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Capital One® Auto Finance

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Dealer running yr credit after the fact Helpful to 407 out of 413 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.

Dec 16, 2013 Reply
Helpful to 20 out of 20 people

One thing to remember about selling privately - You lose out on the sales tax credit in most states.

Usually when you buy a new car, you pay the sales tax based on the actual purchase price.  In most states, if you trade in a car at the same time, your trade in allowance reduces your tax owed by the trade allowance.  This can significantly reduce your tax burden. 

If you sell privately, you usually cannot take advantage of this exception, so be sure that your private sell price takes this into account. 

For example, in Wisconsin with a sales tax rate of 5.5% on new vehicles, if your dealer offers you $10,000 for your trade in, you need to charge at least $10,550 in a private sale to cover the loss of the sales tax benefit. 

p38fln's reply was:    

  Jan 29, 2014

p38fln(1, 20)

Review by p38fln

1 Contributions 20 People Helped

Helpful to 4 out of 4 people

Thank you for this helpful tidbit. I am in the processing of purchasing my daughter her fisrt car for college. This information was very helpful in my decision, on not to get credit approved before I buy.

Thanks again and Happy Holidays to you .

miszd's reply was:    

  Dec 19, 2013

miszd(1, 4)

Review by miszd

1 Contributions 4 People Helped

Helpful to 11 out of 13 people

Can you discuss what will happen if you DO NOT have a trade in vehicle.  Also, is it possible to have the down payment absorbed in the total costs.  I am working, but don't have a down payment.

dogtag1's reply was:    

  Jan 14, 2014

dogtag1(1, 11)

Review by dogtag1

1 Contributions 11 People Helped

Helpful to 7 out of 9 people

Great advice for anyone.....nicely written...easy to understand...

Buleman123's reply was:    

  Jan 06, 2014

Buleman123(2, 8)

Review by Buleman123

2 Contributions 8 People Helped

Helpful to 4 out of 5 people

Thank you for taking the time to write this.

alice914's reply was:    

  Jan 12, 2014

alice914(1, 4)

Review by alice914

1 Contributions 4 People Helped

Helpful to 3 out of 4 people

Thank you so much for this advice.

TwiceBitShy's reply was:    

  Dec 22, 2013

TwiceBitShy(1, 3)

Review by TwiceBitShy

1 Contributions 3 People Helped

Thank you very much for the advice! I am in the postion of looking to buy a home, while also needing a better vehicle. This advice will come in handy!

hopin4betterdayz's reply was:    

  Apr 13, 2014

hopin4betterdayz(1, 0)

Review by hopin4betterdayz

1 Contributions 0 People Helped

I really appreciate You giving us future car buyers those Insiders Tips. Your information was very informative. I am going to save a copy of your tips for the next time.

Intriguedtoknow's reply was:    

  Mar 20, 2014

Intriguedtoknow(1, 0)

Review by Intriguedtoknow

1 Contributions 0 People Helped

They will work with you! Helpful to 162 out of 166 people

We originally bought our 2011 Jeep Patriot through Americredit at 24.95% interest for 72 months. My payments were $600 a month. We made one payment to Americredit until my wife said enough was enough get rid of them! I applied online for a refinance at Capital One which was approved instantly at 7.95%. Our payments dropped $200 a month and we now have a year less worth of payments. We paid Capital One on time every month until April 2013 when my wife unexpectantly passed away. I fell behind on all my payments including my three vehicles (Capital One, Santander, and a Credit Union.) Santander was nice but they couldn't do much to help me except take half payments, and the Credit Union repossessed the car being 31 days past due. Capital One took care of me and did whatever they could to help me keep my vehicle, they gave me two months extensions very easily and never once threatened to take my car. I have now hit better times and made sure Capital One got paid first because of the generosity they gave towards me in my time of need. Capital One has won a customer for life.

Aug 08, 2013 Reply
Bad Credit / Late Payments Helpful to 81 out of 82 people

I had a FICO score of 602 when i applied, they gave me a good loan when no one else would, interest rate was in line with what my credit score allowed, i then had to spend a lot of money on medical bills for my parents. I feel 30-60 days behind for a nine month period, they never threatened to take my car and always worked with me , great company, i will be doing all my banking and loans through them now that im rebuilding my credit.

Aug 30, 2013 Reply
Helpful to 10 out of 10 people

Sounds good i guess i will be trying capital one for my auto loan,I do have a credit card with them.

