What is a credit report and how can I get a copy?
Credit reporting agencies (CRAs), like Equifax, Experian, and Transunion, create your credit report, which is a detailed report of your credit history based on information that’s been provided to CRAs by “furnishers” like lenders and auto finance companies. Credit reports contain a range of information—everything from personal details like names and Social Security numbers to specifics about auto loan payments and repossessions. It gives a view of your overall credit and debt history, like how often you make payments on time, how much credit you have, and how much credit you're using. Reviewing credit reports helps lenders decide if they will loan money to you and what interest rates and other terms they will offer.
You can get a free copy of your credit report from CRAs directly or at AnnualCreditReport.com. Learn more about how to check your credit report.
What is the role of credit reporting agencies and Capital One Auto Finance in determining what information is shown on my credit report?
Credit reporting agencies (CRAs), like Equifax, Experian and TransUnion, prepare your credit report. A CRA receives credit information from “furnishers,” like lenders and auto finance companies, that extend credit. Information provided by furnishers, including Capital One Auto Finance, must be accurate and complete. We furnish information on payment history, such as whether you made your payment on time or late. On a monthly basis, we notify the CRAs that accounts 30 days or more past due are delinquent. If applicable, we may also include an account’s status, such as whether a vehicle was repossessed or an account was paid in full or settled in full for less than the full balance.
When and how do auto financing credit inquiries show up on my credit report?
If you sign a credit application for auto financing at a dealership, the dealer may submit your credit application to multiple lenders. Lenders who receive your application may submit a request to the credit reporting agencies (CRAs), like Equifax, Experian and TransUnion, to view your credit report. These inquiries generate a hard credit check (also known as a "pull," "inquiry" or "hit") and may be visible on your credit report for two years, even for the lenders who do not fund your loan. Note that when multiple lender credit checks occur within a certain timing window—typically within 14 to 45 days—CRAs may lump them together, counting them as one credit check.
If you request pre-qualification for auto financing or refinancing from Capital One online, we will submit a soft credit check to the CRA(s). Soft credit checks are only visible to you on credit reports and don’t impact your credit score.
How long does my auto loan information stay on my credit report?
Credit reporting agencies (CRAs), like Equifax, Experian and TransUnion, decide when, how, and for how long the information furnished to the CRA will display on your credit report. CRAs determine how long they will report information about a specific account (i.e., tradeline), as permitted by law. Late payment information could remain on a credit report for up to 7 years; account statuses in certain situations (e.g., bankruptcy) could remain on a credit report for up to 10 years.
Of important note, delinquent payment history is not deleted from your credit report once you become current, pay your balance in full, or settle an account for less than the full balance owed. In other words, your past negative payment history is not replaced by future positive payment history. This is one reason why it is very important to make each and every monthly payment on time.
Can I get a late auto payment taken off my credit report?
On a monthly basis, Capital One Auto Finance notifies credit reporting agencies (CRAs), like Equifax, Experian and TransUnion, that accounts 30 or more days past due are delinquent. CRAs typically display this late payment information on a credit report where it can remain for as long as 7 years. Note that neither you, nor credit repair companies acting on your behalf, have a right to have late payment information removed from credit reports if it is accurate.
How can I dispute information on my credit report if I believe it’s inaccurate or incomplete?
The Fair Credit Reporting Act (FCRA) gives you the right to dispute information you believe to be incomplete or inaccurate and requires furnishers like Capital One Auto Finance to conduct reasonable investigations of disputes. If you believe that the late payment shown on your credit report is inaccurately reported, you can file a dispute with us or through the credit reporting agencies (CRAs), like Equifax, Experian and TransUnion.
We will investigate your dispute using the information provided, and respond within 30 days. If any changes are deemed necessary, note that the CRAs will typically update your credit report(s) within 1-2 billing cycles after the investigation is complete.
Filing a Dispute with Capital One Auto Finance
When filing your dispute, we strongly encourage you to provide us with the specific information you believe was inaccurately or incompletely reported (such as payment dates or account status), and include supporting information that would help in the investigation (e.g., front and back of check, bank statement, marked-up copy of the credit report, etc.). We recommend downloading and completing our Credit Report Dispute Form and providing all relevant information that explains your situation. Please send your dispute and supporting materials directly to Capital One Auto Finance at the address listed below:
ATTN: COAF Credit Bureau Dispute
Capital One Auto Finance
PO Box 259407
Plano, TX 75025-9407
Filing a Dispute with the CRAs
Equifax: (866) 349-5191
Experian: (888) 397-3742
TransUnion: (800) 916-8800
If you choose to file a dispute with the CRAs, note that dispute-related communications will come from the CRAs, not Capital One.
Fact or Fiction? Late payments, even when accurately reported, can be removed by simply filing disputes using specific forms and citing certain laws, or by repeatedly submitting the same dispute.
