Pros: Seemingly easy, hassle-free financing (although I never experienced it)
Cons: Highest interest rates around.
I'll admit, I don't really like or use many banking products. But I depend on my car for work and the Blazer I had used for the last 5 years was inching towards it's final days. Right when I started looking at different places I received a letter from Capital One Auto Finance telling me I was pre-approved and to go to this certain dealer. I followed up with them and did a little research online (unfortunately I did not see the epinions reviews) and it seemed fair, I was pre-approved to a certain amount and the dealer they pushed happened to have the car I wanted. So long story short on two occasions I spoke with Capital One people on the phone to make sure that being self-employed was OK, and twice they told me that it is fine and I could provide my tax papers instead of a weekly paystub.
Lies. I go to the dealer, test the car, it's great, sit for a couple hours while they do all of the paperwork and sign everything there. I drove that car home that day. Two weeks later I get a call from the dealer asking me to bring in copies of my tax papers again, Capital One was requesting them. A couple days later I get a call saying because I was self-employed and could not provide pay stubs Capital One would not finance. I was shocked and pretty furious but fortunately there were plenty of local options that were more than happy to finance me (and at a MUCH better rate).
I called Capital One later that day and asked them why I received the OK twice and then when it came down to it they went back on what they said and I was told that it was "standard policy" and that "the people you spoke with both told you inaccurate information, we apologize."