CapitalOne Auto Financing

Anyone have opinions and/or experience with Capital One auto financing?

The "blank check" works at the dealer I am purchasing with and they gave me the best rate. Opinions please... Let it fly.

 

Had them for 6 months and then paid off truck. Easy web site to use with all the information I expected. Payoff was simple and easy.

 

They are mostly for people with credit issues. Usually fairly high rates.

 

I've got my loan through them now. Very easy to work with. Put mine on autopay and don't worry about it. They gave me a 4.5% for 72 mos. on a 2011. if you've got decent credit, they now have a tier 0 with really aggressive rates. I've seen them offer rates in the 3's for 60 mos 4's for 72 and yes I work @ a dealership but you should be able to get those too. Just ask the finance manager what the buy rate is and if you can see the call back sheet. It will say on there. Congtrats in advance on your new taco!!

 

Thanks to those that contributed!

 

Can't add much to what's already been stated other than I was very pleased with them and I wouldn't hesitate to use them again if the rate was right.

 

I have used them in the past and I have a credit score of 812. Whoever has the best rate is who I would choose. Easy to deal with, instant answers for loans.
I found that they have been the best rates for older vehicles that banks typically give higher rates for. Example- I bought a 1989 Porsche about 11 years ago. At the time it was a 12 year old car and my local bank gave me a rate that was almost a personal loan rate. I had a good rate and a check from Cap One in less than two days.

 

I've used them before, and always had good credit. It's painless and makes negotiations easier at the dealer. I liked them.

 

Just used them to buy my 2012 DC, 3.70% it was a good deal for me.

 

I've used them a couple of times and never had any issues. The blank check makes buying really easy.

 

Not true at all

My wife and I have excellent credit (over 800) and we financed her 2005 Pilot through Capital One and I'm financing my 2012 Tacoma through them for 2.65 percent for 60 months, great customer service as well

 

It doesn't make it untrue. It makes it not your experience. Yes, CapOne does business with everyone, but their primary auto loan business is to people with less than stellar credit.

 

A local credit union should be able to beat CapOne's rates, hands down; contingent on credit and member qualifications of course.

Notice the rates for White Sands CU in NM.....New & Used auto loans from 2.00% APR.

http://www.wsfcu.org/?page=prods_lending_vehicle

 

800 + should get a 0-1.99% rate for new vehicles, depending on lender, promotion, term, etc. Capital One is not the best place to get financing, HOWEVER, they do make it easier to buy OUT of State, unlike many local credit unions.

 

From a CapOne rep at a dealers convention:

Steve Braskamp, vice president of marketing and credit for Capital One Auto Finance: “… I think it’s really important for you all to understand how our program works and what we’re really looking for in the market place. We look for FICO 520 to 660. That is our target, really core subprime business; [we’re] really competitive in the 540 to 640 space overall. Front-end we’re looking for up to 115, with back-end on top of that. That’s just part of our program, with [payment-to-income rations] less than 17 percent and amount financed $10,000 up to $35,000.

And more importantly, working with relationship managers on all of these components to kind of structure the deal for you all. That should give you a good sense [of] our program, kind of the buying box that we look to play, very strong and competitive in overall. Our average FICO is up slightly. We’ve exited the lower FICO bands that we’ve played, and so that’s pushing it up a little bit. Our last securitization was around 580; we’re up 10, 20 points from that. Average LTV, holding relatively steady, last securitization was at about 110. We’re down a couple points from that overall. Amount financed … we’re down probably $600 to $800, around $18,500 is our overall amount financed. I hope that gives you a good sense of where we’re strong in the market place and competing well.”

 

Okay so their target market group is subprime, this doesn't mean you should finance through them; you shouldn't finance through them because you can get a better rate elsewhere.

 

Got the blank check, made arrangements for the Taco, dealer actually came through with a much better rate from TD Auto... and ANOTHER 1% break if we agreed to buy a Lojack.
The Lojack wasn't free, but over the life of the loan, if we don't pay it off early, we'll save more than twice the cost of the Lojack so it's a "winner".

Ended up getting a Lojack with the early warning. If the truck is moved when not in the proximity of the key fob, it will send email, text, and phone calls to all 4 of my contact numbers.

 

So the rate they quote on the sheet or me is 2.89% much better then my credit union of 7.44%. Go figure.

Just worried that Capital One will backtrack from that and give me a higher rate at purchase. Has anyone ha any experience with Capital One and falsely quoted rate?

 

Always had good luck with Cap One. No issues or rate changes.

 

I've had positive experiences with Capital One.

Two weeks ago CapOne quoted me 2.65% which I thought was pretty good for an instant quote - but the dealer arranged for 1.99% and I took it.

My wife and I used CapOne when we bought her RAV4 a few years ago and the dealer couldn't match it at the time. Cap One is easy to work with no hidden fees and such. And it does give you some leverage going to a dealer with the blank check.