jc72 Posted March 13, 2007 Report Share Posted March 13, 2007 Applied for DH online....Pulled all 3 (WA state)Approval amount-$37000up to 72 months12.45%...which sucks....but its a start.True Credit FAKO-TU-710 3 paid baddies (small amounts) 1 small credit card, 1 paid $1500 loan, 1 paid off autoEX- 666 5 paid baddies, same as aboveEQ- 652 15 paid baddies (UGGGHHH...all bounced checks for under $50 from 2001 that will not budge!!), same as aboveused 2000 or newer with 30000 or less miles....45 days to opt out. Link to comment Share on other sites More sharing options...
lyle7289 Posted March 13, 2007 Report Share Posted March 13, 2007 Like you said..."it's a start"....Congrats!! Link to comment Share on other sites More sharing options...
newbie7069 Posted March 13, 2007 Report Share Posted March 13, 2007 JC- I think that from different threads I've read that Cap1 and HSBC give worse rates than other places knowing that you would only be looking at them because of past credit issues. I know from looking at creditpulls and whogavemecredit that the car issuers themselves (Ford, GMAC, Chrysler etc.) give better rates and approve people with much lower scores than you. My bank told me that you have to a min 650, and from what I've read they are one of the hardest to get credit from. I think with those scores you should be able to do much better than what Cap 1 is offering you. You may want to at least try an online application from one of them first just to see. Especially if you already have a car in mind.Just my $.02, and someone with much more exp in these matters may want to chime in.Good luck!!!!!!!! Link to comment Share on other sites More sharing options...
jc72 Posted March 13, 2007 Author Report Share Posted March 13, 2007 Thank you.....DH and I were just talking about that. The fact that we have 45 days to decide with Cap 1 will be helpful. Not so much in a rush.I did get an app from my bank,(which I haven't tried yet) but they pull Equifax, which is our bad report (the 15 paid collections). Link to comment Share on other sites More sharing options...
newbie7069 Posted March 13, 2007 Report Share Posted March 13, 2007 Have you looked on the other boards? We are sitting around 600-615 and I think we may have a chance. It looks like the primary car places are giving pretty good rates right now and for people with scores similar to mine, much less what they'd be willing to offer you. From what I can tell, almost all of them have a place to go online for the app. I know I just looked at GMAC yesterday, and it stated that they give you a response in less than 24 hrs.Just saying, I bet you can get a better rate and not have to deal with likes of Capital One Link to comment Share on other sites More sharing options...
CreditKitty Posted March 13, 2007 Report Share Posted March 13, 2007 My fiance went with Capital One because he got a much better rate from them than what the Mazda dealership offered. We're actually saving a good $8000 as a result. Link to comment Share on other sites More sharing options...
PolarBearnCO Posted March 13, 2007 Report Share Posted March 13, 2007 JC- I think that from different threads I've read that Cap1 and HSBC give worse rates than other places knowing that you would only be looking at them because of past credit issues. I know from looking at creditpulls and whogavemecredit that the car issuers themselves (Ford, GMAC, Chrysler etc.) give better rates and approve people with much lower scores than you. My bank told me that you have to a min 650, and from what I've read they are one of the hardest to get credit from. I think with those scores you should be able to do much better than what Cap 1 is offering you. You may want to at least try an online application from one of them first just to see. Especially if you already have a car in mind.Just my $.02, and someone with much more exp in these matters may want to chime in.Good luck!!!!!!!!Umm, yeah! Cap 1 granted me $30K at 12.45% back in October when I had scores around 580-600. If your scores are 100 pts higher than mine [were] I'd think you can do FAR better than that. MYFICO.COM says you should be able to get 9.6% on a 36-mo loan with scores 660-689. Of course, I doubt you want to be paying $800 per month for a car so go with a 48, 60, or 72-mo.One thing I really, really LOVE about Cap 1's financing is the ability to pay off the loan without paying it off "faster." I entered a 72-mo term. I can pay off my car in one year, but want a long installment loan tradeline on my CRs. Well, not paying off the car sooner costs money in interest. But, not with Cap 1. I can pay off 50, 75, even 90% of the loan right now, and ask them to reamortize the loan. They do this for free, as often as I make extra principle payments. For example,Current monthly: $557.Next month, pay off $5000 toward principle. Reamortize for free.New monthly: $455.In July, pay off another $5000 toward principle. Reamortize.New monthly: $350.So, I keep my 72-month term of the loan, but pay off the car (and pay less interest) without having to pay it off sooner, thus basically creating a longer tradeline history in the future. Current plan is to pay off principle until my monthly is about $100 for the last 5-1/2 years. Link to comment Share on other sites More sharing options...
Fizzle1979 Posted March 16, 2007 Report Share Posted March 16, 2007 I make principal payments monthly, about $85 - $100, on my 48 month loan from CAP 1. No large principal monthly payments. I just called them to ask for a "re-am" and I was told it could not be done on my account. I asked to speak to someone who could do it. Same employee comes back on the line asking how I found out about this. I said I read about it in my CAP 1 Loan package (I did right?) and he put me back on hold. He comes back later wanting to quote their procedures, I asked to speak to his supervisor. That Super told me that it was only offered to PEOPLE'S FIRST customers and they are a subsidary of CAP 1. I asked him to put it in writing he said he could not do that. I ended up leaving a voice mail with his superior. Any advice on how I can do the "re-am" with CAP 1? Or does it only work if you put a large amount of money toward the principal? Link to comment Share on other sites More sharing options...