Biggvee1's reply was:    

  Sep 02, 2013

Biggvee1(1, 10)

Review by Biggvee1

1 Contributions 10 People Helped

Will work with you company Helpful to 108 out of 111 people

I got a preapproval in the mail because of my great history with their capital visa card.I must say, they will work with you.I fell on some hard times, and instead of me losing my car, they made arrangements with me that I could afford so I could catch up.The interest rate on my loan is 22% but my score at the time was around 500 and I had two other open car loans, so I am not complaining.I was able to get a brand new car for only $1000 down.When I was late, they DID NOT constantly call and call.The key to them is communication.Just answer the phone.Let them know whats going on.And they WILL work with you from there.I love them!

rakesia205's review was:    

  May 05, 2013 Reply

rakesia205(5, 117)

Review by rakesia205

5 Contributions 117 People Helped

Helpful to 10 out of 51 people

I hope you realize you need to work on your credit and credit score to keep from having to pay 22% interest on a secured loan.  

phertz1's reply was:    

  May 06, 2013

phertz1(16, 41)

Top Contributor

Review by phertz1

16 Contributions 41 People Helped

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Captial One Auto Financing Helpful to 45 out of 45 people

I am currently a Capital One Auto Finance customer. When I was deployed from 2011-2012, I put my student loans into a military deferrment. However, somewhere along the lines it was not processed and my student loans showed up on my credit all in default. Though I was working diligently to get this resolved, it was a very time-consuming process. Shortly after I found out about my credit that needed to be fixed by the student loan servicers, my car was running into the ground, not a safe vehicle to be driving at that point. I went car shopping, expecting to pay a very high interest rate due to the inaccurate credit score. I was approved by Capital One Auto Finance with a 17.25% rate. However, I figured that paying high payments (that I could afford with my job) for a few months would improve my credit and within 6 months they would fix my credit and I could refinance. After driving off the lot with my new car, I received a phone call from COAF a few days later to welcome me and to see if I had any issues or questions. Upon review of everything, the lady asked if I was active duty military, which I was. When I told her yes, she provided me with a fax number and customer service phone number so that I could write a letter stating that I was active duty military and to send in a copy of my orders. I called the number to confirm, as the Soldiers and Saliors Relief Act only requires lenders to lower interest rates to 6% for mobilization and deployment, which I had just returned. The representative encouraged me to write a letter stating what happened to my student loans and to let them know that I was active duty military. After faxing my letter, within 1 week, my payments went from $521.87/month to $312.84/month. I was exstatic. They lowered my interest rate to 4% for the life of the loan/as long as I have the car. Knowing that they were not required by law to provide me with that interest rate, they selflessly helped out a veteran who will continue to finance through them in the future as long as they continue to provide a service in the outstanding manner they have thus far to me.

jsmith4113's review was:    

  Jan 04, 2013 Reply

jsmith4113(1, 45)

Review by jsmith4113

1 Contributions 45 People Helped

They just make life easier Helpful to 51 out of 53 people

When I bought my car in 2011 it was on a whim - I had not bothered to get preapproved for an auto loan because I hadn't planned on buying one that day! So, my dealer shot my application to my credit union and they gave me a loan (I think it was about 23k @ 9.5%, 72 months). I was unhappy with the interest rate my CU gave me but oh well.

A year into the loan, I was unhappy with how much interest I was paying and decided to do something about it. My choices were to refi with Bank of America, whom I use for my every day banking, or Cap One Auto since I've heard some really great things about them. Randomly, I applied for the refi on Cap One's website, and after filling out all the requisite information they gave me their decision in about 20 seconds. It was great.

But they didn't just give me one option...they gave me several. First of all, they were willing to give me an interest rate of 7.2%...well below what I was paying my CU. Second, they gave me the option of either keeping the remaining term (which at the time was 60 months), stretching the term out (which would have lowered the monthly payment even more), or adding about $30 to my monthly payment and going from a 60-month term to a 48-month term. I chose the last option...how can you beat that? For an extra $360 per year I shaved an entire 2 years off of the life of the loan!

