About Capital One Auto Financing
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I have two Capital One credit cards and received a pre-approval letter in the mail for a Capital One auto loan. I ignored it for a while until our car broke down and I decided to just get a new car. I called capital one, gave them the pre-approval letter information and they mailed me an official approval letter (I cannot remember exactly what it was called but it basically said I was approved for 50k zero down) went to the dealer, showed them the approval letter and picked our car. Drove the car home. It’s been about 3 years and we have had no problems. I pay every month on time using the website. The loan is nearly paid off. I have nothing bad to say about Capital One. They loaned me money and I pay it back.
Listen, I read tons of the negative reviews about processes and bad customer service skills. This the is about the pre approval process which was easy and amazing. The dealer experience was the best and we bought the car we wanted and got a fantastic deal. The navigator was both good and bad but got the job done.
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I was ecstatic to receive finding form capital one auto finance. Thank you. 8.9% the lowest I have ever received. I ordinarily pay 18 to 20 percent. Thank you. They financed my Ford 2018 4 x 4 XLT. So happy. Thank you. The big wigs looked the other way. I pay my bills.
Recently paid off my car. Still haven't received the title. While researching how long it might take to receive it I came across all these reviews, and decided to leave my own. I appreciate Capital One, for financing me when nobody else would. Was self employed for my first loan in 2016, and it was close to impossible to get an approval with my less-than-stellar credit. Cap 1 gave me 9% which is bad, but not BAD. I financed two other cars through Capital One afterwards. My credit is over 700 now (I'm also no longer self employed).
I traded in one car 6/2020, refinanced the second 1/2021, and paid the third off 1/2021. Now I have no loans with Capital One, but during my time with them I missed no payments. When COVID hit I was able to defer payments. It gave me up to 3 months, but I only chose 1 month on 2 of the three cars and left the cheapest one alone.
During my time with Capital One I also had automatic payments set up for one of the cars. The payments came out weekly (my choice). When I paid the car off, the site showed I was on track to have the car paid off 8 months early on a 3 year loan! Because of the weekly payments I end up overpaying a little - not a bad thing, but beware of that if you don't want to pay more than minimum, and only set once a month payments for the amount due. Personally I appreciated that I was able to split my payments into small, frequent amounts and get so far ahead on my loan doing so. In fact, my new finance company doesn't let me do it like this, so I really miss it. Also, I really like the website. My current finance company doesn't have the balance tracker or any of that other fun stuff.
I am not saying Capital One is perfect (still waiting on my title, it's been like 6 weeks?) or that they don't occasionally mess up. Just saying that in my experience they gave me a chance, let me defer, I was always aware of when my automatic payments would be processing. My extra automatic payments were put towards paying the principal balance. I find the website helpful and open. Make your payments on time and most will have no issues. Life does happen, be careful with your financial decisions.
June 2020 I purchased a car. So July 2021 due to COVID my hours were cut at work. I logged in to my account. Capital one app it said, "Having hardship we're here for you." One of the questions, "How much time do you think you will need." I said 2 months. Within 2 weeks. I got 20 emails telling me my car note is due. I called them. She asked me the same questions, I told her 2 months. They reported me to the Credit bureau 30 days pass due. How can you get penalized for accepting a offer. You would think Hardship a company would at least wait until the 2 mo. Was up, or inform you that you do have other options before Repo that won't hurt your credit if your situation hasn't changed. My balance was 12,986 so I sold the car for 18,000. Paid off. Kept the difference. Beginning mileage 39,000 ending 42,674. Banks won't tell you that.
If you are going through a Repo follow your car. If it's sold for more than what you owe you should get a small refund and in some cases gap insurance should refund a percentage. Now the hard part. Getting capital one to remove the negative mark off my credit report and update my payoff. If they can close the account that fast. They told me I had to dispute it. It don't matter how many times I dispute it until the creditor contact the bureau. It Will not get removed. I went back and forth for 4 days with the Customer service. I asked for number to corporate. It got silent. I said, "Hello I asked you for corporate silence." I said, "Are you always this rude. Is there a supervisor that I can speak with." I was put on hold for a hour. I hung up. Call back. Put on hold again. They talk to you like you're a idiot. If they can close the account send me a refund. I just want them to report my payoff 12,000. My utilization decrease.
