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    Capital One Auto

    After reading some BK Forum reviews regarding Capital One Auto and the extreme interest rates, I figured I would apply to replace my old, well used, beat up, wrecked and forever our eternal family friend..."The Caravan". My goal was to keep my payments at $250 a month or less, because I hate debt. Based on "your" reviews, I figured my interest rate would be 10%-15% not leaving much for equity and likely a throw away car.

    So I applied, and before I hit the submit button, the extreme anxiety, heart racing, oh my god what are you doing feeling, I pondered the cost of credit to a recent BK'r.

    Low and behold the results are in, sometimes I like technology, 3.85% interest for 72 months on any new vehicle, purchased through authorized dealer. I can reduce my interest rate even more by selecting a shorter term with higher payments. 3.85% is almost like free use of money, hey didn't I go down this road before...oh yes I did...a what a lesson I learned.

    Bottom line, I got use of cheap money for a new car, with the cash rebates which for once I get to keep, my A-Z plan, I can get a nice "new" car with a $250 a month payment. Whats more cool is when I drive it off the lot, after my discounts and rebates, I will still owe less than what its worth after the famous drive it off the lot depreciation factor.

    Wow, I never thought I could or would even consider another car loan, let alone at these rates. I do have a great track record with auto loans, paid off every one and never late.

    Justbroke, you must be right....there is a car loan FICO score. Oh yea, walking into a dealer and telling them you are A-Z pricing and will write a check seem to make the experience much more like your in the drivers seat, and let's not forget, no negotiating with the mean and sneaky F & I guy.

    #2
    When did you discharge and what are your scores?

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      #3
      Originally posted by prestlrp View Post
      When did you discharge and what are your scores?
      Discharged - 12/21/09, Closed - 8/3/10

      I'm not 100% sure of my scores today, a couple months ago they were in the 650 range.

      Comment


        #4
        Do you know if Cap One used your Auto Industry or standard FICO?

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          #5
          Question for anyone who knows (might need a new thread for this). I have an existing loan through BofA done just before I stopped paying on my house and well before BK. 9% interest rate. Most major banks don't want to refi me even though I'm a year discharged from my Ch. 7 now and all three of my FICO scores are in the 680-710 range. Capital One Auto just offered me 6.15% up to 44 months (existing car loan has 38 months left). While it would definitely save me some money, I'm also concerned about taking a hit to my credit score when my existing car loan has aged almost 24 months with perfect payments. I can afford the extra $30-40/month or so in interest for now as I try to achieve a better refinance rate. If they could just get it down to the low 5s, or better into the 4s, with today's stupid low interest rates, I'd jump all over it.

          Should I call them up on the phone and try to negotiate the rate? Should I skip the loan entirely since right now my credit is still building and my existing loan is one of the biggest strengths? (I also have a student loan with perfect payments & a CC I picked up just after BK discharge).

          Kudos to Capital One Auto for having an easy website process for approvals and actually a fair rate to begin with.

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            #6
            Capital One Auto Finance in my book is a definite recommend. Please read the entire post. We had a current loan with Capital one that we took out about 2 weeks before filing bankruptcy and the interest rate was a whopping 25%.

            I contacted them and qualified for a refinancing rate of 9%, however they do not refinance their own loans. So I tried using their blank check method. I was approved at 4% for a 2010-11, 5% for 09, 6% for 07-08. So I took the van that we had and parked it right next to an identical vehicle with less miles on it and an hour later walked away with a 19% reduction in interest rate.

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              #7
              Congrats! I was qualified for a Capital One Car loan as well. I ended up going with another lender because I got a better rate that covered me adding on a warranty and gap coverage and lower payments.
              Filed Ch7 10/14/09 - 341 11/23/09
              Last day for objections 1/22/2010
              Discharged!!! 1/25/2010
              Closed! 1/28/2010

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                #8
                Did you just apply online for the capital one auto loan? I had two capital one credit cards that I bankrupted on. They were not high balances, but I wonder if I won't get a car loan through them now.

