I recently was on the market for a used car from a local Lincoln Mercury dealer in Long Island, NY. I was browsing car quotes.com or some internet based auto loan site which displayed Capitol One Auto Finance offering rates from 6.0% or similiar on used cars from a brand dealer (cadillac, ford, etc). I have decent credit and a solid credit history
I received a response from Capitol One Auto Finance that said "unfortunately we cannot get you any money" which i laughed at because i received 7.09% from three other lenders. I then receive a email from RoadLoans Road Loans which said congratulations you have been approved for up to $16000.00.
I was taken back i did not remember applying to them so i contacted Capitol One and they informed me when i signed up i clicked to ok another lender of theres to send me a quote, this was very misleading, i guess Capitol One has resorted to small ripoff tactics used by shady sales people to gain business.
I was looking over the email and noticed they did not mention a interest rate, which i found to be quite shocking, they did however have all the information so you can submit your purchase and information to get your check to buy your vehicle - and enter the gates of funding hell.
I called them and explained i did not authorize them but fortunately for Capitol One i guess you have my information which i needed to verify with the women who had a heavy accent and sounded like a girl on a Brooklyn street corner. She confirmed my loan amount and continued to congratulate me on my funding approval, letting me know how lucky i was, i started laughing and asked her for laughs what is your interested rate, she responded "its the industries lowest" i was excited and asked her again what is the interested rate - 22.90% WOW no wonder Capitol One declines you and sends you over they make more money on comission from screwing you than they would make if you had a normal rate (6.80-8.2%) or higher (12.65% being VERY HIGH).
I asked her to please cancel my application and send me a email confirming this, she told me she cannot cancel it for 30 days. I called back and spoke with a individual who sounded more intelligent and actually apologized for her associates behavior whom she did not know who that was, and proceeded to cancel my application and send me a email confirming that.
Do not do business with either companies this type of fraud and misleading the American people is wrong, immoral, and hurts hundreds of Americans every day. I found Bank Of America to have the most competitive rate and i am not advocating for them but my point is search around dont let your salesman or financial officer force you into anything, good luck.
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