Capital One Question

[made_ez]

Does Capital One ALWAYS require POI? I'm self-employed and wondering if they will require this

[Gypsee]

I just got approved for a car loan with them. They required me to fax a copy of my drivers license and pay stub. Once I purchase the car, I have to submit online or fax proof of insurance along with the dealer paper work. I got my blank check in 2 or 3 days....they have an option for overnighting it for $15 but I just waited and it saved me $15 bucks.

Edited July 9, 2006 by Gypsee

[MarvBear]

Comments From Credit Analyst 
Multiple approvals for this applicant. First contract in-house funds.  
POI waived for application (unless income is from a non-W2 source or amount financed is greater than $40,000. If so, must prove income as stated).  
PROOF OF RESIDENCE AND PHONE WAIVED FOR APPLICATION  
$295.00 fee for mileage/term extension  
Vehicle Age, Loan to Value, Front End Advance, Down Payment meet(s) program guidelines  
Dealer submitted APR too low for approval  
Please remember to submit warranty, doc fee and GAP amounts when applicable  



(1) Use factory wholesale for LTV. Kelly Blue Book limited to AZ, CA, CO, ID, MT, NM, NV, OR, UT, WA and WY.

All approvals are subject to verification. Contract purchase is subject to satisfaction of stipulations and receipt of all documentation as specified in Capital One Auto Finance program guidelines.

Important! If income or any other component of the application changes, you MUST call Capital One Auto Finance with updates to avoid potential material changes in terms of approval at time of funding. To update your application, please call 800-945-9875.

ALL APPROVALS MUST BE SUBMITTED TO CAPITAL ONE WITHIN 30 DAYS OF THIS NOTIFICATION

 

Here is one of my approvals where they waived POI, provided the customer qualified.

[made_ez]

so they do not waive POI if the person does not receive W2's

[MarvBear]

I believe thier POI stipulations are stated in their rate sheet that I have posted in the resource section under the bank rate sticky.