As a lender that furnishes information to credit reporting agencies (CRAs), like Equifax, Experian and TransUnion, we have a responsibility to furnish customers’ account and payment information accurately and completely. Please be wary of any online sources or “credit repair” companies advising you to seek removal of accurately reported information by claiming we are violating your Fair Credit Reporting Act (FCRA) or privacy rights by accurately furnishing your information. These companies may even charge you to use their dispute or complaint templates. Note that neither you, nor credit repair companies acting on your behalf, have a right to have late payment information removed from credit reports if it is accurate. Click here to learn more about the following warning from the Consumer Financial Protection Bureau: “[b]eware of anyone who claims that they can remove information from your credit report that’s current, accurate and negative. It’s probably a credit repair scam.”
Please also understand that when Capital One Auto Finance receives a dispute or complaint related to credit reporting, we conduct an investigation and inform you of the results. Repeatedly submitting the same dispute information without additional supporting documents, even if you do so through different channels, will not change the outcome of our investigation.
Fact or Fiction? You don’t have to pay back the amount you financed at the terms you agreed to and therefore late payments cannot be reported.
There are various theories (often referred to as "freeman on the land" or “freeman”-style theories) circulating on social media or elsewhere that allege a borrower is not responsible for repaying the amount they financed. These theories can take different forms, but they are based on flawed arguments. Capital One Auto Finance will not forgive your account balance simply because you submit a freeman-style dispute or complaint. Be wary of any online sources or companies advising you to file disputes claiming that your auto loan debt is invalid under a “freeman” theory. Click here to learn more about the following warning from the Consumer Financial Protection Bureau: “[b]eware of anyone who claims that they can remove information from your credit report that’s current, accurate and negative. It’s probably a credit repair scam.”
What should I do if I think my identity has been stolen?
If you are a victim of identity theft, you can file a report with the Federal Trade Commission (FTC) and with the police. If you notify Capital One Auto Finance of your identity theft claim, please provide supporting documentation, such as an FTC or police report and proof of your identity. We might request that you provide additional supporting documentation beyond these items to assist with our investigation. Once we have completed our investigation, we will notify you of our findings and any action we may take.
Please be wary of any online sources recommending you file a false claim of identity theft in order to avoid paying debts owed or to prevent accurate information from appearing on your credit report. Click here to learn more about the following warning from the Consumer Financial Protection Bureau: “[b]eware of anyone who claims that they can remove information from your credit report that’s current, accurate and negative. It’s probably a credit repair scam.”
How can I improve my credit score?
There are no quick fixes or shortcuts when it comes to boosting your credit score. But if you’re using credit responsibly, you’re on the right track. If you want an idea where you stand, you can use a tool like CreditWise from Capital One. It’s free to all—whether you’re a Capital One customer or not. And using it to check your credit won’t hurt your score.
Get to Know UsHow Auto Navigator Works
Use Auto Navigator to pre-qualify for auto financing prior to visiting a participating dealer. We review the information you provide to determine whether you pre-qualify with no impact to your credit score. If you pre-qualify, you will be able to see your monthly payments, APRs and Offer Summaries for vehicles you may be considering. Remember, your pre-qualification amount can only be used for the purchase of one, personal use vehicle. The Offer Summary will include an estimate of the financing terms you could qualify for when you apply for financing at the dealer. When you are ready to finance a vehicle, take your Auto Navigator Offer Summary to a participating dealer to let them know you are pre-qualified for auto financing with Capital One. Remember, you can use your mobile phone to configure vehicles and compare your options at the dealer! If you have recently applied and funded another loan with Capital One Auto Finance, this might impact your eligibility for a new loan with this pre-qualification.
* Monthly Payment, APR, and Product Terms
* Monthly payment and Annual Percentage Rate (APR) terms are not final until your financing is completed at a participating dealer. These terms are based on information you provide and might change if you update any information on our website or at the dealer. Terms online are provided based on common monthly increments of 24, 36, 48, 60, 72, 75, and 84; however, other terms may be available at the dealership when purchasing the vehicle. Not all consumers qualify for these terms.
Pre-qualification does not guarantee that you will receive financing or any particular financing terms, which are subject to change based on our evaluation of your credit application submitted at the dealer and any required documents. Auto Navigator terms expire 30 days from the date your application is received.
To pre-qualify, you must be at least 18 years old, have a valid street address within the contiguous United States or an APO/FPO address. Minimum monthly income required is $1,500 or $1,800, depending on your credit qualifications. Any existing Capital One accounts must be in good standing (not over limit, past due, or delinquent).
