016
It's been a good experiance overall.
Anonymous Loan Holder

When i got my car in 2013 my credit score was 580 and I was approved. I imagine Capital One approved me right away because I had a secured credit card with them for almost a year. I plan on getting a new car with them soon

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Apr 15, 2016
13% offer to replace 6.9% car loan

3 hard pulls to receive offer of almost double of my exsisting rate. 2.99% is just crap! stay away!!!!!

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Apr 15, 2016
Let me down

I banked with them for about 3 years and had their credit card for an year but they turned me down. USAA gave me a 3.65% APR loan and I never had any account with them!

I still give them 3 stars because they didn't hit my credit at all, just used the pre-approval (soft hit) to tell me that I wasn't going to get a loan (I called them and they said not a good idea to apply).

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Apr 15, 2016
Instant approval-refinance!
morgan080309 Loan Holder

I applied tonight, instant approval with low interest with CK 645 score. No documents needed to verify (my husband and I have already established ourselves with Cap One via our CC's with them for the past two years). There is hope to everyone who has been denied previously, I was 6 months ago...I tried again and got what I wanted. Very happy, decreased my previous car loan by 15% APR!!!! Decreased my monthly payment with the same loan term left by $60! 

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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.