The only thing that I have found that I dislike is that you cannot make extra principal payment online. All extra online payments are applied to the next month's payment, which sucks. If you want to make an extra principal payment you must call customer service on the phone, but once you go through a 30 minute phone tree they are pleasant enough to do it for you, and without a service fee. I'm a happy customer and whenever I purchase my next vehicle, Cap One will be my first choice for financing. 

atomc789's review was:    

  Oct 30, 2013 Reply

atomc789(3, 59)

Review by atomc789

3 Contributions 59 People Helped

Blank Check Easy as 1,2,3 Helpful to 20 out of 21 people

I have two Capital One auto loans.  One I have had over a year with absolutely no problems.  The 2nd auto loan I just received and used the Blank Check program for it  just last week!.  No issues, you just have to FOLLOW DIRECTIONS!  Do not be hesitant in using Capital One or their Blank Check program.  It is NOT A GIMMICK.  Use your negotiating skills on the car dealership.  I came out of pocket $250.00 when I thought I would need about $750 because of the car  I wanted.

Stacivictoria's review was:    

  Apr 01, 2013 Reply

Stacivictoria(1, 20)

Review by Stacivictoria

1 Contributions 20 People Helped

Helpful to 4 out of 5 people

What interest rate did they charge you? What was your credit score before you applied? How much was your loan for? Did you have to put money down? If so how much? Did you trade a vehicle in? Did they finance 100% of vechicle price?

GulfGolfer55's reply was:    

  Oct 09, 2013

GulfGolfer55(18, 60)

Top Contributor

Review by GulfGolfer55

18 Contributions 60 People Helped

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Buying my car Helpful to 12 out of 12 people

I bought my 2011 nissian sentra at my local dealer not knowing if I would get my loan ,you see I have poor credit due to a divorce and late payments . I went to my bank bofa which I have been with for 10 years ,I thought maybe they could help wrong they did nothing for me .Capital one approved me and I got my car I would like to thank God for capital one without them I would still rideing the bus to work I got low payments and I am four months ahead on my car, all I can say is they have a customer for life I am loyal to those who help me I also plan on getting my home loan with them.

Oct 15, 2013 Reply
Helpful to 4 out of 7 people

I felt the same way about Capital One when I purchase my car last year.  Then after having it for six mouths I decided to payoff my loan.  They charged me more to pay it off then what I originally paid for the car at the time of purchase.  Then when I sent them the check they continued to call stating I owe more money.  I had to send them another 163.00 dollars to get my title. I will never utilize there service again in life.

Sodisappointed's reply was:    

  Oct 17, 2013

Sodisappointed(1, 4)

Review by Sodisappointed

1 Contributions 4 People Helped

Helpful to 11 out of 11 people

I've had my loan through Capital one for about 7 months now and haven't had any problems thus far. I make my payments early and do what I'm supposed to. Hopefully it stays this way. (: 

ccgirl010's review was:    

  Aug 02, 2012 Reply

ccgirl010(1, 11)

Review by ccgirl010

1 Contributions 11 People Helped

Car Loan Helpful to 34 out of 38 people

I have a my loan with Capital one for almost a year now and not had any problems. I brought a Brand New SUV (Dec 2011) and got an interest rate of 5.9%. I know that's a little high but my credit score at the time was a 589 now it is a 659. I have had NO problems with customer service. I would be more than happy to take out another loan with them.

tbdc's review was:    

  Oct 07, 2012 Reply

tbdc(89, 213)

Top Contributor

Review by tbdc

89 Contributions 213 People Helped

Top Contributor

Helpful to 9 out of 10 people

How did you get such a great rate of 5.9% with a 589 sc ? What did you put down as a down pmt? Did you have significant equity on your  trade in? This is really a great rate tbdc, congrats !!!

GulfGolfer55's reply was:    

  Oct 09, 2013

GulfGolfer55(18, 60)

Top Contributor

Review by GulfGolfer55

18 Contributions 60 People Helped

Top Contributor

Helpful to 18 out of 40 people

Uhhh...sorry, but you are NOT getting a rate of 5.9% with a credit score of 589 unless you got a huge down payment or an awesome co-signer lol

slfrost81's reply was:    

  May 21, 2013

slfrost81(2, 19)

Review by slfrost81

2 Contributions 19 People Helped

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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.

Company Details

Capital One

  • Established: 1988
  • Headquarters: McLean, Virginia
  • Website: www.capitalone.com
  • Products: Auto Loans, Banking, Credit Cards, Home Equity
  • Assets: $296 billion
  • Available: Online, by phone, or in branches in select states

Rating Distribution (182)

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