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Pre-selected Denial of Auto Loan!!

Posted Fri June 29, 2001, by Goddard R. written to Capital One Financial

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I'm writing to alert you to a problem I've had with an offer I received from you. My problem concerns a sales promotions. I hope by bringing this to your attention, the problem will be addressed. This incident has made me extremely upset.

Here's what happened: Last week, I received a "pre-selection" for "up to $30,000" from Capital One Auto Finance. Since I am starting to look for a new car/truck, I called the 800# and spoke to one of your representatives. I tried to ask some basic questions like:
- how does my past credit history weigh on this offer
- how did I get preselected for this offer
- what are the interest rates associated
- etc.
She informed me that since I recieved the letter, I was approved, but I wouldn't know what the exact amount was for until I got my package in 7-10 days. She also said that I would be able to get answers to the above questions in the package or by calling the phone number that would be included. She said that Capital One would have to pull a credit report to determine the amount I was approved for. So, hesitantly, I relented and let her "verify" my info.

Today, I recieved a Denial Letter from Capital One. I am furious. I would not have verified (now I know that meant applied for) anything if I knew that I was NOT "pre-approved/selected" as the letter and your rep said. I have been very cautious about my credit picture lately (no derogs in over 2 years, mortgage obtained in May 2000, not authorizing unecessary inquiries, etc). I have also always paid my Capital One card on time. So instead of stengthening my relationship with Capital One, and further reestablishing my credit, the only thing I got out of this was a hard inquiry on all three of my credit reports -- which lowers my credit scores even further!

Here's what I want you to do: I want the hard inquiries removed from my credit reports. I firmly believe that there was some "false advertising" on the part of Capital One Auto Finance. I have already called the number on the denial letter, and left a message to receive an "explanation" of why I was denied. However, I feel that I am not the only one that is being "taken advantage of" with the "offer" and want to get it out in the open. I am also contemplating opting out of any further Capital One offers to prevent further embarrassment like this.

I frequently do business with you. The number one reason I do business with you is because I've used you before and been happy.

In the future, I probably will not do business with you. And I probably won't recommend you to others.

I appreciate your taking the time to listen to my complaint. I hope it can be addressed.


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