I have always thought well of Capital One. I have a couple Cap One credit
cards and have financed a car there. The car is almost payed off and should
be done this month.

I had been considering the idea of a second bike or different bike once the
car was paid off. I applied for a Motorcycle loan at Capital One from the
Motorcycle page. I received a call a few minutes later to say I was approved.
They went over the value of the Blank Check and sent to package out.

I spent the next few weeks looking at some various bikes. The VStrom 650
was a candidate but I have always wanted an Honda ST 1300. In the end I
purchased a used 2005 ST 1300. The deal was done at a local MC shop.
They gave me a good trade in on my VTX. The paper work was done and I
rode out.

That was on a Saturday. The next Friday I got a phone call from Cap One
saying that the loan was for a car and not a Motorcycle??? I said I had applied
for a Motorcycle loan and not a Car loan. They said that did not matter and
that this loan would not fund a Motorcycle. I asked about a conversion and
they said I did not qualify for a MC loan? I qualified for a car loan but not a
motorcycle.

They had no explanation why they gave me a car loan but again they are not
going to fix it. I have since talked to another who had the same thing happen.
He applied for a MC loan and was approved. During the conversation with the
Cap One rep he was accidentally asked what kind of car he was looking for.
He said he was buying a MC and not a car. The rep informed him that this
would only work for a car. Exact same scenario except he found out ahead of
time.

So this created for me a very bad situation. My bike was traded to the dealer.
The dealer had made the payoff. Documents had been filed. The dealer has
worked with me and I think we are ok.

So bottom line with Capital One is to double check what the loan will work for.

Thanks
Randy
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