The last 2 years has been rough on everyone. Some more than others and for a large such as Capital one financial institution to offer covid 19 support and report to the Credit bureau it wasn't to help customers. Looks to me like it was in fact for the benefit of your company to gain payment plus interest plus late fee. Well what more could you expect with a customer service team that's Disrespectful, Rude. You never know what a person is going through and that was just one of those days for me since Covid 19 began.
I was hospitalized for a serious Respiratory infection. 6 mo. later I was hospitalized again. Diagnosed with Congested Heart Failure, Identity theft, 20 Data Breaches, 32 exposures, Dark Web, I've been Convicted for assault with a Deadly Weapon, I have purchased property, you never know people are going through or they breaking point. Capital One that speech that's on the front of your corporate page Don't fit your company all! Please remove the Mark off of my credit report. Good Night.
I paid every payment on time directly from my checking account. When I paid off my car over a year early they sent my refund to another address in another state that was never on file for me or where the car was registered and told me the check was cashed; oh well. So I never got my refund. Plus they added an extra month to a 60 month loan (there's no 61 month loans.) They're greedy. They owe me money but won't pay me.
Worst customer service! I've been waiting for 4 months now to get my title and I'm still waiting. Each time I call it's a different girl from the Philippines that speaks English well enough for conversation but nowhere near good enough for business. They have given me incorrect information that ended up adding a month to the wait time. They then proceeded to "lose" my uploaded documents but failed to notify me. I only find out about problems with the process when I call them to find out what's taking so long. The wait times are regularly around an hour and then 3 out of 5 times you will be disconnected; some times while you are still waiting for somebody to answer. Everything has to go through "the back office" which you cannot get to in any way. Refinancing through this company was a terrible decision.
Sent them official letter to send copy of title to State of Montana. 45 days later and after multiple phone call this transaction has still not been completed. Currently unable to legally drive vehicle since 40 permit has expired. Capital One representative tells me today this transaction will take another 4 to 6 weeks.
It was easy, some of the dealers did not want to abide by the conditions you set when you do your estimate, but overall great experience. MY ONLY ISSUE!! I moved out of state and had to wait 24/48 hours for my title to be faxed over to the DMV to show me as an owner. Now I'm accruing late fees bc you have to request it. I'm still unsure if they sent it. I called up there and they haven't received so here I am on day 34 waiting. HOPING... this next call will be it. As a single mom companies make money off of penalties and fees. Story of my life.
Back and forth for months over title transfer paperwork. They really need competent people working in the title dept. Unresolved after 4 months is totally unprofessional of what they need. I can not take off work for weeks trying to get this straight during business hours.
Capital One Auto Financing author review by Lauren Fix
Capital One Bank is a well-known financial institution that provides auto loans and financing for new and used cars. The company was founded in Richmond, VA in 1988.
Low rates: Capital One can provide low rates for consumers with a good credit history. Get pre-qualified and know how much to spend.
Low payments: The company can also negotiate low payments with Capital One Auto Finance specialists to help you lower your payments.
Auto loan calculator: They provide an auto-loan calculator that allows borrowers to estimate monthly car payments for the total amount they need to finance. They also offer an auto learning center to learn about financing, loan extension and more.
Wide network: They have a network of over 12,000 eligible dealers, in order to offer customers plenty of inventory and brand options.
Variety of loan options: The company provides a huge range of auto loan options, whether buyers are purchasing used or new automobiles.
Capital One Auto Financing Company Information
- Company Name:
- Capital One Auto Financing
- Year Founded:
- 7933 Preston Road
- Postal Code:
- United States
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