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You're pre-approved with Capital One Car Loan - Not so fast
Capital One Pre-Approved for auto loan - Not so fast!
Do you ever get the "you're already approved" letter in the mail for a credit card offer or auto loan? I seem to always get them but because I know my credit is not the best I throw them away and never give it a second thought. However, recently I received a letter from Capital One Auto Finance and this letter clearly stated I was approved and listed all the items I needed to bring with me to the dealership and what days I should go. The letter also stated I was qualified for up to $30,000 for a used or new car. Being skeptical I called the dealership and the finance manager said "yep it's legit, come on in". So being that I was in the need to buy a new car I went to the dealership a couple of days later. Now like many I hate going to dealerships because after I'm done hearing how bad my credit is or asked a million questions about my credit all I want to do is go home and bury my head in the pillow. But I thought this time is different I'm pre-approved and will not have to undergo the typical humiliation. Well not so fast! I brought all my documentation to the dealership, began looking at cars and gave my information to the sales manager, after what seemed like hours he came back scratching his head. "I'm not sure why but for some crazy reason you were declined" he proceded to say "I have never seen this before", yah right. After calling Capital One and talking to a couple of the finance managers there was simply no explanation as to why I was not approved. My account with Capital One was in good standing and below the credit limit and I met all the financial requirements and had verification of all. So my lesson learned was no one is approved until you sign on the dotted line.