Thecreditdiva
Nashville,#2Consumer Suggestion
Sun, April 26, 2009
I'm sorry you have had such a bad experience with a Capitol one letter. The dealership handled it the wrong way. I have done business with Cap 1 for a long time and have done many pre-approval sales with them at various dealerships. The letter is real by the way. One of the few I know of that actually has an approval by a bank behind it. The dealership is not supposed to take an application over the phone. As a matter of fact there should be an application on the back of the letter you fill out when you go to the dealer. Your credit is not supposed to be pulled either. Your already approved with them...no need to pull credit and Capitol One doesn't want the dealership to do that. No one will ever tell you the interest rate ahead of time because so many factors determine that. The finance manager must send them the actual vehicle you want to purchase to get an exact interest rate. They have some really low competitive interest rates and some are on the higher side. Depends on your credit. I don't know how long ago you received this letter but it is usually good for 30 days. If you are interested in purchasing a vehicle and have had a hard time in the past getting approved for credit it is a good opportunity. There are a few rare occasions where you may be denied if something has changed on your credit but I have only seen maybe 10 out of hundreds. I would recommend going to the dealership and talking to a manager to let them know what happened. You obviously talked to a moron. Capitol One would be very upset at your treatment. Sometimes their reps are at the dealership during the sale if so I would make sure I told them.