CapitalOne Auto Finance: Experiences?

I'll add another question: If you are buying a car out of state over the internet, can you mail the check to the dealer?

 

If possible go/join a credit union. They have better rates

 

I used CapitalOne (via Costco), and the experience was easy. They mailed the check/terms to me, and the dealer didn't complain/fight it at all when I gave it to them. Much easier the going through the dealer financing IMO.

 

I considered Capital One/AAA financing, but Kinecta CU (my Toyota salesman gave this to me!) beat it with 4.74% new, and 4.49% automated direct-draw payments from a Kinecta savings account; for 60 months. 4.24% for 36 months.

My dealership (rancho santa margarita) signed me up also too so it was a great experience, although I wouldn't touch that place now for service.

 

I've used Capital One for two car loans, the Prius and my work truck. Neither dealer balked at accepting the checks nor could they beat the interest rates at the time. If you use automatic withdrawal for your payment method, you can get even a little bit lower rates.

 

I took my CapitalOne check to my dealer (Bayridge Toyota, NY) and they wouldn't take it. When I threaten to leave they offer to beat the rate with Toyota financing... I took it because I really wanted the car and the rate was slightly lower.

 

We bought my wife's current car with a loan from Cap One. They were truly a pleasure to deal with. Applied Friday, Fed-ex delivered the check early Saturday morning, had the car Saturday evening. They get my unqualified recommendation.

No additional charges from the dealer and no, as far as I can tell, Cap One does not charge them a fee for taking the check. One fun thing, It really frosted the manager when I wouldn't fill out a credit app. I guess you just haven't negotiated unless you walk out the door once.

Even if you don't use them, seriously consider having financing lined up before going to the dealer. It makes everything easier.

Presuming their rates are still good, I plan on using them when my '05 comes in.

 

I am using Capital One AutoFinance to finance my Prius and had absolutely no problems with it, in fact much to compliment the experience. It was the best rate I could find at the time (beat credit unions, Toyota's own financing, anything else I could find), 4.2% in Mid-March including a small AAA discount (terms: 36 months, agreement to direct bank account deduction). You select date of month to deduct. I received the check one day after internet application (via "snail mail"), and the dealer didn't flinch about accepting it. I'm quite sure there is no pre-payment penalty either. Two thumbs up.

 

I got 4.4% from mine ... :mrgreen:

 

Capital One was great. Check overnight. No problem with dealer. 3.75% which NO ONE could beat - not bank, credit union, nor Toyota. It is the only way I will go from now on.

 

THREE point 75? Recently?

Wow! That's fantastic ...

 

I bought mine cash and still had to fill out the "credit app". When I discussed it with the dealer he indicated it was simply to get the basic information they would need to process the sale, DMV, etc. He said just skip the credit info and I drew a line through it. I guess it was their version of paperwork reduction. :roll:

 

My wife just informed me that it was actually 3.65. It was November 04 - 15000 miles ago!

 

<div class='quotetop'>QUOTE(Ron Dupuy\";p=\"103493)</div>

Uhmm, how did you get that rate? Are you saying Capital One gave you 3.75%? Keesler Federal CU who has been the lowest all the time for me, got me 4.25% this past week. I still need to fill out the paperwork though.

Back in Decemeber of '04 Keesler FCU gave me 3.45% and that was the lowest rate at that time as well.

Anyway, share the knowledge please.

Thanks,
LuckyP

 

[font=Comic Sans MS:2529e28d9c]This is what they are saying today:[/font:2529e28d9c]
[font=Lucida Console:2529e28d9c]
Loan Rates                  30-36 mos  37-60 mos  61-72 mos

Dealer Purchase: New    4.75%        5.29%        5.79%
[/font:2529e28d9c]

 

LuckyP,

Mine was 3.65 in Nov 04, yours was 3.45 in Dec. Sounds pretty close. Changing times-changing rates.

 

Rates are always changing in response to the federal interest rate. Rate are going up now, so auto loans should follow suit.