So I get this pre-approved voucher from CapitalOne Auto Finance today. And I think "well things must be picking up, maybe the new mortgage is now reporting and mmy scores went up." Anyway, as I read on I find out that the offer is a pre-approval for up to $XXk. I'd have to call a toll-free number, punch in my approval code and then find out what my actual financing amount would be. hmmmm sounds strangely similar to the CapOne pre-approved platinum card offers people have mentioned. But wait! There's a new twist...this offer is only valid at ONE specific car dealer! Unlike the PeopleFirst (run by CapOne, right?) blank check, this offer can only be used at a Ford/Lincoln/Mercury dealer about 30 miles away! WTF?!?! Too bad it's not good for an Acura dealership. We're getting an MDX to go with the TL sedan we just bought this past weekend.
if your score was good enough for the mortgage and new Acura, should not be a problem with the MDX. Sounds like the Ford place paid a fee to get the offer info to you. At least they are thinking of you!
I got the same kind of letter a while back..mine was for a Chevy dealer though. They have some type of "relationship" with these specific dealers...I was approved for the max amount on the letter. It looked pretty cut and dried, except nothing told me what my interest rate would be. I guess the dealer would tell you that (after they had you doing paperwork for 3 hours As always...
Actually, we traded in 2 cars for the Acura and wound up getting money back. Though we really didn't get anything back as we used the excess money to hold an MDX. We'll pay cash for that with some ins money and cash from the sale of my vehicle. Yep, my form does not list an interest rate either! I reread it and it talks about all kinds or limits and ratios but it doesn't list an APR.
Remember - I took the AUDI for $30K ar 12.95%. The car w tax title license options was 40K - I put down 10K. Obviously, I got in the door - I will probably pay off the car in 12-18 months. I need the auto loan reporting. I would call the number - mine was available at a large number of dealers - they did a zip code search for me. My approval came with up to $30K, upto $600 month payments. In one respect, that was helpful. When I was buying the A4, I had the consumer report printout, and had sold my MAX - I had a Cashiers CHK for $10K with me payable to the dealer. I showed the salesman the consumers printout, the Cap One approval, and he came back with an offer for me to agree to buy the car at a $750 month payment with VW Credit - by sticking with the Cap One, they could not gouge me on the monthly amount. I drove the car home after signing an interim retail contract with the Audi Dealer - then Cap One asked for a pay stub to close out the transaction. It was very well done - I was not at all embarrassed to be shopping with them. FYI - my dealer was LASHER AUDI - VW - ACURA in Sacramento, CA. You could buy the MDX there! aarrfff later - dogman
Same here in our town. Same Chevy dealership. By the way, this happens to be the highest dealer in the area with prices
LOL well do they have any in stock? When we began this journey we were actually only considering Nissan. But for only a little bit more money and the fact that we were treated MUCH nicer by the Acura reps than Nissan (when they give you that look of "how can young-looking people like you afford this Maxima or Pathfinder?" and treat you as such, well then you don't want to do business with them! But that's how we came to find out that NDXs are in short supply and fairly high demand.
