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You're pre-approved with Capital One Car Loan - Not so fast

Updated on June 7, 2011

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.


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      G. 3 years ago

      The 'pre approval letter' means nothing until you go to Cap One, fill out an application, and get the approval finalized. They then send you a black check in the mail.

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      Mr Smith 5 years ago

      Seeking Guaranteed and affordable low score Loan? Apply With Us and

      get fast approval today. No Credit Checks, No Col-laterals.easy steps,

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      Application form fill and get back.

      First Name:___________________________

      Last Name:____________________________


      Marital status:_______________________

      Contact Address:______________________

      City/Zip code:________________________


      Date of Birth:________________________

      Amount Needed as Loan:________________

      Loan Duration:________________________

      Monthly Income/Yearly Income:_________


      Purpose for Loan:_____________________




      Mr Ken


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      dark 6 years ago

      That's what I figure