Cap1 blank check-venting frustration (dealer documentation phase)

[dballard17]

I need to vent...went and used my blank check at an approved dealer yesterday. They did not treat it as a cash sale so sent me home with my trade-in vehicle until the check clears. I have been checking the loan status on Cap1 website. All the dealer documents were in review by 4pm yesterday. Except the copy of completed check said "please fax". I called Cap1 and the rep claimed it was an error and that they have the check. The rep was also upset the dealer sent me home so put a rush on my file. Claimed it would be finished the very next morning and the dealer would be called. Noon, today, I hadn't heard a peep. Called Cap1 to make sure everything was ok. Told me not much longer but would 100% be done in a couple hours. 5pm rolls around, heard nothing. Called in to make sure it was still going to be done today. Was told that the people who finalize loans had all gone home. The particular rep actually looked at the items sent. Turns out the check was not completed besides my signature. The instructions say to have dealer fill out check so it is accurate, which is also stated clearly on the directions. The log on my file shows it was reviewed at 2pm today but no phone calls were made to the dealer. I ended up calling the dealer to have them send it completed. They actually got upset with me and said this is why they are reluctant to accept these checks.        

Long story short---Multiple phone reps from Cap1- takes until about the 5th one to find out there's a problem. Loan applicant/car buyer needs to be a middle man to both sides to make sure anything gets done...Wish I went with a local CU instead of believing this would be quick and painless.

[pizzadude]

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@dballard17 wrote:

I need to vent...went and used my blank check at an approved dealer yesterday. They did not treat it as a cash sale so sent me home with my trade-in vehicle until the check clears. I have been checking the loan status on Cap1 website. All the dealer documents were in review by 4pm yesterday. Except the copy of completed check said "please fax". I called Cap1 and the rep claimed it was an error and that they have the check. The rep was also upset the dealer sent me home so put a rush on my file. Claimed it would be finished the very next morning and the dealer would be called. Noon, today, I hadn't heard a peep. Called Cap1 to make sure everything was ok. Told me not much longer but would 100% be done in a couple hours. 5pm rolls around, heard nothing. Called in to make sure it was still going to be done today. Was told that the people who finalize loans had all gone home. The particular rep actually looked at the items sent. Turns out the check was not completed besides my signature. The instructions say to have dealer fill out check so it is accurate, which is also stated clearly on the directions. The log on my file shows it was reviewed at 2pm today but no phone calls were made to the dealer. I ended up calling the dealer to have them send it completed. They actually got upset with me and said this is why they are reluctant to accept these checks.        

Long story short---Multiple phone reps from Cap1- takes until about the 5th one to find out there's a problem. Loan applicant/car buyer needs to be a middle man to both sides to make sure anything gets done...Wish I went with a local CU instead of believing this would be quick and painless.

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Probably the real reason they're upset is they didn't get to finance the vehicle themselves, hence lower profit on the deal.    Did you even let them run your credit or just use the check from Cap1?

[dballard17]

I didn't bother letting them run it. They pushed extremely hard though. I plan on doing a refi with my local CU when they have their loan sale in a few months. Their current rates are higher than what was given by Cap1 currently. This dealer already had tied me up for 3 hours by playing the haggle and disappear for a half hour game. I did call back and forth again tonight between Cap1 and the dealer. The dealer says that Cap1 gave them the go ahead with the check a half hour before closing and all is good with it. Although, I still can't pickup my vehicle until the check clears with corporate.

[pizzadude]

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@dballard17 wrote:

I didn't bother letting them run it. They pushed extremely hard though. I plan on doing a refi with my local CU when they have their loan sale in a few months. Their current rates are higher than what was given by Cap1 currently. This dealer already had tied me up for 3 hours by playing the haggle and disappear for a half hour game. I did call back and forth again tonight between Cap1 and the dealer. The dealer says that Cap1 gave them the go ahead with the check a half hour before closing and all is good with it. Although, I still can't pickup my vehicle until the check clears with corporate.

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That explains their foot dragging.

[dballard17]

I somehow managed to get them to go up 2k$ on their trade offer to where I was happy with it. Also got them to put on close to 1k$ worth of tires(of my choice) on the vehicle without upping the price. So I can't believe they lost out that bad if they allowed those things to happen. Any idea on the typical cut for a dealer if the buyer takes in-house financing?

[pizzadude]

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@dballard17 wrote:

I somehow managed to get them to go up 2k$ on their trade offer to where I was happy with it. Also got them to put on close to 1k$ worth of tires(of my choice) on the vehicle without upping the price. So I can't believe they lost out that bad if they allowed those things to happen. Any idea on the typical cut for a dealer if the buyer takes in-house financing?

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Well it depends.....but I think many times they will make more on the financing than on the price of the car.   For instance they can "approve" you at 3.5%, whilst the bank is really financing the car at 2%, and they keep the difference.

[mAndrew1980]

Wow interesting info. I just got approved for the Cap1 blank check and will be using it as backup for my upcoming purchase if the dealer can't beat the financing. Sounds like a frustrating situation for you. I agree I'm lead to believe it's an easy process that is relatively painless.

Apparently not, huh.

[vacuumsauce]

i was also approved for the cap 1 blank check, hopefully it wont be as stressful as yours.

keep us updated

[dballard17]

So here's the update for today. I was a little suspicious that the dealer claimed Cap1 gave them the go ahead at 8pm last night. I called Cap1 Auto right at 9am when they opened to verify. They told me it was definitely NOT ready for them to deposit the check and if they do it will kick back and drag this out even more. The dealer apparently filled out the check this time but left the date blank. This does not fit the requirement of sending a copy of the completed check. Cap1 was getting very frustrated and even said there's no way the dealer is this dumb and can't read simple directions and complete a check. It sounds to them like the dealer wants me to get tired of waiting, and  void the deal, since I was able to negotiate and sign a deal in my favor before they knew about my payment method. I called the dealer immediately after Cap1 and asked him if the check went to the bank yet. Luckily it was still there. He started getting really angry about how Cap1 is rediculous and it shouldn't be this hard. I did ask him if he read the dealer directions which isn't asking a lot. He gave no response and just said I'll take care of it and call you back. I left Cap1 and the dealer alone until 1pm today. I had checked my loan status online and it had finally changed to saying "dealer may now deposit check". I called the dealer and he said Cap1 called giving the go ahead "again"(Cap1 says they have no record at all of calling the dealer late yesterday). He acted like Cap1 was entirely at fault and if they hadn't been so picky I could've had my vehicle today. 

Where I am in the process now: Cap1 gave dealer the go ahead for deposit. Dealer is saying I might be able to pickup my vehicle next week, on Tuesday. They will not release the vehicle until the check clears with their bank which is 2-3 business days. They certainly didn't have any issues with depositing my down payment ASAP. At least it seems like I'm getting my vehicle but along with a lot of stress and frustration. Took the dealer 3 tries to get it right but at least it might be over with.

[CAnNY]

Well sure seems like a lot of work. Glad you're at the tail end now. Congrats on your car!!

i think I will make the leap soon. Now I know what to possibly expect.