Capital One Auto Finance... LOLZ

[ncarter124]

I had to share because this was just absurd.

I went online to finalize my financing for my 2012 GT I ordered. The car is $38k and change with TTL and I am going to put down around 8'ish grand meaning I wanted to finance $30k. So I go online, do LendingTree and send my request...

10 minutes later Capital One emails me saying I have been approved. Care to guess how much they approved me for?

Yeah... $29,997.

...really?

 

[Hmbre97]

Credit union ftw. Capital One sucks.

 

[Ripn03Cobra]

The number was probably computer generated based on your given info and what they trust you to pay, not as funny as you might think

 

[ncarter124]

Credit union ftw. Capital One sucks.

Yeah I am comparison shopping CU's, aiming for Penfed right now.

 

[ncarter124]

The number was probably computer generated based on your given info and what they trust you to pay, not as funny as you might think

Yeah it made me wondering if they have some sort of algorithm that rounded it but it just didn't make sense that they were $3 shy.

 

[03OxWhiteMach]

What was this thread about again?

 

[Uncle Meat]

Capitol One financed both my Z06 and my wife's Civic. Total amount financed was around $80K. Super low interest rate to for the time... Around 4.5% I believe. It's all got to do with your credit score/history. Funny how they approved you for that amount though.

U.M.

 

[VirtualSVT]

What was this thread about again?

i forgot

 

[CobraBob]

Weird about the odd dollar amount but you're dealing with a computer and it obviously isn't rounding off but spitting out a number based on a formula from the info you provided.

AAA and credit union have great financing rates. My wife always uses AAA.

 

[RedVenom]

The approval is based on a pre determined maximum calculation for automated approvals. Things such as your DTI (debt to income), PTI (Payment to income) and credit score all come into play. Plus how many auto loans have open or paid off, total income, time at the residence as so on.

Simple answer is pick up the phone and call them. Inquire on why, you may likely get the approval you want or at least better details on why you got this approval. I've worked in the world of auto lending for a long time. To me the number is not strange at all. Call