My3cents.com - I recieved an pre-approval from Capital One Car Finance; however, I have not used it because I did not need it at the time

Posted by Stuart G. Lowenstein III on 2011-05-04:

You got 45 days after you apply to use the CapOne blank check. It's in the CapOne Auto Financing FAQ.

http://www.capitalone.com/autoloans/faqs/new-and-used-auto-loans.php?linkid=WWW_Z_Z_Z_ALFAQN_C1_01_T_ALFAQNAU#16_pg_sl

Now since I did the google leg work for you I do expect you to vote my comment helpful. Thank you.

Posted by trmn8r on 2011-05-04:

I would simply take the position that if you go to buy a car and need financing, you will need to apply for it.

Even if you have a "preapproval" letter, I wouldn't count on it meaning much.

Let me ask this: If you found out this "offer" expires 2 months from now, would you run out and buy a car just because of that?

Posted by MJGoldfarb on 2011-05-04:

Depending on their interest rate you might be better off seeing a credit union when you decide to buy a car.

Posted by singsing on 2011-05-04:

Many of the car dealerships are giving great rates right now. My daughter was approved for 0.9% recently on her new car purchase. We these rates, it almost doesn't pay to buy a used car.

Posted by justcuz on 2011-05-04:

I would imagine it states right in the notice you received of the expiration date.

Keep in mind those pre-approval letters are only based on what is publicly available about your credit. An actual decision isn't made until you give them permission to run your credit. Then, the answer could be much, much different.

Posted by Whiteduck on 2011-05-04:

Just_Cause is exactly right. It's not really a pre-approval. They just say that so you'll go for the deal. They'll run your credit and make a decision just as if you never got anything in the mail..