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                  #9
                  Yes I applied online through their blank check program. Was approved in 60 seconds. My credit score is 655, discharge date was 10-3-09 and I had reaffirmed a loan with capital one in the bankruptcy and was 2 months ahead on payments on that loan.

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                    #10
                    Originally posted by Maquitagirl View Post
                    Did you just apply online for the capital one auto loan? I had two capital one credit cards that I bankrupted on. They were not high balances, but I wonder if I won't get a car loan through them now.
                    I applied online, but I had never had a Capital one loan before so I didn't discharge any balances with them. I'm guessing it'd be hard for you to get approved though them after not paying off a previous balance.
                    Filed Ch7 10/14/09 - 341 11/23/09
                    Last day for objections 1/22/2010
                    Discharged!!! 1/25/2010
                    Closed! 1/28/2010

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                      #11
                      I was approved for $24,000 at 4.42% for 60 months. It took less than a minute to be approved.

                      I am not sure I am going to use the money, but I am driving a lot for my job and want a slightly nicer car than my Hyundai.

                      My scores are all around 670-680 or so but my auto fico's are probably higher since I have a perfect history since I was a graduate student (the first time) of buying cars and paying them off in full with no late payments.
                      You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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                        #12
                        I, too, received an offer for an auto loan through Cap 1, but at this point, I do not need another car. My oldest has a learner's permit and would like to have a car in a year or so. By then if Cap 1 offers me another auto loan, I might consider it with a down payment financed with a small loan for a good used car.
                        Chapter 13 filer since Feb. 2018 under a 60 months payment plan
                        Please think positive and do not give up!

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                          #13
                          Interesting stuff... I just applied with them to see if they would refinance my current vehicle which I have with my credit union at 9.7%. I was approved for the refinance, same term at 7.31%... only would change my monthly payment by like 35 dollars though... so, won't be doing that. But was curious if I did their "new car" application to see what that would be and they approved me for up to 30,000 at 6.31% ...

                          I'm quite astounded that we as bankruptcy survivors are getting rates as low as 4 and 6%. Everyone kept saying our credit was hosed for years and expect rates in the teens and 20's... good to know that we can still get good deals.
                          BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                          Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

                          Comment


                            #14
                            Originally posted by Amy26 View Post
                            Interesting stuff... I just applied with them to see if they would refinance my current vehicle which I have with my credit union at 9.7%. I was approved for the refinance, same term at 7.31%... only would change my monthly payment by like 35 dollars though... so, won't be doing that. But was curious if I did their "new car" application to see what that would be and they approved me for up to 30,000 at 6.31% ...

                            I'm quite astounded that we as bankruptcy survivors are getting rates as low as 4 and 6%. Everyone kept saying our credit was hosed for years and expect rates in the teens and 20's... good to know that we can still get good deals.
                            I know, I am shocked at what a good deal I got. It's like my bk isn't being factored in at all..... I am not sure I am going to trade in the hyundai, but I am very tempted...... All the cars I was interested in anyway fall well within the amount I got financed for.
                            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                            Comment


                              #15
                              Yea I am unsure if I would trade in my car for this deal either... Its kind of a hassle trying to get a new car and bargining on trade in values etc etc... all for a little bit reduced payment.

                              The more interesting thing.... I bet if you took the blank check into the capital one approved dealership the dealership would do something to try and beat the capital one deal. Before I filed, when I would go in with my own financing... the dealership would always beat it so they could get the business.

                              So, I'm wondering if on a whim I could go in and see if I could get something even better than 6.31%. I of course don't really "need" a new car and the one I have is fine and affordable but if it was possible for me to save 100+ a month on another car with an even lower interest rate (keeping the same terms or maybe even lowering the term) then it might be worth it. If I could get my car payment down to like 300 a month that would be super awesome.

                              But again, doing all the paperwork and negotiations etc drives me bonkers.
                              BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                              Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

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