N@N

Careful whom you trust and provide your personal information to.

^{Published on 2009-06-26 10:05:23, Last Modified on 2009-08-17 10:25:16 - Bill Williamson}
 

So today, I finally committed to applying for a simple refi on my existing vehicle through a Capital One offer of 4.75%. The vehicle has about 10k miles on it, there is roughly $27k owed, my credit score is 804, I've been gainfully employed for >9 years, and am not even close to overleveraged in terms of income to expense ratios.

So, I fill out the forms and go through the process, giving details about various aspects of the vehicle, and my personal information such as social, etc. I submit the application and almost immediately, I receive a decline email with no details as to why. They say they'll send a letter so it'll be interesting. Regardless, almost immediately after that, I get some 3rd party "application" email from RoadLoans.

My immediate thought was, ah, so Capital One is advertising a rate that they have no intention of fulfilling, and simply taking individuals information and handing it off to 3rd parties as a lead generator!

Extremely shady and now my personal information is in yet, another system of whom I have no idea how secure they are, or even WHO they are. This is wrong, Capital One should be ashamed for such a tactic.

- Follow up on 7/20/2009 Sure enough, I just got a notice that RoadLoans, an "affiliate" of Capital One sold or provided my info to a 3rd party, Santander Consumer who would have actually underwritten the loan. So now 3 organizations have had my personal information, how is this right?