Guys,
for anyone reading this, this is in reference to a sour deal capital one made me. I want everyone who is thinking about using capital one to make their next vehicle purchase to understand what happened to me so you don't have to suffer the problems I did with my recent car purchase. FYI, the below text was submitted to the BBB by me today.
I applied for a $15,000 auto loan which was approved for $14,934. I was required to fax a copy of a recent pay stub which I did submit. Over the phone I was requested to fax a W2 form since it's currently tax time. I faxed in two W2's as I changed careers last year in the middle of the year. Capital one voided my check which I already used to purchase a vehicle and told me I did not make enough money per year. They assumed I had two jobs and quit one of them. They also informed me my total income was from my new career alone and I did not qualify for the $14,934(which I had only worked 6-7 months for the 2007 year). They told my minimum income per month needed to be $1500 pretax. I asked them to review the pay stub which indicated my pretax take home was a lot more than $1500(can't give exact numbers since I view the forums at work and I'm in IT). The accused me of falsifying information which resulted in the cancellation of the check. I went threw hell because at this point I had an unpaid car in my driveway which could have been towed away at any moment. Their initial interest rate was 17.4% because I am fairly young and do not have sufficant credit built up. I refinanced with my bank who ended up getting me11% NEAR 7% DIFFERENCE! Capital one was extremely rudeover the phone, everytime I spoke to a different person, and no one ever let me finish a sentence over the phone without cutting me off. I ended up speaking to several people, each time a different person gave me a different story. One moment someone told me I had nothing to worry about everything is processed correctly and it was an error on their behalf. Yet a "Gene" character kept leaving me voicemails declaring he is cancelling my check because I lied about having two jobs. When I would call back no one knew who "Gene" was or could even search the records indicating a cancellation on my account. I asked for a manager and they refused to let me speak to one, they told me a manager would call me back in 24 hours. It has been five business days so far and still no manager has returned my call. They embarrassed me for my first vehicle purchase. I suffered stress from having fear the dealer would tow the car when I went to bed at night due to non payment.
Needles to say everything has been worked out, I have a better interest rate than Cap 1 offered, my loan is 48 months vs 72 which cap 1 wanted to give me.
EVERYONE! PLEASE! Avoid capital one auto finance at all costs. They will rape you without lube at their own will. I am very fortunate to have been able to go through my bank and have them not only fix, but improve the deal.
for anyone reading this, this is in reference to a sour deal capital one made me. I want everyone who is thinking about using capital one to make their next vehicle purchase to understand what happened to me so you don't have to suffer the problems I did with my recent car purchase. FYI, the below text was submitted to the BBB by me today.
I applied for a $15,000 auto loan which was approved for $14,934. I was required to fax a copy of a recent pay stub which I did submit. Over the phone I was requested to fax a W2 form since it's currently tax time. I faxed in two W2's as I changed careers last year in the middle of the year. Capital one voided my check which I already used to purchase a vehicle and told me I did not make enough money per year. They assumed I had two jobs and quit one of them. They also informed me my total income was from my new career alone and I did not qualify for the $14,934(which I had only worked 6-7 months for the 2007 year). They told my minimum income per month needed to be $1500 pretax. I asked them to review the pay stub which indicated my pretax take home was a lot more than $1500(can't give exact numbers since I view the forums at work and I'm in IT). The accused me of falsifying information which resulted in the cancellation of the check. I went threw hell because at this point I had an unpaid car in my driveway which could have been towed away at any moment. Their initial interest rate was 17.4% because I am fairly young and do not have sufficant credit built up. I refinanced with my bank who ended up getting me11% NEAR 7% DIFFERENCE! Capital one was extremely rudeover the phone, everytime I spoke to a different person, and no one ever let me finish a sentence over the phone without cutting me off. I ended up speaking to several people, each time a different person gave me a different story. One moment someone told me I had nothing to worry about everything is processed correctly and it was an error on their behalf. Yet a "Gene" character kept leaving me voicemails declaring he is cancelling my check because I lied about having two jobs. When I would call back no one knew who "Gene" was or could even search the records indicating a cancellation on my account. I asked for a manager and they refused to let me speak to one, they told me a manager would call me back in 24 hours. It has been five business days so far and still no manager has returned my call. They embarrassed me for my first vehicle purchase. I suffered stress from having fear the dealer would tow the car when I went to bed at night due to non payment.
Needles to say everything has been worked out, I have a better interest rate than Cap 1 offered, my loan is 48 months vs 72 which cap 1 wanted to give me.
EVERYONE! PLEASE! Avoid capital one auto finance at all costs. They will rape you without lube at their own will. I am very fortunate to have been able to go through my bank and have them not only fix, but improve the deal.
