Cap One & Auto Loans??

Discussion in 'Credit Talk' started by Jim, Aug 17, 2001.

  1. Jim

    Jim Well-Known Member

    I just got a letter from Cap One informing me that I have been "Preselected" for an auto loan of up to 40K. Just apply and in 7 days I will know the amount available and apr. on my loan.

    OK - we all know what "Preselected" means. LOL

    But when did Cap One get into the auto lending business??

    Last month I reported that my Credit Union gave me a "preapproved" loan for $25K. This was a real preapproval. No evidence of income or anything required.

    Ford Motor Co. also gave me a "Preapproval" for $35K. But I know they want evidence of income.

    It's 30 months since my BK was discharged and I have made 30 payments to Ford on my Explorer. I have a credit card with the credit union and a long history with them. So I can understand Ford and the CU extending credit to me.

    But Cap One? Anyone else get an offer from Cap One?
  2. sam

    sam Well-Known Member

    yeah i got it, and applied and got a big fat denial.
  3. breeze

    breeze Well-Known Member

    yeah, I got an offer to refinance - I called them, they wanted 15% interest. That is worse than the one I have. I told the dude I'd check and call back and just didn't.

    Then they sent me an offer at 12% via snail mail. Still worse than what I've got. LOL.

  4. Jim

    Jim Well-Known Member

    Thanks Sam and Breeze,

    That explains that! LOL

  5. Maer

    Maer Well-Known Member

    I have received this several times. It is through some partner company. I can't think of the name but they are know for subprime auto loans.
    If you read the fine print you have to go to their "preselected" dealers and the offer is good only on certain "preselected" vehicles.
    I'm sure they bone you on the price of the car as well as the excessive interest charges.

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