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Banks want your first born before quoting a payment!

Discussion in 'Other Off Topic Forum' started by PeterS, Dec 22, 2005.

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  1. PeterS

    PeterS Five Time F1 World Champ
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    Jan 24, 2003
    52,237
    Goodyear, AZ
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    PeterS
    #1 PeterS, Dec 22, 2005
    I have a good rate with Toyota on my new 4Runner, but I called Capotal One because they have a few good rate offers. BEFORE they can tell me what a payment would be, they have to run my credit report. I got a supervisor on the phone and told her I don't play it that way. If she could give me a rate and payment that is attractive, we could possibly do some business and at that time only, I would give them information they need to continue.

    I understand that rates are tied to credit ratings, but the inability for a financial institution NOT to tell me what a payment would be (on my balance) for a given credit score is beyond stupid! The Toyota dealer will quote me a payment for a given FICO scenario and mortgage broker will do the same for a home loan! So here I have a Capital One supervisor telling me how I will never be able to get a payment quote from anybody before running a credit report! I just hung up on her because she was starting to annoy me.

    Whats with these banks? Are they that cavalier to have this sort of an attitude?
     
  2. BigAl

    BigAl F1 Veteran

    Mar 17, 2002
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    GSgt Hartman
    #2 BigAl, Dec 22, 2005
    maybe she was trying to get rid of you to go finish her Christmas shopping
     
  3. Fastviper

    Fastviper F1 Rookie

    Nov 20, 2003
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    Dash
    #3 Fastviper, Dec 22, 2005
    Wow! Maybe they have a policy against quoting payments without looking at your credit first. Maybe they have more people lying about their credit. "I think my credit is great". Being a former loan shark myself, I know that most people who say they have great credit, Dont.

    Every car finance guy or mortgage banker can quote you what they think you are gonna pay. but its never the case. I am positive that at least 70% of the people who go in for the $199 payment that is advertised, Dont walk out with that payment.

    So maybe capitol one does not want to waste there time on the smart people.

    just my 2 cents
     
  4. M512

    M512 Formula Junior

    Sep 5, 2005
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    #4 M512, Dec 22, 2005
    Unless I'm reading this wrong (I ran through the posts quick), it sounds like you are just trying to see what a payment would be on a given balance? ie. Refinance your vehicle?

    Capital One Auto Finance bought out PeopleFirst.com, who I've done business with both as Peoplefirst.com and after the merger. If you go to their site, www.peoplefirst.com you will be redirected to capital one auto finance and can view the current rates for new, used, used from private sale, lease buyout, etc. and calculate a payment. Why don't you just do that to get an idea and go from there?
     
  5. Ciao Bello 348

    Ciao Bello 348 Formula 3

    Oct 3, 2005
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    John C
    #5 Ciao Bello 348, Dec 22, 2005
    If you have questions about rates and terms for car loans, thats my forte. PM me any time.
     

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