I literally just refinanced my high interest rate loan with another lender to Captial One Auto Financing. Two days ago I was in a no fault accident where my car was totaled. I haven't even made my first payment to Capital One! I owe just over $19k to Capital One. Of course my insurance company won't probably give me that value of my car, but I have a plan in place to get the rest of it paid off and get that loan paid off as soon as I can (We will be borrowing from family and I intend to sue for the remainder if the other drivers insurance company doesn't cover the rest of the payoff).
Here is my problem and hopefully you all could steer me in the right direction. This was our only car. My insurance, once they declare a total loss, will only cover my rental car for 7 days. This is not nearly enough time for them to get the money to Capital One for pay off. Does anyone know or can direct me on how to find out, how I can work with Capital One to finance another used car while the insurance claim is still processing their payment? Would I just call their regular customer service or should I be attempting to contact higher up the food chain. I know that those front line reps are not going to be able to really assist me. I am confident they will finance me again as I literally was appoved just over a month ago and my scores are actually a bit better, it's just the timing of it all.
I haven't called Capital One yet, but plan to within the next day or so. My insurance has not declared total loss yet, but from the pics I sent, my agent said that they would most likely. We really would not be able to afford a rental every day after the 7 days and don't have the kind of money needed to just buy a decent used car outright (can't just buy a cheap car that runs, my commute would tear a car like that up in no time).
Sorry about the accident hope everyone is OK.
First off did you happen to get GAP insurance with Capital One? Gap covers the difference between what you owe and what insurance pays.
Fingers crossed that you did.
Next what are your scores. I am guessing they are not terrible if you just refinanced with Capital One.
Knowing your scores ad what scores are pulled by particular lenders is very important. If your Equifax FICO score is much higher than your others look for a lender that pulls Equifax.
What are your negatives, any repos, bankruptcy and if so how long ago? What about collections?
You might be able to try Capital One Auto Navigator to see if they pre-approve without a hard pull but if you post your scores, income and info on the negatives we can give better advice if there is a better lender to try.
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@Anonymous wrote:Sorry about the accident hope everyone is OK.
First off did you happen to get GAP insurance with Capital One? Gap covers the difference between what you owe and what insurance pays.
Fingers crossed that you did.
Next what are your scores. I am guessing they are not terrible if you just refinanced with Capital One.
Knowing your scores ad what scores are pulled by particular lenders is very important. If your Equifax FICO score is much higher than your others look for a lender that pulls Equifax.
What are your negatives, any repos, bankruptcy and if so how long ago? What about collections?
You might be able to try Capital One Auto Navigator to see if they pre-approve without a hard pull but if you post your scores, income and info on the negatives we can give better advice if there is a better lender to try.
I had a recent BK that was discharged in February. My Exeperian FICO is 610 and my Equifax Fako is 645 (don't have the actual FICO on that one). I have a couple lates from years ago on my student loans that still show up, but I dont think they are impacting as bad anymore. Everything recent is in good standing. Probably only thing that is holding me back right now is a 60% utilization due to having to use my Cap 1 card for emergency cat surgery, but that should be paid down by next month, but not in time to make a difference for this issue.
No GAP. I don't think Cap 1 offered it. I realized that two weeks ago and had actually started looking into getting GAP coverage sepreratly since I found out that my previous GAP insurance doesn't go with the car. it went with the loan. Busy with work all last week and this week and BAM. accident. I'm not too worried about it though as I should be able to cover the remainder of the loan and will most likely look at legal options to recover that if possible. From my research I will probably have to pay out around $2k and will fight very hard to make sure they pay out the max value of my vehicle. It was in excellent condition and ran perfectly.
