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Turned down by Cap One Auto.......


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Reason being past delinquencies with Capital One. We had a CO in 2002, settled so there is a small balance. I am wondering if anyone else in similar situation has had any luck getting them to reconsider with payment in full of remaining balance?

We are getting close to getting ready to purchase another car. Income and payments are not an issue. But due to DHs job, would really rather not have to air his dirty credit laundry in public so to speak, so I thought having the preapproval in hand while we shopped would be the best option.

I tried to search for Capital One Auto Financing but didn't find anything similar.

Thanks guys!!!

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You're better off. Cap one jacks people around too much. Their auto financing deals are crap, plain and simple. We had an approval from them in hand and STILL got the shaft. They backed out at the last moments and the poor guy we were working with had to quickly find alternate lenders.

Without knowing more info about your full credit picture, it's tough to offer up ideas. Typically, locally there are other lenders that will consider those with "less than perfect credit" for deals. Just be VERY careful of those. Just don't give up.

Elyse

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Do you belong to a local Credit Union? They are always good for a great rate.

HSBC is a lender you can apply online with and they will finance you even if you are past due/charge-off with their credit card. They may not offer the best rates but you could refinance your loan 6 months to 1 year down the road with another lender as long as you have kept a good payment history on the auto loan and nothing else bad has been added to your credit.

And if you are having trouble getting an auto loan because of current scores or other reasons you could finance with many auto finance company's and refinance later down the road. Americredit, Roadloans.com, Citifinancial, Wells Fargo and several others. I believe these all have online applications to save you time and allow you to be more aware of what % would be the best available to you. I believe all of these lenders look at Equifax except for the Credit Unions (they generally look at at Experian here in Texas).

Good Luck

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Thanks for the input. We actually just paid off our Americredit loan after only 18 months. I didn't like them b/c more than 50% of each payment was entirely interest and we put down a substantial down payment. But otherwise they were really trouble free.

Citifinancial probably won't touch us either for the same reason we were given by Capital One (past CO with them); even though we are showing a positive TL on the CRs for that acct.

Scores are still in the crapper mid500s. Like I said, would really prefer for him to NOT have to go through the dealership for financing as he has to deal with them professionally. We did previously have a Wells Fargo auto loan with a pretty positive history (maybe 2 lates -- which were really supposed to be deferred payments but they won't budge).

I may check into HSBC as we have 2 CCs through them with 1 yr postive histories.

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I don't know why people hate Cap 1 so much. I've had no problems with them. Several months ago, my scores were in the high 5s with 10 student loans that had previously defaulted and about 10 unpaid medical collections totaling near $14K.

Cap 1 approved me over email within 15 minutes for a 12.45% loan (signing up for autopay) up to $30K. I took the loan, bought a car, and am having no problems. In comparison, that sock puppet company (can't remember name) wanted to only give me $6K at 24% and they wanted to sell me a car from their lot. Screw that. With Cap 1, I had my choice of ANY car/truck/SUV on any major dealership lot with financing up to $30K, <110% LTV. With that kind of program, one could easily buy the car they want, plus pay for any extras and taxes with the financing, no money down. Actually, I ended up paying about $20 out of pocket cash for something that couldn't be financed. Oh, yeah, the sock puppet is BarNone.

Some of the things I really like about Cap 1 is that I'm not late until I'm 15 days over my due date. So, if a legitimate mistake is made somewhere I still have two weeks to correct with a 2nd attempt at payment before I'm late... no damage to credit nor a late fee. I also like that I can track everything on their website. The only thing I don't like so far is that I cannot make a scheduled payment over the phone without a fee. I can make an principle-only payment over the phone for free, but would be charged $8.95 if I wanted to make a payment over the phone on my due date. That's not a real big issue since I use autopay, but it could always be nice to have the option of getting a confirmation # at the moment a manual payment is made instead of having to trust snail mail as the alternative to autopay.

I don't know what Elyse is talking about. I was mailed a blank check. As long as the LTV was less than 110% and I wrote the check for $30K or less, Cap 1 wasn't going to back out. The blank check program was great. I negotiated as a cash buyer would and got a great deal on a new 2007 Honda CR-V at a few bucks over invoice. Those cars sell like hot cakes and I could not have got the price I did without being a cash buyer ready to sign a check. Twice I stood up, shook the sales person's hand and said "call me when you want it off your lot" ready to walk out the door. Twice he said "sit down and tell me what it'll take to close this deal" and the 2nd time I told him he already had my final offer in hand. I ended up getting my deal. This is the 2nd time I've bought a Honda barely over invoice. Just gotta know how to deal with them, and having a blank check certainly helps.

Yeah, 12.45% isn't great for someone with scores in the high 6s, but for someone with my credit report it is INCREDIBLE!

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