"dogisbadob" (dogisbadob)
07/11/2014 at 20:48 • Filed to: None
0
2|
"dogisbadob" (dogisbadob)
07/11/2014 at 20:48 • Filed to: None | 0
| 2 |
They base their LTV loan-to-value ratio on the *wholesale* value , not retail. For new cars they use invoice rather than MSRP.
But people don't pay wholesale for a car; they pay retail.
So the only way it works is if you can somehow convince the dealer to sell the car for less than what they paid for it. WTF?
Textured Soy Protein
> dogisbadob
07/11/2014 at 20:53 |
|
1. Get loan from local credit union.
2. Tell Capital One to go lick Alec Baldwin's taint.
3. ???
4. Profit.
PatBateman
> dogisbadob
07/11/2014 at 21:15 |
|
When I was in banking (now in wealth management), we used NADA Retail Value for our LTV calculations on pre-owned, MSRP for new.
What Capital One is doing is making sure you put a down payment on the vehicle. That and they don't really want to finance autos from the retail banks, so they put ridiculous stipulations on the loans.
Go to a credit union.