Cap One Auto Finance--Bummer!

[nomoneynomore]

After doing a lot of research and thinking long and hard on it, we decided to bite the bullet & apply w/ Cap One Auto to see if we could get approved for the Kia we have been looking at buying.

They turned us down We BKed on them for $273, but they said they reason was too many inquiries. We only had 2 in the past 6 months. We are pretty bummed and after that rejection, too scared to try w/ Kia financing. I guess we will wait until March and try again when we have our tax money as down payment. I'm hoping our credit will have improved some between now and then so we can either get approved from Kia or our local credit union.

[LSUTiger32]

Sorry to hear that. Try to pile up some cash over the next few months (pretend that you got the car and start throwing payments in the bank) and then like you said use your tax return as well. You might find something for cash for that you can scoop up with all of that money! Good luck either way!

[pris72]

Capital one has me and my husband all confused. We get one letter stating we are approved, and then the next day another letter saying we're not. What I won't do is become so desperate to go somewhere like drive time or auto loan finders. I'll just keep bumming rides off of people until next spring, when hopefully we can get approved. I think the issue is the difference in my FICO score between equifax and transunion. A 100 point difference, yet everything is the same on both. Excellent payment history and everything scores in the good range. The only thing considered bad is how new my most recent credit is. Other than that the chapter 7 is the only thing that I can gather which would prompt them to turn us down. Debt to income is excellent too. I own a car out right, title in hand. It just needs over $3,000 worth of work done to it, with a blue book value of $1,800. I'd rather find something with a warranty, and then add an extended warranty.