I'm trying to confirm what a Cap1 Auto rep told me. He said they do not report to the CRA's unless a loan is more than 29 days past due. If this is true, those that are stuck with Cap1 Auto might somehow take advantage of a hidden debt. Can anyone confirm that this is true?
I can't answer your question, but do you have a cap one auto loan? What type of scores do you need for an auto loan with them? What about refinancing, and owing neg. equity?
I have a loan with them. They bought the original financing company in 10/2000. True enough, they do not report. However, it is strange that even though they bought out old company the balance reporting is reduced every couple of months. If one didn't know, it looks like I have a loan with company A instead of Cap1. But I make payments to Cap1.
oh, as far as scores are concerned. My scores were pretty low-Cap1 auto are definitely sub-prime. I purchased a used 2000 Taurus with 9000 miles on it. I paid $16500, interest rate is 17.95%, payment $451 for 60 months. Bummer huh?
Maybe I should apply for a re-fi with cap1 auto... currently I am with Household at 21%. I can have it paid off in a year, so I am not sure what I should do...
They offered me the lowest interest rate amoung the many the dealer sent my offer to (so says the dealer). This included Nuvell (GMC's subprime lender) Americredit, and Wells Fargo Financial. They will do a "second chance" finance deal so I don't think scores matter. However, if you have a low score expect a high interest rate. Since Cap1 owns People First, I think Cap1 gets your app if People First denies.
I have a new Cap1 Auto loan from December. I had really low Fico Score (504) when I applied. I am at 17.95%, but have already paid 2 pmts ahead. I have had no problems with them. My Fico went from 504 in December to 649 at the end of Feb. My loan is reporting monthly on Experian. I don't remember about Equifax or TU. My goal is to re-fi with the CU at the end of a year or so. Has anyone out there had problems with Cap 1 Auto?
I'm wondering WHAT they go by. I don't think it's completely by scores. My scores are just a smidge higher than the ones you've listed for yourself, and yet when I applied for a refi with them a couple of months ago, they turned me down. I'm currently with Chrysler at 12%. Maybe that's the best I can do right now?
radiohead, They pulled Experian and TU. Both of these scores were in the low 500's when I got approved for 14.9%. However, I did have a perfect car loan showing along with numerous perfect credit cards. I told the dealer I wasn't going over 15%.
Thanks for the info, I don;t think I have much of a shot right now for a re-fi, So I ll will just pay off as much as I can.