Using Auto Navigator at a Dealer
When you visit a participating dealer, show them your Auto Navigator Offer Summary for the vehicle you would like to finance or check-in using your pre-qualification. Check-in will allow that dealer to access your pre-qualified terms and preferences, including cars you saved at that dealership (check-in is not available at all dealerships and is not a mandatory step). Then you will fill out a credit application and provide any information needed for review to complete your financing. A credit application at the dealer will result in one or more inquiries posted to your credit file. After negotiating purchase terms and receiving dealer credit approval, you will sign a contract with the dealer reflecting both your purchase and financing terms. Your purchase will result in a retail installment contract with the dealer as the original creditor. See our FAQs for more information.
Amount Financed Restrictions
For new and used vehicles, the minimum Amount Financed is $4,000. Your maximum Amount Financed may be based on income, key credit characteristics, the vehicle you are purchasing, the details of the financing deal, and/or the specific dealership from which you purchase the vehicle. The Amount Financed may include the vehicle sales price, tax, title, licensing fees, dealer fees, and any optional products like service contract and/or extended warranty that you choose to purchase from the dealer.
Military Lending Act Requirements
Due to requirements under the Military Lending Act, auto financing for certain members of the Armed Forces and their dependents cannot include GAP, Credit-Life, or Accident & Health Insurance, and other similar products.
APR
APR is the Annual Percentage Rate. Advertised rates depend on the individual's credit and key financing characteristics, including but not limited to the Amount Financed, term, loan-to-value (LTV) ratio, down payment amount, and vehicle characteristics. A representative example of payment terms is as follows: a $1,000 down payment, an Amount Financed of $22,000 with an APR of 10.00% and a term of 72 months would have a monthly payment of $389.04. Down Payment is required in some situations to complete purchase. APRs shown are current as of March 27, 2019. Advertised and estimated rates are subject to change without notice.
Representative APR is based on the individual's credit and key financing characteristics, including but not limited to the amount financed, term, the loan-to-value (LTV) ratio, and vehicle mileage. Your actual APR will be based on your specific situation.
Dealer Participation Requirements
Capital One Auto Finance provides financing for new and used vehicles purchased from participating dealers listed on our Dealer Locator. Participating dealers are subject to change. We do not offer financing for vehicles purchased from non-participating dealers, auto brokers, or private party sellers. We do not offer financing for lease buyouts.
Vehicle Type Restrictions
Auto Navigator terms can only be used at participating dealer locations in connection with the purchase of a new or used car, light truck, minivan, or SUV intended for personal use. We do not finance certain vehicle makes including but not limited to, Oldsmobile, Daewoo, Saab, Suzuki or Isuzu vehicles. We do not offer financing for commercial vehicles, motorcycles, recreational vehicles (RVs), ATVs, boats, camper vans, motor homes, vehicles with a history of chronic malfunctions and/or manufacturer or dealer buy back (alternatively referred to as a lemon) branded title vehicles, lease buyouts, or vehicles without a Vehicle Identification Number (VIN) or title issued. We may determine a vehicle to be commercial or otherwise ineligible based on the model and/or information provided to us.
+ Vehicle must be 2009 model year or newer and have fewer than 120,000 miles. In some instances, you may be able to purchase a 2007 model year with fewer than 150,000 miles.
Dealer Advertised Inventory
Auto Navigator may not display all vehicles available at participating dealers. If a dealer's advertised inventory is not available in Auto Navigator, your Capital One pre-qualification may still be used at any participating dealer. Inventory availability is subject to change without notice.
Third Party Information
Capital One uses third party information, otherwise available, to enhance your auto financing experience. Third party information includes, but is not limited to, trade-in values, car images, dealer reported mileage, fuel economy, dealer advertised price and car details, and car history reports. Please note that third parties provide this information and Capital One does not make any express or implied representations or warranties with respect to the accuracy of the third party information. You should verify the accuracy of any third party information on your own. All trademarks are the property of their respective owners.
Vehicle images may not be representative of the dealer advertised vehicle. Cars are subject to prior sale and availability should be confirmed with the dealer. Dealer advertised prices are subject to change without notice.
Dealer advertised prices may be negotiable and may not include tax, title, license, and other fees charged by the dealer. Other fees may include, but are not limited to, document fees, dealer preparation fees, and delivery charges. You should verify with the dealer what is included in the dealer advertised price. We provide a historical estimate of tax, title, and license fees to show you how they impact your financing terms.
Any available car history reports are provided by CarFax®. You can visit the CarFax® website for additional information on their services. Trade-in valuations are powered by Kelley Blue Book® data to provide estimates of what you may be able to receive from the dealer by trading in your car. Kelley Blue Book® Price Advisor is also powered by Kelley Blue Book® data to provide you with information on what other customers have paid for like cars in your area. Kelley Blue Book® valuation methods are not determined or maintained by Capital One. You can visit the Kelley Blue Book® website for additional information on their services. Third party websites, such as Kelley Blue Book® and CarFax®, are not maintained by Capital One.
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