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Capital One / switch scam

1 United States Review updated:
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I requested a auto refinance loan and then I did not receive a denial, instead it was "referred" to who charges 12% interest. I am guessing that Capital One gets a fee out of this, so maybe this is how the loan crisis began by turning people down who have good credit, so they pay a higher interest.

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  • Cl
      7th of Dec, 2009
    0 Votes

    I just applied for a capitol one auto loan and I already have a loan with them on a previous car that is almost paid off. I am going to trade it in on another car. They refused the loan for no reason. They say they will send a letter. This is very disconcerting since I have an excellent credit rating with clearly enough income to qualify. I wish others would post if they too have excellent credit and have been refused a low rate used auto loan through Capital one auto finance. This is a totally different complaint but I am wondering if they are going to pull the switcheroo the person complained about above.

  • Re
      21st of Dec, 2009
    0 Votes

    I agree. This is the second time Capital One did it to me.
    They send me an email and they offer me a car loan or a car loan refinance.
    Then they decline my online application and an hour later I get an email "offer" form RoadLoans.
    Last time the RoadLoans called me and offered me some idiotic loan terms. I declined.
    I guess they will be calling me tomorrow offering me the same exact bologna.
    I have an average credit score close to 760 so I guess Capital One is playing some kind of a game here..
    Naughty bankers, naughty naughty..

  • Ro
      25th of Feb, 2010
    0 Votes

    This is insane ! and really funny at the same time ! ... same thing happened to me today, as described by reddffox . Applied on line to Capital One for a auto refinance. Credit is strong ... same thing ... would get their decision in 24 hours ... Boom .. one hour later 4:15 pm ( log that time in) I get the email from Cap One ... declining the loan ... they would send a letter ( why not an e-mail?) with reasons why they declined.
    Boom .. at 4:17 pm I get the Roadloans approval email.
    Now, folks, I admit I'm not the sharpest knife in the drawer ... but get out of town .. even I know these guys are scamming. The funny thing is .. I would have thought somebody in the scam planning meeting, somebody with average intelligence would say ... na, they'll (the consumer) never go for this ! But, nnooooo, greed has these num_nuts blinded.
    OK, here's how they play the on line scam: Cap One sends the email out to a huge list ( some call it broadcasting) They're fishing ... Boom .. got one ...

    At this point, it was never intended to run the loan through Cap One ... (I believe reddffox when he says he has excellent credit) they're using their image as a large financial institution to push good credit and OK credit people to RoadLoans. They get a commission (percentage) of the loan... even if it's less than the 4.34 they scam with ... they still don't have to carry the paper. Free Money !
    Think about it ... with all the spam that tries to get to you ... would you have responded to an unknown company like Roadloans ... filled out their application ... given them your fricken SS number ! NO ! No way .

    Summary: Cap One and #1 Roadloans have a deal ... some where some how ... hey if they read this ... so, sue me.
    #2 They have covered up their tracks like a cat in a litter box. You couldn't find the connection any better than a blood hound with pepper up his nose.
    #3 It's a scam ... and hold the phone Millie ... even guys like me now know it !
    But, it doesn't matter ... even the internet can't stop them ... how many people will come to this web site ? To them(Cap One and Roadkill) it really doesn't matter .. they play the percentages .. so many get hooked many get away ... ... it's all free money ... the Banking community put us in the recession ... and we bailed them out ... the same idiots that screwed things up the first time are now using our tax dollars to scam us ! Geez, only in the good old USA ... what a country ! ... I love it. Being hosed by your own banker ... now that's real message.
    Good Luck Friends ... we're still in the ground war and the bank idiots are our home grown IED's

  • Js
      4th of Dec, 2010
    0 Votes

    I agree this is B.S. for you guys with good credit. However roadloans is a reputable company and provides a good service to guys like me with less than perfect credit. I will say cap 1 is getting shady the dont wanna lend for anything anymore like all the big banks they got their bailout and their not sharing.

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