ADSOFT Posted March 16, 2007 Report Share Posted March 16, 2007 You might try to go to credit union. Cap1 really .ucks predatory doesn't even begin to describe them. Link to comment Share on other sites More sharing options...
jc72 Posted March 19, 2007 Author Report Share Posted March 19, 2007 Since we were approved for Auto, would we have a good chance of getting a credit card through Cap 1?? Link to comment Share on other sites More sharing options...
newbie7069 Posted March 19, 2007 Report Share Posted March 19, 2007 Trust me they'll start sending you apps!!They denied us for auto citing old charge-off with them (even though it was settled 3 yrs ago), now we get a new credit application from them every week What did you wind up doing for an auto loan? Link to comment Share on other sites More sharing options...
amyjade Posted March 19, 2007 Report Share Posted March 19, 2007 Hi there,My experience resently. I applyed at eloans and next day got an approval from an affiliate Roadloans for 10.14% interest! All my scores hover around 650! Link to comment Share on other sites More sharing options...
Big Time Posted March 19, 2007 Report Share Posted March 19, 2007 Roadloans is Triad financial. They also have a bad rep for being predatory. You should check ripoffreport.com for them. Link to comment Share on other sites More sharing options...
jc72 Posted March 19, 2007 Author Report Share Posted March 19, 2007 we have until the end of April to decide on the blank check, so we are taking our time. We were added as AU on my moms Home Depot and AmEX and I am waiting for that to show up on reports before we start looking at other financing.I had just talked to a friend over the weekend who got approved with them for auto. He was aprroved at 10% and kept calling back saying he wasn't happy with the interest. He finally got down to 6% after a few days of negotiating. Link to comment Share on other sites More sharing options...
McG Posted April 3, 2007 Report Share Posted April 3, 2007 I'm surprised you got such a lousy rate. I purchased my first car with them back in 4/05 with low 600 scores and got a 8.99% rate, and then a 7.95% rate exactly one year later (4/06) with scores near 650. Both had to go through their "custom finance" group, but I didn't even think I could get a car based on filing Ch. 7 back on 9/02. Both were approved in less than 5 minutes, too!They were great to deal with, though, and the blank check thing was nice. Sure, they're not truly a prime lender, but the dealership said a 720 FICO would've gotten me a 7.25% for that second loan, so I think I did well. I had 2 Cap1 cards prior to this, along with about $2k in a savings account with them, and that might have made a difference.Good luck with your car purchase! Link to comment Share on other sites More sharing options...
amyjade Posted April 4, 2007 Report Share Posted April 4, 2007 I am sorry I had a 550 mid score with a 10% loan at Roadloans..not 650!!Oops!!! Link to comment Share on other sites More sharing options...
Darph Bobo Posted April 6, 2007 Report Share Posted April 6, 2007 Just some quick info and an idea for you folks.Just some background, I used to work for Cap 1 Auto Fin (2 years as a contractor) and before that, I worked for Giggo.com, which became peoplefirst.com which (as you probably figured out) became Cap 1 Auto.I know how they work, and who they go after - sub prime accounts. You have to keep that in mind when you apply with them. They seem to offer lower rates, but they are really out to get as good a deal for them as possible.I will tell you what I did (while I was working there). I got an offer from them - for something like 12% interest - and immediately took it to the car dealership. I told them up front that I already had financing through Cap One, so there was really no need for me to speak to their finance guy. THEY HATE THAT.So anyway, it was all they could do to get me into the finance office and offer me...wait for it.......wait for it.......5.9% for 60 months on a 2001 Honda Odyssey about 2 years ago. My credit scores were in the low 600s at the time. Link to comment Share on other sites More sharing options...
Big Time Posted April 6, 2007 Report Share Posted April 6, 2007 5.9% for 60 months on a 2001 Honda Odyssey about 2 years ago. My credit scores were in the low 600s at the time.Right on! If a dealer really can get you much lower rate, they are worth financing through. You still need to make sure you know the selling price of the car, though, and how many months you are financing for.Did you tell them what rate C1 gave you or not, or lie about it? Just curious. Link to comment Share on other sites More sharing options...
Darph Bobo Posted April 6, 2007 Report Share Posted April 6, 2007 Right on! If a dealer really can get you much lower rate, they are worth financing through. You still need to make sure you know the selling price of the car, though, and how many months you are financing for.Did you tell them what rate C1 gave you or not, or lie about it? Just curious.I lied through my teeth. Link to comment Share on other sites More sharing options...
jc72 Posted April 15, 2007 Author Report Share Posted April 15, 2007 Update...Shopped all day yesterday. Ended up getting a loan through the dealer with Wells Fargo Bank @ 9.99%.The finance guy did say DH was turned down for B of A though.For us this is huge! In 16 years, every car we have bought has been at a huge rate and it was pretty much "please, i'll take anything you'll give me"DH wanted a Dodge Ram... we ended up spending more than we had planned, but we still got a good deal. Link to comment Share on other sites More sharing options...
Big Time Posted April 16, 2007 Report Share Posted April 16, 2007 I lied through my teeth. To a car dealer? So? Link to comment Share on other sites More sharing options...
newbie7069 Posted April 16, 2007 Report Share Posted April 16, 2007 For us this is huge! In 16 years, every car we have bought has been at a huge rate and it was pretty much "please, i'll take anything you'll give me"YAY!!!!!!!!!!!!!!!! Link to comment Share on other sites More sharing options...
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