My experience mirrors others here - poor customer service
Written: Mar 15 '09
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Product Rating:
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Pros: Good interest rates, decent web site
Cons: Customer non-service
The Bottom Line: Good rates for people with not-so-perfect credit scores, but lots of hassles and catches
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| kingtj's Full Review: Capital One Auto Finance |
I went with Capital One Auto Finance for my new car purchase back in 2006 because like most people discover who look into them, they offer interest rates far better than the dealers are willing to give you (assuming, at least, you don't have near-perfect credit).
My credit score was probably what you'd call "average", not because I was ever late or behind on my payments, but because I went through a divorce and subsequent bankruptcy a few years previous (wife got cards I didn't even know about, maxxed them out, and never paid).
Their web site makes the initial application process painless and easy -- but like most things in life, there are catches. Before they actually mail you the "blank check" you're supposed to take to the dealership with you, you''re required to talk to one of their people in person on the phone first, and you're required to fax over several things. (In my case, they asked for the phone number and extension to reach the Human Resources dept. at my employer, a copy of my W2, and a recent paycheck stub.)
Once you get the check in the mail (usually takes about 4-5 days, unless you pay them about $15 extra for overnight delivery), you find out it comes with catches of its own. Only certain car dealerships work with Capital One Auto Finance and are therefore willing to accept their check as a form of payment. Luckily, it's a decent-sized list that covers many big-name dealers in most major cities. But if you found the perfect car or truck for you at a smaller place, you may be out of luck.
Next, you'll probably find (as I did), the dealerships REALLY don't want to just sell you the vehicle based on this check alone. They'd rather find some way to get you to take financing through somebody else they work with (probably so they get a kick-back of some sort for sending along the business). They'll tell you they're "checking to see if they can't get you a little better rate than that Capital One deal you've got" - and you'll get stuck hanging around the dealership for HOURS, while they wait for a bunch of lenders to fax them back their offers. Eventually, they'll discover they can't beat your rate and they'll do what you WANTED to do in the first place.....
Now, HERE'S why I question Capital One Auto's customer service. I just traded in my last car and tried to buy another new car several days ago. Thinking I should go back to Capital One again - I started their whole process online for a new loan (approved this time for a lower rate than I had with them on the last loan!). But before I had a chance to fax them all my info and wait for their blank check in the mail, I found the car I wanted at a dealer listed as part of their network. So I went ahead and tried to buy it, telling the dealership I was "already approved with Capital One Auto at X% rate". Well - that's where it all fell apart. They claimed Capital One rejected me unless I was willing to put at least $5000 more on a downpayment than the $2500 I was already putting down!
Suspecting foul play, I called Capital One Auto myself while waiting for this dealer to try other lenders ... and asked what was going on. Their cust. service rep. looked up my file (after a LONG wait he claimed was because their computer was acting up), and simply confirmed that I was, indeed, pre-approved - but I needed to fax that W2 over with paycheck stub and so on, and wait to get my check in the mail to use.... I explained I was just trying to bypass needing the formality of the check, since I was buying NOW at a dealership that works with them anyway. But I was told, essentially, "Sorry pal. If you don't do things exactly the step-by-step way we lay it out, you won't get the same kind of rate or even approval we give you otherwise."
This was incredibly stupid on their part, because now I wasted the better part of a day at this dealer, all ready to buy a car and give Capital One more of my money. I made every payment on time to them with the last loan, so they even knew my history as a good customer with them. I wound up taking an alternate loan through BMW Auto Financing that the dealership offered me. The rate isn't as good, but I wasn't going to walk off after all that wasted time, just to do the little "song and dance" for Capital One and use their little paper check to get what I was promised.....
Recommended:
Yes
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Epinions.com ID:
kingtj
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Location: St. Louis, MO USA
Reviews written: 42
Trusted by: 0 members
About Me:
37 year old male, computer consultant by trade
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